Oceanteam ASA — M&A Activity 2021

May 28, 2021

Oceanteam announces divestment of CSV BO101

Oceanteam announces divestment of CSV BO101

28 May 2021

Oceanteam ASA (“Oceanteam” or the “Company”) and its joint venture partner Bourbon have reached an agreement to sell the construction support vessel Bourbon Oceanteam 101 (the “Vessel”), owned by the joint venture company Oceanteam Bourbon 101 AS (“Sellers”).

The Sellers and undisclosed buyers have entered into a NSF agreement for the sale of the Vessel, the delivery of which will take place in July 2021.

Keesjan Cordia, Chairman of the Board commented: “Following the sale of CSV Southern Ocean in April 2021 this sale is another significant and final milestone transitioning away from the conventional offshore shipping industry. The sale of the assets will relieve Oceanteam from its liabilities, create additional liquidity and establish a solid platform to follow through on the earlier advised more sustainable strategy including the potential merger with Passer AS and key focus on the high-growth offshore renewable market.”

About Oceanteam

Oceanteam is an independent offshore cable-solutions provider. With a large asset-base of carousels, loading towers, tensioners and other ancillary equipment as well as a large team of competent cable handling crew, the company supports the marine cable industry with a variety of services such as short- and long-haul cable transport, cable storage, cable logistics and cable handling solutions on a global basis. Oceanteam’s deepwater base in Velsen, the Netherlands, is a strategically placed cable-hub where the company conducts mobilisation and demobilisation activities, provides long- and short-term cable storage capacity and facilitates the offshore renewables sector with integrated cable handling solutions. Oceanteam is Lloyd’s ISO certified.

For further information about Oceanteam ASA please visit www.oceanteam.no or contact:

Henk van den IJssel, CEO, e-mail: henkij@oceanteam.nl

Telephone +31 20 535 75 70