OCEANTEAM ASA - SOLUTIONS EXTENDS A LONG-TERM HIRE CONTRACT INCLUDING EXTENDED SCOPE WITH AN ADDITIONAL 2000T TURNTABLE

Oceanteam Solutions has recently signed a contract extension for the supply of additional equipment and engineering services. The 2000t turntable lay spread will be mobilised on the client`s cable lay barge that already has an Oceanteam Solutions` 4000t turntable lay spread mounted on deck. Both turntables will work on the NordLink project until October 2018 with the option to extend for another year and a half.

In 2015, Oceanteam Solutions supplied the concerned client a lay spread consisting of a 4000t demountable turntable and loading tower with a built-in tensioner. The equipment successfully worked on a cable laying project in German waters until October 2017. During this project, Oceanteam Solutions` equipment and services met the expectations of the client which led to this additional equipment request.

Oceanteam Solutions will now customise both turntables by increasing the inner core to meet client`s cable specifications. Mobilisation of the additional equipment will take place in Wilhelmshaven beginning of next year. The company`s demountable turntable series are designed for quick mobilisation and is in that way a very cost-effective solution for clients. For this upcoming NordLink project long cable runs are required, which will not be a problem with the 6000t of cable capacity Oceanteam Solutions` turntables provide.

"Oceanteam Solutions has collaborated successfully with this client on a number of cable laying projects that were executed in a safe and efficient manner. We are very pleased they now have entrusted us to execute this extra work and that they have chosen us to be their principal partner for cable laying equipment, including various related engineering and onshore storage," says Haico Halbesma, CEO of Oceanteam.

With a distance of 623 km, NordLink, will be a bi-pole, high voltage, direct current (HVDC) interconnector between Germany and Norway comprising a pair of high voltage electricity cables. The exchange of power enabled by NordLink will increase security of supply for the German and Norwegian grid. Additionally it will allow the exchange of renewable energies between both countries, in particular hydroelectric power and wind power.

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
CFO Jos van Dijk:	+31 20 53 57 570,	jos@oceanteam.nl

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

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Source: Oceanteam ASA via GlobeNewswire
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