Oceanteam Shipping ASA – announces corporate name change to Oceanteam ASA

As a result of the successful implementation of the Company’s diversification strategy, Oceanteam Shipping ASA as of today will change its name to Oceanteam ASA, reflecting the Company’s growth in solution driven services.
Since 2005 Oceanteam Shipping ASA has provided offshore shipping services to its clients globally through the owning, chartering and managing of Deepwater Offshore Construction Service and Pipe Lay Vessels, Design Engineering and Equipment Rental Services. While historically operating mainly in the shipping offshore segment, Oceanteam Shipping ASA a few years ago saw the economic benefits of diversifying its operations, and therefore, in disciplined manner, began to implement its new diversification strategy, step by step. Oceanteam has through its Solutions segment created a successful foundation to lower the Company’s market risk exposure and exploit the economic benefits of other areas in the value chain.

Oceanteam is today among one of the few companies in the world that combine both high-end engineering know-how, shipping expertise and equipment capabilities into a single service. Now is the time for the Company to align its strategy and operational expertise with its external appearance, and to present a new name that reflects the Company’s core activities and vision. With this measure, the Company is underpinning its role as a global and unique one-stop-shop and its commitment to its stakeholders. Oceanteam ASA is confident that despite the challenging market conditions, the diversified business model will allow the Company to maintain and improve its performance.

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.