Consafe to List on the Oslo Stock Exchange

Consafe Offshore AB, a wholly owned subsidiary of the JCE Group AB, has in a private placement raised US $ 75 million in the US, British and Scandinavian equity markets. The placement was oversubscribed by 8.5 times at the time of closing on February 18, 2005.

Consafe Offshore is a Swedish company now planning for a listing at the Oslo Stock Exchange later this year. The JCE Group AB will retain 50 % of the shares in Consafe Offshore that will have a market value of US $300 million and US $150 million in equity capital.

Consafe Offshore owns and operates a fleet of three modern offshore accommodation service vessels. Safe Astoria and Safe Bristolia are conversions based on two modern drilling semisubmersible sister vessels. Safe Astoria is being converted at the KeppelFels Shipyard in Singapore and is to be delivered in April 2005. Safe Bristolia is being converted at the Yantai Raffles Shipyard in China and will be delivered in December 2005.

Safe Concordia is the first new -building accommodation vessel to enter the market in over 20 years will be delivered from the KeppelFels Shipyard in Singapore on March 10, 2005. Safe Concordia is a purpose built accommodation vessel outfitted to the latest standards, rules and regulations, with a capacity of 400 beds, fully Dynamically Positioned and with an impressive crane capacity.

Consafe Offshore has Letter of Intent in place for contracts concerning two of the vessels and is in negotiations for several additional contracts.

"We are very pleased with the offering and impressed by the list of companies deciding to invest in Consafe Offshore, a list including several of the major international financial institutions. Health, Safety and Environmental (HSE) issues are paramount concerns to our clients the international oil companies. Consafe Offshore can offer the most modern fleet in the world, with vessels purpose designed to meet the most stringent demands that the market requires. The world fleet of accommodation vessels has today an average age of 23 years, with many of the vessels still in operation designed and built to the requirements of the 1970 's and early 1980 's. I am therefore pleased that Consafe Offshore can offer the market a modern fleet of vessels tailored for the demands of the 21st century”, says Christer Ericsson Chairman of the JCE Group AB and Consafe Offshore AB.