FOR IMMEDIATE RELEASE

Reef Subsea restructures its business and appoints new Divisional Managing Director

Bergen, Norway - August 29, 2013: Reef Subsea has taken the step to restructure its business into two divisions - one being a new division focused on integrated subsea projects and the second a restructure of the Dredging & Excavation division.

In the restructure, Reef Subsea Power & Umbilical and Reef Subsea Norway has merged to form the new division, Reef Subsea Integrated Projects, which will offer subsea installation, inspection and protection services to clients in the oil & gas and offshore renewables markets.

The new division will be headed by new Managing Director, Arne Bengt Riple, who will be based out of Bergen, Norway. Mr Riple has considerable experience in the oil & gas and international shipping industry, working for Ulstein, TTS Norlift, and latterly at Aker Solutions as Vice President Subsea Services and Operations. His appointment is an important step in the successful merger of the subsea projects businesses and his experience in both engineering and subsea will prove critical in leading the growth of Reef Subsea Integrated Projects.

The strategic restructure will ensure Reef Subsea Integrated Projects remains focused on existing and future customer needs to become even more competitive within its core markets. The merger will also allow better flexibility when it comes to sharing the exceptional pool of in-house engineering talent.

Reef Subsea Dredging & Excavation (RSDE), which is part of Reef Subsea group of companies, has been restructured to manage two defined regions, Americas Asia Pacific (AMAP), and Europe Middle East Africa (EMEA), with a new Middle East office based in Abu Dhabi. The EMEA will include Aberdeen, Mandal in Norway, Abu Dhabi and Canada, whilst the AMAP region will include the Singapore, Mexico and Houston offices.

AMAP will be headed by Regional Director, Jason Miller, based in Houston, with Christian Aas, Regional Director, based in Mandal, heading the EMEA division. The restructure of the RSDE division will allow the division to retain its strong brand name, and strengthen the services it offers its worldwide operations.

Duncan MacPherson, CEO of Reef Subsea, said: “We strongly believe that we operate in an exciting market with growth opportunities and we want to be able to achieve our vision of being the leading subsea services partner to energy and construction companies worldwide, most recognised for our passion, presence and performance.

“To prepare for continued growth, it was vital that we combined our subsea projects businesses to form Reef Subsea Integrated Projects and restructure the Reef Subsea Dredging & Excavation division to better serve our clients around the world.”

Reef Subsea is an established, global specialist group delivering cost-effective and bespoke subsea services to the oil & gas, offshore renewables, power, telecommunications and subsea defence industries. With operations in the UK, Norway, Europe, Singapore, the Middle East and the USA, its experienced and knowledgeable team provides a range of integrated services including subsea construction & IMR, installation and trenching of cables and umbilicals, seabed dredging & excavation and ROV & survey services.

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Discover more about Reef Subsea at www.reefsubsea.com

…………………………………………………………………………………………………………………………………………………………………………………..…CONTACTS Pauline Cook, Fraser Media: +44 1224 857999 pauline@frasermedia.co.uk

Duncan MacPherson, Reef Subsea: +47 55 20 99 40 duma@reefsubsea.com

Reef Subsea group structure

Arne Bengt Riple, Managing Director Reef Subsea Integrated Projects

REEF SUBSEA INTEGRATED PROJECTS - based in Bergen, Aberdeen and Stockton-on-Tees providing a comprehensive portfolio of integrated subsea services, specialising in installation, construction, trenching and inspection, maintenance & repair (IMR) workscopes.

REEF SUBSEA DREDGING & EXCAVATION - with offices in Europe, Middle East, the Americas and Asia Pacific providing world leading services for seabed dredging & controlled flow excavation.

…………………………………………………………………………………………………………………………………………………………………………………..…CONTACTS Pauline Cook, Fraser Media: +44 1224 857999 pauline@frasermedia.co.uk

Duncan MacPherson, Reef Subsea: +47 55 20 99 40 duma@reefsubsea.com