Oceanteam, Mexico: Century Deal

Oceanteam ASA informed that there was an approval received from the Mexican Foreign Investments Commission to complete the purchase of 90% of the shares within Compania Naviera de Transporte Maritimo, SA de CV, CONAT, based in Cuidad del Carmen, Mexico.

The interest in CONAT, shall be purchased from Oceanteam Holding BV, a 19,58% shareholder in Oceanteam ASA, by Oceanteam Power & Umbilical II BV, a 100% subsidiary of Oceanteam ASA. The acquisition of the 90% interest in CONAT will occur through the acquisition of its intermediate holding company: Oceanteam Mexico BV.

In deviation of the Letter of Intent, Oceanteam Mexico BV will have increased its economic interest in CONAT from 49% to 90%. The remaining 10% of the shares is held by the management team in Mexico. After the transfer of the shares, CONAT will be renamed into Oceanteam Mexico SA de CV

Oceanteam ASA plans to grow its business by deploying smaller size IMR vessels and plans to market its Subsea Services, Installation and Trenching Services in the Gulf of Mexico. CONAT will in addition support the new build CSV North Ocean 102 which will start a 5 year contract later this year for Mexican IMR and Offshore Construction Company CICSA based in Cuidad del Carmen, Mexico.

The transaction is a related party transaction. Oceanteam Holding BV is controlled by the Halbesma family being the largest single 34% shareholder of Oceanteam ASA.