Nyheter for Marine Subsea AS

STATUS MARINE SUBSEA - ACCOMMODATION ASSETS, AFRICAN CHALLENGER & UNSECURED DEBT

Company news

2011-11-21 11:04:09

Please see enclosed updated status on Marine Subsea.

For further information please contact:

Managing Director Kristen S. Jakobsen (+ 47 915 48 408)

Director of Strategy Thomas J. Fjell (+ 47 958 15 300)

or Andreas S. Christensen (+ 47 92 02 38 73)

Marine Subsea - Restructuring Proposal - Summons to Bondholders' Meeting

Company news

2011-08-24 08:22:03

The Summons is also available on the company web page.

www.marinesubsea.no

For further information, please contact:
Kristen Jakobsen, Managing Director; +47 91 54 84 08
Thomas Fjell, Director of Strategic & Legal Affairs; +47 48 89 44 26

Annual Report 2010

Company news

2011-06-21 16:15:56

Marine Subsea AS - Annual Report 2010

Enclosed, please find the Marine Subsea AS Annual Report 2010. The report is also available on the company web page.

www.marinesubsea.no

For further information, please contact:
Kristen Jakobsen, Managing Director; +47 91 54 84 08
Erik Sandøy, Finance Director; +47 48 89 44 26

Marine Subsea AS - 4Q 2010 Report

Company news

2011-02-10 10:13:07

Enclosed, please find the Marine Subsea AS 4Q 2010 Report. The report is also available on the company web page.

For further information, please contact:
Kristen Jakobsen, Managing Director; +47 91 54 84 08
Erik Sandøy, Finance Director; +47 48 89 44 26

Kristen Jakobsen appointed Managing Director Marine Subsea

Company news

2010-11-19 13:08:46

The board of directors of Marine Subsea and Managing Director Christian Nygaard have reached an agreement that Nygaard will resign his post. Kristen Jakobsen will act as Managing Director with immediate effect.


For further information please contact: Kristen Jakobsen, mob: + 47 915 48 408


Oslo 19. November 2010


Marine Subsea AS

Marine Subsea AS - 3Q2010 Report

Company news

2010-11-12 09:12:11

Enclosed, please find the Marine Subsea AS 3Q2010 Report. The report is also available on the company web page.

For further information, please contact:
Kristen Jakobsen, Board member; +47 91 54 84 08
Erik Sandøy, Finance Director; +47 48 89 44 26

Marine Subsea AS - 2Q10 Report

Company news

2010-08-16 09:35:17

Enclosed, please find the Marine Subsea AS 2Q2010 report. The report is also available on the company web page.

For further information, please contact:
Christian Nygaard, Managing Director; +47 97429778
Erik Sandøy, Finance Director; +47 48894426

Marine Subsea AS - 1Q10 Report

Company news

2010-06-02 16:21:05

Enclosed, please find the Marine Subsea AS 1Q2010 report. The report is also available on the company web page.

For further information, please contact:
Christian Nygaard, Managing Director; +47 97429778
Erik Sandøy, Finance Director; +47 48894426

Marine Subsea AS - 2009 Annual Report

Company news

2010-04-30 15:37:44

Enclosed, please find the Marine Subsea AS 2009 Annual Report.

The report is also available on the company website.

For further information, please contact:
Christian Nygaard, Managing Director; +47 97429778
Erik Sandøy, Finance Director; +47 48894426

Marine Subsea AS - MS Sarah Loan Facility

Company news

2010-03-18 09:50:04

MARINE SUBSEA SARAH LIMITED - PAYMENT OF INTEREST AND PRINCIPAL


(Oslo, March 18 - 2010) Standard Bank Plc and Eksportfinans agreed to grant Marine Subsea Sarah Limited an extension on the due date for the first interest and principal payment on the MS Sarah loan facility from Tuesday 16th March to Friday 19th March.

Marine Subsea Sarah Limited has today made the payment.



For further information, please contact:

Erik Sandøy
Finance Director
Marine Subsea AS.
Phone: +47 67518853 w
+47 48894426 m

Kris Jakobsen
Financial Advisor
Phone. +47 91548408

Marine Subsea AS - 4Q09 report

Company news

2010-02-17 11:42:20

Enclosed, please find the Marine Subsea 4Q2009 report. The report is also available on the company web page.

For further information, please contact:
Christian Nygaard, Managing Director; +47 97429778
Erik Sandøy, Finance Director; +47 48894426

Marine Subsea AS - Erik Sandøy takes over as Finance Director

Company news

2010-01-12 16:42:29

ERIK SANDØY TAKES OVER AS FINANCE DIRECTOR


(Oslo, January 12 - 2010) Effective from today, Erik Sandøy, formerly Finance Manager for Marine Subsea AS replaces Kristen Jakobsen as the Finance Director for the company.

Mr. Sandøy has experience from Goldman Sachs International and Bridgehead Corporate Finance. He has business degrees from the University of British Columbia and the Norwegian School of Management BI.

Mr. Jakobsen will continue to act as Financial Advisor and will remain as Board member of Marine Subsea AS.



For further information, please contact:

Erik Sandøy
Finance Director
Marine Subsea AS.
Phone: +47 67518853 w
+47 48894426 m

Kris Jakobsen
Financial Advisor
Phone. +47 91548408

Marine Subsea AS is now fully financed

Company news

2009-12-16 13:55:02

Marine Subsea AS has today raised its vessel financing, taken delivery of the deepwater intervention vessel Sarah and completed its financial restructuring. Marine Subsea is now fully financed with a debt maturity profile that matches the long-term nature of its contracts.

Standard Bank Plc and Eksportfinans ASA have underwritten a loan of USD 222 million, of which USD 111 million was drawn-down today in connection with the delivery payment for Sarah and USD 111 million is made available for October 2010 for the delivery of the Karianne. All the conditions precedent related to the Restructuring Proposal of 9th October 2009 for the Company's three bond loans have been satisfied.

Sarah will leave the Ulstein yard today and start on its 10-year contract with Sonangol. The vessel will sail for West Africa as soon as possible, where it will be available for work in early 2010.

The African Worker accommodation barge left the Jaya yard on Friday 11th December. The barge will arrive in Angola early February, when it will commence work on a 3 year contract with TOTAL.

