Subsea 7 - News - August 4, 2005

Subsea 7 sell “DSND Surveyor” to Berkon Shipping N.V.

Global subsea contractor, Subsea 7 today announced that it has agreed to sell the survey/ROV support vessel “DSND Surveyor” to Berkon Shipping N.V. in the Dutch Antilles.

An agreement has been reached whereby Subsea 7 will charter back the vessel for a period of 334 days to fulfil ongoing contracts and is in dialogue with Berkon Shipping N.V. regarding further opportunities.

Subsea 7 is working with the purchaser to provide continuity of work for the crew and offshore employees currently assigned to the vessel.

John Evans, Chief Operating Officer of Subsea 7 said, “This transaction will provide a more flexible arrangement for the vessel allowing Subsea 7 to focus and strengthen its position in the key strategic subsea markets.”

The DSND Surveyor is currently in offshore Sakhalin Island providing ROV and Survey services to Saipem pipeline installation programme.

Ends 04 August 2005
####

Subsea 7 Public Relations:

Lyndsay Cruickshank Tel: +44 1224 344606
E-mail: lyndsay.cruickshank@subsea7.com

Pat Stephen Tel: +44 1224 344508 or +44 7712 427608
E-mail: pat.stephen@subsea7.com

Notes to editors:
1. With a workforce in excess of 3000 people worldwide, Subsea 7 is one of the world’s leading subsea engineering contractors. The company’s global offshore operations are supported out of Asia Pacific, Brazil, Gulf of Mexico, Norway, UK and West Africa. Subsea 7 has more than 100 remotely operated vehicles (ROVs), four pipeline construction yards and a fleet of modern, high specification dynamically positioned ships capable of deepwater reeled and flexible pipelay, deepwater subsea construction and saturation diving. Website: www.subsea7.com

2. Workships Contractors B.V., a fully accredited company head-quartered in the Netherlands. Established in Rotterdam, Workships Contractors B.V has for the past sixteen years, been involved in the managing and operations of a wide variety of offshore vessels.

Workships provide Marine Management and Consulting Services. The range of services covers offshore service vessels, drilling and service platforms either owned or under management. Operating worldwide and on behalf of international clients. Website: http://www.workships.nl

3. ROV is an acronym for Remotely Operated Vehicle.