Parker Hannifin - Waiver of the Due Diligence Condition

In reference to Scan Subsea's previous announcement regarding the voluntary offer for all outstanding shares in Scan Subsea from Parker Hannifin, Parker Hannifin is waiving the due diligence condition due to the completion of a confirmatory due diligence on Scan Subsea, without any material adverse findings to what has been reported.

The voluntary offer is still conditional on 90% acceptance ratio, regulatory approvals and no material adverse change in the company. The details of the offer including the offer period are described in the offer document dated October 15, 2007, sent to all shareholders of Scan Subsea.

Further notice will follow as soon as all acceptances from the voluntary offer are registered.

Medici Corporate is Scan Subsea's financial adviser and Pareto Securities is Parker's financial advisor.


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