28 May 2021

Oceanteam ASA ("Oceanteam" or the "Company") and its joint venture partner
Bourbon have reached an agreement  to sell the construction support vessel 
Bourbon Oceanteam 101 (the "Vessel"), owned by the joint venture company
Oceanteam Bourbon 101 AS ("Sellers"). 

The Sellers and undisclosed buyers have entered into a NSF agreement for the
sale of the Vessel, the delivery of which will take place in July 2021. 

Keesjan Cordia, Chairman of the Board commented: "Following the sale of CSV
Southern Ocean in April 2021 this sale is another significant and final
milestone transitioning away from the conventional offshore shipping industry.
The sale of the assets will relieve Oceanteam from its liabilities, create
additional liquidity and  establish a solid platform to follow through on the
earlier advised more sustainable strategy including the potential merger with
Passer AS and key focus on the high-growth offshore renewable market."

About Oceanteam
 
Oceanteam is an independent offshore cable-solutions provider. With a large
asset-base of carousels, loading towers, tensioners and other ancillary
equipment as well as a large team of competent cable handling crew, the company
supports the marine cable industry with a variety of services such as short- and
long-haul cable transport, cable storage, cable logistics and cable handling
solutions on a global basis. Oceanteam's deepwater base in Velsen, the
Netherlands, is a strategically placed cable-hub where the company  conducts
mobilisation and demobilisation activities, provides long- and short-term cable
storage capacity and facilitates the offshore renewables sector with integrated
cable handling solutions. Oceanteam is Lloyd's ISO certified.
 
For further information about Oceanteam ASA please visit www.oceanteam.no or
contact:
 
Henk van den IJssel, CEO, e-mail: henkij@oceanteam.nl
Telephone +31 20 535 75 70