Oceanteam Provides Interim 1Q08 Update

During the last two quarters, Oceanteam has made considerable investments in recruitment and training of personnel, secured access to sufficient engineering capacity, equipment and support vessels. This in combination with additional investments in Oceanteam Subsea Services Ltd and IMERA Ltd, Oceanteam ASA is well positioned for managing a steadily increasing number of commercial projects.

Highlights For The Quarter:

--EBITDA is negative EUR 2.1 mill.
--CSV Bourbon Oceanteam 101 completed mobilization and started operations for BP Angola BV
--EON Robin Rigg offshore wind farm project offshore operations delayed until Q2 2008. Remaining scope after contract completion to be awarded separately by EON UK.
--Agreement with the Management of KCI Oil & Gas Engineers in the Netherlands for a joint venture for the renewables market.
--Contract signed with BARD Engineering GmbH for Inter Array Cable Installation Services for the BARD Offshore 1 Wind Farm, installation in 2009 & 2010.
--Contract signed with EON Netz GmbH for Cable Installation Services associated with the Alpha Ventus Offshore Wind Park in Germany, installation in 2008.
IMERA obtains a further two licenses for interconnector power cables between UK and France.
--Further startup costs under IFRS of IMERA and Oceanteam Subsea Services charged to profit and loss account
Agreement with Van Oord Offshore BV to purchase Marine Cable Installation Assets