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OCEANTEAM ASA - CORDIA TO TAKE POSITION IN OCEANTEAM ASA TO SECURE COMPANY’S FUTURE

Apr 09 2018
Amsterdam (the Netherlands)/ Bergen (Norway), 9 April 2018, Oceanteam ASA ("Oceanteam" or "Company") has reached a preliminary agreement with Keesjan Cordia today to take a substantial shareholding in Oceanteam and to strengthen the Board of Directors of the Company
Keesjan Cordia has agreed to commit 20 million NOK in shareholders’ equity, which is to be voted on during an extraordinary general meeting (EGM) of the shareholders of the Company summoned on 13 April 2018.
 
Keesjan Cordia comments: “Oceanteam is an interesting platform for consolidation in the O&G - offshore industry & renewable Industry. When approached by the Board of the Company, I recognized the immediate need for the Company to be steered into calmer waters, both financially and organizationally. Therefore, I am pleased to offer to invest in this Norwegian / Dutch offshore entity and to provide my support in the restructuring and re-vitalizing of the Company. I am confident the banking consortium will be constructive in facilitating the required flexibility, going forward.
With a majority of the Bondholders in full support of the restructuring, I trust that both the bondholders’ meeting and the Company’s EGM will vote in favor of this solution to take the Company out of the crisis in which it is currently operating.”
 
Diederik Legger (Oceanteam Board Member) states: “Mr. Cordia, former owner and CEO of Seafox, is a reputable offshore entrepreneur who we would be honored to welcome in Oceanteam. Still subject to the bondholders’ meeting and approval by the shareholders in the upcoming EGM, Mr. Cordia’s commitment to the Company will provide a healthy, long term perspective for Oceanteam.  After the capital injection the Company will be financially sound, with two large JV CSV’s on strong contracts with reliable industrial partners and paired with a stable and promising Solutions business, servicing the offshore renewable industry.
 
The Company will provide a more detailed update on the envisaged transaction in due course, however, it is already confirmed that the Board will, inter alia, recommend the transaction with Mr. Cordia and his nomination to Oceanteam’s Board to the EGM.”

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 (Interim) Meindert van Genderen:  +31 20 53 57 570           meindert@oceanteam.nl
CFO Jos van Dijk:                                  +31 20 53 57 570            jos@oceanteam.nl