OCEANTEAM SHIPPING ASA - ANNUAL REPORT 2014

2014 saw the continued positive impact of Oceanteam Shipping ASA's long-term
commitment to its corporate strategy for managed growth. During the year, the
Company took the necessary steps both to secure short-term profitability and to
ensure long-term growth. In turn, the Company was able to take full advantage of
the fluctuating market conditions. As we close the books on 2014 we do so as a
more diversified company, with a sound financial platform, a solid backlog and
are uniquely positioned to capitalize on the opportunities we believe the
upcoming years will offer.

While 2013 was centred on operational improvement and organisational
development, the theme of 2014 has been the combination of short-term
profitability and long-term growth. Several important steps were taken during
the year to support this objective, starting off with the acquisition of the
remaining shares of our engineering division, KCI The Engineers.

Oceanteam Shipping ASA now has three complimentary business areas, shipping,
equipment and engineering, all strong in their own right, providing the Company
with the required robustness and diversification to be profitable.

In 2014, we proudly announced the formation of a joint venture, DOT Shipping,
with one of the most experienced and recognized operators in the Gulf of Mexico,
Grupo Diavaz. The collaboration has already borne fruit with the order of two
Fast Support Vessels in Q2 and the order of a first large Offshore Support
Vessel in Q4 - all vessels fully financed and ordered on the back of substantial
charter contracts. We believe that this joint venture between Oceanteam and
Diavaz will provide the Company with a very material platform for long-term
growth in the fast developing market in Mexico.

In accordance with the Company's long-term strategy to deleverage and strengthen
the balance sheet, Oceanteam sold its remaining 50 percent stake in the CSV
North Ocean 102 to J. Ray Mcdermott. Oceaneering International exercised the two
one year options with the CSV Bourbon Oceanteam 101, which ensures all of our
vessels are on contract until 2017 and beyond. In order to reflect the daily
operations, control and to accommodate IFRS standards, the Company agreed with
Bourbon Offshore Norway to consolidate Oceanteam Bourbon 4 AS 100 percent in
2014 and onwards. Ownership stakes remain unchanged.

Certain markets the Company operates in are increasingly volatile and difficult
to predict. Despite this, the Company has significant backlog, three well
performing business areas, a strong balance sheet and exciting growth
opportunities in the Gulf of Mexico. We are confident that the Company is in an
ideal position to continue to grow through the sustained profitability of our
operations.

We thank our clients, employees and all our business partners for their
continued business and support.

On behalf of the Board of Directors

Haico Halbesma
Chief Executive Officer


About Oceanteam Shipping ASA
The Company is comprised of two operating segments, Oceanteam Shipping and
Oceanteam Solutions. Oceanteam Shipping owns, charters and manages deep-water
offshore support vessels and fast support vessels. Oceanteam Solutions focus is
to provide its clients with complete offshore solutions.

For more information: www.oceanteam.no

For further information about Oceanteam Shipping ASA please contact:

CEO Haico Halbesma: +31 20 53 57 570, haico@oceanteam.no

CFO Torbjørn Skulstad: +47 55 10 82 40, torbjorn@oceanteam.no


This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.





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