Oceanteam Acquires Stake in new Subsea Services Company

Oceanteam Power & Umbilical ASA announced has signed a Heads of Agreement to acquire 60 percent of a new Subsea Services company against investment within the company. The company will be renamed to Oceanteam Subsea Services Ltd. The company has been recently founded by a team of subsea services experts headed by Graeme Kidd with an excellent track record within the Offshore Service Industry. Graeme Kidd has been working in the subsea industry for over 25 years and still retains an enthusiasm for the industry and its entrepreneurial approach to the delivery of problem solutions. The new company brings together a team of highly experienced and knowledgeable individuals who are of the view that they have novel innovation to offer the market place.

Oceanteam Subsea Services Ltd will be a separate business unit within OPU focussed on Hydro-graphic Survey, Inspection- Repair- and Maintenance Services, ROV Intervention, Integrity Management and Geotechnics. The management team will be based in Aberdeen and is initially capable to service clients within the North Sea, West Africa, Brazil and Gulf of Mexico. Oceanteam Subsea Services plans to grow its fleet of ROV's, equipment, personnel and market presence significantly over the next few years. The company plans to have a spread operational at earliest option, which will also be fitted with a trenching package.

The two OPU ordered Perry Slingby TRITION XLS construction and inspection ROV's, with delivery September 2007, will be allocated to Oceanteam Subsea Services Ltd and OPU will invest a further Euro 4.5 million in equipment, software and working capital through equity and loans. Oceanteam Subsea Services is expected to produce a positive EBITDA as from Q1 2008.