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2014-05-02

Oceanteam Shipping ASA: OCEANTEAM SHIPPING ASA - RENTOCEAN SECURES A SERVICE CONTRACT WITH WIND BV FOR SUPPLY OF A 1500T MODULAR CAROUSEL SYSTEM

RentOcean, a 100 percent owned subsidiary of Oceanteam Shipping ASA
,has been awarded a contract by WIND BV to supply a certified 1500t modular
carousel system and a 10t tensioner for a 90-day project.

The carousel and additional equipment will be used to transport cables for the
Safaniya oil field for McDermott. The transport will take place in summer
2014. RentOcean is currently upgrading its already existing 1250t modular
carousel to support 1500t of cables.

The new patented carousel series is designed for flexibility and quick
mobilisation on standard PSV/CSV with limited deck load. Fully loaded, the
carousels have a maximum deck load of 8t m2, eliminating the need for
under-deck reinforcement. The modular systems are delivered to the
mobilisation site in 40ft containers. All system components are 'plug and
play' and interchangeable.

As a result of this new philosophy, the equipment is sea- and road
transportable, and can be mobilized in a cost effective manner to all ports
globally.

"We are excited that, with this contract award, we can further serve the
Oil&Gas market with our equipment. It proves the
multifunctional and competitive design of our modular carousels. "Above all,
RentOcean looks forward to cooperating with WIND BV and McDermott on this
project", says Managing Director of RentOcean, Lex van Doorn''.

About RentOcean
RentOcean owns and operates from its deep water base in Velsen, in The
Netherlands, a large pool of carousels, tensioners and burial equipment which
it supplies and rents to a broad client base around the world to support
offshore cable, pipeline and umbilical installations, transport and storage
projects.

For more information:www.rentocean.nl

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|For further information about RentOcean please contact: |
|MD Lex van Doorn: +31 20 53 57 570, lex@rentocean.nl |
| |
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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.

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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

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