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Marine Subsea Completes Refinancing

05 January 2010

Marine Subsea in Norway has announced that, having taken delivery of the deepwater intervention vessel Sarah, it has also completed its financial restructuring. Marine Subsea is now fully financed with a debt maturity profile that matches the long-term nature of its contracts.

Standard Bank Plc and Eksportfinans ASA have underwritten a loan of US$222 million, of which US$111 million was drawn-down in mid-December in connection with the delivery payment for Sarah and US$111 million is made available for October 2010 for the delivery of Karianne.

All the conditions precedent related to the Restructuring Proposal of 9th October 2009 for the company's three bond loans have been satisfied.

Sarah has nowleftUlstein Verft shipyard and sailed for West Africa, where shewill start a 10-year contract and be available for work in early 2010.

Marine Subsea has also announced that African Worker, anaccommodation barge, left the Jaya yard on11 December and will arrive in Angola early in February, when it will commence work on a three-year contract with Total.

Another barge, African Lifter wasexpected to leave the Yantai yard by the end of 2009, and sail immediately for West Africa.

African Installer will finish its contract with Oceanografia in the Gulf of Mexico at the end of the year. The barge will then go into a six month contract with Geocean and mobilize for Malta.

African Caribe is on contract with Saipem/Chevronin Angola until June 2010 and African Fjord is on contract with Diamond Int/ENI in Congo until March 2011.