OCEANTEAM SHIPPING ASA – CALL OPTION EXERCISED FOR CSV NORTH OCEAN 102 BY J. RAY MCDERMOTT

OCEANTEAM SHIPPING ASA – CALL OPTION EXERCISED FOR CSV NORTH OCEAN 102 BY J. RAY MCDERMOTT

Oceanteam Shipping ASA announces that it has completed today the transfer of its 50% ownership stake in the to date jointly owned Pipelay Vessel to J. Ray McDermott Norway.

The proceeds from the sale will go towards a USD 35 million amortization on Oceanteam’s bond loan debt due in April 2015 and other general corporate purposes.

The transaction is part of the company’s long term strategy to deleverage and to strengthen its balance sheet further. The sale purchase conditions are to remain confidential under the signed agreement. The transaction has been fully executed on 18 December 2014.

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