OCEANTEAM ASA - POSTPONEMENT OF EXTRAORDINARY GENERAL MEETING
Mar 10 2018
Reference is made to Oceanteam ASA's (OSE trading symbol: "OTS") press releases of 9 February and 14 February regarding the plan to solve the Company's auditor issue and notice of an extraordinary general meeting to approve a cross-border merger between Oceanteam ASA and its Dutch subsidiary Oceanteam II B.V.
The board of directors of the Company has resolved to postpone the extraordinary general meeting due to a delay in the process for the proposed merger. The delay is primarily due to the Company having depleted all available cash sources and is therefore unable to timely fund the various advisors needed to complete the merger documentation in time for a general meeting on 10 April 2018. The Company's ship owning entities Oceanteam Bourbon 4 and Oceanteam Bourbon 101 AS have accumulated a significant cash position, however the lenders to these companies are not permitting that dividend payments are made from the subsidiaries to the Company.
The Company is in dialogue with its banks in order to be able to upstream the required cash from its subsidiaries to Oceanteam ASA to fund the merger process, and is also looking into other sources of liquidity at parent company level. Currently, the Company expects that the merger process will be delayed with around two to three weeks.
A new date for the extraordinary general meeting will be announced once the merger documents have been finalised.
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, firstname.lastname@example.org
CFO Jos van Dijk: +31 20 53 57 570, email@example.com
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.