First Wave/Newpark Shipbuilding Awarded Contract by Crest Petroleum

First Wave/Newpark Shipbuilding has been awarded a major contract by Sasaran Perdana Sdn Bhd, a wholly owned subsidiary of Crest Petroleum Bhd, for the drydocking, repair and refurbishment of the semi-submersible tender assisted platform drilling rig Pan Producer which will be renamed the Teknik Hidayat. The refurbishment will be performed at First Wave's Pelican Island facility in Galveston, Texas, and is expected to continue into the fourth quarter 2002. The rig arrived at First Wave's shipyard on June 9, 2002.