Firm sale and charter agreements with J. Ray McDermott subsidiary

Firmsale and charter agreements with J. Ray McDermott subsidiary
 
Reference is made to the Letter of Intent announced 14 September 2009. Oceanteam
ASA (“Oceanteam” or the “Company”) has today entered into a sale and purchase
agreement withJ. Ray McDermott (Norway), AS (“J. Ray”), a subsidiary of J. Ray
McDermott, S.A., for a sale of approximately 50% of the shares in North Ocean II
AS, approximately 50% of the partnership interests in North Ocean II KS and 75%
of the shares in North Ocean V AS. North Ocean II AS and North Ocean II KS are
the ship owning companies for CSV North Ocean 102, whereas North Ocean V AS is
the ship owning company for CSV North Ocean 105 (to be built).
 
As part of the transaction, Oceanteam and J.Ray have entered into shareholders
agreements governing the relationship between Oceanteam and J.Ray as
shareholders/limited partners in the aforementioned companies.
 
In addition, affiliates of J. Ray have entered into a long term charter for the
vessel CSV North Ocean 102 as well as a long term charter for the vessel CSV
North Ocean 105 to be built at Metalships, Vigo Spain.
 
A  five year charter  of CSV North  Ocean 102 will start  upon redelivery of the
vessel  upon completion of the  current ABB charter which  is estimated to be in
July 2010.
 
A  five year  charter of  CSV North  Ocean 105 will  start upon  delivery of the
vessel  from the shipyard. The CSV North  Ocean 105 new build project is subject
to completing a Spanish Tax Lease structure for the vessel and ship financing.
 
As  a result of this transaction Oceanteam will participate in the ownership and
management  of the special  purpose ship owning  companies. J.Ray has options to
purchase   Oceanteam’s  shares  and  partnership  interests  in  the  respective
companies on the fifth anniversary of the closing of the transaction for the CSV
North Ocean 102 and on the completion of the five year charter party for the CSV
North Ocean 105.
 
The  transactions included a cash consideration. Parts of the consideration will
be  placed in escrow.  The transaction and  is part of Oceanteam’s restructuring
process.
 
Oceanteam  will  release  an  extended  stock  exchange  notice  pursuant to the
provisions  of Oslo  Børs’ Continuing  Obligations no  later than on 22 December
2009.
 
For more information:www.oceanteam.no <http://www.oceanteam.no/>
 
For further information about Oceanteam please contact:
CEOHaico Halbesma+31.6.51409987  haico@oceanteam.nl 
CFORuud     van     der    Steeg+31.6.23457194     ruud.vandersteeg@oceanteam.nl
 
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
 
[HUG#1365138]
 
Press release: http://hugin.info/136936/R/1365138/333277.pdf