07 August 2017

OCEANTEAM ASA - STATEMENT OF THE BOARD AND MANAGEMENT FOLLOWING THE EGM ON 4 AUGUST 2017

Oceanteam ASA (the "Company") refers to section 4 of the minutes from its extraordinary general meeting, wherein it is stated that the proposal for an investigation of the Company was supported by shareholders representing more than ten percent of the share capital of the Company. Pursuant to 5-25 (2) of the Norwegian Public Limited Liability Act, any shareholder may within one month from the date of the general meeting require the district court to pronounce by decree a decision for investigation. 

As it became evident in the extraordinary general meeting held on 4 August 2017, the information requests and questions raised by the shareholders have been, in the opinion of the Company, thoroughly assessed by the Company's auditor, KPMG, and are extensively covered in the Company's 2016 annual report (available on Company's website), which has been adjusted in accordance with the instructions of the Financial Supervisory Authority of Norway as part of the measures taken to improve reporting following the qualified auditors' opinion. Further detailed clarification on the qualified opinion of Company's 2016 annual accounts has been presented during the annual general meeting held on 30 June 2017 and has been added to the minutes of meeting of the extraordinary general meeting held on 4 August 2017, published on Company's website. In addition, the Company has disclosed the management remuneration limitations agreed with the bondholders with the amended and restated bond agreement effective per 21 June 2017 and also published on Company's website. Consequently, all relevant information requested by shareholders in the extraordinary general meeting held on 4 August 2017 is publicly available to the shareholders, and no additional information will be uncovered by an investigation. Should any of the information disclosed require further clarification, the shareholders are invited to address any queries to the Company through info@oceanteam.no or to request a meeting with the Management. 

Having successfully completed the refinancing process of the bond agreement and of the refinance of CSV Bourbon Oceanteam 101 and CSV Southern Ocean for a period of five years, the Company has created a solid financial foundation for the future and a good working relationship with its partners and clients. The Company has managed to implement successfully the diversification strategy set out by the Board and Management to make the business less vulnerable to the developments in the oil and gas sector. Whilst there are further challenges to overcome in the coming period, the Board and Management trust in the future of the Company. 

 


About Oceanteam ASA

The Company is comprised of two operating segments, Oceanteam Shipping and Oceanteam Solutions. Oceanteam Shipping owns, charters and manages deep-water offshore support vessels and fast support vessels. Oceanteam Solutions' focus is to provide its clients with complete offshore solutions. Oceanteam ASA has been active in the industry as an offshore solutions provider for over twelve years.

For more information: www.oceanteam.no

For further information about Oceanteam ASA please contact:
CEO Haico Halbesma: +31 20 53 57 570, haico@oceanteam.no


This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.