GULF OFFSHORE 2002
June 5 & 6, 2002
Grand Casino Biloxi-Islandview Hotel
Biloxi, MS

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May 7 2002

French OSV owner extends deepwater reach
France's Groupe Bourbon, whose subsidiaries include leading French OSV operator SURF, is extending its capabilities in the deepwater offshore services market. It is acquiring
51% of Island Offshore II and 25% of Havila Supply A.S.A., both Norwegian companies

Island Offshore II, whose other shareholders are Havila Supply Ships AS and Borgstein Invest, owns Havila Crown, a UT 722 L anchor-handling tug supply (AHTS) vessel, delivered March 2001, and has two UT 722 LX AHTS's currently under construction for delivery in January and March 2003.

With a total value of Euros120 million, these three ships are particularly well suited both for deepsea supply work in the expanding oil offshore market in West Africa and Brazil and for operation in the North Sea.

Groupe Bourbon has also taken a 25% shareholding, worth Euros 28 million, in Havila Supply A.S.A., parent company of Havila Supply Ships AS.

Havila Supply ASA is listed on the Oslo stock market. Havila A.S. (Saevik family) with 34% and Borgstein Invest A.S. (Ulstein family) with 8% are the principal shareholders. This investment represents 28 ME.

Havila Supply A.S.A. operates a fleet of 23 ships comprising 6 platform supply vessels, 8 anchor-handling tug supply vessels, 7 rescue-and-recovery vessels and 2 cable-laying vessels. The company also has a new UT 745 E-type platform supply vessel under construction, scheduled for delivery in July 2002

Havila Supply pursues a policy of balancing its market portfolio between typical North Sea spot market business and domestic or international contract-based markets.

Groupe Bourbon says the access to new, deepsea vessels and "collaboration with a company employing extensive and highly experienced human resources, constitutes a safe yet challenging means of accelerating the growth of its maritime service business in the deepsea oil industry, a market sector offering many medium-term contract opportunities, notably off West Africa and Brazil."

Havila Supply ASA, Managing Director Robert Welsvik commented that he has "great expectations" working together with SURF, which has a strong position in West Africa. "This area," he said, "is expected to be the fastest growing area when it comes to demand for supply vessels services in the future. "

Havila Supply ASA will manage the two UT 722 LX vessels that are under construction for Island Offshore.
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