Labroy Group News

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.

Seabulk International, Inc. has purchased and delivered o the Seabulk Africa, a newbuild UT-755L platform supply vessel (PSV) built at the Simek Shipyard in Norway. The 5,500-horsepower, 236-ft. vessel will join the Company's West African fleet, which presently comprises 42 vessels ranging from crewboats to sophisticated anchor handlers. PSVs are large, multipurpose vessels used to ferry equipment, supplies and personnel to offshore platforms and rigs engaged in the production of crude oil and natural gas. "This is a state-of-the-art vessel and the Cadillac of the industry," commented Hubert E. Thyssen, corporate vice president and senior vice president of marketing for Seabulk Offshore, the Company's offshore vessels subsidiary.