OCEANTEAM declares option for 5th new build

10/10/2007, 8:51 AM (Source: GlobeNewswire)

Oceanteam Power & Umbilical ASA announced today that the company
declared its option with Metalships & Docks, SUA to built an
additional construction support vessel with delivery early 2011.

The vessel will be 100 per cent owned by Oceanteam Power & Umbilical
ASA through a special purpose company named ''North Ocean V AS''.

The vessel will be named ''North Ocean 105''. Oceanteam will target
the vessel at its established Subsea - and Power & Umbilical
installation services with particular emphasis on the larger cable
projects with its partner ABB.

The building cost for the vessel including cranes and finance cost is
approx. Euro 60 million / NOK 465 million.

The new build vessel will be constructed in Vigo, Spain and will be
DP3, 137 meters long and 27 meters wide
and have approx 2400 m² of free construction deck. Oceanteam plans to
install two heave compensated cranes - one 250 tonne and one 150
tonne and accommodation for up to 120 people.

Oceanteam is already building four large construction support / power
cable lay vessels in Vigo of which the first delivery in the series
is 50/50 owned with Bourbon Offshore Norway AS.

The ''Bourbon Oceanteam 101'' vessel is expected to be delivered in
November 2007 after which it will start its three year commitment
with BP Angola as field support vessel.

The second vessel in the series named ''North Ocean 102'' has
recently been contracted by CICSA of Mexico for a minimum period of 5
years starting directly after vessel delivery planned for May 2008.

The North Ocean 103, with delivery early 2009, has been committed to
start operations with ABB High Voltage Cable on the StatOil Gjoa
Project in Norway and the Britned 244km power interconnector project
connecting the Netherlands and the UK which is due for installation
in year 2009 and 2010.

The Bourbon Oceanteam 104, 50/50 owned with Bourbon Offshore Norway
AS, with delivery early 2010 is currently uncommitted.

For further informationabout Oceanteam, please contact:
CEO Haico Halbesma +47 95 80 98 73 haico@oceanteam.no
COO Jon Mears +44 77 74 44 22 56 jon.mears@oceanteam.net

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