Phoenix Announces Term Charter Agreement

Phoenix International, Inc., (Phoenix) announced today that it has signed a term charter agreement for the M/V ANNE CANDIES. The agreement includes options until August 2012. The M/V ANNE CANDIES is mobilized with a new, state-of-the-art Schilling Ultra Heavy Duty (UHD) intelligent Work Remotely Operated Vehicle (iWROV), and expands Phoenix’s subsea support capabilities to include infield development. The vessel is currently configured for deepwater inspection, maintenance and work tasks to depths of 11,500 feet. Future plans include the installation of a 40-ton knuckle-boom crane. The M/V ANNE CANDIES is a dynamically positioned (DP II) vessel 240 ft. long with a 54 ft. beam. She accommodates a total of 35 personnel, and is a sister ship to the M/V KIMBERLY CANDIES which is also on term charter to Phoenix. The Phoenix Subsea Projects Group manages the deepwater spread from its new office at 7171 North Highway 6, Houston, Texas. Otto Candies, L.L.C., with an office in Des Allemands, Louisiana, operates the vessel and provides technical support. Phoenix provides manned and unmanned underwater operations, design engineering, and project management services to clients in the offshore oil & gas, defense, and other ocean-interest industries worldwide. Expertise is available from six regional offices in the areas of wet and dry hyperbaric welding, conventional and atmospheric diving, robotic systems, and tooling. Our capabilities support subsea tieback; infield development; inspection, maintenance and repair; construction; deep ocean search & recovery; and submarine rescue.