Mosvold Supply to Build Two Anchor Handling Vessels

With a NOK 115 million private equity placement concluded, and a US $21 million Convertible Bond Issue fully subscribed, Mosvold Supply exercised its options to build two additional VS 491 CD large anchor handling vessels at Batamec Shipyard in Indonesia.

The ships, Hull Nos. 7049 and 7050 have a price of US $82.5 million and 84.5 million, respectively. They are scheduled to be delivered in December 2010 and July 2011.