OCEANTEAM ASA - REPORTS H1 2017 RESULTS

 Main financial indicators H1 2017

* Operating Income USD 16.8 million
* EBITDA: USD 6.8 million
* Operating profit: USD 0.9 million
* Net finance (positive): USD 22.4 million
* Net profit: USD 23.3 million, including
* An IFRS IAS 39 fair value effect of new bond loan of USD 29.7 million.

Major events in H1 2017

* As per 31 July 2017, Diederik Legger has been appointed as a member of the
Board of Directors of Oceanteam. He is replacing Bote de Vries, who stepped
down only two months after joining the Board as his Oceanteam
responsibilities required more time than initially expected.
* The services of Interim CFO Wilhelm Bøhn, hired as a consultant to perform
certain specific tasks, were suspended.
* Oceanteam initiated a financial restructuring in October 2016 and has since
early 2016 developed and executed a restructuring plan that has secured a
capital cost and structure which will support the value preservation and
financial flexibility and value creation for all stakeholders.
* Final loan agreement was fully closed with Oceanteam bondholders effective
from 19 June 2017.
* Oceanteam's joint-venture partner McDermott executed its option to purchase
all of Oceanteam's remaining interest in North Ocean 105 AS, the company
owning the LV North Ocean 105. The transaction was closed on 20 June 2017.
* Oceanteam closed a refinance of CSV Bourbon Oceanteam 101 and CSV Southern
Ocean for a period of five years at market terms with effective date 17 July
2017.


Oslo/ Amsterdam - 30 August 2017. Oceanteam ASA, the Dutch-Norwegian based
offshore service provider Oceanteam ASA ("Oceanteam" or "Company") today
announced its official figures of the first six month of 2017 (hereafter
referred to as H1 2017).
Revenues during H1 2017 came in at USD 16.8 million The Company recorded an
EBITDA from operations of USD 6.8 million and a net result in H1 2017 of USD
23.3 million including an IFRS IAS 39 fair value effect on Company's new bond
loan  of USD 29.7 million.
Unfortunately, cost implications from uncertainties and unexpected delays
concerning the conclusion of Oceanteam's refinancing and related issues resulted
in a negative effect on the Company's performance in the first six months.
Delays, but also  a series of incidents with interim CFO Wilhelm Bohn, did harm
the company's reputation unnecessarily and resulted in his suspension.

Oceanteam CEO Haico Halbesma says: "However, these setbacks do not take away the
fact that the Company received a vote of confidence from its bondholders, banks
and most recently from its main shareholders on its long-term viability, future
direction and proven track record. It also does not take away the fact that
Oceanteam's vessels performed as expected, contracts were executed successfully
and new contracts for the Solutions segment were secured. We have come to a
point where the Company needs to operate in quieter waters to use its full
potential. There have been going on too many unnecessary issues. Our new
financial foundation and ongoing and successful cost reductions programs have
created a new platform to further develop our steady market performance as the
Company now shows on a month-by-month basis."
According to Halbesma the state of the oil and gas market, while seeming to
stabilise somewhat, will likely remain challenging in the coming period.
However, the Company's early focus on offshore renewables, Engineering &
Logistic Solutions, plus its expansion in certain geographical areas will help
the Company to safely navigate the current market low as well as structural
changes in the oil and gas market. "We are also in the process of creating new
revenue sources in the field of civil engineering and offshore-related logistic
solutions, while building on the same core capabilities that have made Oceanteam
the distinguished niche player it is known as today. There is an exciting and
promising perspective beyond our horizon."

As a result of the new bond loan agreement and the sale of the Lay Vessel North
Ocean 105 the Company now has improved free cash flow and has structurally a
lower interest costs, creating a healthy foundation for further growth.

Business areas

Major events and developments (H1 2017)
* Oceanteam Solutions has been awarded a long-term contract to supply its
client that provides cables and systems for energy and telecommunications
with port facilities, loadouts and storage of cables at Oceanteam's own
cable storage facility in Velsen Noord, The Netherlands.
* Oceanteam's subsidiary KCI has been awarded new assignments from Geosea,
Boskalis Offshore and OOS International.
* Oceanteam's subsidiary KCI has successfully performed the first test of its
patented Double Slip Joint (DSJ) research & development project with its
partners SIF and Van Oord.
* In April, Oceanteam moved into a new office in Amsterdam. At the same time,
Oceanteam Solutions moved into a larger building on their own base in
Velsen-Noord. Both relocations will give Oceanteam room for future growth
whilst significantly reducing office rental costs.
* Oceanteam's subsidiary DiavazOceanteam Shipping (DOT) has come to an
agreement with seller Pacific Radiance to postpone the delivery of the CSV
Tampamachoco 1 (T1) to the end of 2017 with an option to delay until the end
of 2018.

