Remedial Offshore Prepares Elevating Support Vessel

Remedial Offshore announced that the keel lay ceremony was held today in Yantai, China for its Elevating Support Vessel (ESV) unit under construction at the Yantai Raffles Shipyards (YRS). YRS Chief Executive Officer Y J Cho addressed the crowd of dignitaries, company officials and shipyard workers who gathered to witness the event.

This milestone means the first major hull section (Block 201, which will house the ESV unit's electrical generation equipment) has been placed in position and equipment setting can begin. Block 101, which will house the ESV main engines, will be the next major hull component placed for outfitting.

The vessel's spud cans are fabricated, legs and other structural components are under construction, and key owner-provided items such as engines, pumps and switchgear have been delivered to YRS. The build schedule calls for YRS to deliver the vessel in March 2009.

Remedial Offshore's propriety ESVTM technology is designed to provide safe, efficient operational environments for well intervention and workover activities while minimizing logistical issues. The Company will operate its purpose-built ESV rig/vessels to facilitate production enhancement and remedial activities in mature fields offshore. ESV-based services can be performed on virtually any well in water depths up to 325 feet (100 meters). Self-propelled ESV units are offered to international oil & gas operators on long-term contracts.