April 2008 North Sea Market Report - Offshore Shipbrokers

Latest Fixtures - North SeaBP - Norway PSV Stril Myster Extension - 6 months from May 08 ExtensionBP - UK AHTS Stril Neptune Support Duties - Circa 5 years July 08E.ON Rurhgas PSV FD Reliable Supporting GSF Labrador - Circa 4 months June 08OT2K Limited AHTS Beta All Duties - Circa 2months ex Liverpool bay April 08Shell - UK AHTS Maersk Detector Frontrunning for Circa 3 months April 08Shell - UK AHTS Maersk VS472 TBN 1 All Duties - Circa 2 years July 08Shell - UK PSV Olympic Princess Support Duties - Extended 1 year from May 08 ExtensionStatoilHydro AHTSDOF Installer AH04CDSupport Duties - 5 yearsTBN1Dec 09StatoilHydro PSV Island Earl Support Duties - Circa 5 months July 08StatoilHydro AHTS Island Vanguard All Duties - Circa 6 months May 08StatoilHydro AHTS Northern Commander Support Duties - 3 years April 08StatoilHydro PSV Rem Provider Support Duties - Circa 5 months July 08StatoilHydro AHTS Skandi Admiral Support Duties - 18 months + opts Aug 08TechnipOffshoreAHTS Normand Progress Subsea & Construction Support Duties May 08Western Geco PSV Northern Mariner Support Duties - Circa 3 months April 08Latest Fixtures - InternationalCosmos Energy PSV Toisa Coral Support duties – Circa 3 months May 08 GhanaEni AHTS Asso 29 Support Duties - Circa 2 / 3 months May 08 Italy / LibyaPT Mauritania PSV Malaviya 30 Support Duties - Circa 7 months April 08 MauritaniaSaipem AHTS Blizzard All Duties - Circa 3 months Sept 08 MediterraneanSaipem AHTS Boulder All Duties - Circa 3 months Sept 08 MediterraneanSaipem AHTS Sea Lynx All Duties - Circa 3 months May 08 MediterraneanTullow Oil AHTS Highland CourageSupport Blackford Dolphin - Circa 1June 08yearGhanaTullow Oil AHTS Highland ValourSupport Blackford Dolphin - Circa 1June 08yearGhanaOutstanding Requirements - North SeaAker Exploration Norway 3 years firm + opts supporting Aker Barents Dec 08Apache PSV for 10 or 15 years +opts Aug-08BHP / HRL PSV 500m2+ for 1,2,3 or 5 years + opts Jul-08Canyon Offshore DPII PSV for pipelay support - 6, 12 or 18months July 08Centrica Support Duties est 300 days Jul-08E.ON Rurhgas 1 Med/Large PSV - Supporting GSF Labrador 1 well (est 140 days) Jun-08ENI PSV 600m2 Deck 60 days Jan-09MLS / AGR / DPT Norway 1 AHTS for 1-3 years + opts Jul-08Peterson Cargo Duties 2 years firm + opts Nov-08Petrofac 1 PSV - Supporting John Shaw 7 wells (est 420-450 days) Jul-08Senergy 1 Med/Large PSV - Support Duties 2 wells (est circa 90 days total) May-08Shell Supply Duties - 3 months firm + 4 x 1 week options Apr-0813 Rubislaw TerraceAberdeen AB10 1XETelephone No +44 (0) 1224 628788aberdeen@offshore-shipbrokers.co.uk9 – 11 Folgate StreetLondon E1 6BXTelephone No +44 (0) 207 3779774london@offshore-shipbrokers.co.uk

Outstanding Requirements - InternationalArgentinian Oil Co 2 x AHTS 10,000bhp, 120t BP - 3 years Jun-08 ArgentinaBG International 2 x AHTS – All duties estimate 12 months Jul-09 NigeriaGlobal Marine PSV 2-3 months Bohai Gulf End 08 ChinaJ Ray McDermott DPII vessel for accommodation duties - 8 weeks + opts Aug-08 TrinidadMLS N Barge Handling in Baltic – 2 years Sep-08 BalticPetronas Carigali 2 X AHTS – 2 years Sep-08 MalaysiaReliance DPII AHTS 55t BP for 1 year + 4 x 6 monthly opts Jun-08 IndiaRosneft Oil Co AHT towing drilling rig ‘Doo Sung’ May-08 MalaysiaSaipem Large PSV for Balearic + Gjoa projects - 150 days + opts Oct-08 MediterraneanShell PSV for Intervention work – 3 years Oct-09 QuatarStatoilHydro 1 x AHT 60t BP to support Accommodation barge 1 year Sep-08 DubaiTotal AHTS to support drilling rigs – 1 year Jun-08 GabonTotal DP ROV support – 5 years firm + 5 years opts. Aug-08 NigeriaERRV VESSELSAnother busy month for the ERRV market with a steady stream of both term fixtures and requirements. Thespot market also remains busy with numerous spot jobs having come to the market over the last few weeksfixing at rates between the £12,500 - £18,500 levels. The situation doesn’t look like it will change much eitherwith availability now looking extremely tight from June onwards for both the term and spot markets.FixturesADTI Dea Sailor Supporting GAII - 4 wells Jul-08Centrica Vos Traveller ERRV for circa 300 days Jul-08EON Vos Commander ERRV for circa 90 -140 days Jun-08Odfjell Norway ESVAGT Newbuild TBN ERRV Supporting Deepsea Delta - 3 years Mar 09Senergy VOS Canna ERRV for circa 90 days Jun-08Statoil Northern Commander Extended until May 2011 Supporting Glitne ExtensionOutstanding RequirementsAker Exploration ERRV Supporting Aker Barents - 3 years Dec 08Apache 2 years supporting Forties field Jan-09BHP / HRL 2 x Multirole ERRV’s – 5 years + 5 x 1 year opts Jul-08ENI Norway ERRV Supporting Goliat - 10 years Jan-10Maersk Oil UK GSF Arctic II - 1 well 30 -45 days Mid MayMarathon Supporting Brae field 10 years + 5 x 1 year opts Oct-10Petrofac 420 days supporting John Shaw Jul-08Talisman Various ERRV’s 1-5 years Sept/Oct 0813 Rubislaw TerraceAberdeen AB10 1XETelephone No +44 (0) 1224 628788aberdeen@offshore-shipbrokers.co.uk9 – 11 Folgate StreetLondon E1 6BXTelephone No +44 (0) 207 3779774london@offshore-shipbrokers.co.uk

