Oceanteam Power & Umbilical ASA announced has signed a long term agreement with the Mexican Offshore Construction and IMR Company CICSA for a minimum period of 5 years plus options.

The contract consists of the CSV North Ocean 102 and Oceanteam additional services supporting the contract. Oceanteam will support CICSA on a project by project basis with its range of services including engineering, subsea support and installation services.

The value excluding additional services is minimum Euro 92 million over a firm 5 year period. In addition CICSA secured options for an additional 5 years.

To meet CICSA requirements the CSV North Ocean 102 crane capacity will be increased to 500T and the accommodation will be increased to 199 people. CICSA has a 500T crane on order for delivery Q2 2008.

Oceanteam expects to invest an additional Euro 1 million into the vessel to support the contract. Additional investments and engineering are reimbursable to CICSA under the contract.

CSV North Ocean 102 is expected to commence operations in Mexico June 2008

CSV North Ocean 102 is currently under construction at Metalships in Vigo, Spain. The DP2 vessel to be delivered will be 137 meter long with a 27 meter beam and will have at delivery a 500 tonnes plus one 100 tonnes offshore crane installed, an accommodation up to 199 people, a large moon pool and a working deck of 2400m2 with deck strength of 10tonnes/m2.