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2014-05-19

Oceanteam Shipping ASA: OCEANTEAM SHIPPING ASA - RENTOCEAN SELECTED BY LS CABLE TO SUPPLY SECOND 4000T MODULAR CAROUSEL SYSTEM

RentOcean, a 100 percent owned subsidiary of Oceanteam Shipping ASA, has been
awarded a contract to supply LS Cable - a leading supplier of a wide range of
industrial specialty cables - a second 4000t modular carousel system and
accompanying equipment for a long-term project.

The carousel and additional equipment will be used for the transportation of 2
x 50km of power cables from the LS cable plant in Donghae, South Korea to the
project port of Doha, Qatar, which will take place in 2014 and 2015. To
ensure smooth transportation and loading Oceanteam will also supply
operators. LS Cable will commission a vessel, outfitted with all necessary
equipment, to serve as an offshore transportation platform between Donghae
and Qatar. This new build 4000T carousel is an addition to the already
delivered 4000T carousel, of which the buildup in Korea is almost completed.

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 very pleased that we can further support our client on this project.
Being awarded with this contract shows that LS Cable feels confident that
RentOcean can deliver what they promise; quality equipment and services
within limited time, 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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