Press release

Acquisition Of Aker Marine Contractors - Creating A Global World Class Subsea Player

EMAS propels into top ranks of the subsea sector with US$250m transformational acquisition of Aker Marine Contractors.

EMAS, under Ezra Holdings Limited, a leading integrated support and marine services provider in the offshore oil & gas (O&G) sector, has signed a US$250 million deal with Aker Solutions AS (Aker Solutions) to acquire 100% of the company's wholly-owned SURF (Subsea Umbilicals, Risers & Flowlines) and floater installation unit, Aker Marine Contractors (AMC). This will be a transformational move that will propel EMAS and AMC to jointly become one of the world's top-five SURF contractors.

Under a conditional agreement with Aker Solutions, EMAS and Aker Solutions will also enter into a 50/50 joint venture for the ownership and chartering of the AMC Connector, a newly commissioned state-of-the-art multi-purpose construction vessel valued at approximately US$300 million. The AMC Connector is expected to be delivered in early 2012 and has secured a long-term charter with a leading global industrial company based in Europe.

AMC is an established subsea and marine engineering services provider with a comprehensive product offering which covers the installation of subsea/ SURF products and equipment, moorings & floaters, as well as deck floatovers and removal. The company has a successful track record in complex projects around the globe, including several firsts, such as moving the world's tallest and heaviest man-made structure (Shell/Statoil's Troll A and Gulfaks C-Norway project). AMC has built a reputable name for itself over the last 40 years and boasts a distinguished client list which includes ABB, BP, Chevron, ExxonMobil, Shell, Statoil, Total and Tullow Oil.

EMAS will be able to provide comprehensive and innovative EPIC (Engineering, Procurement, Installation and Construction) and SURF solutions to the global O&G industry with AMC's extensive subsea capabilities. AMC's world-class installation and subsea capabilities and EMAS's fleet of subsea vessels will allow the Group to bid for larger and more complex projects globally.

With the impending delivery of Lewek Crusader, Lewek Falcon (Multi- Functional Support Vessel) and the future delivery of Lewek Constellation (DP3 ice-class deepwater subsea multi-lay vessel with heavy-lift capabilities in excess of 3,000 metric tonnes), Ezra is well-positioned to compete in the exclusive group of global top-tier subsea players.

Mr Lionel Lee, Ezra's Managing Director said: "This strategic alliance with Aker Solutions, one of the world's top providers of subsea products, will see us working together to compete for EPIC and SURF projects against the world's top leading players, backed by AMC's reputable track record with O&G majors. This is in line with Ezra's Next Lap Growth Strategy to be a global integrated offshore services provider.

We will now be able to provide a comprehensive suite of capabilities, products and assets globally, extending to new geographical markets in the Gulf of Mexico, North Sea, Latin America and Africa.

The transaction, together with our existing pool of assets, will create a global business in excess of US$1 billion in size. "

Mr Øyvind Eriksen, Chairman of Aker Solutions said: "AMC is a strong engineering and project execution organisation. By becoming part of Ezra, AMC will have access to a larger and rapidly growing fleet of installation vessels covering all IMR and SURF installation segments – including flexible and rigid pipelay with capacity of up to 3,500 metres water depth – which will enable Ezra/AMC to compete with the world's leading SURF contractors.

For more information, please contact media@emasoffshore.com