Seabulk Contracts for PSV in Brazil

Seabulk International's wholly- owned subsidiary, Seabulk Offshore do Brasil, Ltda., has finalized an agreement with shipbuilder Promar Brazil (Estaleiro Promara I) to build a UT-755L platform supply vessel (PSV) for delivery in the fall of 2004, with an option for a second sister ship.

To be named Seabulk Brasil, the 5,460-hp, 236-ft. (71.9-m) newbuild has a purchase price of $16.7 million, and upon delivery, will enter the Brazilian offshore market, where the Company currently has one 200-ft. PSV operating.

The Company has also agreed to purchase a Brazilian-flag line-handling vessel for approximately $2.5 million. The purchase of the vessel, to be named the Seabulk Ipanema, is expected to close in July 2003.

Similar in design to Seabulk Offshore's new PSV flagship, Seabulk Africa, which joined the West Africa fleet earlier this year, Seabulk Brasil will be equipped with Fire Fighting Class 1 and Dynamic Positioning System Class 1 certification and high-tech communications and navigation equipment, including GMDSS up to A3 regions. The UT 755L model is capable of loaded speeds up to 12.5 knots with a larger cargo-carrying capacity than the 10-knot capability of smaller supply vessels.

Rolls Royce Marine is providing the UT 755L design and a substantial amount of equipment for the vessel. The cargo deck will offer 685 sq. m. of storage, and large holding tanks will be able to accommodate ballast/drill water, fresh water, dry bulk, fuel oil and base oil. Ten tanks will accommodate shipments of liquid mud (including four for mud/brine).