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Highlights for the quarter

* Revenue from operations USD 14.8 million.
* EBITDA from operations USD 7.9 million.
* Operating profit of USD 5.7 million.
* Net finance negative USD 3.6 million.
* Net result for the quarter 2.0 million.

* Strong EBITDA due to sustainable business operations, solid contribution
from Shipping and Solutions segments with focus on increasing contract
backlog and a significant revenue accrual for early redelivery fees of CSV
Bourbon Oceanteam 101.
* The construction of a large offshore construction support vessel, the
Tampamachoco 1 for DOT Shipping, is progressing as planned with delivery
expected end of 2016.
* CSV Bourbon Oceanteam 101 received a termination letter from its clients in
February and the vessel is expected to be redelivered end of May, after
which she will go into dry dock. Under the terms of the charter contract,
costs incurred and associated with an early release and demobilisation of
the vessel are to be reimbursed to the owner.
* Oceanteam Solutions won a contract to supply a cable manufacturer
demountable turntables and auxiliary equipment for the multiple transport
of cables from Asia to Europe in 2016.
* Oceanteam Solutions engineered and mobilised a complete cable lay barge.
The cable lay equipment spread will be on long-term hire.

Subsequent events

* Interest payments on USD bond loan redeemed as planned, and the Company is
well within all of its financial covenants set forth by the Loan Agreement.
* The CSV Bourbon Oceanteam 101 started its demobilisation in May 2016.
* Oceanteam Solutions won a contract to supply a client a 4000T and 1100T
turntable and auxiliary equipment for the storage, splicing and multiple
load-outs of cables at Oceanteam's base in Velsen Noord, The Netherlands.

Please find attached the complete Q1 2016 report and presentation.

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

For more

| For further information about Oceanteam ASA please contact: |
| CEO Haico Halbesma: +31 20 53 57 570, |
| CFO Torbjørn Skulstad: +47 55 10 82 40, |
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.



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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