LEADERSHIP CHANGE AT DEEPOCEAN

The Board of Directors of DeepOcean (“Board”) announced today that COO Ottar Mæland will take over the responsibilities as acting CEO of DeepOcean. After leading the Company through a successful ownership change, the current CEO of DeepOcean Bart Heijermans has decided to step down from his position as CEO effective 18 November 2017, but has agreed to remain on the Board as a non-executive director.

“I am excited to take on the role as acting CEO of DeepOcean, and further develop and expand our offerings. As COO of DeepOcean, I am well aware of the challenges and opportunities that the Company faces in today’s dynamic and changing environment. DeepOcean has a fantastic platform to offer both existing and new customers innovative services with a clear focus on safety”, stated Ottar Mæland, acting CEO of DeepOcean.

Terje Askvig, Chairman of the Board, comments: “We are very pleased that we are able to secure Ottar Mæland as acting CEO in an interim period until we have a permanent solution in place. Ottar has been part of the DeepOcean family for over ten years and has strong expertise in our business areas. We are confident that, thanks to his expertise and knowledge of the Company and the markets we are operating in, we will continue to drive the positive future development of DeepOcean. This leadership change comes after a successful ownership transformation. We would like to thank Bart for his hard work and efforts to execute a successful restructuring and develop DeepOcean into a market leader within subsea services. We are especially grateful that Bart has agreed to remain on the Board as a non-executive director”.