OCEANTEAM ASA - INITIATES FINANCIAL RESTRUCTURING

Oceanteam ASA ("Oceanteam" or "Company") is in the process of developing a
restructuring plan that will secure a capital cost and structure which will
support the value preservation and financial flexibility while enabling value
creation for all stakeholders.

Oceanteam has initiated constructive dialogue with its stakeholders to shape its
financial restructuring process and improve the financial flexibility in today's
challenging market situation. The Company is facing serious financial restraints
by its current capital cost and structure, which is  restricting its ability to
develop in the interest of its stakeholders. This has taken the effect of
immediate cash liquidity constraint for various reasons - some of temporary and
some of permanent character. The Company needs financial flexibility to further
advance the business while coping with the market circumstances. Consequently
the Company has initiated dialogue with its banking group and will immediately
do the same with its Bondholders with the aim of establishing a revised capital
structure and cost of capital supporting the long term growth of Oceanteam. The
Company is currently reviewing all alternatives available given the current
market conditions and will detail this initiative in near future.


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:

CFO Wilhelm Bøhn: +47 47 23 64 34, wilhelm@oceanteam.no




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