African Lifter is expected to leave the Yantai yard next week. The barge will sail immediately for West Africa.

African Installer will finish its contract with Oceanografia in the Gulf of Mexico at the end of the year. The barge will then go onto a 6 month contract with Geocean and mobilize for Malta.

African Caribe is on contract with Saipem/Chevron in Angola until June 2010 and African Fjord is on contract with Diamond Int./ENI in Congo until March 2011.


For further information, please contact:
Kristen Jakobsen, Finance Director; +4791548408
Erik Sandøy, Finance Manager; +4748894426

Marine Subsea AS - Summons to Bondholder Meetings

Company news

2009-10-09 11:46:22

Oslo, 9th October 2009

As noted in the 2008 Annual Accounts, Marine Subsea AS needs to raise new funding in order to secure the delivery of the Sarah vessel and the Lifter and Worker barges for operational start-up in 2009. Further financing is also required for the delivery and start-up of the Karianne vessel in 2010.

Marine Subsea AS intends to resolve its financing requirement through a combination of measures, including new borrowings totalling USD 222 million to be underwritten by Eksportfinans ASA and Standard Bank Plc as lenders and guarantees from GIEK and Standard Bank Plc. This new financing is subject to the finalisation of legal documentation and a number of conditions precedent to closing, including the implementation of the Restructuring Plan.

Marine Subsea AS has approached the Loan Trustee (Norsk Tillitsmann) with its Restructuring Plan to be put forward to the bondholders in the three bond loans outstanding. On Friday, 9th October 2009, the Loan Trustee issued a summons to the bondholder meetings, to be held on Monday, 19th October 2009, to vote on the required Restructuring Plan.

Please refer to the enclosed summons and the supporting information memorandum for background information regarding the Restructuring Plan, together with the new financing measures, recent developments, financial information, construction status of the above vessels and barges, and the rationale for the proposal set forth in the summons.

Marine Subsea AS is an international oil service company with a focus on the West African Offshore market. The company owns a fleet of 8 units in operation or under construction, including 2 multipurpose/intervention vessels, 5 offshore support units and 1 semi-submersible crane vessel. In addition, the company has secured a service contract for a deepwater drillship.


For further information, please contact:
Kristen Jakobsen, Finance Director; +4791548408

Marine Subsea AS - 2Q09 Report

Company news

2009-08-28 15:42:39

Enclosed, please find the Marine Subsea 2Q09 report. The report is also available on the company web page www.marinesubsea.no

For further information, please contact:
Christian Nygaard, Managing Director; +47 97429778
Kristen Jakobsen, Finance Director; +47 91548408

Press Release Marine Subsea AS

Company news

2009-08-19 09:46:30

As noted in the 2008 Annual Accounts, Marine Subsea AS needs to raise new funding in order to secure the delivery of the Sarah, Lifter and Worker vessels for operational start-up in 2009. Further financing is also required for the delivery and start-up of the Karianne vessel in 2010.

Marine Subsea AS has now received conditional offers of long-term financing from a syndicate of lenders. The financing remains subject to certain conditions precedent including 10-year charters for both Sarah and Karianne with a key oil & gas exploration client based in West Africa and a restructuring of Marine Subsea AS's existing indebtedness.

Marine Subsea AS is in close dialogue with its West African client to finalise the charter agreements. Marine Subsea AS has also commenced discussions with bondholders' representatives regarding the restructuring of its existing floating rate notes and convertible bond. The debt restructure is necessary to enable the required long-term financing to be raised. Bingham McCutchen (contact Liz Osborne, +44 207 661 5347) and AMA Capital Partners (contact Bobby Bowers or Jim Dolphin, +1 212 682 3344) have been appointed as advisors to the bondholders regarding the restructuring of its existing floating rate notes and convertible bond.

Marine Subsea is an international oil service company with a focus on the West African Offshore market. The company owns a fleet of 8 units in operation or under construction, including 2 multipurpose/intervention vessels, 5 offshore support units and 1 semi-submersible crane vessel. In addition, the company has secured a service contract for a deepwater drillship.


For further information, please contact:
Kristen Jakobsen, Finance Director; +4791548408

MARINE SUBSEA 1Q09 REPORT

Company news

2009-06-22 14:00:38

Enclosed is the Marine Subsea 1Q09 report. The report is also available on the company web page www.marinesubsea.no

For further information please contact:
Christian Nygaard, Managing Director; +4797429778
Kristen Jakobsen, Financial Director; +4791548408

MARINE SUBSEA ANNUAL REPORT 2008

Company news

2009-06-22 13:57:35

Enclosed is the Marine Subsea annual report 2008. The report is also available on the company web page www.marinesubsea.no

For further information please contact:
Christian Nygaard, Managing Director; +4797429778
Kristen Jakobsen, Financial Director; +4791548408

MARINE SUBSEA 2Q report 2008

Company news

2008-09-01 15:56:13

Enclosed is the Marine Subsea 2Q report 2008. The report is also available on the company web page www.marinesubsea.no.

For further information please contact:
Christian Nygaard, Managing Director; +4767518860 / +4797429778
Erik Just Johnsen, Financial Director; +47 67 51
8868/ +4741577055

Marine Subsea AS is a Norwegian oil and gas service company, headquartered in Oslo, with focus on offshore marine operations in West Africa. The company currently has six vessels under construction and two are in operation.

-Two Multipurpose/Intervention vessels, both to be delivered from the Ulstein Yard in 3Q 2009, and 4Q 2010. The first vessel is chartered on a 10 year contract to Sonangol. Through acquisition of the engineering firm, Lewis Ltd., based in Aberdeen, Marine Subsea has secured subsea well intervention technology.

-Five work / accommodation barges, two of which are already in operation, and three to be delivered from 3Q and until end 2008. The first barge is working for Chevron in Angola, and the second for ENI in Congo. A 4+1 year contract is also secured for the third barge.

-The joint venture with Consafe MSV AB is for a Semi Submersible Crane Vessel to be delivered in 3Q 2009. The rig is chartered on a 5 year contract to Sonangol for operations in Angola.

- Drillship contract for ultra deep water to operate in West Africa beginning 2011.

Marine Subsea owns a local company at the Sonils base in Luanda.

