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SARAH

December 16, 2009

Marine Subsea takes delivery of OCV

Marine Subsea AS today, took delivery of the deepwater intervention vessel Sarah from the Ulstein Group. It also announced that it has completed its financial restructuring.

Standard Bank Plc and Eksportfinans ASA have underwritten a loan of $222 million, of which $111 million was drawn-down today in connection with the delivery payment for Sarah.

Sarah will leave the Ulstein yard today and sail for West Africa as soon as possible, where it will start a 10 year contract and will be available for work in early 2010.

Sarah is an Ulstein SX121 offshore construction vessel. The characteristic Ulstein X-bow enables her to operate under all weather conditions while remaining steady and comfortable for the crew. Equipped for 100 persons, the 120-m long and 25 m wide vessel has a tower, moonpool, ROV hangar, crane and helideck.

This is Marine Subsea's first vessel from the Ulstein Group. Marine Subsea provides oil and gas services mainly in West Africa, with three vessels in service and five under construction. Sarah has a 10-year service agreement with the Angolan state oil company Sonangol.


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