Oceanteam and Bourbon to Build New Construction Support Vessel

Oceanteam Power & Umbilical has signed an agreement with Bourbon Offshore to build a new construction support vessel to be delivered early 2010. The vessel will be built by Metalships & Docks, SUA in Vigo.

The vessel will be owned 50/50 by Oceanteam Power & Umbilical ASA and Bourbon Offshore Norway AS through a single purpose company to be named 'Oceanteam Bourbon 2 AS'.

The commercial terms between the parties are confidential.

The vessel will be named Bourbon Oceanteam 104.

The new build vessel will be constructed in Vigo, Spain and will be 123 meters long and 27 meters wide, approx 2000 square meters of free deck, two large heave compensated cranes installed and accommodation for 120 people.

Oceanteam is already building three large construction support / power cable lay vessels in Vigo of which the first delivery in the series is also 50/50 owned with Bourbon Offshore Norway AS. The Bourbon Oceanteam 101 vessel will be delivered in September 2007.

In addition OPU and Bourbon Offshore have a commercial agreement allowing OPU to market its services through BOURBON's network worldwide and giving access to OPU to the wide range of specialized offshore support vessels owned and operated by BOURBON worldwide.