Marine Accurate Well ASA Names New Board and CEO

During the general meeting of Marine Accurate Well ASA on May 29, 2007 Oivind Lund was elected as chairman of the board. Mr. Lund replaces Oyvind Jordanger who continues as a board member. Lund has previously been CEO of ABB Norway and is currently chairman of the board in Yara ASA and Norske Skog ASA.

Other board members are Morten Ulstein, Dionne Chouest and Berit Rynning.

On June 22, 2007, the Maracc Board of Directors appointed Asle Solheim as CEO for the company. Mr. Solheim comes from Island Offshore Management AS as Director Business Development.

Maracc ASA is currently building a semisubmersible heavy intervention unit at Cosco Zhoushan Shipyard in China. The unit is scheduled for completion during the first quarter 2010 and will be operated by Island Offshore Management AS.