Major subsequent events (H1 2017)

* Oceanteam Solutions signed a contract with a European cable manufacturer
regarding the supply of a transport vessel, turntable and auxiliary
equipment for the transport of cables from South Europe to Scandinavia.
* Oceanteam Solutions has been awarded a long-term contract to supply a
company that performs the installation of marine power cables with a 2000T
demountable turntable including engineering and personnel services.
* Oceanteam's subsidiary KCI has been awarded with a design study for an
attraction in a new amusement park in Rotterdam, based on their offshore
experience.

Oceanteam Shipping
Operations North Ocean fleet CSV

CSV Bourbon Oceanteam 101: working on long-term time charter contract in Angola
for TOTAL SA. The contract, which started in August 2016, is for a period of
three years plus options.

CSV Southern Ocean has been on a long-term bare boat charter with Fugro TSM
Australia since its delivery in 2010. The vessel will remain under contract by
Fugro TS Marine Australia until the end of 2018 and has options for extension.

Oceanteam Mexico SA de CV operates two Fast Support Vessels (FSV's), Tiburon and
Mantarraya.

Tiburon and Mantarraya are still under bareboat charter with Inversiones Setin
Venezuala, however, since Inversiones Setin is in breach of its obligations
under the contract and the Company has not received the charter hire due
thereunder, the Company has started legal proceedings against Inversiones Setin.
The outstanding receivable balance in the amount of USD 0.4 million has been
written off as doubtful debt as part of 4Q 2016 financial reporting.

The plan is to terminate the contracts properly, vest a claim for unpaid charter
hire, repairs and maintenance overdue. Subsequent, the vessels are scheduled to
go into dry dock and to be ready to commence on the new contracts by end of
2017.

Oceanteam Solutions is specialised in building demountable turntable systems
that easily can be delivered in 40ft containers to any port globally. The
company designs and produces turntables in various sizes, for onshore and
offshore use and for a variety of cables, umbilicals, pipes or flowlines. The
Company provides full engineering design and consultancy services to clients in
the oil and gas, civil engineering and renewables industries. Oceanteam
Solutions can also provide services for complex structures both onshore and
offshore. With the in-house engineering experience and expertise, clients can
contract the most effective vessel and equipment solutions for their projects.
Over the years Oceanteam Solutions has built up a broad client base worldwide,
to which the company successfully supplies equipment and supports the client's
offshore cable, pipeline and umbilical installations, transport and storage
projects. From our base with deep-water quayside facilities in Velsen-Noord, the
Netherlands, the company can accommodate all sizes of vessels for mobilisation
and demobilisation with easy access to the North Sea.

DOT SHIPPING

In March 2014, Oceanteam acquired a 40 percent stake in the newly founded joint
venture DOT Shipping together with Diavaz. DOT Shipping successfully delivered
two FSV newbuilds, named Icacos and Cobos, in Q4 2014. Both vessels are fully
financed and have been operational in the Mexican market since March 2015.

DOT Shipping, where Oceanteam has a 40 percent working interest, has a 50
percent stake in a large newbuild construction support vessel named Tampamachoco
1, within a DOT Radiance joint venture. The delivery of this vessel is postponed
to the end of 2017 with an option to delay until the end of 2018.
Oceanteam Solutions

Oceanteam Solutions is specialised in building demountable turntable systems
that easily can be delivered in 40ft containers to all ports globally. The
company designs and produces turntables in various sizes, for onshore and
offshore use and for a variety of cables, umbilicals, pipes or flowlines. The
Company provides full engineering design and consultancy services to clients in
the oil and gas and renewables industries. Oceanteam Solutions can also provide
services for complex structures both onshore and offshore. With the in-house
engineering experience and expertise, clients can contract the most effective
vessel and equipment solutions for their projects. Over the years Oceanteam
Solutions has built up a broad client base worldwide, to which the company
successfully supplies equipment and supports the client's offshore cable,
pipeline and umbilical installations, transport and storage projects. From our
base with deep-water quayside facilities in Velsen-Noord, the Netherlands, the
company can accommodate all sizes of vessels for mobilisation and demobilisation
with easy access to the North Sea.