Marine Subsea is OTC-listed under the ticker code MSAS.

MSAS - COMPLETED SALE AND LEASEBACK

Company news

2008-07-31 14:09:41

Reference is made to press release dated 24 June 2008 where Marine Subsea AS ("Marine Subsea") intends to enter into a 10+5 year sale-lease-back transaction with a new company set up by Pareto Private Equity AS.

The sale-lease-back transaction has been completed. The transaction includes the two Accommodation Construction Support Barges, African Fjord and African Caribe. Total sales price for the barges is MUSD 79 million. Marine Subsea will maintain full operational control of the assets (bareboat).

The sale of the barges triggers mandatory redemption in two of the bond loans outstanding. A redemption of USDm 34 to be repaid of the USDm 170 bond with ISIN NO 001037513.2 and a redemption of USDm 19.5 of the USDm 130 bond with ISIN NO 001035359.2.

For further information please contact:
Christian Nygaard, Managing Director; +4767518860 / +4797429778
Erik Just Johnson, Financial Director; +47 67 51 8868/ +4741577055

Marine Subsea AS is a Norwegian oil and gas service company, headquartered in Oslo, with focus on offshore marine operations in West Africa. The company currently has six vessels under construction and two are in operation.

-Two Multipurpose/Intervention vessels, both to be delivered from the Ulstein Yard in 3Q 2009, and 4Q 2010. The first vessel is chartered on a 10 year contract to Sonangol. Through acquisition of the engineering firm, Lewis Ltd., based in Aberdeen, Marine Subsea has secured subsea well intervention technology.

-Five work / accommodation barges, two of which are already in operation, and three to be delivered from 3Q and until end 2008. The first barge is working for Chevron in Angola, and the second for ENI in Congo. A 4+1 year contract is also secured for the third barge.

-The joint venture with Consafe MSV AB is for a Semi Submersible Crane Vessel to be delivered in 3Q 2009. The rig is chartered on a 5 year contract to Sonangol for operations in Angola.

- Drillship contract for ultra deep water to operate in West Africa beginning 2011.

Marine Subsea owns a local company at the Sonils base in Luanda.

Marine Subsea is OTC-listed under the ticker code MSAS.

MSAS - COMPLETED PRIVATE PLACEMENT

Company news

2008-07-31 14:07:04

Reference is made to press release dated 24 June 2008 where Marine Subsea AS ("Marine Subsea") intends to raise new equity through a Private Placement.

Marine Subsea has completed a private placement of shares directed towards selected Norwegian investors and international professional investors. The Board has resolved to issue 2,173,200 Shares at NOK 23, raising gross proceeds of up to approx. NOK 50 million.

The gross proceeds from the Private Placement and sales leaseback will be used to fund the company's ongoing construction program and to fulfill equity covenants in certain loan agreements.

Pareto Securities AS was retained as advisor in the private placement.

For further information please contact:
Christian Nygaard, Managing Director; +4767518860 / +4797429778
Erik Just Johnson, Financial Director; +47 67 51 8868/ +4741577055

Marine Subsea AS is a Norwegian oil and gas service company, headquartered in Oslo, with focus on offshore marine operations in West Africa. The company currently has six vessels under construction and two are in operation.

-Two Multipurpose/Intervention vessels, both to be delivered from the Ulstein Yard in 3Q 2009, and 4Q 2010. The first vessel is chartered on a 10 year contract to Sonangol. Through acquisition of the engineering firm, Lewis Ltd., based in Aberdeen, Marine Subsea has secured subsea well intervention technology.

-Five work / accommodation barges, two of which are already in operation, and three to be delivered from 3Q and until end 2008. The first barge is working for Chevron in Angola, and the second for ENI in Congo. A 4+1 year contract is also secured for the third barge.

-The joint venture with Consafe MSV AB is for a Semi Submersible Crane Vessel to be delivered in 3Q 2009. The rig is chartered on a 5 year contract to Sonangol for operations in Angola.

- Drillship contract for ultra deep water to operate in West Africa beginning 2011.

Marine Subsea owns a local company at the Sonils base in Luanda.

Marine Subsea is OTC-listed under the ticker code MSAS.

MARINE SUBSEA ANNUAL REPORT 2007

Company news

2008-07-31 14:01:46

Enclosed is the Marine Subsea annual report 2007. The report is also available on the company web page www.marinesubsea.no.

For further information please contact:
Christian Nygaard, Managing Director; +4767518860 / +4797429778
Erik Just Johnson, Financial Director; +47 67 51 8868/ +4741577055

Marine Subsea AS is a Norwegian oil and gas service company, headquartered in Oslo, with focus on offshore marine operations in West Africa. The company currently has six vessels under construction and two are in operation.

-Two Multipurpose/Intervention vessels, both to be delivered from the Ulstein Yard in 3Q 2009, and 4Q 2010. The first vessel is chartered on a 10 year contract to Sonangol. Through acquisition of the engineering firm, Lewis Ltd., based in Aberdeen, Marine Subsea has secured subsea well intervention technology.

-Five work / accommodation barges, two of which are already in operation, and three to be delivered from 3Q and until end 2008. The first barge is working for Chevron in Angola, and the second for ENI in Congo. A 4+1 year contract is also secured for the third barge.

-The joint venture with Consafe MSV AB is for a Semi Submersible Crane Vessel to be delivered in 3Q 2009. The rig is chartered on a 5 year contract to Sonangol for operations in Angola.

- Drillship contract for ultra deep water to operate in West Africa beginning 2011.

Marine Subsea owns a local company at the Sonils base in Luanda.

Marine Subsea is OTC-listed under the ticker code MSAS.

MSAS: NOTIFICATION OF TRADE

Company news

2008-07-09 16:06:50

MSAS: NOTIFICATION OF TRADE
on 8 July 2008, JCE Group has purchased 188,455 shares in Marine Subsea AS ("MSAS") to a price of NOK 23.

Mandatory Notification of Trade

Company news

2008-06-26 08:23:25

Managing Director Christian Nygaard has on 25.06.2008 subscribed for EUR 50,000 in the Private Placement announced through press release on 24.06.2008.

MARINE SUBSEA SECURES FOUR YEARS CONTRACT FOR A WORK/ACCOMMODATION BARGE IN WEST AFRICA.

