Remedial Signs Its Second Shipyard Contract

Remedial (Cyprus) Plc has signed a contract with Cosco (Nantong) Shipyard Co., Ltd for the construction of it's second Elevating Support Vessel ("ESV"). The delivery is expected to take place in third quarter 2008.

The CEO of Remedial said in a comment: "We are extremely pleased to have signed a contract for the construction of our second ESV with Cosco. This provided us an opportunity to enhance our delivery time for our second vessel from 24 months to 18 months to facilitate planned business development opportunities."

Remedial's first ESV is currently under construction at Yantai Raffles Shipyard. "We now have two competitive, high quality and customer focused shipyards building our Elevating Support Vessels. We look forward to working closely with both shipyards now and in the very near future to deliver additional units in the shortest possible time frame as we expand our fleet to meet demand for our unique vessels", said Richard Altman.