OCEANTEAM ASA interim report 2nd quarter 2008

8/29/2008, 10:27 AM (Source: GlobeNewswire)

* EBITDA is positive EUR 3.5 mill. (EUR 4.4 mill. proforma)
* Net result is positive with EUR 1.7 mill. (EUR 2.2 mill
* CSV Bourbon Oceanteam 101 on hire to BP Angola BV.
* Delayed EON Robin Rigg Offshore Windfarm Project phase 1
operations completed.
* EON Scroby Sands Offshore Windfarm Export Cable recovery and
replacement cable installation project with the CLB Oceanteam
* Increased commercial activity of the chartered-in vessel CLV
Team Oman.

2nd QUARTER 2008
Oceanteam's result for the second quarter of 2008 has increased
substantially due to higher project activity and utilization of main
assets. Operating profit for the quarter was EUR 2.4 mill. and the
net profit for the quarter was EUR 1.7 mill. The proforma operating
profit for the quarter was EUR 3.4 mill. and the net proforma profit
for the quarter was EUR 2.2 mill.

About Oceanteam ASA
Oceanteam is an offshore services company focused on servicing,
installation, trenching and IMR of Flexible Flowlines, Umbilicals and
Power Cables. This includes the provision of subsea services,
installation teams, fully operational spreads and time charters.
Oceanteam has offices in Norway, United Kingdom, Germany, Mexico,
Angola, Dubai and the Netherlands. The company's target markets are
Oil & Gas, Offshore Renewables including associated Grid Networks and
High Voltage Power Interconnectors.

For more information: www.oceanteam.no

For further information about Oceanteam please contact:
CEO Haico Halbesma +31.6.51409987
Interim CFO Ronald Moolenaar +31.6.53848550

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