Neptune Marine Completes Semisub Acquisition

Neptune Marine Oil & Gas has completed the previously announced acquisition of the Sedco 708 semisub. The transaction was finalized on April 24, 2008 through its wholly owned subsidiary, Neptune Finder Pte Ltd and the rig has been renamed Neptune Finder.

The acquisition was funded by a loan of US$70 million from the Company's major shareholder, Jasper Investments Limited. The Company intends to undertake a rights issue to repay the loan and to partially fund the upgrading of the Neptune Finder.

Opportunities for a long term contract are currently being evaluated for the rig.

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