DeepOcean to Expand Fleet

DeepOcean has entered into an agreement with Ostensjo Rederi AS to build a new ROV/Survey vessel for the company. The newbuild, with a ST-254 CD design, will most likely be built in a Norwegian yard and will have excellent capabilities for operations in the northern oceans. The building costs are estimated to approximately NOK 350 million.

The vessel will be built based on the very good experiences DeepOcean has with the MPSV Edda Fonn, built in 2003 and now in operations for Statoil. The vessel is scheduled for delivery in 4th quarter of 2007. DeepOcean has entered into a charter agreement with Ostensjo Rederi AS for eight years with options for extensions, including an option to acquire an ownership interest in the vessel.

"We are very pleased to increase our current fleet of vessel with the newbuild. The new vessel will give us the opportunity to stay in the forefront among subsea contractors providing high quality subsea services in a market considered to grow significantly the next years', says CEO Kare J. Lie in a comment to the contract.