New Global Offshore Services Provider Launched Following Acquisition of Vessels

Telford Offshore, a new name in the global oil and gas industry, officially launches today after acquiring four DP3 multi-purpose offshore construction vessels from Sea Trucks Group following its liquidation.

The newly formed contracting company has acquired four modern DP3 vessels which can support multiple activities, focusing on high capacity accommodation combined with lifting, fabrication and installation services. Together with the firm’s global project experience, Telford Offshore provides a compelling proposition throughout the full lifecycle of operations in shallow and deep waters, on greenfield and brownfield developments and from installation to decommissioning, including IRM and modifications.

Headquartered in Dubai, Telford Offshore has a global presence and will focus on areas where the vessels and company project personnel have demonstrated their capabilities, namely West Africa, South East Asia, Middle East and Latin America, with subsidiaries or representatives in each of these territories.

Telford Offshore benefits from the vast range of project experience brought across from past companies and the leadership of seasoned senior management. It is be able to adapt to the cultural needs of different clients and of a diverse workforce.

Tom M. Ehret, Chairman of the Board, stated: “Throughout the downturn, the oil and gas industry has been focused on reducing cost. The pain and the lessons learnt must not be forgotten as we start to recover. Indeed, the focus will remain on keeping costs low while increasing efficiency. This is why we believe the time is right for Telford Offshore to launch their value proposition which is firmly anchored on these two driving forces and our strong culture of service, performance and safety.”

Fraser Moore, Chief Executive Officer, commented: “Our goal is to reward the support our investors have provided to Telford Offshore by increasing the value of our company over the coming years. With the combination of our proven multi-purpose assets and our strong, resourceful teams, both onshore and offshore, we are confident we will succeed.

We have a sustainable balance sheet which should provide the confidence to both clients and other contractors that Telford Offshore will be a reliable partner in offshore engineering and construction activities. We have formed a new executive team, including Ivan Coyard (CFO) and Duncan MacPherson (COO), and combined with a hugely experienced board of Directors and the full support of investors, we believe we have developed a business platform that can provide stability and growth in the coming years.”

Telford Offshore’s fleet comprises four modern vessels, all built between 2007 and 2011: Telford 25, Telford 28, Telford 31 and Telford 34. Their DP3 capabilities and permanent walk to work systems allow them to benefit from safe and very high connectivity rates to fixed and mobile production installations, reducing downtime whilst on station. Their multi-purpose capabilities ensure that diverse operations can be undertaken by one single vessel.

Each vessel is able to provide accommodation services, to transport, lift and install subsea or topside components, lay pipe and carry out subsea construction.

Telford Offshore expects more assets to expand the company fleet in the coming months.

Ends.

Telford Offshore Executive Team:

• Fraser Moore: Chief Executive Officer, member of the Board
• Ivan Coyard: Chief Financial Officer
• Duncan MacPherson: Chief Operating Officer

Telford Offshore Board of Directors:

• Tom M. Ehret: Chairman of the Board
• Olivier Carré
• Ken Igbokwe
• L. Spencer Wells