Marine Subsea Receives LOI for Work Offshore Angola

Marine Subsea AS has been awarded a second Letter of Intent, with Dynamic Industries International, LCC for a work/accommodation barge in Angola to start in the fourth quarter of 2007. The contract has a dayrate of US $48,000. Following the contract, Marine Subsea is taking delivery of additional two barges.

We are pleased to enter into this agreement with Dynamic Industries International, leveraging our presence in the important West African market. We are now in the process of partnering with Dynamics Industries International and are looking forward to develop our exciting joint projects, says Managing Director, Christian Nygaard, in Marine Subsea, and continues:

Marine Subsea sees additional opportunities going forward and the delivery of additional two barges is bringing our barge fleet under construction from three to five. As a part of the business strategy of building up the local infra structure in Angola, Marine Subsea is also currently establishing a local office in Luanda.

Marine Subsea AS currently negotiates the contract for a second well intervention vessel with the Ulstein Yard. The contract includes an option for a third well intervention vessel.

As a part of our business expansion, we are changing the name of the company from Africa Offshore Services AS to Marine Subsea AS to better describe the company's activities, says Managing Director, Christian Nygaard, of Marine Subsea AS.