FINANCING FLEET IN BRAZIL

Norskan Offshore Ltda. and DOF Subsea Servicos Brazil Ltda. have secured BNDES financing for their new-buildings in Brazil. The governmental organization Merchant Marine Fund has approved BNDES financing for 3 vessels under construction for Norskan Offshore (hull 25, 26 and 27 at Aker Promar), and additional BNDES financing for the increased investments on the subsea vessels, Skandi Salvadore (hull 22), Skandi Vitoria (hull 23) and hull 24. Total approved financing is approx USD 670 mill, and represents more than 80% leverage.