MPU Offshore Lift Completes Private Placement

MPU Offshore has completed a NOK 250 million equity private placement on September 28, 2007. The private placement was fully subscribed by existing shareholders together with new international and Norwegian investors. Proceeds from the equity private placement will be used to partly fund the ongoing construction of the unique MPU Heavy Lifter at Keppel Verolme in Rotterdam.

ABG Sundal Collier, SEB Enskilda and Pareto Securities acted as managers in the transaction.

The equity issue is subject to approval in an Extraordinary General Meeting to be held October 1, 2007.