Reference is made to the letter from the Norwegian Financial Supervisory Authority (the "NFSA") of 13 March 2018 regarding the unaudited annual financial results published in a stock exchange notice by Oceanteam ASA on 24 February 2018. The NFSA is the competent authority on financial reporting pursuant to the Securities Trading Act. In the letter, the NFSA states that it considers that the information provided for in the financial results published on 24 February 2018 does not give a true and fair view of Oceanteam's financial situation. The NFSA also states in the letter that the financial information provided in the report is insufficient, and likely to give misleading signals to the market participants.
According to section 14.3 (1) of the Oslo Stock Exchange Continuing Obligations, the Oslo Stock Exchange may decide to halt trading in a company's shares if they no longer satisfy the exchange's terms and conditions or rules, or if called for on other special grounds.
In light of the NFSA's view on the report published on 24 February 2018 the Oslo Stock Exchange has decided to halt the trading in Oceanteam's shares until the company publishes its annual financial statements where the comments from the NFSA are taken fully into account. Trading in the company's shares may resume upon the decision of Oslo Stock Exchange.
A violation charge was imposed on Oceanteam ASA by the Oslo Stock Exchange on 14 February 2018, where it was also communicated that if Oceanteam did not take sufficient measures to improve its routines, competence and disclosures to avoid further breaches of the rules applicable to stock exchange listed companies, a new suitability assessment by the Oslo Stock Exchange could lead to a delisting of Oceanteam's financial instruments. Due to the above events, the Exchange will initiate a new assessment of the Company's suitability for listing.