Paris, June 17, 2008

Worldwide Building Corporation and DOF Subsea announce that their 50/50 joint venture has been awarded by Petrobras a contract, worth approximately USD 250 million, for the four-year charter of a new pipelay vessel. The vessel will be used for pipelines installation and retrieval offshore Brazil, at water depths reaching 2,000 meters. The contract includes an option for an additional four-year period.

This vessel will be the first of her kind built and registered in Brazil, and will be fitted with a 200 ton lay tower and a 250 ton crane. She will be able to carry up to 2,750 tons of flexible pipe and umbilicals^*.

This vessel is part of Worldwide Building Corporation and DOF Subsea’s fleet development strategy. She is currently under construction at Aker Promar’s yard in Rio de Janeiro, Brazil and will be owned by the Worldwide Building Corporation/DOF Subsea joint venture.

Under a separate contract, Worldwide Building Corporation will also provide Petrobras with the engineering and support services for offshore operations of the vessel.

^* Umbilical: an assembly of hydraulic hoses which can also include electrical cables or optic fibers used to control subsea structures from a platform or a vessel.