Company news

2008-06-26 07:01:18

(Oslo, June 26th 2008) Marine Subsea AS has secured a new barge contract in Angola.
- We are pleased to announce that our third barge, "African Installer" has won a contract with Dynamic International, LCC. The rate is USD 60,000 per day. This emphasizes again our strong position offshore West-Africa, says Christian Nygaard, Managing Director of Marine Subsea AS.


The barge is currently under construction in Batam, Indonesia and will be ready for tow to Angola in September 2008.

For further information, please contact:
Christian Nygaard, Managing Director
Marine Subsea AS.
Phone: + 47 67518860 /+ 47 97429778 (mobile)

Marine Subsea AS is a Norwegian oil and gas service company, headquartered in Oslo, with focus on offshore marine operations in West Africa. The company currently has six vessels under construction and two in operation.

-Two Multipurpose/Intervention vessels from the Ulstein Yard, to be delivered in 3Q 2009 and 4Q 2010. The first vessel is chartered on a 10 year contract to Sonangol. Through acquisition of the engineering firm, Lewis Ltd., based in Aberdeen, Marine Subsea has secured subsea well intervention technology.

-Five work / accommodation barges, two of which are already in operation, and three to be delivered from 3Q and until end 2008. The first barge is contracted to work for Chevron in Angola, and the second for ENI in Congo.

-The joint venture with Consafe MSV AB is for a Semi Submersible Heavy Crane Vessel to be delivered in 3Q 2009. The rig is chartered on a 5 year contract to Sonangol for operations in Angola.

- Drillship contract for ultra deep water to operate in West Africa in 2011.

Marine Subsea owns a local company at the Sonils base in Luanda.

Marine Subsea is OTC-listed under the ticker code MSAS.

MARINE SUBSEA AS RAISES NEW EQUITY THROUGH A PRIVATE PLACEMENT

Company news

2008-06-24 07:20:38

Marine Subsea intends to raise new equity through a Private Placement of up to NOK 52 million, whereof the minimum amount of NOK 26 million and has been guaranteed. The gross proceeds from the Private Placement and sales leaseback (see previous press release) will be used to fund the company's ongoing construction program and to fulfil a covenant in one loan agreement.

Marine Subsea has retained Pareto Securities AS to advise on and effect a private placement of shares directed towards selected Norwegian investors and international professional investors raising gross proceeds of up to NOK 52 million. The price will be determined through a book-building process in an indicative price range at NOK 22 - NOK 25 per share.

A guarantee consortium consisting of the board and existing shareholders have guaranteed for NOK 26 million (~ USD 5 million) in the Private Placement at the minimum price per share (NOK 22). Subscribers in the guarantee consortium can subscribe in the Private Placement at equal terms to other investors and the guarantors are guaranteed a preferred allocation of 50% of the proceeds raised in the Private Placement ("claw-back").

The book opens today (24 June 2008) at 09.00 CET and will close at 16:00 CET on 27 June 2008, however, the Board of Marine Subsea may close the subscription period earlier at their own discretion but in any event no earlier than 16.30 CET on 25 June 2008.


For further information please contact:
Christian Nygaard, Managing Director; +4767518860 / +4797429778
Erik Just Johnson, Financial Director; +47 67 51 8868 / +4741577055


Marine Subsea AS is a Norwegian oil and gas service company, headquartered in Oslo, with focus on offshore marine operations in West Africa. The company currently has seven vessels under construction and two are in operation.

-Two Multipurpose/Intervention vessels, both to be delivered from the Ulstein Yard in 3Q 2009, and 4Q 2010. The first vessel is chartered on a 10 year contract to Sonangol. Through acquisition of the engineering firm, Lewis Ltd., based in Aberdeen, Marine Subsea has secured subsea well intervention technology.

-Five work / accommodation barges, two of which are already in operation, and three to be delivered from 3Q and until end 2008. The first barge is contracted to work for Chevron in Angola, and the second for ENI in Congo.

-The 50/50 joint venture with Consafe MSV AB is for a Semi Submersible Crane Vessel to be delivered in 3Q 2009. The rig is chartered on a 5 year contract to Sonangol for operations in Angola.

- Drillship contract for ultra deep water to operate in West Africa beginning 2011.

Marine Subsea owns a local company at the Sonils base in Luanda.

Marine Subsea is OTC-listed under the ticker code MSAS.

MARINE SUBSEA AS ENTERS INTO A SALE-LEASE-BACK FOR TWO BARGES

Company news

2008-06-24 07:18:04

Marine Subsea AS has entered into a 10+5 year sale-lease-back transaction with a new company set up by Pareto Private Equity AS. The transaction includes the two Accommodation Construction Support Barges, African Fjord and African Caribe. Total sales price for the barges is MUSD 79 million. Marine Subsea will maintain full operational control of the assets (bareboat).

The sale of the barges triggers mandatory redemption in two of the bond loans outstanding. A redemption of USDm 34 to be repaid of the USDm 170 bond with ISIN NO 001037513.2 and a redemption of USDm 19.5 of the USDm 130 bond with ISIN NO 001035359.2.

The transaction has still outstanding subjects related to but not limited to documentation, and a full disclosure will be given when all subjects are lifted


For further information please contact:
Christian Nygaard, Managing Director; +4767518860 / +4797429778
Erik Just Johnson, Financial Director; +47 67 51 8868/ +4741577055

Marine Subsea AS is a Norwegian oil and gas service company, headquartered in Oslo, with focus on offshore marine operations in West Africa. The company currently has seven vessels under construction and two are in operation.

-Two Multipurpose/Intervention vessels, both to be delivered from the Ulstein Yard in 3Q 2009, and 4Q 2010. The first vessel is chartered on a 10 year contract to Sonangol. Through acquisition of the engineering firm, Lewis Ltd., based in Aberdeen, Marine Subsea has secured subsea well intervention technology.

-Five work / accommodation barges, two of which are already in operation, and three to be delivered from 3Q and until end 2008. The first barge is contracted to work for Chevron in Angola, and the second for ENI in Congo.

-The joint venture with Consafe MSV AB is for a Semi Submersible Crane Vessel to be delivered in 3Q 2009. The rig is chartered on a 5 year contract to Sonangol for operations in Angola.

