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.”