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MARINE SUBSEA - 2Q REPORT 2010

Marine Subsea praised for prep work

Marine Subsea was praised yesterday after completing a GBP 656,000 contract for operator Repsol at the Casablanca platform, offshore Spain.

Marine Subsea UK spreads the cost of well abandonment activity with major North Sea contracts

Marine Subsea UK Ltd has been awarded a series of contracts worth more than GBP 2 million to carry out a multi-client well abandonment programme for operators in the North Sea.

MARINE SUBSEA (UK) LTD WINS ACCLAIMED SAFETY AWARD

Staff from international offshore oil & gas organisation based in Aberdeen joined leading organisations from the international world of health and safety to celebrate their success in winning an International Safety Award.

Marine Subsea AS 1Q2010 Conference Call

Marine Subsea AS will be hosting a conference call to discuss the 1Q2010 report on Thursday, 10th June, at 1600 CET. Participants are welcome to dial in at: From Norway: 80088860 From abroad: +47 23184500 Code: 70893#

MARINE SUBSEA SARAH LIMITED – PAYMENT OF INTEREST AND PRINCIPAL

Standard Bank Plc and Eksportfinans agreed to grant Marine Subsea Sarah Limited an extension on the due date for the first interest and principal payment on the MS Sarah loan facility from Tuesday 16th March to Friday 19th March.

Marine Subsea Q4 report 2009

Operating revenues in the fourth quarter of 2009 amounted to USD 31,2 million. Operating expenses amounted to USD 36,5 million, of which USD 10,4 were one-off items. Marine Subsea recorded an operating loss of USD 5,3 million and a net loss after tax provisions and exchange rate differences of USD 12,7 million.

Petter Hernæs is employed as the company's Director HSEQ

Effective from today Mr. Petter Hernæs will be responsible for Health Safety Environment & Quality for the Marine Subsea group of companies.

Lewis Ltd announces voluntary liquidation

Lewis Ltd, an Aberdeen-based subsea company specializing in riserless lightweight intervention has announced voluntary liquidation after the firm’s directors’ ceased operations.

Erik Sandøy takes over as Finance Director

Effective from today, Erik Sandøy, formerly Finance Manager for Marine Subsea AS replaces Kristen Jakobsen as the Finance Director for the company.

Marine Subsea is now fully financed

Lysaker 16. December 2009. Marine Subsea AS has today, taken delivery of the deepwater intervention vessel Sarah and completed its financial restructuring. Marine Subsea is now fully financed with a debt maturity profile that matches the long-term nature of its contracts.

Marine Subsea AS – Summons to Bondholder Meetings

As noted in the 2008 Annual Accounts, Marine Subsea AS needs to raise new funding in order to secure the delivery of the Sarah vessel and the Lifter and Worker barges for operational start-up in 2009. Further financing is also required for the delivery and start-up of the Karianne vessel in 2010.

Marine Subsea - Q3 Report 2009

Operating revenues in the third quarter of 2009 amounted to USD 28,3 million. Operating expenses amounted to USD 22,1 million, which resulted in a operating profit of USD 6,2 million. Net loss after tax provisions and exchange rate differences was USD 0,9 million.

Marine Subsea - Q2 Report 2009

Operating revenues in the second quarter of 2009 amounted to USD 24,6 million. Operating expenses amounted to USD 20,0 million, which resulted in a operating profit of USD 4,6 million. Net loss after tax provisions and exchange rate differences was USD 0,3 million.

Refinancing of Marine Subsea

Oslo, 19, August, 2009. As noted in the 2008 Annual Accounts, Marine Subsea AS needs to raise new funding in order to secure the delivery of the Sarah, Lifter and Worker vessels for operational start-up in 2009. Further financing is also required for the delivery and start-up of the Karianne vessel in 2010.

Marine Subsea Christened new Intervention Vessel Sarah

The christening ceremony took place in Ulsteinvik, Norway Saturday 4. July and gave birth to the fourth and currently most advanced vessel in the intervention class.

Marine Subsea - Q1 Report 2009

Marine Subsea reports operating revenues in the first quarter 2009 of USD 21.9 million. Operating expenses amounted to USD 20.9 million. Net loss after tax provisions and exchange rate differences was USD 2.4 million.

Marine Subsea awarded new contract in Mexico

African Installer has been awarded a 6 month contract, excluding transits, to Mexico. The 6 month contract is signed with Condux S.A, commenced on 24th of June 2009 and has options to extend.