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Aker Yards to Build ROV Vessel for Olympic Shipping AS

Maritime Activity Reports, Inc.

June 7, 2006

Aker Yards has entered into a contract with Olympic Shipping AS, for the building of an ROV Vessel. Delivery will be from Aker Yards, Aukra in Norway. The vessel is an Aker ROV 02 CD, designed by Aker Yards Project, with delivery scheduled for April 2008. The accommodation facilities will have capacity of 100 persons. The vessel is also according to DNV`s Ice C class. Further, the vessel is specially designed and equipped for Subsea operation duties with a high focus on good sea-keeping abilities and excellent station keeping performances. The vessel will be environmentally friendly with focus on low fuel consumption and precautions with DNV`s CLEAN DESIGN requirements incorporated in the design. The vessel will be equipped with a 200 ton subsea crane.

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