Marine Accurate Well to Raise $80M in Bond Issue

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. The loan is part of MARACC's previously communicated capital raising program and will be directed towards professional and institutional investors.

The net proceeds of the loan shall be used to partly finance the construction of the GM4000 fully equipped semi-submersible vessel and the cost of the well intervention and topside equipment, including installation of such equipment.

The convertible bonds will have a maturity of 5 years and carry a coupon rate of 9.00% per annum. The conversion price will be US $5.80 per share representing a conversion premium of approximately 40% to last traded share price of NOK 25.

The convertible bond issue is subject to applicable corporate resolutions, including approval by the general meeting expected to be held on July 9, 2007, and relevant approvals in relation to the loan documentation. Pareto Securities has been retained as manager in relation to the transaction.


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