Ocean HeavyLift Names New Managing Director

Ole Jacob Person, Managing Director of Ocean HeavyLift ASA, has informed the board of directors that he wishes to work with other opportunities in Awilco. Hence, the board has appointed Cato Hellstenius, 41, as its new Managing Director. Hellstenius will take up his appointment no later than September 1, 2007.

Hellstenius is currently Assistant Director, Finance and Investor Relations in BW Gas ASA. He previously worked for Bergesen dy ASA as a Business Development Manager and in Handelsbanken Markets as an equity analyst. He graduated from the Norwegian School of Management (BI) in 1991 and Oslo College of Engineering in 1986.

"We are pleased that Cato Hellstenius has accepted to lead Ocean HeavyLift in the future," said Erik Gloersen, Chairman of Ocean HeavyLift's board. "The appointment gives the company a Managing Director with a strong background from the shipping/offshore industry as well as experience from investor relations and financial activities in a large shipping group. At the same time we would like to thank Ole Jacob Person for his valuable contribution as Managing Director from the company was founded as Awilco Heavy Transport in October 2005 and the further work with Ocean HeavyLift during its start-up period."

The new Managing Director will be given 300 000 stock options with date of grant from the annual general meeting 2007.

Ocean HeavyLift ASA is a Norwegian oil service company supplying special services within the transport of offshore installations such as drilling rigs and offshore modules. The company will have four vessels in operation by the end of 2007.