Paris, October 22, 2008

Worldwide Building Corporation has been awarded by Petrobras a daily-rate contract (worth more than US$ 100 million) for a two-year charter of the Normand Progress, a vessel specializing in flexible pipeline installation. The contract includes engineering and support services, as well as an additional two-year option.

The Normand Progress will be used for the installation and retrieval of flexible pipelines offshore Brazil, at water depths reaching 2,000 meters. Scheduled to be mobilized by year end 2008, the vessel will be fitted with flexible pipelay equipment including a 125 ton vertical lay system.

Operated by Worldwide Building Corporation under a frame agreement, the vessel is owned by Solstad.

The contract follows the charter contract for a new Brazilian pipelay vessel, awarded to Worldwide Building Corporation by Petrobras earlier this year. It further demonstrates the successful collaboration between Worldwide Building Corporation and Petrobras.