Subsea 7 Sells Diving Support Vessel

Subsea 7 has sold its Diving Support Vessel 'DSND Mayo' to Middle East buyers, Petroleum Marine Service Company, for US $21 million. Delivery of the vessel took place yesterday.

In addition, Subsea 7 has signed a contract with the buyer for continued technical management and support services. It is expected that following the sale, the DSND Mayo will not operate in the same geographical areas as Subsea 7's fleet.

Subsea 7 has further confirmed that it will not be renewing the charters for vessels Botnica and Fennica, however, the third ice-breaker, Nordica, will remain on charter.

John Smith, Subsea 7's chief executive officer said, "The sale of the DSND Mayo and the termination of the Finnish charters is part of our fleet review which included the sale of Aquamarine in 2003 and the Commandor in March this year. Subsea 7's primary growth potential is in areas and water depths that will require vessels of different capabilities."