DeepOcean to Buy Service Vessel from Solstad

DeepOcean ASA (DeepOcean) has entered into a letter of intent with Solstad Offshore ASA for the purchase of the construction service vessel `Bold Endeavour` at a price of NOK 450 million. The vessel is presently in operation for DeepOcean in Mexico under a contract with Diavaz.

The vessel was built in 1999, has a length of 129m, a width of 22m, a 1.600 m2 working deck and is equipped with DP class 2.

The purchase will be financed through a private placement and a bank facility. DeepOcean has retained Pareto Securities ASA and SEB Enskilda ASA (the `Managers`) to advise on and effect the private placement directed towards Norwegian and international professional investors with gross proceeds of up to NOK 300 million.

DeepOcean will offer up to 12,500,000 ordinary shares in DeepOcean at a price of NOK 24 per share. Existing shareholders may be given priority.

Shares offered in the private placement will comprise of already listed shares made available for the Managers by existing shareholders based on a Stock Lending Agreement between the Managers and existing shareholders. All shares offered in the private placement are tradable immediately after delivery to the investors.

The shares borrowed from existing shareholders will be returned by the issue of new shares under an authorization granted to the Board of Directors of DeepOcean. The new shares will be listed following approval of a prospectus.

The private placement is subject to the approval by the board of directors of DeepOcean.

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