Oceanteam B.V. into bankruptcy

13 October 2009


Oceanteam ASA's wholly owned Dutch subsidiary, Oceanteam B.V. has filed for bankruptcy. Today bankruptcy of Oceanteam B.V. was declared by the District Court of Amsterdam. Oceanteam B.V. is based in Amsterdam and employes 11 people. The bankruptcy of Oceanteam B.V. will not have operational impact on other Oceanteam entities.

As previously announced, Oceanteam B.V is also involved in a contractual dispute (with VOF Bouwcombinatie Egmond) which has been arbitrated since September 2006 and which is still under arbitration. Besides having an adverse affect on the organisation's need to focus on market challenges, the cost of arbitration has been and continues to be significant, and Oceanteam B.V is no longer in the position to account for those costs, nor to account for the outcome should it turn out to the disfavour of Oceanteam B.V.. Oceanteam ASA has so far supported the funding of Oceanteam B.V, but after due and careful consideration of all aspects of the matter, the board of Oceanteam ASA has now concluded that the support should stop in order not to interfere with the restructuring process.

The Oceanteam group is continuing its restructuring program and will focus on the provision of construction support vessels and related services and equipment.

Oceanteam B.V. press release