DOF - 3 new long term contracts and purchase of vessel

DOF have been awarded three new long term contracts with total firm duration of 8 years. Total contract values for the firm duration is approx NOK 365 million. Skandi Stolmen is awarded a contract with Petrobras. She will redeliver from her present term contract with Statoil end November 2009. Commencement with Petrobras is expected to be end December 2009 or early January 2010. Skandi Captain is awarded a contract with Petrobras. She is presently on a long term contract with Shell UK. She will commence the new Petrobras contract upon redelivery from Shell in 2010. The third new contract is with Fugro. To serve this contract DOF have reached an agreement with Fitjar Mekaniske Verksted AS to buy a vessel of MT 6009 L design (Skandi Olympia). The vessel is an advanced diesel eletric support vessel with 44 men accomodation. Delivery of the vessel to DOF is expected within 2009. Skandi Olympia will commence it's charter with Fugro early March 2010. Purchase price for the vessel is approx NOK 230 million. Contact person: CEO Mons Aase - + 47 91 66 10 12