Ocean HeavyLift ASA (OSL:OHL) CLAIM AGAINST HEAVYLIFT ANCORA

Ocean HeavyLift ASA (OSL:OHL) Ocean HeavyLift ASA (OHL) reports that arrest has been taken in the US over the company's vessel MV HeavyLift Ancora by the owner of the liftboat KS Titan 1, and a claim of USD 60 million plus potential costs and damages has been filed for the total loss of the liftboat which was lost at sea in October 2008.

OHL fully rejects the claim and will rely upon the provisions in the transport contract, which includes industry standard knock-for-knock provisions clearly defining that OHL carries no risk whatsoever related to its cargo. OHL evaluates actions to recover any loss of income, costs or other damages related to the claim.

Oslo, 20 November 2008

For further information, please contact:

Cato Hellstenius CEO Mob: +47 90 66 65 87 ch@oceanheavylift.no

OCEAN HEAVYLIFT ASA (OHL) is a Norwegian oil service company owning vessels suitable for dry transportation of offshore drilling rigs and offshore modules. The company is the second largest heavy lift vessel owner in the world. The company presently owns three semi-submersible heavy lift vessels, and will have four vessels in operation when the last vessel under conversion by Songa Ancora Pte Ltd is delivered. OHL was established in 2005 and listed on the Oslo Stock Exchange in May 2007.

www.oceanheavylift.no

This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.

Ocean HeavyLift ASA

http://www.oceanheavylift.no/

ISIN: NO0010290786

Stock Identifier: XOSL.OHL