Aker and Vryhof Anchors Extend Agreement

Monday, November 15, 1999
Aker Marine Contractors, Inc. (AMC), a subsidiary of Aker Maritime Inc, and Vryhof Anchors BV (Vryhof) have signed a Letter of Intent to extend their cooperation agreement through their U.S.-based joint venture company, TACP/Aker LLC. The companies currently hold considerable market share in their respective businesses. In addition to the Gulf of Mexico, considerable potential is seen in the newly developing deepwater markets offshore Brazil, West Africa and other areas of the world. The extended agreement is intended to capitalize on these new markets. As part of this the new agreement, AMC will sell to Vryhof the substantial assets and rights of Sea Talon Anchors (acquired by AMC in 1998). Within their core business, Vryhof will continue to concentrate on the design and manufacturing of high holding power drag embedment anchors and the supply of mooring components through other alliances. AMC will continue to focus on the marine contracting market, with particular emphasis on the design and installation of cost effective mooring systems for floating drilling, production and construction operations. The existing stock of anchors within the companies will be owned by TACP/Aker LLC and be offered for lease for preset moorings and other station keeping applications. The new agreement becomes effective immediately and will be on a long-term basis.

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