October 5, 2004

Island Offshore orders PSV

Norway's Aker Yards has entered into a contract with Island Offshore in Ulsteinvik, Norway, to deliver a UT 755L platform supply vessel from its wholly owned subsidiary, Aker Brevik.

The value of the contract is approximately NOK 130 million (about $19.25 million).

Edison Chouest Offshore (ECO), Galliano, La. is a participant in Island Offshore Shipholding LP.

Lars Stark, CEO of Aker Brevik is very pleased with this new contract.

"We have won yet another PSV contract. This indicates that we are competitive in a market that continues to develop positively", says Stark

This is the twelfth contract to be entered into between Island Offshore, Ulsteinvik and Aker Yards.

The hull for the PSV vessel for the Island Offshore delivery will be built at Aker Brevik's subsidiary in Romania, Aker Braila. The hull will arrive in Brevik in the middle of December this year. Delivery of the vessel is scheduled for March 2005.

Brevik Construction AS has delivered 15 platform supply vessels of the same type since 1998. In addition a UT 755L will be delivered in late January 2005.

The current order backlog at Brevik Construction AS comprises in addition to the the newbuilding contract with Island Offshore, two vessel newbuildings and four process modules.

The platform supply vessel for Island Offshore is designated newbuilding number 37 at Brevik Construction AS.

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