Havila Shipping ASA and Phoenix International, Inc. today signed a 10-year contract, with additional option years, for the newly built SubSea Construction Vessel, Havyard 858. The vessel is scheduled for delivery from Havyard Leirvik during the summer of 2008, and will support oil and gas industry initiatives in the US Gulf of Mexico. The contract has been entered into on market terms. Phoenix International, Inc. provides comprehensive marine services in subsea construction support; ROVs; underwater welding repair; conventional and one-atmosphere diving; deep ocean search and recovery; submarine rescue; engineering design; and systems development. The company maintains six regional offices located throughout the US, and its approximately 280 employees service a broad range of clients in the commercial and government market place. Contract operations for the new ship will be managed out of Phoenix's Houston, Texas office under the direction of General Manager, Frank Sayle. This contract confirms the position of Havila as a preferred long-term partner in this industry, and has strengthened its contract coverage within the segment of high-end vessels. The vessel will be named Havila Phoenix. Fearnley Offshore Supply, Houston, acted as broker and advisor for both parties. For more vessel information and previous press releases; www.havila.no For more information, contact: CEO Njål Sævik; tel. +47 90935722 CFO Nils Peter Skeide; tel. +47 91530965 or Frank Sayle; tel. 1.281,815,8050 (Phoenix Subsea Projects Group, Inc. USA) fsayle@phnx-international.com