- Drillship contract for ultra deep water to operate in West Africa beginning 2011.

Marine Subsea owns a local company at the Sonils base in Luanda.

Marine Subsea is OTC-listed under the ticker code MSAS.

MSAS - Marine Subsea AS - Extended forward contract

Company news

2008-05-27 14:30:15

Eksportconsult AS (controlled by Mr. Mårten Rød, Chairman of Marine Subsea AS) and Harmon Trading Inc. (controlled by Mr. Gian Angelo Perrucci, Board Member) have 26.05.08 extended the forward contract, on each 399.000 shares in Marine Subsea (MSAS). New strike price is NOK 23,5 with expiration date 24.11.2008.
Directly and indirectly Eksportconsult AS controls 12.310.000 shares, and Harmon Trading Inc. controls 16.310.000 shares in Marine Subsea AS.

Mandatory notification of trade

Company news

2008-05-13 09:32:42

Eksportconsult AS (controlled by Mårten Rød) has sold 4.000.000 shares at the share price of NOK 20, due to tax reasons. His total amount of shares after the sale is 12.310.000 shares and he controls now 18,65% of Marine Subsea AS.

MARINE SUBSEA SECURES THREE YEARS CONTRACT FOR WORK/ACCOMMODATION BARGE IN CONGO

Company news

2008-03-14 10:22:26

(Oslo, March 14th 2008) Marine Subsea AS has secured a new contract in West Africa.

- We are pleased to announce that the second barge currently under tow from Singapore to Pointe Noire, has won a contract to work for ENI. The barge will start operations in April. The day rate secures an EBITA of approx. USD 12,5 million per year, says Christian Nygaard, Managing Director in Marine Subsea AS.


- This emphasizes again our strong position offshore West-Africa, continues Mr. Nygaard.

For further information, please contact:
Christian Nygaard, Managing Director
Marine Subsea AS.
Phone: + 47 67518860 /+ 47 97429778 (mobile)

Marine Subsea AS is a Norwegian oil and gas service company, headquartered in Oslo, with focus on offshore marine operations in West Africa. The company currently has seven vessels under construction and two under delivery.

-Two well intervention vessels, both to be delivered from the Ulstein Yard in 3Q 2009, and 4Q 2010. The first vessel is chartered on a 10 year contract to Sonangol. Through acquisition of the engineering firm, Lewis Ltd., based in Aberdeen, Marine Subsea has secured subsea well intervention technology.

-Five work / accommodation barges, two of which have already been delivered, and three to be delivered from 3Q and until end 2008. The first barge is contracted to work for Chevron in Angola, and the second for ENI in Congo.

-The 50/50 joint venture with Consafe MSV AB is for a Semi Submersible Crane Vessel to be delivered in 3Q 2009. The rig is chartered on a 5 year contract to Sonangol for operations in Angola.

- Drillship contract for ultra deep water to operate in West Africa beginning 2011.

-Marine Subsea owns a local company at the Sonils base in Luanda.

Marine Subsea is OTC-listed under the ticker code MSAS, and is aiming for a listing on Oslo Stock Exchange during 2008.

MARINE SUBSEA SECURES CONTRACT FOR LAST GENERATION DRILLSHIP.

Company news

2008-03-14 08:18:21

(Oslo, March 14th 2008) Marine Subsea AS has secured a long term contract for a Drillship capable of drilling in ultra-deep water.

- We are pleased to announce an important achievement, securing a 5 year contract with an operator in West Africa. The vessel will represent the latest state of technology, and be capable of operations up to 10,000 ft of water, and drilling down to 40,000 ft. Operations is expected to commence during 2011, says Christian Nygaard, Managing Director in Marine Subsea AS.

Marine Subsea AS is currently negotiating with joint venture partners for the Drillship.

- The contract guarantees a minimum average EBITDA over the five year period of approx. USD 155 millions per year. Given favorable market conditions, the earnings may be increased, continues Mr. Nygaard

For further information, please contact:
Christian Nygaard, Managing Director
Marine Subsea AS.
Phone: + 47 67518860 /+ 47 97429778 (mobile)

Marine Subsea AS is a Norwegian oil and gas service company, headquartered in Oslo, with focus on offshore marine operations in West Africa. The company currently has seven vessels under construction and two under delivery.

-Two well intervention vessels, both to be delivered from the Ulstein Yard in 3Q 2009, and 4Q 2010. The first vessel is chartered on a 10 year contract to Sonangol. Through acquisition of the engineering firm, Lewis Ltd., based in Aberdeen, Marine Subsea has secured subsea well intervention technology.

-Five work / accommodation barges, two of which have already been delivered, and three to be delivered from 3Q and until end 2008. The first barge is contracted to work for Chevron in Angola, and the second for ENI in Congo.

-The 50/50 joint venture with Consafe MSV AB is for a Semi Submersible Crane Vessel to be delivered in 3Q 2009. The rig is chartered on a 5 year contract to Sonangol for operations in Angola.

-Marine Subsea owns a local company at the Sonils base in Luanda.

Marine Subsea is OTC-listed under the ticker code MSAS, and is aiming for a listing on Oslo Stock Exchange during 2008.

CORRECTION OF PREVIOUS PRESS RELEASE dated 25.02.2008 "Extended Forward Contract"

Company news

2008-02-27 11:04:55

Eksportconsult AS (controlled by Mr. Mårten Rød, Chairman of Marine Subsea AS) and Harmon Trading Inc. (controlled by Mr. Gian Angelo Perrucci, Board Member) have 25.02.08 extended the forward contract, on each 399.000 shares in Marine Subsea (MSAS). New strike price is NOK 19,36 with expiration date 26.05.2008.
Eksportconsult AS and Harmon Trading Inc. each controls directly and indirectly 16.709.000 shares.

MSAS - Marine Subsea AS - Extended forward contract

Company news

2008-02-25 14:12:20

Eksportconsult AS (controlled by Mr. Mårten Rød, Chairman of Marine Subsea AS) and Harmon Trading Inc. (controlled by Mr. Gian Angelo Perrucci, Board Member) have 25.02.08 extended the forward contract, on each 399.000 shares in Marine Subsea (MSAS). New strike price is NOK 19,36 with expiration date 26.05.2008.
Eksportconsult AS and Harmon Trading Inc. each controls directly and indirectly 16.310.000 shares.

