Press release

New Vessel Management Contract to

GOLDEN ENERGY OFFSHORE Ålesund 10.05.2013

Golden Energy Offshore are proud to announce the award of a prestigious 5 years firm contract plus 2

x 5 years options with BP Norge to fully manage their two new-build large size Platform Supply

Vessels (PSV) of UT 776 CD design for operation in the North Sea. See illustration page 2. Golden Energy Offshore will provide on-site management support for the new-building and

commissioning phase of the two new PSVs in addition to full management as from delivery from Yard.

The award of this contract will involve about 55-60 crew and on-shore support staff from Golden

Energy Offshore and will increase turnover in range of MNOK 250 during the firm period.

The first of the sophisticated high specification purpose built vessels for operation in Norway/North

Sea will be delivered from yard in March – 2014 and the second vessel in May-2014.

Per Ivar Fagervoll CEO – Golden Energy Offshore “Golden Energy Offshore is a fully integrated ship owning company located in Ålesund, Norway with all management functions in-house and we look forward to working with BP in providing full management and logistics services for these vessels for the benefit and success of both parties. We are both proud and humble by this award which we believe recognises our commitment to delivering safe, strong and reliable operational excellence through our teams both offshore and onshore. With a history dating back 85 years, the award of this contract is and will remain a major “milestone” to the company.– Fagervoll says in a statement.

Einar Valheim, Logistics Manager BP Norway: “BP has had a successful relationship with Golden Energy Offshore for a number of years and are very comfortable that they will secure safe, reliable and efficient operations of the 2 new vessels” – Valheim says in a statement For further information contact:

Per Ivar Fagervoll CEO – Golden Energy Offshore mobile +47 97 42 88 84 or email pif@geoff.no