Neptune Marine Gets Approval for New Bond Repayment Schedule

On August 31, 2007 a bondholders' meeting approved a new repayment schedule of the ISIN NO 001 033189.5 - FRN Neptune Marine Invest Bond Issue 2006/2009, implying that the entire Bond Issue became due on October 1, 2007. The Company has not been able to close the refinancing negotiations with new lenders in time to be in a position to redeem the Bond Issue (with interest) within October 1, 2007. The Company and a leading financial institution (the "Financial Institution") have on October 1, 2007 signed a term sheet in respect of a bank facility for refinancing of i.a. the Bond Issue (the "Refinancing"). The Company and the Financial Institution are now in a process to meet the conditions precedent for the Refinancing, which includes i.e. a due diligence review of the Company and its drillships, and to complete the documentation of the Refinancing (including security documentation). On this basis, the Company has on October 1, 2007 presented a proposal to the bondholders via Norsk Tillitsmann ASA (the "Loan Trustee") to postpone the repayment of the entire Bond Issue and accrued unpaid interest from October 1, 2007 until the Refinancing is available to the Company, but no later than November 1, 2007. To enable the Company to implement the proposed change of the Bond Agreement, the Company has requested the Loan Trustee to summon a Bondholders' meeting to consider the approval of the proposed changes."
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