Marine Subsea Acquires Interoil Angola Limitada

Company news

2008-02-05 08:50:25

Press Release - Marine Subsea. Se vedlegg

MARINE SUBSEA AND CONSAFE LTD. AWARDED LONG TERM SERVICE RIG-CONTRACT IN ANGOLA

Company news

2007-12-03 08:25:12

(Oslo, December 3rd 2007) Marine Subsea and Consafe Ltd. is awarded a five plus two year option contract in Angola - West Africa, for a semi submersible crane vessel (SSCV). The contract guarantees a day rate of minimum USD 200.000 adjusted annually by LIBOR + 2% for 250 days per year.

Marine Subsea and Consafe Ltd. is a joint venture company between Marine Subsea AS and Consafe MSV AB. Consafe MSV AB is majority owned by the J Christer Ericsson family and Yantai Raffles Shipyard Shiplease Ltd. J Christer Ericsson is also a 25% shareholder in Marine Subsea AS.

- We are pleased to announce this important semi submersible crane vessel contract with Sonangol, strengthening our presence in the rapid growing West-African market further. The SSCV is capable of lifting up to 2,500 MT and will have accommodation for up to 400 persons. The vessel is currently under construction at Yantai Raffles Shipyard with a scheduled delivery in the second quarter of 2009, says Managing Director Christian Nygaard in Marine Subsea AS.

- West Africa has many deepwater discoveries that will add substantial amounts on new production capacities. These projects include installation of FPSO, spars, tension-leg platforms (TLP), and tie-backs of subsea completed wells. The semi submersible crane vessel is the best cost effective options for these projects, continues Managing Director Christian Nygaard.

The contract will generate an EBITDA of approximately USD 40 million for the 250 days in addition to revenues for the remainder of the year.

For further information, please contact:

Christian Nygaard
Managing Director
Marine Subsea AS.
Phone: +47 67518860 w
+47 97429778 m

Sia Payani
Managing Director
Consafe MSV AB
Phone: +46 317595532 w
+46 706332404

CORRECTION OF PREVIOUS PRESS RELEASE dated 27.11.2007 at 10:02:08 "Extended Forward Contract"

Company news

2007-11-27 11:45:47

Eksportconsult AS (controlled by Mr. Mårten Rød, Chairman of Marine Subsea AS) and Harmon Trading Inc. (controlled by Mr. Gian Angelo Perrucci, Board Member of same) have 26.11.07 extended the forward contract, on each 399.000 shares in Marine Subsea (MSAS). New strike price is NOK 18,91 with expiration date 25.02.2008.
Eksportconsult AS and Harmon Trading Inc. each controls directly and indirectly 16.709.000 shares.

Extended Forward Contract.

Company news

2007-11-27 10:02:08

Eksportconsult AS (controlled by Mr. Mårten Rød, Chairman of Marine Subsea AS) and Harmon Trading Inc. (controlled by Mr. Gian Angelo Perrucci, Board Member of same) have 26.11.07 extended the forward contract, on each 399.000 shares in Marine Subsea (MSAS). New strike price is NOK 18,91 with expiration date 25.02.2008.
Eksportconsult AS and Harmon Trading Inc. each controls directly and indirectly 16.310.000 shares.

MARINE SUBSEA ACQUIRES LEWIS LTD.

Company news

2007-10-01 07:38:24

(Oslo, October 1st 2007) Marine Subsea AS has entered into an agreement to acquire the Scottish subsea company Lewis Ltd. Lewis provides design, development and engineering, as well as project management services to the oil- and gas industry.
- We are pleased to announce the strategic decision to acquire Lewis Ltd., leveraging our presence in the subsea well intervention market. Lewis' highly competent engineers and designers offer complete solutions and advanced intervention technologies. Lewis is regarded among the industry leaders in riserless intervention technologies. By incorporating Lewis' intervention systems for access to subsea wells with our intervention vessels, Marine Subsea becomes a more complete provider of services to the oil- and gas industry, says Managing Director Christian Nygaard in Marine Subsea AS.
Lewis will operate as normal towards existing clients, but with the added financial backing of Marine Subsea. In addition, the transaction will reduce Lewis' time-to-market for new subsea technologies.
- We are delighted to enter into this new relationship with Marine Subsea. The company is building two new vessels and the inclusion of our intervention systems will clearly be advantageous. Additionally, we will continue to develop advanced subsea intervention systems, technologies and equipment for the wider well operations market, Lewis' Managing Director, Drummond Lawson, says.

For further information, please contact:

Christian Nygaard
Managing Director
Marine Subsea AS.
Phone: +47 67518860 w
+47 97429778 m

Marine Subsea AS is a Norwegian oil and gas service company, headquartered in Oslo, with focus on construction support and well intervention. Marine Subsea has two well intervention vessels, to be delivered from the Ulstein Yard in 3Q 2009, and 4Q 2010, the first vessel is chartered on a 10 year Sonangol contract for operations in West Africa. Marine Subsea also has five work / accommodation barges to be delivered from Q4 2007, the first barge is on contract with Chevron in Angola. The company is OTC-listed under the ticker code MSAS, and is aiming for a listing on Oslo Stock Exchange 1Q 2008.

For further information:
Lewis see: www.lewis.ltd.uk
Mariene Subsea : www.marinesubsea.no

MARINE SUBSEA ENTERS INTO A COOPERATION AGREEMENT WITH OILFIELD TECHNOLOGY GROUP, OTG.

Company news

2007-10-01 07:36:54

(Oslo, October 1st 2007) Marine Subsea AS has completed a due diligence phase related to the letter of intent to acquire OTG Consulting and Drilling/Intervention. Marine Subsea has concluded that it will not acquire the two divisions of the company, but will instead enter into a cooperation agreement.

- We believe the business objectives we had originally identified can better be achieved through a close Cooperation Agreement, says Managing Director, Christian Nygaard in Marine Subsea AS.


