CorrOcean Reports Third Quarter Resuts

CorrOcean's consolidated pro forma revenues for the third quarter of 2007 amounted to NOK 282.9 million as compared to NOK 310.8 million for the second quarter 2007.

The reduction in revenue compared to the second quarter is 9%, and reflects expected subsea contract awards sliding in time.

Consolidated pro forma revenue increased by 17.7% compared to the same period in 2006. Pro forma EBITDA for the third quarter was NOK 31.3 million compared to NOK 38.1 million for the second quarter. Year to date, EBITDA increased by 44.8% compared to the same period in 2006.

Outlook for CorrOcean remains positive with favorable market conditions and a strong strategic position. The company continues to focus on improving all facets of its business, from new products and project delivery improvements through to the after market service.

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