Oceanteam Successfully Completes Private Placement

Reference is made to the press-release dated November 20, 2006 regarding the Private Placement in Oceanteam Power & Umbilical ASA. The board has decided to increase the Private Placement to 2,530,000 New Shares due to substantial over-subscription. The price to be paid for each share is NOK 61, thereby increasing the proceeds to the Company to NOK 154,330,000.

The issued share capital of Oceanteam P&U subsequent the Private Placement will be NOK 138,435,380 consisting of 13,843,538 shares each with a par value of NOK 10.

The proceeds from the private placement is to be used for the upgrading of cranes and installed power capacity on vessels Oceanteam 102 and 103, as well as for general working capital purposes.

Contract notes will be sent out to the subscribers on November 21, 2006. Payment date is set to November 24, 2006. The shares offered in the private placement comprise of already existing and issued shares made available by a stock lending agreement between the Manager and existing shareholders in Oceanteam P&U. The shares delivered to the investors will be tradable from the date they are delivered, i.e. on November 24, 2006.

The borrowed shares will be re-delivered to the major shareholders in Oceanteam P&U on or about November 29th by the issuance of new shares pursuant to the general meeting resolution and an authorisation granted to the Board of Directors of Oceanteam P&U.