OCEANTEAM ASA - NON-EXECUTIVE DIRECTOR BOTE DE VRI

Oceanteam ("the Company"), the Norwegian-Dutch offshore service provider announces that Mr. B. (Bote) de Vries (1958), who was appointed non-executive director during an EGM on 9 May 2017, has informed the Board of the Company and its bondholders to step down per 10 July 2017.  This is only just two months after being on duty. Both have accepted his resignation. As from day one his particular responsibilities have required and will require more time than initially expected. Additionally, according to Mr. Bote de Vries, for now his role should be rather an executive role than a non-executive, since Oceanteam is still in the process of recruiting its new CFO. As of today, Oceanteam and its bondholders will enter into reviewing several candidates to replace Mr. Bote de Vries and at short notice expect to present a new board member candidate to its shareholders that represent its bondholders. Mr. Bote de Vries' appointment was one of the conditional terms the bondholders imposed in order to come to a final deal regarding the new bond loan agreement that was approved by a majority of them at the end of April 2017. Oceanteam's Chairman of the Board Mr. Hessel Halbesma says: "We have accepted Mr. De Vries' considerations and his one argument to resign, being a lack of time to keep the Company on track and implement our strategic roadmap. With regards to his knowledge and industry expertise it is a temporary setback to say goodbye already. We really have been looking forward to work with him. However, we are confident that our bondholders will take a decision very soon about their new candidate(s) board member to represent them in Oceanteam's Board." Also read: "Bote de Vries appointed as non-executive director"

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

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