Offshore staff

TRONDHEIM, Norway -- Emgs has entered into an agreement with Siem Offshore Inc. to charter the platform supply vessel Siem Mollie for three years. The company also has declared an option to extend the current charter for the vessel Sasha until 1Q 2010.

The Siem Mollie is under construction in Norway and is scheduled for delivery to emgs on Aug. 1, 2007. The vessel, which will become the fifth in the emgs fleet, will be operational shortly thereafter.

Emgs has agreed to pay a day rate of $28,500, increasing to $29,500 per day when certain upgrading paid by the shipowner is finished.

The Sasha already is a part of the emgs operational fleet. The company will extend the current charter for this vessel at a day rate of $28,500.

"This represents an important step forward in building emgs' seabed logging capabilities. With the fifth vessel in place and two more purpose-built vessels coming during 2008, emgs growth is secured through 2008. Emgs is continuously evaluating various opportunities to handle further growth," says CEO Terje Eidesmo.

5/21/2007