DeepOcean Group Holding AS Forms Board of Directors

Thomas Thune Andersen to Serve as Chairman

Board Comprised of Three Industry Veterans and Two Seasoned Professionals

DeepOcean Group Holding AS (“DeepOcean Group” or the “Company”), an integrated provider of subsea, trenching and marine support vessels and services, today announced the formation of its Board of Directors. The Board is currently comprised of five directors, including three industry veterans, as well as two representatives of the Company's new shareholders:

• Thomas Thune Andersen, Chairman of the Board;
• Bart H. Heijermans, Director;
• Harald J. Norvik, Director;
• Arvid Trolle, Director; and
• David N. Weinstein, Director.

“We are pleased to welcome these highly qualified directors to DeepOcean Group,” said Mr. John R. Castellano, interim Chief Executive Officer, commenting on the recent appointments. “Each candidate provides the Company with valuable perspective and brings with them a wealth of experience. They will provide the insight and expertise to grow our company and create an industry leader. As Chairman, Thomas brings a deep understanding of the oil and gas industry and a proven track record of success, and under his guidance, the Board is well-positioned to immediately address the strategic needs of the Company. Bart and Harald also have excellent industry management experience and extensive relationships that will assist the Company. These Board appointments will provide a solid foundation for building upon the successes of DeepOcean Group's predecessor companies and establishing the newly formed DeepOcean Group as a premier provider of subsea services as well as to complement a strong relationship between our customers, vendors and employees.”

“DeepOcean Group has a world class customer base, which we endeavor to serve safely and with the highest quality of service through our dedicated employees, strong engineering and services expertise, and excellent prospects. I am pleased to serve as the Company’s first Chairman of the Board,” said Mr. Andersen. “DeepOcean Group has a strong new Board and I am excited to work closely with these members and with the management team to capitalize on our Company's strengths and continue to build and develop our organization to realize our objectives and deliver value to all constituents involved.”

Thomas Thune Andersen:

After more than 30 years of service with the A.P. Møller-Mærsk Group, Mr. Andersen currently serves as Chairman of Lloyds Register, Vice Chairmen of VKR Holdings, and as a director on the Boards of Petrofac Ltd and Scottish & Southern Energy Plc.

Before his move from A.P. Møller-Maersk Group his last position was as Chief Executive Officer of the Oil & Gas division for Møller-Mærsk from 2004 through 2009. Prior to this position, his career in A.P. Møller-Maersk Group covered senior positions and leadership roles in the USA (CEO and President 2000 – 2004), the UK (CEO and President 1994 – 2000) and in Taiwan, Indonesia, Hong Kong and China for 13 years.

Bart H. Heijermans:

Mr. Heijermans currently serves as hedge fund advisor and manager of a start-up investment fund. With more than 20 years of global experience in subsea construction, oil and gas and deepwater operations, Mr. Heijermans was Executive Vice President and Chief Operating Officer of Helix Energy Solutions Group, Inc. and served as Chairman of CloughHelix Pty Ltd, a joint venture company focused on the provision of light construction services and well intervention in the Asia Pacific Region. Prior to that, he was Senior Vice President, Offshore and Gas Storage for Enterprise Products Partners L.P. responsible for the management of offshore pipeline and production assets and the development and execution of US$1.5 billion of organic growth deepwater infrastructure projects in the Gulf of Mexico. Previously, he held executive and senior level positions at GulfTerra Energy Partners, L.P., El Paso Corporation, Leviathan Gas Pipeline Partners L.P. and Royal Dutch Shell PLC.

Harald J. Norvik:

Mr. Norvik is an independent consultant and advisor with more than 30 years of public and private sector experience, including a large portion of his career working in senior management positions overseeing operations in offshore oil and gas markets, including subsea construction and deepwater operations. Mr. Norvik spent 11 years as CEO with Statoil during which time Statoil made the transition to private ownership. Mr. Norvik also held senior management roles with The Aker Group. He currently serves on several other Boards as Chairman or as a director, and he also served as a strategic advisor to ECON Poyry until 2011. Previously he was Chairman and Partner at ECON Management AS. Mr. Norvik also served as Deputy Minister/State Secretary for Norway’s Ministry of Petroleum and Energy from 1979 to 1981, Personal Secretary to the Prime Minister from 1976 to 1979, and has held various other positions with governmental organizations throughout his career.

Arvid Trolle:

Mr. Trolle currently serves as a Vice President at Oaktree Capital Management in London and has nearly a decade of experience in the financial services sector. Prior to joining Oaktree in 2007, Mr. Trolle worked with Mergers & Acquisitions in the Corporate Finance division at Lazard in London and prior to that Broadview International, also in London.

David N. Weinstein:

Mr. Weinstein is a consultant specializing in leveraged finance and governance issues for companies emerging from different types of reorganization and has more than 25 years of investment banking and capital markets experience. He recently served as Managing Director and Group Head, Debt Capital Markets-High Yield and Leveraged Finance for Calyon Securities Inc. and has served as the Head of High yield Capital Markets at BNP Paribas, Bank of Boston/BancBoston Securities Inc., Chase Securities Inc. and Lehman Brothers/ Smith Barney Shearson. Mr. Weinstein served as the Chairman of the Board of Directors at Pioneer Companies and York Research Corporation following their emergence from bankruptcy proceedings and was lead director of Interstate Bakeries Corporation. He currently serves on the board of directors of Georgia Gulf Corporation and Granite Broadcasting Company as well as the boards of several charitable groups involved with education and medical research.

About DeepOcean Group

DeepOcean Group is an integrated provider of subsea, trenching and marine support vessels and services dedicated to offering cutting-edge engineering solutions to customers. DeepOcean Group strives to be among the safest subsea operators in the industry and its relentless commitment to safety for its employees, without sacrificing quality service for customers, distinguishes the Company from its peers. DeepOcean Group’s subsea services and trenching/installation divisions control a well-equipped fleet of vessels and operate a fleet of modern ROVs, trenching and other subsea protection equipment. DeepOcean Group’s towing and supply division provides marine support vessels to its customers in the oil and gas industry. DeepOcean Group has a global presence including operations in the North Sea, United Kingdom, Mexico, Brazil, Southeast Asia and Australia.

Contact:

Joele Frank, Wilkinson Brimmer Katcher
Meaghan Repko / Nicholas Lamplough, 212-355-4449