Marine Subsea & Consafe Win Long Term Contract

Marine Subsea and Consafe Ltd. have been awarded a five plus two year option contract in Angola for a semisubmersible crane vessel (SSCV). The contract guarantees a day rate of minimum US $200,000 adjusted annually by LIBOR + 2% for 250 days per year.

Marine Subsea and Consafe Ltd. is a joint venture company between Marine Subsea AS and Consafe MSV AB. Consafe MSV AB is majority owned by the J Christer Ericsson family and Yantai Raffles Shipyard Shiplease Ltd. J Christer Ericsson is also a 25% shareholder in Marine Subsea AS.

We are pleased to announce this important semi submersible crane vessel contract with Sonangol, strengthening our presence in the rapid growing West-African market further. The SSCV is capable of lifting up to 2,500 MT and will have accommodation for up to 400 persons. The vessel is currently under construction at Yantai Raffles Shipyard with a scheduled delivery in the second quarter of 2009, says Managing Director Christian Nygaard in Marine Subsea AS.

West Africa has many deepwater discoveries that will add substantial amounts on new production capacities. These projects include installation of FPSO, spars, tension-leg platforms (TLP), and tie-backs of subsea completed wells. The semi submersible crane vessel is the best cost effective options for these projects, continues Managing Director Christian Nygaard.

The contract will generate an EBITDA of approximately US $40 million for the 250 days in addition to revenues for the remainder of the year.