Caspian Services Adds Seismic Source Vessel to Fleet

Caspian Services, Inc. has finalized the purchase of a specialized shallow water seismic source vessel, to add to the existing fleet of vessels operated by its wholly owned subsidiary, Caspian Services Group Ltd.

Designed to operate in waters as shallow as 1.5 meters (5 feet), the vessel is highly suitable for carrying out operations in the extremely shallow waters of the north east Caspian Sea. The vessel is 36 meters (118 feet) in length. The vessel has the capability to operate autonomously for periods of more than 20 days. The vessel can accommodate up to 10 crew and passengers.

The vessel will be assigned to the ongoing State Geophysical Survey being conducted by Veritas Caspian LLP on behalf of the Republic of Kazakhstan. Veritas Caspian LLP is a joint venture between Kazmorgeophysica, a subsidiary company of Caspian Services Inc. and Veritas DGC Ltd. Caspian Services expects the vessel will be mobilized to the Caspian Sea and ready to commence work at the beginning of the 2007 work season.

Commenting on the acquisition, John Scott, Chief Operating Officer for Caspian Services, Inc. noted, "This is another important addition to our specialized fleet of shallow draft vessels. We expect the addition of this seismic source vessel to our Veritas Caspian chartered fleet to increase the efficiency with which we can gather seismic data. This should lead to enhanced profitability from the State Geophysical Survey project."

Caspian Services, Inc. is an oilfield service company providing a broad range of services in the Caspian Sea region of western Kazakhstan. The Company provides geophysical and seismic data acquisition and interpretation services; maintains a fleet of vessels that it commissions to oil and gas exploration companies engaged in exploration and development activities in the north Caspian Sea and other oilfield services such as desalinated water. In addition, the Company plans to construct a marine base facility in the Port of Bautino. The Company maintains corporate offices in Almaty, Kazakhstan, Aktau, Kazakhstan and Salt Lake City, Utah

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