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Marine Log

EASTERN ECHO FLEET

December 6, 2007

Ulstein inks two more Eastern Echo contracts

Ulstein Design has signed a contract with Eastern Echo for delivery of two more Ulstein SX124 designs and equipment packages.

At the same time, Eastern Echo signed shipbuilding contracts with Dubai Drydocks for the two vessel that concluded and replaced a Letter of Intent announced on September 20.

These are the fifth and sixth seismic vessels ordered by Eastern Echo, all of the X-bowed SX124 type. These latest two vessels will be built at Drydocks World in Dubai. They are scheduled to be delivered in March and May 2009. The first four vessels are currently under construction in Spain and will be delivered in 2008 and 2009.

"We are pleased to sign a new contract with Eastern Echo. The ship owners, the yard and our organization have worked closely to finalize this contract," comments CEO Gunvor Ulstein of the Ulstein Group.

Like the four previous vessels these two vessels will be able to operate world wide, they are equipped for 3D seismic and can have up to twelve streamer winches.

They will have a length of 88.8 m, a breadth of 19 m and accommodations for 69 persons.

The vessels are to be delivered in March and May 2009. The first four vessels are currently under construction in Spain and will be delivered in 2008 and 2009.

Meantime, Eastern Echo is set to absorbed by Schlumberger, which says the acquisition will boost its plans to meet continuing substantial demand for market-leading WesternGeco Q-Marine seismic technology services.

Schlumberger has completed its due diligence review of Eastern Echo and will now complete its voluntary offer on December 11. That will give it control of 95.6 percent of Eastern Echo shares.

Schlumberger intends to compulsorily acquire the remaining Eastern shares in accordance with the Eastern articles of association and to apply for a delisting of the company from Oslo Axess as soon as practically possible following settlement of the offer.

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