Port Security Conference

April 21 2003

Seabulk orders UT-755L in Brazil
Seabulk International, Inc.says its wholly- owned subsidiary Seabulk Offshore do Brasil, Ltda. has finalized an agreement with shipbuilder Promar Brazil (Estaleiro Promara I) to build a UT- 755L platform supply vessel (PSV) for delivery in the fall of 2004, with an option for a second sister ship.

The 5,460-horsepower, 236-foot newbuild has a purchase price of $16.7 million and will be named Seabulk Brasil. On delivery, it will enter the Brazilian offshore market, where Seabulk currently has one 200- foot PSV operating.

"We view Brazil as a key future market for our Company," stated John A. Teague, senior vice president-Americas. "Our agreement to construct a powerful new workboat in Brazil and then place it in the expanding Brazilian market fortifies our commitment to build a quality operation in this area of the world."

Seabulk also announced that it had agreed to purchase a Brazilian-flag line-handling vessel for approximately $2.5 million. The purchase of the vessel, to be named the Seabulk Ipanema, is expected to close in July 2003.

Similar in design to Seabulk Offshore's new PSV flagship, Seabulk Africa, which joined the West Africa fleet earlier this year, Seabulk Brasil will be equipped with Fire Fighting Class 1 and Dynamic Positioning System Class 1 certification and high-tech communications and navigation equipment, including GMDSS up to A3 regions. The UT 755L model is capable of loaded speeds up to 12.5 knots with a larger cargo-carrying capacity than the 10-knot capability of smaller conventional supply vessels.

Rolls Royce Marine is providing the UT 755L design and a substantial amount of equipment for the vessel. The cargo deck will offer 685 square meters of storage, and large holding tanks will be able to accommodate ballast/drill water, fresh water, dry bulk, fuel oil and base oil. Ten tanks will accommodate shipments of liquid mud (including four for mud/brine).

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