For further information, please contact:

Christian Nygaard
Managing Director
Marine Subsea AS.
Phone: +47 67518860 w
+47 97429778 m

Marine Subsea AS is a Norwegian oil and gas service company, headquartered in Oslo, with focus on construction support and well intervention. Marine Subsea has two well intervention vessels, to be delivered from the Ulstein Yard in 3Q 2009, and 4Q 2010, the first vessel is chartered on a 10 year Sonangol contract for operations in West Africa. Marine Subsea has also five work/accommodation barges to be delivered from Q4 2007, the first barge is on contract with Chevron in Angola. The company is OTC-listed under the ticker code MSAS, and is aiming for a listing on Oslo Stock Exchange 1Q 2008.

MSAS - Partnership with Consafe MSV for West Africa

Company news

2007-09-19 09:38:30

Marine Subsea AS has entered into a Heads of Agreement with Consafe MSV to establish a Joint Venture to invest in a Semi Submersible Crane Vessel for operation in West Africa. Marine Subsea will have a 60% ownership in the Joint Venture, while Consafe MSV will have a 40% ownership.

In connection with this new partnership, Marine Subsea is looking to raise NOK 480 million in a convertible bond issue. Pareto Securities ASA will be manager of the private placement.

For additional information, please contact Christian Nygaard (+47 97 42 97 78)

Oslo, 19 September 2007

Company Presentation

Company news

2007-08-28 16:03:59

(28th of August 2007)Enclosed you find the Marine Subsea company presentation Managing Director, Christian Nygaard, will hold tomorrow at the `Pareto Securities' 14th annual Oil & Offshore Conference` at the Holmenkollen Park Hotel in Oslo.

MARINE SUBSEA ENTERS INTO LETTER OF INTENT (LOI) TO ACQUIRE OTG CONSULTING AND OTG DRILLING & INTERVENTIONS

Company news

2007-07-16 15:04:32

(Oslo, July 16th 2007) Marine Subsea AS has entered into a letter of intent to acquire OTG Consulting AS and OTG Drilling & Interventions AS, two business units of Stavanger based Oilfield Technology Group AS.

The OTG acquisition is expected to be closed in August/September. The transaction price for OTG Consulting and OTG Drilling & Intervention is NOK 135 mill which could be adjusted subject to the 90 days due diligence period and to be paid in installments over a 4 year period.

- OTG Consulting and OTG Drilling & Interventions are perfect strategic matches for Marine Subsea. The two companies have 42 highly skilled employees with extensive experience within field operations, project- and risk management, in addition to drilling and well intervention. Marine Subsea has recently ordered two well intervention vessels and the acquisition of OTG Consulting and OTG Drilling & Interventions strengthen this business unit even further, says Christian Nygaard, Managing Director of Marine Subsea.

Oilfield Technology Group AS (OTG) was established in October 2001 and has four business units: OTG Consulting, OTG Drilling & Interventions, OTG Energy and OTG Solutions.

- We are pleased to join forces with Marine Subsea. Marine Subsea has an exiting and ambitious growth strategy and we are sharing the view of how the market is evolving. We are looking forward to work with Christian Nygaard and his team to explore the market opportunities, says Ståle Fjelland, Managing Director of OTG Drilling & Interventions and Oilfield Technology Group's Chairman of the Board.

For further information, please contact:

Christian Nygaard
Managing Director
Marine Subsea ASA AS.
Phone: +47 67518666 w
+47 97429778 m

Marine Subsea AS is a Norwegian oil and gas service company, headquartered in Oslo, with focus on construction support and well intervention. Marine Subsea has two well intervention vessels, one , to be delivered from Ulstein Group in 3Q 2009, which is chartered on a 10 year Sonangol contract for operations in West Africa, and one to be delivered 3Q 2010. Marine Subsea has also five work/accommodation barges to be delivered from Q3 2007. The company is OTC-listed and is aiming for a listing on Oslo Stock Exhange in 4Q 2007.

Endring av aksje: Africa Offshore Services AS (MSAS)

Corporate actions

2007-07-09 21:31:21

Det er foretatt endringer i Africa Offshore Services AS (ISIN:NO0010353733, ticker MSAS). Navnet Africa Offshore Services AS har endret navn til Marine Subsea AS.

AOSA - Africa Offshore Services AS har endret navn til Marine Subsea AS

Company news

2007-07-09 13:07:52

Africa Offshore Services AS har endret navn til Marine Subsea AS. Selskapets ticker vil bli endret fra AOSA til MSAS.

Marine Subsea confirms contract with Ulstein Verft for a new well intervention ship as well as two more work barges from the Yantai Raffles yard in China

Company news

2007-07-06 15:23:34

Marine Subsea Inc. has today signed a contract with Ulstein Verft AS for building a well intervention ship of the type SX121. This will be the second vessel ordered from the Ulstein Verft.

Marine Subsea has also confirmed the purchase of two more work accommodation barges from the Yantai Raffles yard in China. This will give a total of five barges.

Marine Subsea AS is a Norwegian oil and gas service company, headquartered in Oslo, with focus on construction support and well intervention. Marine Subsea has two well intervention vessels, both to be delivered from Ulstein Group in 3Q 2009 and 4Q 2010. The first vessel is chartered on a 10 year Sonangol contract for operations in West Africa. Marine Subsea has also five work/accommodation barges to be delivered from Q3 2007. The company is OTC-listed and is aiming for a listing on Oslo Stock Exhange in 4Q 2007.

General meeting approves share issu towards Kristen Jakobsen

Company news

2007-06-27 09:59:24

(Oslo, June 27th 2007) The General Meeting of Marine Subsea AS has granted the board of directors the authority to issue up to 1.000.000 Marine Subsea AS shares in a private placement, and up to 1.000.000 shares in connection with the exercise of options, to Trafalgar AS, a 100 per cent owned company of Marine Subsea's new financial advisor, Kristen Jakobsen. The subscription price is NOK 12 per share.


For further information, please contact:

Christian Nygaard
Managing Director
Marine Subsea ASA AS.
Phone: +47 67518660 w
+47 97429778 m

Marine Subsea awarded an 18 months contract from Dynamic Industries International/ordering of 2 new barges and potentially a new well intervention vessel

Company news

2007-06-14 15:26:39

Marine Subsea AS has been awarded a second Letter of Intent, LOI with Dynamic Industries International, LCC for a work/accomodation barge in Angola from the fourth quarter 2007. The contract has a day rate of USD 48.000.
Following the contract, Marine Subsea is taking delivery of additional two barges.

