The two Jack-up Construction Vessels are to be delivered to Master Marine by Labroy Offshore Ltd ("Labroy") on a turn-key lump sum basis, whereby Labroy is responsible for engineering, procurement, construction, commissioning, testing and delivery of the first vessel in Q1 2010 and the second vessel six months thereafter.

All long lead items forming part of the Owners Furnished Equipment ("OFE") under the construction contracts for the two Jack-up Construction Vessels have been duly ordered by Master Marine. The OFE includes cranes from Huisman-Itrec, ABB-generators, switchboards, electrical motors and transformers, Kongsberg Automation and DP-II system, Mitab (Mitsubishi Volvo Penta) main engines and Schottel azimuth propellers.