SALE & PURCHASENEWBUILDLewek Shipping has ordered a 100 metre LOA designed UT 788 CDL ultra-deepwater Multi-FunctionalSupport Vessel at a cost of USD 210 million from Keppel Singmarine Pte Ltd with delivery due for latein 2010.Great Offshore has also placed an order with Keppel Singmarine Pte Ltd for a derrick pipelay vesselwith delivery due in the second quarter of 2011.Greatship Ltd has ordered two MPSVs/ROV Support Vessels from the Colombo Dockyard Ltdshipyard in Sri Lanka, with delivery due for September 2010 and January 2011CorporateTopaz Energy and Marine Ltd (Topaz) has acquired the 14 vessel strong fleet of Doha Marine Services(DMS). The transaction is valued at just over USD 124 million.Second HandAries Offshore Services AS has now taken delivery of the UT755L Island Scout. The vessel has beenrenamed Aries Scout and is available for hire on the spot market.Statesman (Blt.1976 - 9460 BHP) has been sold to Eide marine Norway on private terms. The original askingprice was USD 7,500,000.The 1973 built Dea Skipper 8,000 BHP AHTS / ERRV vessel has been sold to Dubai based MubarakMaritime on private terms.Global Industries has signed a memorandum of agreement to acquire the MT6016 Olympic Orion fromOlympic Shipping in May at an undisclosed cost.13 Rubislaw TerraceAberdeen AB10 1XETelephone No +44 (0) 1224 628788aberdeen@offshore-shipbrokers.co.uk9 – 11 Folgate StreetLondon E1 6BXTelephone No +44 (0) 207 3779774london@offshore-shipbrokers.co.uk

April 2008 North Sea Spot Rate Analysis200820072006Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov DecAvg £ £26,278 £84,216 £79,537 £24,004No. Fix 21 30 27 35Avg £ £53,573 £60,799 £68,034 £68,003 £27,994 £49,368 £44,152 £49,259 £80,703 £73,766 £112,412 £42,227No. Fix 26 25 39 37 39 41 43 27 28 30 40 31Avg £ £11,593 £19,550 £37,551 £41,482 £37,001 £54,161 £61,413 £75,717 £59,790 £76,652 £49,037 £104,778No. Fix 28 28 19 28 49 34 44 54 32 61 24 21Yr Avg£53,681113£60,849406£54,878422200820072006Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov DecAvg £ £6,916 £11,137 £9,400 £12,375No. Fix 6 12 5 6Avg £ £20,886 £26,479 £25,383 £20,868 £11,605 £19,995 £12,976 £20,916 £30,738 £17,849 £19,611 £12,350No. Fix 6 7 8 6 3 14 15 9 7 9 8 10Avg £ £9,423 £8,504 £20,014 £25,970 £28,452 £17,875 £27,333 £- £- £19,250 £17,700 £14,232No. Fix 9 5 2 12 7 4 3 - - 2 5 2Yr Avg£10,22029£19,537102£19,3555113 Rubislaw TerraceAberdeen AB10 1XETelephone No +44 (0) 1224 628788aberdeen@offshore-shipbrokers.co.uk9-11 Folgate StreetLondon E1 6BXTelephone No +44 (0) 207 3779774london@offshore-shipbrokers.co.uk

200820072006Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov DecAvg £ £8,385 £9,773 £13,520 £16,797No. Fix 33 30 18 22Avg £ £18,819 £24,403 £27,383 £26,839 £13,919 £23,388 £15,149 £27,729 £26,841 £24,329 £26,282 £15,202No. Fix 26 11 19 20 18 26 20 17 12 27 21 21Avg £ £8,773 £11,659 £17,435 £25,085 £23,903 £25,294 £33,456 £39,095 £29,544 £13,212 £19,951 £38,508No. Fix 34 41 39 21 26 15 9 12 17 19 19 21Yr Avg£11,484103£22,260238£20,862273200820072006Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov DecAvg £ £10,804 £13,105 £13,921 £17,953No. Fix 26 29 33 30Avg £ £19,613 £32,049 £34,436 £33,447 £22,869 £28,403 £22,486 £29,484 £31,840 £23,051 £28,992 £19,659No. Fix 19 13 18 13 13 15 17 15 25 7 16 16Avg £ £10,115 £11,984 £19,761 £27,959 £23,078 £26,878 £28,818 £- £27,824 £17,000 £20,450 £24,752No. Fix 15 9 13 13 10 10 11 - 5 21 26 12Yr Avg£14,059118£27,420187£20,837145N.B. Number of fixtures represents fixtures with reported rates only and does not represent the total number offixtures concluded on the market. Actual rates are believed to be correct but not guaranteed.13 Rubislaw TerraceAberdeen AB10 1XETelephone No +44 (0) 1224 628788aberdeen@offshore-shipbrokers.co.uk9-11 Folgate StreetLondon E1 6BXTelephone No +44 (0) 207 3779774london@offshore-shipbrokers.co.uk