Oceanteam, ABB High Voltage transfer contracts

Oceanteam ASA and its subsidiaries have entered into a contract transfer agreement with ABB High Voltage AB on the offshore power cable installation projects BritNed, StatoilHydro Gjøa, and Nord Eon 1.

Offshore staff

BERGEN -- Oceanteam ASA and its subsidiaries have entered into a contract transfer agreement with ABB High Voltage AB on the offshore power cable installation projects BritNed, StatoilHydro Gjøa, and Nord Eon 1. In addition, the long term co-operation agreement between ABB and Oceanteam has been terminated.

ABB and Oceanteam have agreed that the projects' will be taken over by Global Marine System and that Oceanteam will be released with immediate effect from all its associated obligations under the contracts.

The transfer agreement includes that ABB and Global Marine Systems will charter the CSVNorth Ocean 102 and CLV Team Oman as spreads, which include certain related personnel, equipment, and support services from the company.

The transfer termination agreements will exclude use of the CLB Explorer, the heavy duty plough, and certain related equipment. The equipment is currently available in Newcastle, UK, and Oceanteam is in dialogue with various parties to charter out the equipment.

The parties have agreed to keep the terms of the agreement confidential.

04/15/2009

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