Oceanteam ASA - Reaches settlement over IP infringement proceedings issued against Sawicon AS

Oceanteam has reached an out of court settlement over an IP infringement case related to the Oceanteam ASA - North Ocean vessel series, which was filed against Sawicon AS in 2011.
The terms of the settlement are to remain confidential, but the company underlines that the settlement will have no negative effect on the company's results, operations and developments going forward.

"We are very pleased with this settlement and that the company can finally close this case. After 5 years in the Norwegian courts, the case status was at a point where there were still no final conclusions made on the subject matter of the case. Considering the different priorities of the company, we are pleased to now fully focus on providing offshore solutions, says CEO Haico Halbesma''.

The company would like to note that it considers taking further legal action against former board member and shareholder Aksel M. Okland of North Sea Shipping. This for the alleged misuse of the company's intellectual property, trade secrets and such for own interest, and allegedly having a conflict of interest while serving as a board member of the company and the misuse of the board's position and powers in the period 2006 and 2010. During this period important issues relating to this case incurred and were his responsibility while serving as a board member.

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. This year, Oceanteam ASA is having its ten year anniversary, celebrating a decade of offshore solutions.