Ocean HeavyLift ASA (OSL:OHL) ACQUISITION OF OFFSHORE HEAVY TRANSPORT AS AND NAME CHANGE

Ocean HeavyLift ASA (OSL:OHL) Ocean HeavyLift ASA has today acquired its commercial manager Offshore Heavy Transport AS (OHT). The acquisition will transform the company into a fully-integrated heavy transport operator. The company will capitalise on the strong experience and merits of the OHT team and the Board of Directors has thus decided to change the company's name to Offshore Heavy Transport AS. The name change is expected to take in late January 2009. The transaction is expected to have a positive earnings effect, while the effect on cashflow is neutral due to the provision of a sellers' credit.

Oslo, 23 December 2008

For further information, please contact:

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

Sunniva Rudstrøm CFO Mob: +47 41 44 00 38 sr@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 and presently owns and operates four semi-submersible heavy lift vessels. OHL was established in 2005 and listed on the Oslo Stock Exchange in May 2007. Following a mandatory offer, the Arne Blystad group controls 92% of the shares and the company will be delisted by the end of 2008.

www.oceanheavylift.no www.oht.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