Latest News From Oceanteam

Published Oct 11, 2007 12:01 AM by The Maritime Executive

OCEANTEAM declares option for 5th new build

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.

Letter of Intent from N-Power for Rhyl Flats project

Oceanteam Power & Umbilical ASA announced today that it has accepted an LOI agreement with N-power Renewables for Cable Installation Services associated with the Rhyl Flats Offshore Wind Farm, due for installation in 2008. The contract will be executed in Q2 / Q3 - 2008. The commercial terms between the parties remain confidential. The Rhyl Flats Offshore Wind Farm, consists of cable installation and trenching services for 3 off Export cables from the offshore wind farm to shore and connecting of 25 offshore wind turbines to be installed on the west coast of the United Kingdom. The contract will be executed in 2008 with an Oceanteam Cable Lay Barge and the new Oceanteam Heavy Duty Plough due to be delivered in December 2007. The estimated contract value is Euro 11 million.

About Oceanteam Power & Umbilical ASA

Oceanteam is a niche services provider focused on servicing, installation, trenching and IMR of flexible pipelines, umbilicals and power cables. This includes the provision of subsea services, installation teams, fully operational spreads and time charters. Oceanteam is located in Bergen, Aberdeen and Amsterdam. The company's target markets are Oil & Gas, Offshore Renewables and Offshore Grid / Interconnectors For more information: www.oceanteam.no

For further information about Oceanteam, please contact:

CEO Haico Halbesma +47 95 80 98 73 [email protected] COO Jon Mears +44 77 74 44 22 56 [email protected]