Canyon Offshore Signs Master Service Agreement

January 3, 2003

Canyon Offshore has recently signed a three-year, multi-service agreement with Technip Offshore U.K. Limited to provide remote intervention services under a preferred subcontractor basis. The agreement governs all regions worldwide that Technip-Coflexip entities operate with the exception of Brazil. Under this contract Canyon will provide advanced work class systems and personnel, ROV tooling, remote intervention engineering services and Class 2 and 3 ROV support vessels. To enable Canyon to service the requirements under this agreement, the company will be increasing its fleet of ROV systems by the addition of three 2,500-meter rated Perry Slingsby Triton XLS work class ROV systems, scheduled for delivery in the second quarter of 2003. Projects likely to be undertaken by Canyon as part of the agreement include deepwater subsea installations of suction anchors, rigid spools, jumpers, structures, mattresses and crossing supports, pipeline pigging and testing, free-span rectification, acoustic metrology, pre- and post-lay surveys, subsea tie-ins and other deepwater construction support activities. Operations under the agreement have already commenced.

Canyon Offshore Signs Master Service Agreement

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