Troms Offshore enters into new management contract

Troms Offshore has entered into an agreement with GSE Shipping I KS for commercial and technical
management of a new build to be delivered from the Hellesøy yard medio November 2011.  This new
build is a large Platform Supply Vessel (PSV) designed by Wartsila Ship Design as a VS 485 CD and is
the fifth ship of this type delivered by the yard.  Troms Offshore owns and operates two of these ships,
MV Troms Castor and MV Troms Pollux.

The recent newbuild owned by GSE Shipping was christened at the Hellesøy yard on 4th November 2011 and named MV Troms Artemis.

She is classed by Det Norske Veritas (DNV) and designed in accordance with Clean Design spesifications.  Troms Artemis carries high spesifications and capacities, has a deck space of 1.005 sqm2 and a deadweitght of about 5.000 tons and as such, she is among the largest PSVs in the market. Troms Artemis will carry NOR flag and a Norwegian crew, mainly recruited from Northern Norway.

Through this agreement Troms Offshore is strengthening its position in the market for large supply ships
and the agreement confirms Troms Offshore’s position as an attractive partner for owners of tonnage in
this semgment of the market.

Troms Offshore currently operates a fleet of 15 ships from its operating base in Tromsø.  The company
owns 4 large Clean Design PSVs with a deck space of about 1.000 sqm2, and one smaller Clean Design
PSV with a deck space of 832 sqm2.  The company is developing larger fleet consisting of large Clean
Design PSVs for operations in the North Sea and in northern and arctic waters. The company intends to
take a leading position as a provider of supply services in the Barents sea and in arctic waters based on
its experience and competence from operating in arctic conditions and with challenging ice conditions.

Contact:
Mårten Lunde (+47 48148451)
CEO, Troms Offshore Supply AS

Østen Mortvedt (+47 91320804)
Managing Director, Troms Offshore Management AS