Marine Subsea to Build New Well Intervention Vessel

Marine Subsea Inc. has signed a contract with Ulstein Verft AS for building a well intervention ship of the type SX121. This will be the second vessel ordered from the Ulstein Verft.

Marine Subsea has also confirmed the purchase of two more work accommodation barges from the Yantai Raffles yard in China. This will give a total of five barges.

Marine Subsea AS is a Norwegian oil and gas service company, headquartered in Oslo, with focus on construction support and well intervention. Marine Subsea has two well intervention vessels, both to be delivered from Ulstein Group in 3Q 2009 and 4Q 2010. The first vessel is chartered on a 10 year Sonangol contract for operations in West Africa. Marine Subsea has also five work/accommodation barges to be delivered from Q3 2007. The company is OTC-listed and is aiming for a listing on Oslo Stock Exhange in 4Q 2007.