R&R Marine newbuildings for Pelican Offshore

R&R Marine Fabrication and Drydock (“R&R Marine”) in Port Arthur, Texas, has signed an agreement with Pelican Offshore Services Company, Inc. (“Pelican Offshore”) of Galveston, Texas to build four lightering support vessels with an option to build four additional vessels.

Pelican Offshore is a wholly owned subsidiary of AET Inc Limited (“AET”) — the leading lightering operator in the Gulf of Mexico. Steel for the first of four 57 metre lightering support vessels is expected to be cut in April 2007. Delivery of the first vessel is scheduled in June 2008 and will be followed by the remaining three vessels in four-month intervals with the last vessel being delivered in June 2009.

Pelican Offshore and its parent AET will become the only lightering operator in the Gulf with modern, state-of-the-art support vessels when these new vessels are delivered. The four new vessels will be brought into operation as they are completed.

In addition to meeting all U.S. Coast Guard and Environmental Protection Agency requirements, the new vessels will meet all SOLAS (Safety of Life at Sea) and ABS criteria, and have a foam capable fire monitor, twin Caterpillar 3516 engines, a noise reduction package and other upgrades to increase crew comfort.