Deep Sea Supply Sells Sea Wolverine

Deep Sea Supply has entered an agreement with TMM, Mexico regarding a sale of the newbuilding AHTS vessel Sea Wolverine. The agreed gross sales price is approximately USD 22 million.

Sea Wolverine is the 2nd delivery in a series of 9 newbuilding AHTS vessels delivered to Deep Sea Supply from ABG.

The vessel is expected to be delivered from ABG Shipyard, India, 9 May 2008, and delivery to TMM is expected late May 2008.

The sale will release a net cash surplus to Deep Sea Supply of approximately USD 18 million. The profit from the sale, approximately USD 6 million, will be booked in the 2nd quarter 2008.

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