Oceanteam ASA - M&A Activity 2014

OCEANTEAM'S SUBSIDIARY DOT HOLDINGS TAKES 50% STAKE IN NEW OFFSHORE SUPPORT VESSEL

Oceanteam Shipping ASA announced today that it has secured, through its joint

venture DOT Holdings AS, an interest in a new build Offshore Support Vessel.

As a result a partnership with Pacific Radiance Ltd., subject to certain

conditions subsequent, has been established.

Closure of remaining conditions subsequent, are expected to be finalised in the

coming month.

Once full closure is reached the initial interest of DOT Holdings AS is 50%. The

investment comes with an option to buy the remaining 50% after a period of 7

years against agreed terms. The commercial terms remain confidential. The

project is fully financed upon closure of certain conditions subsequent.

Further announcements will be made in due course.

Through the partnership and joint vessel ownership with Singapore stock listed

Pacific Radiance Ltd., DOT Holdings AS has secured a long term partnership with

a highly competent and strong partner.

Pacific Radiance Ltd owns and operates over 130 high end offshore support vessel

and has world-wide operations.

About Oceanteam Shipping ASA

Oceanteam Shipping ASA (Oslo Stock Exchange: OTS) is an offshore shipping

company. Its business is the owning, chartering and managing of Deepwater

Offshore Construction Service - and Pipe Lay Vessels In addition Oceanteam

Shipping provides complementary Engineering Services consisting of both

Engineering & Design Services and Equipment to support its clients.

For more information: www.oceanteam.no

About Pacific Radiance Ltd.

The Pacific Radiance Group of Companies is an established owner and operator of

offshore vessels and a provider of subsea services, shipyard services, marine

equipment as well as project logistics to the global oil and gas industry.

For more information: www.pacificradiance.com

For further information about Oceanteam Shipping ASA please contact:

CEO Haico Halbesma: +31 20 53 57 570, [email protected]

CFO Torbjørn Skulstad: +47 55 10 82 40, [email protected]

This information is subject of the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

[HUG#1854608]

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