Oceanteam acquires Marine Cable Installation assets

Oceanteam Power & Umbilical ASA has agreed with the curator of Bohlen & Doyen for the purchase of the Marine Cable Installation assets of Submarine Cable & Pipe GmbH & Co., a subsidiary of the Bohlen & Doyen Group from Wiesmoor, Germany.

Offshore staff

BERGEN, Norway -- Oceanteam Power & Umbilical ASA has agreed with the curator of Bohlen & Doyen for the purchase of the Marine Cable Installation assets of Submarine Cable & Pipe GmbH & Co., a subsidiary of the Bohlen & Doyen Group from Wiesmoor, Germany.

The assets include the cable barge Bodo Installer and cable burial equipment, including a vertical injector, a rock cutter crawler, two jet sledges, and other associated equipment.

Oceanteam plans to establish a German daughter company in the next few weeks with offices in Wilhelmshafen, Germany, the company says.

Oceanteam regards the acquisition as an important enhancement of its capabilities in the cable installation, IMR and trenching markets for the offshore renewable and power distribution.

6/15/2007

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