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2016-02-15

Oceanteam ASA: OCEANTEAM ASA - REACHES SETTLEMENT OVER IP INFRINGEMENT PROCEEDINGS ISSUED AGAINST SAWICON AS

Oceanteam has reached an out of court settlement over an IP infringement case
related to the Oceanteam ASA - North Ocean vessel series, which was filed
against Sawicon AS in 2011.

The terms of the settlement are to remain confidential, but the company
underlines that the settlement will have no negative effect on the company's
results, operations and developments going forward.

"We are very pleased with this settlement and that the company can finally
close this case. After 5 years in the Norwegian courts, the case status was
at a point where there were still no final conclusions made on the subject
matter of the case. Considering the different priorities of the company, we
are pleased to now fully focus on providing offshore solutions, says CEO
Haico Halbesma''.

The company would like to note that it considers taking further legal action
against former board member and shareholder Aksel M. Okland of North Sea
Shipping. This for the alleged misuse of the company's intellectual property,
trade secrets and such for own interest, and allegedly having a conflict of
interest while serving as a board member of the company and the misuse of the
board's position and powers in the period 2006 and 2010. During this period
important issues relating to this case incurred and were his responsibility
while serving as a board member.

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. This year,
Oceanteam ASA is having its ten year anniversary, celebrating a decade of
offshore solutions.

For more information:www.oceanteam.no

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| For further information about Oceanteam ASA please contact: |
| CEO Haico Halbesma: +31 20 53 57 570, haico@oceanteam.no |
| CFO Torbjørn Skulstad: +47 55 10 82 40, torbjorn@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 OMX Corporate Solutions on behalf of NASDAQ OMX 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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