US$30 million contract with PVEP for a 2D Seismic Vessel converted from Atlantic-333 Fishing Trawler.

13 January 2008, Nordic Maritime Pte Ltd has secured a Conversion and Sale contract with PetroVietnam Exploration Production Corporation (PVEP Corporation), the subsidiary of Vietnam Oil and Gas Group (PetroVietnam), based in Hanoi.

The contract is worth about USD30 million, stipulates that Nordic Maritime Pte Ltd is to provide complete project management and supervision for the conversion works, including all technical specifications, of a fishing trawler, MV Pavlovsk, into a 2D seismic research vessel.

The conversion work started on 2 May 2008 at Cochin Shipyard, India, and estimated to be delivered by mid of September 2008.

About Nordic Group of companies (“Nordic”)

Nordic Maritime Pte Ltd is a Singapore based Ship Owner & Management Company providing a complete range of offshore marine services, in particular marine Seismic vessel operation. Nordic has a branch office in Norway for complete technical and commercial operation to support their developments in this region within an active oil & gas market. Our extensive fleet operation experience comprises, specialized seismic survey vessels, chase boats, PSV/AHTS vessels, crew boats, diving support vessels and offshore construction vessels & barges. In addition, Nordic provides complete project management and building supervision of specialized offshore vessels.

Nordic Maritime Pte Ltd operates in strict compliance with International Maritime Organisation’s (IMO) International Safety Management Code (ISM) and is accredited by both Det Norske Veritas (DnV) and Russian Maritime Register of Shipping.