The Swiss-based Allseas Group S.A. has awarded the building contract for the dynamically positioned platform installation/decommissioning and pipelay vessel Pieter Schelte to Daewoo Shipbuilding and
Marine Engineering Co., Ltd., Korea.

The detail design of the vessel has been completed. Long-lead items, such as the power generation
equipment and the thrusters, were ordered in March 2007. In June 2008, the high-tensile steel for the
topsides and jacket lift systems were ordered. The total value of these orders was 200 million Euros.
The invitations to tender for the lift systems of Pieter Schelte will be sent out this summer.

The contract value is 454.5 million Euros on a total building sum of over 1.3 billion Euros.
Delivery of the completed vessel is foreseen for 2013.