OCEANTEAM ASA - RELEASE OF Q2 2016 REPORT AND PRESENTATION

Oceanteam builds backlog and deals with new realities

During the second quarter of 2016, Oceanteam made excellent progress towards
achieving its long-term goals, including sustaining occupancy and the revenues
of our shipping business unit under very challenging market circumstances. In
addition, the Company opened up new worldwide market opportunities in markets
such as the renewable energy and telecom industries, by further diversifying and
accelerating our service-driven solutions, including engineering.

Oceanteam's Q2 results were once again solid, continuing the trend seen in the
first quarter of 2016. In the second half of 2016, Oceanteam will continue its
efforts to find new financial structures to lower the Company's cost of capital
employed, freeing up resources to fund future activities and create room for a
dividend pay-out to shareholders.

We entered into long-term charter agreements for our vessels CSV Southern Ocean
and CSV Bourbon Oceanteam 101. Although at significantly lower rates than usual,
due to market circumstances, the management team is very happy that it has been
able to secure long-term revenue and charter occupancy.

In addition, Oceanteam Solutions' operations and service mix are growing as
expected. In the second quarter, the Company managed to extend a number of
existing contracts and was awarded several new contracts. Some of these
contracts have attracted worldwide attention, in turn leading to increased
traction on new inquiries. This segment of the Company has grown from a small
unit into a solid source of revenues for the Company and a significant part of
our business strategy. Oceanteam Solutions' operations are growing steadily and
this is helping Oceanteam to deal effectively with the harsh environment that is
defining both the oil and gas and offshore industries.

Since 2014, Oceanteam Solutions has expanded into four business pillars that are
marketed worldwide. In addition to solutions for the renewables and oil and gas
industries, Oceanteam has given the recently-launched Wheels division a kick-
start. This new unit has already underscored its market presence by carrying out
the installation engineering for the heaviest onshore lift in history for Dubai-
I, the world's largest Observation Wheel. This is just one of the multiple
projects and works in progress within the recently launched Wheels division.

The first half of 2016 saw our entire industry confronted with various obstacles
and challenges. Market research still shows that the oil and gas industry will
continue to be troubled. This shift in market equilibrium has rocked the boats
of most players in the industry, including Oceanteam. While market conditions
are throwing numerous barriers and even more hurdles for industry players to
overcome, it also offers value-creating opportunities within several niche
segments. We identified these opportunities years ago, and Oceanteam's
investments and its efforts to open up those niche segments are now paying off.
Q2 revenues were up 7 percent compared to Q1, proving that we are moving in the
direction we are targeting.

With the renewables market showing strong growth and a positive outlook,
Oceanteam is also expanding its geographical focus. Oceanteam Solutions recently
signed a long-term agreement for consultancy and market representation in China
with a firm that has a unique track record in Chinese offshore oil and gas and
renewables activities. The cooperation covers projects related to offshore wind
installations and support for power cable projects in China. This is a very
exciting opportunity, as we are entering the Chinese market, which has enormous
potential.

In addition to strengthening our revenue driven pillars, Oceanteam has also been
working continuously to rationalise its operational cost base and structure and
therefore the cost of its capital employed. Due to the sentiments in the
industry, the financial markets and the Company's structure, Oceanteam is now
stepping up its efforts to explore a possible change in its capital structure.

Oceanteam's performance in this second quarter was solid again. However, as
communicated in our Q1 report, the Company has been exploring alternatives to
refinance its current bond to reduce finance costs, fund future growth and
establish a favourable dividend policy. As a consequence of the continued
deterioration in market condition in the offshore oil and gas sector, Oceanteam
has not yet succeeded in obtaining satisfactory alternative funding sources that
will enable the Company to refinance its bond.

The Board of Directors has therefore initiated a process to review all
alternatives available to the Company, to secure sustainable financing. Such
alternatives may include new debt and/or equity, restructuring the current
bond, but we are also exploring other strategic options. The Board is planning
to present further details and, if possible, a preliminary plan to shareholders,
bondholders and other stakeholders by the end of 2016.

While new opportunities and increased and diversified business activities are
creating unparalleled opportunities and therefore a positive outlook and good
entrepreneurship, the Company is still faced with serious financial restraints.
Falling asset values, regular liquidity squeezes and negative sentiment in the
financial markets are forcing the management to continuously trim the Company's
cost base, to deleverage in a disciplined manner and to use our resources
carefully.

Oceanteam's stable operational performance and solid EBITDA reflect the
viability of both the Company and its team. We believe that we have all the
elements in place that will enable us to take full advantage when the oil
and gas market recovers, and to grasp opportunities in new markets.


Please find attached the complete Q2 2016 report and presentation.


About Oceanteam 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. Oceanteam ASA has been
active in the industry as an offshore solutions provider for over ten years.

For more information: www.oceanteam.no

For further information about Oceanteam ASA please contact:

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




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