The 2017-18 edition of the Volvo Ocean Race introduces a new scoring system created to encourage strategic risk-taking and open up the fleet in an era of ultra-close One Design racing.
Fellow Kiwi Brad Farrand remained in the team.
Tienpont, a former member of Oracle in the America's Cup, has denied any breach of contract since he was cast aside on October 13.
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"This has obviously been an incredibly hard time for everyone involved since we arrived here in Alicante just 10 days ago". I have now reached an agreement with AkzoNobel and all parties now want to put this behind us and focus on our campaign for the Volvo Ocean Race 2017-18. Rome Kirby (USA) has also decided not to sail.
"I would like to thank Brad Jackson for stepping up at such a challenging time to keep team AkzoNobel moving forward with our preparations for the race".
"Personally, I am relieved to be back with my team and excited to be getting our Volvo Ocean Race campaign underway".
The American-Danish yacht has a lead of two nautical miles about a sixth of the way into the 1450nm "sprint" leg from the Spanish port of Alicante to the Portuguese capital of Lisbon.
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Dongfeng, with New Zealanders Stu Bannatyne and Daryl Wislang on board, sped into the lead, before falling to fourth.
But umpires ruled neither gave Dongfeng enough space and hence had to serve penalties.
Just hours before the start of the 45,000 nautical mile round-the-world race, which got under way early today, confusion reigned over who would skipper the Dutch team after media reports out of the Netherlands suggested Tienpont won his arbitration hearing against AkzoNobel and was seeking to be reinstated to the team.
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