Eidesvik Enters Long-Term Charter Deal with Veritas DGC

Eidesvik Offshore has entered into a long-term contract with Veritas DGC Inc.'s Viking Maritime Inc. subsidiary for the charter of another large seismic vessel, the MPSV Viking Poseidon. The new charter agreement has an initial fixed term of 8 years commencing in the summer of 2007, with two five-year options to renew. The vessel is currently in use in the North Sea as a platform supply vessel and will be converted to service as a large 3-D seismic vessel prior to delivery to Viking Maritime in the summer of 2007.

The platform supply vessel Stril Odin will replace the Viking Poseidon in Eidesvik Offshore's current contract with Statoil.

'This new contract is again a confirmation of Eidesvik Offshore's ability to achieve long- term business', says CEO Jan Fredrik Meling in Eidesvik Offshore. 'Our strategy is to provide tailormade solutions to enhance sustainable long- lasting business relations with our customers. With this contract, Eidesvik Offshore will have 5 large modern seismic vessels on long-term time charters with Veritas.'

A contract for reconstruction of the vessel is expected to be entered into shortly. The Viking Poseidon is expected to be delivered to Viking Maritime ready for operation in the summer of 2007. The cost for conversion of the vessel for seismic operations is currently estimated at approximately NKR 200 million.

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