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MARINE LOG
MARITIME SERVICES
DIRECTORY

January 5, 2001

$400 million Egyptian patrol boat order for Halter
Coflexip Stena Offshore has finalized acquisition of Aker Maritime ASA's Houston-headquartered Deepwater Division, for $513 million plus the assumption of net debt of $112 million.

The two parties had announced on October 29, 2000 that they had entered into a conditional agreement whereby Coflexip Stena Offshore would acquire the shares of the companies making up the Deepwater Division.

The final price will be subject to various adjustments on the basis of audited financial statements of the Deepwater Division at December 31, 2000. The transaction is being financed from Coflexip Stena Offshore's own resources and by new credit lines. CSO's net indebtedness after the acquisition should represent roughly 30% of shareholder's equity.

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