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2013 was a year of consolidation and operational focus for Oceanteam Shipping
ASA. In addition, new opportunities were identified and followed upon, which
resulted in particular in a large back log for RentOcean and the
establishment of DOT Shipping. This joint venture with Grupo Diavaz is to
service the fast growing Mexican market.
The company started and completed several important initiatives. Based on the
new growth strategy we strengthened our backlog and operational efficiency
and also laid the foundation for sustainable growth going forward.

From early 2013 we have re-focused the company, improved both the balance
sheet and our operations significantly and at the same time opened up for new
types of work.

During the year we have established new initiatives and partnerships, with the
focus on providing our clients with a more complete offering to form the
basis for future growth. With a fiscally sound company structure, large
deferred tax assets, a solid backlog and a healthy market throughout, we now
turn our attention to growing and using the building blocks that have been
put in place to deliver more integrated services.

The year 2012 was in many ways a year of financial transformation in which the
company refinanced a total of USD 240 million in vessel and company debt. A
USD 92.5 million unsecured bond placement towards the end of 2012 concluded
the changes in the capital structure. As a result warrants could be exercised
early 2013, which further improved the company's liquidity and debt maturity
profile resulting in a in a solid financial platform from which to operate.
The bond market has already recognized the solidity of the company's
financial strategy as this is currently trading at 108 above par.

The year 2013 has been a year of operational improvement and focus on building
new business lines. The Next Step programme has hampered the financial
performance of KCI somewhat but at the same time is preparing the company to
deal with future challenges, which is key to its future success.

The operational improvement and solid backlog within subsidiaries RentOcean,
OceanWind, KCI as well as the Shipping division, are a confirmation of the
success of the company's strategy so far. We now have to start leveraging the
company's core competences throughout the value chain. The companies are
expected to prosper in the coming years and we are confident that the four
business lines and management teams will show better and improved financial
and operational performance going forward once The Next Step is completed in
the second half of 2014.

It is the Board and Management's intention that 2014 will be the year that
Oceanteam demonstrates its ability to initiate significant growth.

For example, in late 2013 and early 2014 the company spent significant
resources to position the company so that it can capture part of the expected
strong growth of the Mexican market through a joint venture named DOT
Shipping. This new company, owned by Grupo Diavaz and Oceanteam Shipping
jointly was established in Q1 2014.

We are confident that the revised strategy will work and that during 2014 we
will see some significant contracts being awarded.

We see an unprecedented number of opportunities going forward and the key is
now to focus clearly on them. The Company has received the trust of clients
and commitment from its teams, board and shareholders. I am confident that
during 2014 and 2015 we will succeed with executing our exciting plans and
will be able to support our clients even better.

In the annual report 2013 there are changes in the presentation compared to
what was presented in fourth quarter report due to IFRS 10. For first quarter
2014, CSV Southern Ocean will be reported as fully consolidated as presented
in fourth quarter 2013 report. The other CSV vessels, Bourbon Oceanteam 101,
North Ocean 102 and Pipe Lay Vessel North Ocean 105 will be reported after
the equity method. For further details, please review the full quarterly and
annual report for the company.

Yours faithfully,

Haico Halbesma
Chief Executive Officer
Oceanteam Shipping ASA

About Oceanteam Shipping ASA
Oceanteam Shipping ASA (Oslo Stock Exchange: OTS) is an offshore shipping
company. Its business is the owning, chartering and managing of Deepwater
Offshore Construction Service - and Pipe Lay Vessels In addition Oceanteam
Shipping provides complementary Engineering Services consisting of both
Engineering&Design Services and Equipment to support its clients.

For more information:www.oceanteam.no

|For further information about Oceanteam Shipping 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 |

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 Shipping ASA via Globenewswire


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