SeaJacks Completes Initial Public Offering

Seajacks International has carried out the public offering in connection with the floatation of the company`s shares on Oslo Axess. The Board of directors has approved final allotment, yielding 66 subscribers for a total of 92,975 shares. In its meeting September 26, the OSE Board of directors approved the shares of Seajacks for listing on Oslo Axess, conditioned upon the Company fulfilling the requirement for round lot holders, free float and signing of the standard listing agreement. Through the allocation in the public offering, the Company fullfils these requirements.

First day of trading is planned for October 8. After completion of the offering, the number of issued shares in Seajacks will be 13,111,168 shares with a nominal value of USD 1.0 and number of shareholders will be approx 130. The shares in Seajacks are expected to trade on Oslo Axess under the ticker symbol `SEAJ` from Monday 8 October 2007.

Fearnley Fonds and First Securities have acted as co-lead managers in the offering. Investors, who have questions to the allotment, may contact Fearnley Fonds or First Securities.