June 19, 2003

Yantai-Raffles wins jack-up order
China's Yantai-Raffles Shipyard has completed the negotiations for the construction of a new generation of self-propelled jack-up. The contract was signed by Peter Ize Okundaye, President and Chief Executive Officer of OASES Offshore Nigeria, Ltd.

OASES Offshore in Covington, Louisiana conceived the idea of the vessel. The vessel's detail design was completed by Zentech of Houston.

According to Okundaye, "this vessel which can safely work in 210 ft water depth, is much needed in the Nigerian offshore oil and gas industry and it will assist in enhancing local content participation. Not only can it serve as a work-over and drilling unit, the rig can be removed so that the vessel can be used for a variety of other tasks including construction, diving support, tender assist, pipe laying, and so forth."

The vessel will have approximately 18,000 square feet of open deck area, making it substantially larger than anything available. Additionally, the vessel has three cranes with the largest crane having a capacity of 300 tons. The deck load capacity exceeds 2,000,000 pounds. Auxiliary quarters can be added to the vessel which will provide housing for an additional 130 personnel beyond the vessel's current 70 person quarters. The vessel will be equipped with a total of 6,000 hp for propulsion.

"We were particularly pleased with the assistance that was afforded us by the Louisiana Department of Economic Development through their Oil and Gas Technologies Division. Through their efforts, we were able to bring international parties together in making this contract signing a reality," said Okundaye.

"We are pleased to be a part of the construction program for OASES Offshore Nigeria, Ltd. Our personnel at Yantai-Raffles have many years in the successful construction of jack-up drilling rigs. The combined features of this vessel makes it the most versatile jack-up in the market for this water depth. Being self-propelled will certainly add to the vessel's marketability along with the removable rig," said Robert W. Fogal, Director, Yantai-Raffles Shipyard.

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