Reef Subsea awarded two-year service agreement contract

Reef Subsea awarded two-year service agreement contract Reef Subsea awarded two-year service agreement contract by BP Norge with first assignment on Valhall Field October 12, 2010 - Reef Subsea AS announced today that one of its Norwegian operating companies has been awarded a two-year service agreement contract by BP Norge. Technocean AS, a subsidiary of Reef Subsea AS, has signed a two-year service agreement with BP Norge for integrated subsea services in the North Sea. Upon signing the service agreement, a purchase order for the Valhall LoFS (Life of field seismic) rectification work was awarded. The work consists of subsea structure replacement, cable repair, recovery and re-installation, dredging, general survey and inspection work. Dredging work will be performed by Scan Mudring AS, a Norwegian-based company of Reef Subsea, using the Scanmachine and ROV mounted dredging system ( ScanROVdredges ), both in-house engineered units. The operation commenced in September onboard the "Volstad Surveyor” operated by Technocean. Mark Preece, Reef Subsea Chief Executive Officer, said "We are delighted that BP Norge has shown confidence in Reef Subsea by awarding our subsea contractor Technocean this remedial work in the Valhall Field. It is especially pleasing that Technocean will be working with our subsea dredging company Scan Mudring in providing this service”. Reef Subsea AS is an international group providing cost-effective integrated subsea services to the oil & gas and renewables industries. Its specialized subsidiaries - Technocean, Scan Mudring and Bluestone Offshore - provide operators and contractors with highly experienced personnel, key subsea technologies and construction support vessels. Reef Subsea serves its clients in the deepwater or demanding environments of the North Sea, South East Asia and North Atlantic areas. Reef Subsea is a 50/50 owned company of GC Rieber Shipping and HitecVision. www.reefsubsea.com ………………………………………………………………………………………. Technocean - based in Bergen, Norway - is a global subsea inspection, maintenance and repair, survey and light construction company, operating two construction support vessels. www.technocean.no Scanmudring - with bases in Norway, Scotland and Canada – is a subsea dredging and rock dump removal specialist operating worldwide in remote and challenging deepwater locations. www.scanmudring.com Contacts: Mark Preece - + 44 20 8439 95 23 – mark.preece@reefsubsea.com Veronique Lecompte - +44 20 8439 9552 – veronique.lecompte@reefsubsea.com