ROVworld Subsea Information

Judgement in Dutch court against Oceanteam ASA
Date: Tuesday, October 27, 2009 @ 13:00:00 EDT
Topic: GENERAL NEWS


Judgement in Dutch court against Oceanteam ASA and extension of Subscription Period in ongoing Rights IssueJudgement in Dutch court against Oceanteam ASA and extension of Subscription Period in ongoing Rights Issue

On 21 September 2009, Oceanteam ASA was served a judgment in summary proceedings of the Dutch court of Utrecht dated 18 September 2009 against Oceanteam ASA. The Utrecht court found Oceanteam ASA liable to pay to VOF Bouwcombinatie Egmond ("BCE") the sum of EUR 3.2 million plus interest from 29 May 2009 under a parent company guarantee. This parent company guarantee was provided for the benefit of BCE to secure fulfilment by Oceanteam BV of the latter's contractual obligations under a certain contract with BCE. Claims of both parties under this contract are currently arbitrated before the Netherlands Arbitration Institute.



Oceanteam ASA has decided, to file for an appeal. Although it is a judgement in summary proceedings and therefore not final, it is still enforceable under Dutch law, and may consequently also be enforceable in Norway under international rules of enforcement. In connection with this a judgement in respect of the arrest petition filed by BCE against Oceanteam ASA in Norway earlier this year is still pending. If the arrest is allowed, BCE will have an attachment over Oceanteam ASA's assets in Norway, such as bank accounts, shares and other current assets, but will not be entitled to sell or otherwise dispose of such assets until a final judgement has been passed.

Addendum Prospectus and extension of Subscription Period

As a result of the above mentioned judgement, the Company will issue an addendum to the Prospectus dated 4 September 2009 as required under section 7-15 of the Norwegian Securities Act (the "Addendum Prospectus"). The Addendum Prospectus will be dated 22 September 2009.

According to the Norwegian Securities Act section 7-21, subscribers who have already filled out and submitted a subscription form are given the right to withdraw their subscription within two days following the publication of the Addendum Prospectus, i.e. 24 September 2009.

Consequently, Oceanteam will extend the Subscription Period in the ongoing Rights Issue with three days and the following table sets forth the new dates and deadlines:

• Subscription Period: From and including 7 September to and including 24 September 2009 at 17:30 Norwegian time
• Allocation: On or about 30 September 2009
• Payment date: On 2 October at the latest
• Delivery of shares to subscriber: On or about 8 October 2009
• First day of trading Oslo Børs: On or about 8 October 2009







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