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2015-04-23

Oceanteam Shipping ASA: OCEANTEAM SHIPPING ASA - ANNUAL REPORT 2014

2014 saw the continued positive impact of Oceanteam Shipping ASA's long-term
commitment to its corporate strategy for managed growth. During the year, the
Company took the necessary steps both to secure short-term profitability and
to ensure long-term growth. In turn, the Company was able to take full
advantage of the fluctuating market conditions. As we close the books on 2014
we do so as a more diversified company, with a sound financial platform, a
solid backlog and are uniquely positioned to capitalize on the opportunities
we believe the upcoming years will offer.
While 2013 was centred on operational improvement and organisational
development, the theme of 2014 has been the combination of short-term
profitability and long-term growth. Several important steps were taken during
the year to support this objective, starting off with the acquisition of the
remaining shares of our engineering division, KCI The Engineers.

Oceanteam Shipping ASA now has three complimentary business areas, shipping,
equipment and engineering, all strong in their own right, providing the
Company with the required robustness and diversification to be profitable.

In 2014, we proudly announced the formation of a joint venture, DOT Shipping,
with one of the most experienced and recognized operators in the Gulf of
Mexico, Grupo Diavaz. The collaboration has already borne fruit with the
order of two Fast Support Vessels in Q2 and the order of a first large
Offshore Support Vessel in Q4 - all vessels fully financed and ordered on the
back of substantial charter contracts. We believe that this joint venture
between Oceanteam and Diavaz will provide the Company with a very material
platform for long-term growth in the fast developing market in Mexico.

In accordance with the Company's long-term strategy to deleverage and
strengthen the balance sheet, Oceanteam sold its remaining 50 percent stake
in the CSV North Ocean 102 to J. Ray Mcdermott. Oceaneering International
exercised the two one year options with the CSV Bourbon Oceanteam 101, which
ensures all of our vessels are on contract until 2017 and beyond. In order to
reflect the daily operations, control and to accommodate IFRS standards, the
Company agreed with Bourbon Offshore Norway to consolidate Oceanteam Bourbon
4 AS 100 percent in 2014 and onwards. Ownership stakes remain unchanged.

Certain markets the Company operates in are increasingly volatile and
difficult to predict. Despite this, the Company has significant backlog,
three well performing business areas, a strong balance sheet and exciting
growth opportunities in the Gulf of Mexico. We are confident that the Company
is in an ideal position to continue to grow through the sustained
profitability of our operations.

We thank our clients, employees and all our business partners for their
continued business and support.

On behalf of the Board of Directors

Haico Halbesma
Chief Executive Officer

About Oceanteam Shipping 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.

For more information:www.oceanteam.no

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| 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 |
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This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.

OCEANTEAM SHIPPING ASA - ANNUAL REPORT 2014
http://hugin.info/136936/R/1914132/683981.pdf

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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 Shipping ASA via Globenewswire

HUG#1914132

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