Oceanteam Wins First Contract from Nexans Norway

Oceanteam Power and Umbilical ASA has signed a contract for the DP2 cable lay and repair vessel TEAM OMAN with Nexans Norway for umbilical repair work in the Middle East.

The fixed charter period is 55 days firm with an estimated value of Euro 3 million, with options for an additional workscope.

DP2 CLV Team Oman is currently under contract with RASPETCO in Egypt. The project is expected to start later this month and will follow directly after completion of the Raspetco deep water project in Egypt.

The Team Oman had been scheduled to return to the North Sea to support a pipeline trenching project for Gaz de France in the Dutch Sector. With the Nexans contract Oceanteam has secured a short term charter on DP2 REM Etive from TS MARINE in Aberdeen to execute the Gaz de France project, starting the second week of July 2007. Oceanteam will mobilize its OceanJet 900 pipeline and cable trencher at its recently opened deep water offshore base in Dundee, Scotland.