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2016-10-20

Oceanteam ASA: OCEANTEAM ASA - INITIATES FINANCIAL RESTRUCTURING

Oceanteam ASA ("Oceanteam" or "Company") is in the process of developing a
restructuring plan that will secure a capital cost and structure which will
support the value preservation and financial flexibility while enabling value
creation for all stakeholders.

Oceanteam has initiated constructive dialogue with its stakeholders to shape
its financial restructuring process and improve the financial flexibility in
today's challenging market situation. The Company is facing serious financial
restraints by its current capital cost and structure, which is restricting
its ability to develop in the interest of its stakeholders. This has taken
the effect of immediate cash liquidity constraint for various reasons - some
of temporary and some of permanent character. The Company needs financial
flexibility to further advance the business while coping with the market
circumstances. Consequently the Company has initiated dialogue with its
banking group and will immediately do the same with its Bondholders with the
aim of establishing a revised capital structure and cost of capital
supporting the long term growth of Oceanteam. The Company is currently
reviewing all alternatives available given the current market conditions and
will detail this initiative in near future.

About Oceanteam ASA

The Company is comprised of two operating segments, Oceanteam Shipping and
Oceanteam Solutions. Oceanteam Shipping owns, charters and manages deep-water
offshore support vessels and fast support vessels. Oceanteam Solutions focus
is to provide its clients with complete offshore solutions. Oceanteam ASA has
been active in the industry as an offshore solutions provider for over ten
years.

For more information:www.oceanteam.no

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| For further information about Oceanteam ASA please contact: |
| CFO Wilhelm Bøhn: +47 47 23 64 34, wilhelm@oceanteam.no |
| |
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This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.

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This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Oceanteam ASA via Globenewswire

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