Main operational projects Oceanteam Solutions (H1 2017)

* Supplying demountable turntables and auxiliary equipment for the multiple
transport of cables from Asia to Europe.
* For a long-term storage project Solutions upgraded and customised a
turntable from 4000t to 5300t and spooling operations were successfully
performed by our cable handling crew.
* Performed a second load-out for a client into a 2000t turntable with
subsequently the splicing of the cable at Oceanteam's own cable storage
facility in Velsen Noord, The Netherlands.
* Supply of full cable installation spread to Offshore Wind client.
* Multiple cable storage contracts ongoing.
* Various multi discipline design engineering contracts ongoing.
* World's largest Ferris Wheel design, construction and installation support
continues to create significant amount of work.
* Various concept studies for future foundations of WTG's for the Offshore
Wind market.


Market outlook

The main factor in the market outlook is the turmoil in the oil price. The
volatile environment for oil and gas prices and activity has created significant
market challenges for our industry, but also opportunities. With the Company's
expertise in combining engineering, shipping and equipment, the Company is ready
to add more value for our clients.
Backlog and finance. The oil and gas prices influence oil companies' priorities
and choices between new developments, upgrades of existing facilities and
commitments to recovery from producing fields. Fluctuations in oil and gas
prices also affect the offshore renewables market as available resources flow
into this market. Hence oil and gas prices affect activity, rates and asset
values in both of Oceanteam's primary markets. Oceanteam is confident and has to
date secured sufficient projects in both the oil and gas market and the offshore
renewables market to maintain a high to good level of utilisation of its assets
and engineers for the coming period.
There is considerable uncertainty as to how long it will take before demands
pick up and market conditions are expected to remain challenging for several
years. The Company is still positive and believes that the long-term
fundamentals of the relevant markets and regions it operates in remain strong
and that its diversification strategy supports utilisation for its assets and
ride the next upturn in these cyclical markets. To mitigate the market risk, the
Company has secured backlog for 2017 and well into 2019 (excluding contract
options) for its CSV assets.
To meet the macro challenges the Company continues to focus on capital and cost
discipline to strengthen its balance sheet.
The performance of the Company in this half year was weaker than in the previous
period due to the continuously weak market. At the same time the Company has
managed to complete the finance restructuring process which has secured a
capital cost and structure which supports the value creation and financial
flexibility. In addition to this, the Company's operating costs have been
materially reduced compared with the previous period.
Lean organisation and strong partners. The Company has always focused on strong
long-term backlog seeking full utilization of its high-end deepwater assets, a
proven strategy that gives long-term stable cash flow. The diversification of
the Company's global business units and working segments makes us more robust
against decreasing oil prices. Geopolitical tension will make certain regions
develop faster or slower and therefore the Company has chosen to focus on stable
regions and to team up with strong local partners with proven track records in
their respective markets. Diversification of clients also helps the Company to
increase its knowledge and to develop in different markets and to spread its
operational risk.
Firm position in offshore market. In Western Europe several offshore wind parks
have been sanctioned and are being realised on an increasing scale. The
Company's continued belief is that demand for services related to the offshore
renewable industry will increase significantly in 2018 and beyond, this is also
supported by increased leads and in the building of backlog.
The Company remains in a strong position to meet future demands and requirements
in this market. Limited space and environmental laws are causing large wind
farms to be constructed further from shore. The projects are in deeper waters,
more complex and on a larger scale. With over 30 years of experience, Oceanteam
Solutions has the competence to meet industry demands. With its deep water base
in Velsen, The Netherlands it supplies and rents to a broad client base around
the world to support their offshore cable, pipeline and umbilical installations,
transport and storage projects.
Oceanteam Solutions uses the current platform to focus on combining the
different disciplines and resources into cost effective solutions which creates
new opportunities. All with the aim of reducing risks and improving the
economics, both running costs and installation costs, for our clients.
Solution driven services. The exact timing of existing projects currently in the
development stage remains uncertain, but overall the market is expected to grow,
resulting in an increased demand for support vessels and associated services.
The focus of the industry is on reducing installation and maintenance costs and
using flexible solutions, which Oceanteam can provide with its solution driven
services.
Oceanteam spends significant resources on market research and intelligence. It
adapts its strategy and risk profiles when the analysis deems this to be
prudent.  The Company aims to steer profitably through this challenging period
and ride the next upturn in our cyclical markets.


Amsterdam/ Bergen, 30 August 2017



Executive Management and Board


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 twelve 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.