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Marine Log

February 26, 2007

Bourbon Offshore and Oceanteam sign cooperation agreement

Bourbon Offshore ASA and Oceanteam Power & Umbilical ASA today signed an agreement to commercially cooperate in respects of vessels and services.

The agreement is aimed at expanding the range of Oceanteam services in combination with the wide range of specialized offshore support vessels from Bourbon. The initial focus is to be on West Africa and the Middle East.

Bourbon, through its subsidiary SONASURF, and Oceanteam have recently been awarded a long term field support vessel contract with BP Angola for its Greater Plutonium development in Block 18.

"The further development of the relationship, through a combination of market knowledge, experience, services and resources will allow both companies to enter into new market segments and regions," says a statement issued today

Bourbon Offshore has a fleet of 190 modernmulti-purpose vessels with another 90 on order or under construction. Oceanteam Power & Umbilical is a niche services provider focused on servicing, installation, trenching and IMR of flexible pipelines, umbilicals and power cables. This includes the provision of installation teams, fully operational spreads and time charters. The company was established in 2004 and has been operational since October 2005. Oceanteam P&U has 60 employees located in Bergen, Aberdeen and Amsterdam.