Oceanteam ASA (OSL:OPU) OCEANTEAM ASA Interim Report 2nd Quarter 2008

Oceanteam ASA (OSL:OPU) HIGHLIGHTS FOR THE QUARTER:

* EBITDA is positive EUR 3.5 mill. (EUR 4.4 mill. proforma) * Net result is positive with EUR 1.7 mill. (EUR 2.2 mill proforma) * CSV Bourbon Oceanteam 101 on hire to BP Angola BV. * Delayed EON Robin Rigg Offshore Windfarm Project phase 1 operations completed. * EON Scroby Sands Offshore Windfarm Export Cable recovery and replacement cable installation project with the CLB Oceanteam Installer. * Increased commercial activity of the chartered-in vessel CLV Team Oman.

2nd QUARTER 2008 Oceanteam's result for the second quarter of 2008 has increased substantially due to higher project activity and utilization of main assets. Operating profit for the quarter was EUR 2.4 mill. and the net profit for the quarter was EUR 1.7 mill. The proforma operating profit for the quarter was EUR 3.4 mill. and the net proforma profit for the quarter was EUR 2.2 mill.

About Oceanteam ASA Oceanteam is an offshore services company focused on servicing, installation, trenching and IMR of Flexible Flowlines, Umbilicals and Power Cables. This includes the provision of subsea services, installation teams, fully operational spreads and time charters. Oceanteam has offices in Norway, United Kingdom, Germany, Mexico, Angola, Dubai and the Netherlands. The company's target markets are Oil & Gas, Offshore Renewables including associated Grid Networks and High Voltage Power Interconnectors.



For more information: www.oceanteam.no

For further information about Oceanteam please contact: CEO Haico Halbesma +31.6.51409987 haico@oceanteam.no Interim CFO Ronald Moolenaar +31.6.53848550 ronald@oceanteam.nl



LINK: http://hugin.info/136936/R/1247325/270108.pdf

Oceanteam ASA

http://www.oceanteam.no

ISIN: NO0010317316

Stock Identifier: XOSL.OPU