Charterer's Exercise of Purchase Option

The charterer of the Siem Swordfish has declared its option to purchase the vessel and a 70-ton crane installed on board the vessel.

The total sales price is approximately USD 61 million. The charterer will assume ownership of the crane within fourth quarter 2009 and the vessel will be delivered to its new owner at the expiry of the current charter contract 30 June 2012.

The sellers will recognize total gains of approximately USD 6 million, of which USD 3 million will be recorded in fourth quarter 2009 and USD 3 million will be recorded in second quarter 2012. Proceeds from the sale of the vessel will be used to repay approximately USD 27 million of bank loans at time of delivery of the vessel.

The Siem Swordfish is a Multipurpose ROV Support Vessel («MRSV») and was delivered from the Kleven yard in Norway in 2007, whereupon it commenced its current 5-year charter.

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