Oceanteam to conclude transaction in Mexico

Oceanteam has received approval from the Mexican Foreign Investments Commission to complete the purchase of 90% of the shares within Compania Naviera de Transporte Maritimo, SA de CV (CONAT) based in Cuidad del Carmen, Mexico.

Offshore staff

BERGEN, Norway -- Oceanteam has received approval from the Mexican Foreign Investments Commission to complete the purchase of 90% of the shares within Compania Naviera de Transporte Maritimo, SA de CV (CONAT) based in Cuidad del Carmen, Mexico.

In deviation from the letter of intent, Oceanteam Mexico will increase its economic interest in CONAT from 49% to 90%. The remaining 10% of the shares is held by the management team in Mexico. After the transfer of the shares, CONAT will be renamed into Oceanteam Mexico SA de CV.

The company currently owns and operates two, 33-m (108-ft) Axe Bow fast support vessels built by Damen and will take delivery of two newbuild vessels later this year. The vessels are working on a long-term charter with Diavaz for IMR support in the Gulf of Mexico.

Oceanteam ASA plans to grow its business by deploying smaller size IMR vessels and plans to market its subsea services, installation, and trenching services in the Gulf of Mexico. CONAT will also support the newbuild CSVNorth Ocean 102 which will start a five-year contract later this year for CICSA.

04/11/2008

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