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2015-08-27

Oceanteam Shipping ASA: OCEANTEAM SHIPPING ASA - RELEASE OF Q2 2015 REPORT AND PRESENTATION

The prolonged downturn and the volatility in the oil and gas market has put
pressure on our sector and has broaden our focus to different key areas.
Recent announcements from major players and clients regarding restructurings,
lay-ups and lay-offs have changed the market sentiment significantly and
affected asset values. Even though the oil and gas market is challenging,
other sectors, like Offshore Wind, show a continuous growth. Our competitors'
focus has shifted towards the latter, increasing the general competition in
the Offshore Wind market. The players in our operating markets have an
increased focus on reducing costs and increasing their efficiency. This opens
up several possibilities for Oceanteam to provide innovative solutions for
both new and existing clients.
With a long term contract coverage on all assets, supported by the performance
of the engineering and equipment service segment, Oceanteam continues to
deliver solid results in its targeted geographical offshore and onshore
markets.

The Company demonstrates that it has a scalable and flexible business model,
yet remaining conservative. Oceanteam will have a steady capital discipline
in order to deleverage and create financial flexibility, allowing the Company
to seize new project opportunities.

The Company's diversification strategy allows Oceanteam to expand its services
in challenging market conditions while maintaining a solid performance.

In April a USD 35 million installment was amortized to the Company's
bondholders. The transaction is a part of the Company's long-term strategy to
optimize and strengthen the balance sheet, improve financial ratios and
credit ratings. A strict capital and cost discipline combined with reduced
leverage will allow the company to replace its high cost of capital with a
more flexible capital structure that increases earnings and reduces financial
costs going forward.

To show our strong commitment to Oceanteam's shareholders, the Company will
retain its capital and cost discipline in order to establish a dividend
policy, latest payable in 2018.
HIGHLIGHTS FOR THE QUARTER

* Revenue from operations USD 19 million
* EBITDA from operations USD 9 million
* Operating profit of USD 6.1 million
* Net finance negative USD 2.9 million
* Net result for the quarter before revaluation changes is positive USD 3.1
million
* The prolonged downturn in the oil and gas market is affecting our asset
values negatively, but the Company is now reaping the benefit of a modern
fleet with strong contract coverage.
* To complete its value chain, Oceanteam has acquired the remaining 48% stake
in OCEANWIND BV. The company is renamed to Oceanteam Cable Solutions and
will be a full services provider focusing on transport, handling and
storage of power and fiber optic cables and umbilicals globally.
* To support this growth Oceanteam / RentOcean secured a EUR 15 million
revolving term loan facility.
* Oceanteam / RentOcean has been awarded a strategic contract in Germany for
the supply and engineering of a cable lay spread in combination with a
frame agreement for future equipment, transport and storage services.
* The construction of a large offshore construction support vessel for DOT
Shipping is progressing as planned and the two newly delivered FSV's are in
operation in Mexico. All vessels are fully financed and have secured long
term time charters upon delivery.
* KCI design engineering has been awarded various contracts and maintains a
healthy back log of projects in oil and gas, Offshore Renewables and
Innovative Equipment&Structure both offshore and onshore.
* Oceanteam Shipping's CSV and FSV fleet is fully operational and all vessels
have contract coverage until early 2017 or longer.

Please find attached the complete Q2 2015 report and presentation.

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 - Q2 2015 PRESENTATION
http://hugin.info/136936/R/1947802/707345.pdf
OCEANTEAM SHIPPING ASA - Q2 2015 REPORT
http://hugin.info/136936/R/1947802/707347.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#1947802

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