Deep Sea Takes Delivery of Another Newbuild 'Sea Otter'

Deep Sea Supply has taken delivery of "Sea Otter", a 6,500 BHP AHTS-vessel from ABG shipyard in India. The vessel will go directly to Indonesia for a four months time charter with Conoco Philips at a rate of USD 17,500 per day or equal to an estimated value of USD 2,1 mill.

The previously announced contract for the vessel "Sea Wolverine" with Swiber at rate USD15,000/day has been cancelled. "Sea Wolverine" is the next vessel to be delivered from ABG Shipyard. "Sea Wolverine" will be converted to a DP1 vessel, and due to such conversion, the agreed delivery date is scheduled to December 2007 as opposed to September as previously announced.

"Sea Otter" is the 1st of 9 AHTS newbuildings from ABG Shipyard in India, and the 6th newbuilding delivered to Deep Sea Supply this year.

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