- We are pleased to enter into this agreement with Dynamic Industries International, leveraging our presence in the important West African market. We are now in the process of partnering with Dynamics Industries International and are looking forward to develop our exciting joint projects, says Managing Director, Christian Nygaard, in Marine Subsea, and continues:
- Marine Subsea sees additional opportunities going forward and the delivery of additional two barges is bringing our barge fleet under construction from three to five. As a part of the business strategy of building up the local infra structure in Angola, Marine Subsea is also currently establishing a local office in Luanda.

Marine Subsea AS currently negotiates the contract for a second well intervention vessel with the Ulstein Yard. The contract includes an option for a third well intervention vessel.

For further information, please contact:

Christian Nygaard
Managing Director
Marine Subsea ASA AS.
Phone: +47 67518660 w
+47 97429778 m

Marine Subsea AS is a Norwegian oil and gas service company, headquartered in Oslo, with focus on construction support and well intervention. Marine Subsea has one well intervention vessel, to be delivered from Ulstein Group in 3Q 2009, which is chartered on a 10 year Sonangol contract for operations in West Africa. Marine Subsea has also five work/accommodation barges to be delivered from Q3 2007. The company is OTC-listed and is aiming for a listing on Oslo Stock Exhange in 4Q 2007.

Africa Offshore Services AS changes name to Marine Subsea AS

Company news

2007-06-14 15:04:45

As a part of our business expansion, we are changing the name of the company from Africa Offshore Services AS to Marine Subsea AS to better describe the company's activities, says Managing Director, Christian Nygaard, in Marine Subsea AS.

The name change is to be approved by the company's General Assembly.

For further information, please contact:

Christian Nygaard
Managing Director
Marine Subsea ASA AS.
Phone: +47 67518660 w
+47 97429778 m

Marine Subsea AS is a Norwegian oil and gas service company, headquartered in Oslo, with focus on construction support and well intervention. Marine Subsea has one well intervention vessel, to be delivered from Ulstein Group in 3Q 2009, which is chartered on a 10 year Sonangol contract for operations in West Africa. Marine Subsea has also three work/accommodation barges to be delivered from Q4 2007. The company is OTC-listed and is aiming for a listing on Oslo Stock Exhange in 4Q 2007.

Extended Forward Contract

Company news

2007-05-30 08:34:11

Eksport Consult AS (controlled by Mr. Mårten Rød, Chairman of Africa Offshore Services AS) and Harmon Trading Inc.(Controlled by Mr. G. A. Perrucci, Board Member of same) have 29.05.07 extended the forward contract, entered into on 27.02.2007, on each 399,000 shares. New strike price is NOK 13,53 with expiration date 27.08-2007.

Eksport Consult AS and Harmon Trading Inc. each controls directly and indirectly 16.709 mill shares.

Meldepliktig handel

Company news

2007-05-04 13:01:36

Christian Nygaard som er adm.dir. i Africa Offshore Services AS har i dag kjøpt 14.000 aksjer til en kurs på 14,00. Christian Nygaard eier totalt 61.000 aksjer.

New Shares

Company news

2007-02-28 08:21:41

Eksport Consult AS (controlled by Mr. Mårten Rød, Chairman of Africa Offshore Services AS) and Harmon Trading Inc.(Controlled by Mr. G. A. Perrucci, Board Member of same) have 27.02.07 entered into forward contracts to each purchase 399,000 shares at a strike price of Nok 13,265, expiration date 28,05 - 2007.

Eksport Consult AS and Harmon Trading Inc. each controls directly and indirectly 16.709 mill shares after this transaction.

New Shares

Company news

2007-02-27 11:03:01

Eksport Consult AS (controlled by Mr. Mårten Rød, Chairman of Africa Offshore Services AS, AOS) and Harmond Trading (Controlled by Mr. G. A. Perrucci, board member of AOS) have bought each 60.000 shares in Africa Offshore Services AS at a rate of 12,5 kr.

Letter of intent

Company news

2007-02-22 15:00:57

The Norwegian company Africa Offshore Services AS has received a Letter of Intent for one of their Work Accommodation Barges. The barge is currently under construction in Indonesia and accommodates 300 men quarter with 75 t offshore crane.
The barge will be ready for operation 4th quarter 2007 and contract duration is 2 years, with one year option. The dayrate is USD 65.000.-. The contract is expected to be awarded during the 1st quarter 2007.

For information, please contact:

Christian Nygaard
Managing Director
Africa Offshore Services AS.
Phone: +47 67518666 w
+47 97429778 m

Meldepliktig handel

Company news

2007-02-13 11:12:37

Christian Nygaard som er adm.dir. i Africa Offshore Services AS har i dag kjøpt 47.000 aksjer til en kurs på 10,50. Christian Nygaard eier totalt 47.000 aksjer.

AOSA – Africa Offshore Services AS er registrert på OTC – listen

Company news

2007-02-05 16:36:26

Africa Offshore Services AS er registrert på OTC - listen f.o.m. 6. februar 2007. Ticker: AOSA. ISIN: NO 001 0353 733. Antall aksjer utstedt av selskapet er 65 millioner. Emisjonsverdien på selskapet er NOK 650 millioner basert på siste emisjonskurs i januar 2007 på kurs NOK 10,-. Pålydende per aksje er NOK 0,01. Selskapet har inngått avtale om bruk av meldingssystemet og vil kunne benytte dette fra og med 6. februar 2007.

Africa Offshore Services AS (AOS) is incorporated in Norway and will supply offshore services to the West-African region. The company has signed a contract for delivery of one light-well intervention vessel from Ulstein Verft in 3Q09. The vessel is chartered on a 10 year contract with Sonangol for operations in West-Africa and Island Offshore will be the operator of the vessel. AOS has also ordered three offshore support barges with expected delivery in 4Q07, 2Q08 and 3Q08. The barges will be constructed at yards in China and Indonesia and marketed towards the West-African offshore market. The company is fully funded after raising NOK 325 mill. in equity from Norwegian and international investors, USD 100 mill in a bond and USD 70 mill in committed bank financing at delivery of the well intervention vessel (GIEK/Glitnir/BNP). The first offshore support barge is expected to generate positive cash flow from the beginning of 2008.