Remedial Announces Bond Issue

Remedial (Cyprus) Plc has retained SEB Merchant Banking and Swedbank/First Securities to advise on a contemplated bond issue directed towards professional Norwegian and international investors.

The bond issue is intended to be US $210 million. The proceeds from the issue will be used to finance the construction of the company's first two Elevating Support Vessels. The subscription period is expected to start March 14, 2007.

Remedial will build and operate purpose-built Elevating Support Vessels ("ESV"). The vessels provide a stable work platform designed to deploy the most advanced offshore well intervention technologies and facilitate numerous remedial field applications.

The vessel's unique features facilitate post drilling activities and enable oil companies to increase hydrocarbon production from the large number of existing oil and gas wells. The first ESV will be delivered end of second quarter 2008.