The Super League club on Wednesday announced the signing of the Sydney Roosters man on a two-year deal, with the 23-year-old a replacement for the outgoing Damien Blanch.
A former Manly player, Oldfield struggled to hold down a place when he moved to the Roosters and played just once in 2013.
"The signing of Michael is a great news for the club. He is a young and fast player and his pace will be a great value in our backline next season," said coach Laurent Frayssinous.
"We have lacked pace in the past seasons and the addition of this player will allow us to fill this gap."
A club statement added that Oldfield, following on from Jeff Lima and Ben Pomeroy, would be their last signing of the off-season.