OCEANTEAM ASA and ABB High Voltage AB transfer contracts

4/15/2009, 9:26 AM (Source: GlobeNewswire)
Oceanteam ASA and its subsidiaries (''Oceanteam'' or ''the Company'')
have on 14 April 2009 entered into a contract transfer agreement with
ABB High Voltage AB (''ABB'') on the offshore power cable
installation projects named BritNed, StatoilHydro Gjøa and Nord Eon 1
(the ''Projects''). In addition and as a result the long term
co-operation agreement between ABB and Oceanteam has been terminated.

ABB and Oceanteam have agreed that the ''Projects'' will be taken
over by Global Marine System Ltd and that Oceanteam will be released
with immediate effect from all its associated obligations under the
''Contracts''. ''ABB'' and Oceanteam have agreed on mutual hold
harmless waivers for the Contracts.

The transfer agreement includes that ABB and Global Marine Systems
Ltd will charter the CSV North Ocean 102 and CLV Team Oman as spreads
which include certain related personnel, equipment and support
services from the Company as from 12 April 2009 and until the
projects are completed, estimated in Q4 2009.

The transfer termination agreements will exclude utilisation of the
CLB Explorer, the Heavy Duty Plough and certain related equipment.
The equipment is currently available in New Castle, UK, and Oceanteam
is in dialogue with various parties to charter out the equipment.

The parties have agreed to keep the terms of the agreement

Due to the transfer of the Projects and the termination of the long
term co-operation agreement, Oceanteam will reduce its activities.
The operational risk of the Company will be reduced, but Oceanteam
will accordingly generate less revenues and incur large restructuring
costs in 2009. The impact of the agreement on the Company 2009 work
schedule is significant. The reduced utilisation of the CLB
Explorer-, related equipment -, personnel will affect the financial
results of the Company.

About Oceanteam ASA
Oceanteam (Oslo Stock exchange: OPU) 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 Power Interconnectors.

For more information: www.oceanteam.no

For further information about Oceanteam please contact:
CEO Haico Halbesma +31.6.51409987
CFO Ruud van der Steeg +31.6.23457194

This announcement was originally distributed by Hugin. The issuer is
solely responsible for the content of this announcement.

View document
Copyright GlobeNewswire, Inc. 2016. All rights reserved.
You can register yourself on the website to receive press releases directly via e-mail to your own e-mail account.