Labroy Marine Ltd News

Viking Offshore & Marine Limited has announced it would participate in the ownership of a second cantilever drilling jack-up rig, further strengthening its partnership with Singapore rig veteran, Chan Kwan Bian as it accelerates its entry into mainstream offshore rig chartering. SGX Catalist-listed Viking said its wholly-owned Viking Asset Management Pte. Ltd. (VAM) will invest US$5.4 million to take a 30%-stake in Quick Booms Investments Limited (“QBI”), a special purpose vehicle controlled by Chan which has a contract with a yard to build the CJ46-X100-D GustoMSC designed for use in water depth up to 375 feet and can accommodate 120 men during operation.

Expanding its presence in the growing offshore West African market, Seabulk Offshore -- a subsidiary of Seabulk International, Inc. (Nasdaq: SBLK) -- announced that it has ordered two additional vessels for delivery in late 2004 and mid-2005, respectively. Built at a combined cost of approximately $23.4 million, the new vessels will work under long-term contracts for a major international oil company in offshore Angola. "West Africa is our biggest market and represents more than half of Seabulk Offshore's revenue," commented Larry D. Francois, President of Seabulk Offshore. The vessels, the Seabulk Advantage and the Seabulk Luanda, bring to five the total number of newbuilds currently under construction for Seabulk Offshore.

Expanding its presence in the growing offshore West African market, Seabulk Offshore -- a subsidiary of Seabulk International, Inc. has ordered two additional vessels for delivery in late 2004 and mid-2005, respectively. Built at a combined cost of approximately $23.4 million, the new vessels will work under long-term contracts for a major international oil company in offshore Angola. "West Africa is our biggest market and represents more than half of Seabulk Offshore's revenue," commented Larry D. Francois, President of Seabulk Offshore. The vessels, the Seabulk Advantage and the Seabulk Luanda, bring to five the total number of newbuilds currently under construction for Seabulk Offshore. Of the five, three are destined for West Africa and two for Brazil.

Expanding its presence in the growing offshore West African market, Seabulk has ordered two additional vessels for delivery in late 2004 and mid-2005, respectively. Built at a combined cost of approximately $23.4 million, the new vessels will work under long-term contracts for a major international oil company in offshore Angola. "West Africa is our biggest market and represents more than half of Seabulk Offshore's revenue," commented Larry D. Francois, President of Seabulk Offshore. The vessels, the Seabulk Advantage and the Seabulk Luanda, bring to five the total number of newbuilds currently under construction for Seabulk Offshore.

Labroy Marine Ltd. announced that the company's Singapore subsidiary Labroy Shipbuilding And Engineering Pte Ltd has signed a shipbuilding contract worth $34,575,000m for the construction of one unit of 30,000 DWT self discharging cement carrier scheduled to be delivered in March 2008. This shipbuilding contract is not expected to have any material effect on the earnings per share and net tangible assets per share of Labroy Group in the current year.

Singapore's Labroy Marine Ltd. reportedly signed a $24.8 million shipbuilding agreement with Norway's Belden Shipping Group. The company said that Labroy Shipbuilding and Engineering Pte. Ltd. will construct a 20,200-deadweight-ton cement carrier, which will be delivered in 2007.