London April 17, 2007 - DeepSea Group Ltd., an independent engineering consultancy, today announced the appointment of Dave Rees as Marketing and Strategy Director.

Before joining DeepSea Group, Rees was President and CEO of Norse Solutions, Inc., the U.S. subsidiary of Oslo-based financial software and service company Norse Solutions AS. Prior to that he was President of CorrOcean, Inc., U.S. subsidiary of Trondheim headquartered CorrOcean ASA, a monitoring technology company. With 28 years experience in the oil and gas industry, he has also held various management and field operations positions with Halliburton and Gearhart Industries.

Rees will focus initially on building DeepSea’s corporate image both internally and externally. He will work in close co-operation with DeepSea management and engineering resources to develop the company’s vision for the future and ensure this is translated into the overall corporate image.

Based in Houston, he will also assist with developing the customer account management processes and will provide general support to the Houston business unit.

"Dave is joining the company at a very important time", said Dan Jackson, DeepSea Engineering’s Group Managing Director. "He brings to DeepSea a wealth of experience and expertise which will be of benefit both to the company and our clients."

Rees holds a Bachelor’s degree in Environmental Sciences from the University of East Anglia and post-graduate diplomas in management and marketing from Robert Gordon’s University in Aberdeen.

Oslo April 18, 2007 - Aker Kvaerner has signed a contract with MODEC International LLC for delivery of process modules for a floating production facility (FPSO). The total contract value for Aker Kvaerner is approximately USD 13 million.

The scope to be performed by the Aker Kvaerner subsidiary, Aker Kvaerner Process Systems, will be engineering, procurement, construction, assembly, test and delivery of Aker Kvaerner's sulphate removal unit (SRU) and deaerator system.

Engineering will be executed from the office in Oslo, Norway. Construction, assembly and testing will be carried out at Aker Kvaerner's new manufacturing facility in Port Klang, Malaysia. This will be the first delivery of process technology from this new facility in Malaysia which is a benefit regarding the relative short distance to the client's office in Singapore.

MODEC is a leading provider of floating production facilities (FPSO, PSO and TLP) The FPSO will be capable of crude processing and gas separation and compression. The FPSO will have an oil storage capacity of 1,600, 000 barrels. The FPSO is expected to start the production in the field in the fourth quarter of 2008.