Oceanteam Acquires Marine Cable Installation Assets

Oceanteam Power & Umbilical ASA has agreed to main terms with the curator of Bohlen & Doyen for the purchase of the Marine Cable Installation assets of Submarine Cable & Pipe GmbH & Co.

Submarine Cable & Pipe Gmbh is a subsidiary of the insolvent Bohlen & Doyen Group from Wiesmoor, Germany. The agreement is only subject to conclusion of final agreements and OPU board approval.

The assets include the cable barge "Bodo Installer," cable burial equipment including the vertical injector, a rock cutter crawler, two jet sledges and other associated equipment.

Oceanteam plans to establish a German daughter company in the next few weeks with offices in Wilhelmshafen, Germany.

Submarine Cable & Pipe was formed in 1993 and had build up a substantial track record of cable installation worldwide including power cable, fiber-optic cable and shore landing installations.

During 2007 Submarine Cable & Pipe has been contracted on the NorNed cable installation project between Norway & the Netherlands, along with the Burbo Offshore Wind Farm Project for SeaScape Energy.

Oceanteam regards the acquisition as an important enhancement of its capabilities in the cable installation, IMR and trenching markets for the Offshore Renewable and Power Distribution.

Oceanteam Power & Umbilical ASA Oceanteam is a niche services provider focused on servicing, installation, trenching and IMR of flexible pipelines, umbilicals and power cables. This includes the provision of installation teams, fully operational spreads and time charters. Oceanteam is located in Bergen, Aberdeen and Amsterdam. The company's target markets are Oil & Gas, Offshore Renewable Energy and Power Distribution.

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