Caspian Services Completes Construction of Two New Vessels

Caspian Services has completed two MUC vessels. The Company, working in collaboration with Dutch workboat provider Rederij Waterweg, commissioned the new vessels to support the pipeline construction project of Saipem, S.p.A. in the giant Kashagan field in the North Caspian Sea. The pipeline construction project is scheduled to commence in early 2006.

In connection with its contract with Saipem, the Company commissioned Damen Shipyards in Holland, to construct these multi-purpose anchor handling workboats, which have been specifically designed to operate in the shallow waters of the North Caspian Sea.

Paul Roberts, COO of Caspian Services, Inc. commented, "We are pleased to add these workboats to our fleet. These customized vessels expand range of diversified services we provide to our clients operating in the Caspian Sea."