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October 12, 2005

Yantai-Raffles to build floatel

Consafe Offshore AB has entered into a Letter of Intent (LOI) with Yantai Raffles Shipyard Ltd, China to construct an accommodation and service semi submersible vessel ("Floatel").

The new floatel will be of GVA design and meet all international regulations and requirements, including those relevant to Norwegian waters. The floatel will be fitted with a dynamic positioning system (DP3), and fulfil the latest Norwegian rules requirements. It will provide accommodations for 400 people in one man cabins, all with daylight. A 100 ton and a 40 ton crane will serve a 2000 sqm deck area for construction work. Telescopic gangway, helicopter deck and helicopter parking areas will provide state of the art logistical functions for the safe transfer of personnel and services.

The floatel will be delivered March 2008 and have an estimated cost of $180 million including contingencies, owners furnished equipment, yard construction supervision and financing.

Consafe--the dominant player in the floatel market--says that all its market intelligence confirms the general observation that demand for accommodation services during the next few years is likely to surpass demand. In addition to the traditional market for accommodation vessels such as the North Sea and Gulf of Mexico there is a clear trend for demand of accommodation service in regions such as Asia Pacific and West Africa, both for field developments and modification activities.

"We are very optimistic," says CEO Peter Jacobsson.

"The average age of the world fleet of semi submersible floatels is 23 years and there is no unit on the world market, which fulfils the latest stringent Health, Environment and Safety regulations according to Norwegian standards without compromise," notes Jacobsson. "Accordingly, it is time for Consafe to act in accordance with clients requirements."

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