Active Subsea Signs Three Charter Contracts

Active Subsea has signed three firm charter contracts for vessels No. 1, No. 2 and No. 5 of its eight Multi-Purpose Subsea Support Vessels currently under construction at the Tebma Shipyard in India. The combined value of the contracts is approximately US $71.5 million.

Vessel No. 1 (Hull no. 116) has been chartered by DeepOcean Shipping AS for a period of two years. The vessel will be employed in Brazil on a contract to Petrobras, starting first half of 2008. DeepOcean has 2 x 1 year options.

Vessel No. 2 (Hull 117) has been chartered by DeepOcean Shipping AS for four years.

Vessel No. 5 (Hull 120) has been chartered by Maritima De Ecolofia, S.A. DE C.v., for a period of 3 years. The vessel will operate in Mexico.

Tebma Shipyard has notified Active Subsea that delivery of newbuild No. 1 and No. 2 will be delayed by approximately 1-1/2 months. The yard expects to be back on the original delivery schedule from vessel No. 3. Active Subsea has taken into account these delays when signing the above mentioned contracts.

Active Subsea experiences great interest for its vessels, both from potential charterers and from possible buyers. Indicated vessel values are at a substantial premium to the newbuilding cost. The board of Active Subsea has so far decided not to sell any of the eight newbuilds.

As mentioned in the information prospectus from December 2006, the Board intends to list Active Subsea ASA on Oslo Stock Exchange's Axess list in the second half of 2007.