With reference to the announcement on a potential combination with Passer Group
and subsequent to the due diligence process, the Board of Directors of Oceanteam
ASA ("Company") advises that parties have mutually concluded to discontinue
negotiations and not to pursue the anticipated transaction since final agreement
on the underlying economics could not be reached. 

The Board of Directors, in the best interest of Oceanteam shareholders, will
continue the strategic reorientation process of the Company and has asked Hans
Reinigert to lead and manage the Company  during this process. As such, Hans
Reinigert will resign as Board Member and take up the position as CEO, thereby
replacing Henk Hazenoot, effective 1 November 2021. The Board has meanwhile
started a search in view of the vacant Board position and takes this opportunity
to thank Henk Hazenoot for his dedication, time and effort during his tenure. To
ensure a proper hand-over Henk Hazenoot will remain with the Company until 1
January 2022.

Hans Reinigert stated: "Having been closely involved in the restructuring of the
company, which led to the divestment of our shipping assets, a clean balance
sheet and ample liquidity, the task at hand is to identify the best way forward
for Oceanteam. For this we have time and we will carefully evaluate any new
propositions with an open mind and in the knowledge that the transition to a New
Economy is bringing about numerous interesting opportunities that should create
value for our shareholders."     

Further updates will be provided in due course.      


For additional information please contact:
Hans Reinigert
h.reinigert@merlion-nl.com