Marine Accurate Well ASA (Maracc) Company News

MARACC has awarded a contract to National Oilwell Norway AS for the supply of the Topside System for the new semisubmersible intervention rig under construction at the Cosco Zhoushan shipyard in China.

During the general meeting of Marine Accurate Well ASA Oivind Lund was elected as chairman of the board. Mr. Lund replaces Oyvind Jordanger who continues as a board member.

Marine Accurate Well ASA has approved the issuance of a subordinated convertible bond issue raising gross proceeds of US $80 million.

Marine Accurate Well ASA intends to undertake a subordinated convertible bond issue raising gross proceeds of US$80 million in the beginning of July 2007.

Further to the announcement of January 15, 2007, Cosco Shipyard Group has on January 19, 2007 signed a contract with Marine Accurate Well ASA (Maracc) to build a GM4000 semisubmersible vessel designed for well intervention services.

COSCO Shipyard Group has signed a Letter of Intent with Marine Accurate Well ASA (Maracc) to build a GM4000 semisubmersible vessel designed for well intervention services.