DeepOcean Subsidiary Extends 4 Maersk Vessel Contracts

DeepOcean ASA's subsidiary CTC Marine Projects Ltd. has successfully negotiated extensions to its charter agreements with the AP Moller-Maersk Group for four DP2 class multi-role vessels.

The two R class vessels and the two A class vessels will now be on charter to CTC until the first quarter of 2011, with two further one-year options on each of the R class vessels to 2013.

Available with global access, the two R class vessels will continue to provide support for the company's general trenching and flex-lay projects, and the two A class vessels will provide trenching project and general construction support.

Guaranteed utilization has been extended from a minimum number of days per year to 365 days each year for the Maersk Responder, the Maersk Recorder and the Maersk Assister. The Maersk Advancer continues to be available in accordance with advanced scheduling requirements.