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16

BP Azerbaijan Awarded Supply Contract

The contract value is estimated to be in excess of $103 million

BP Azerbaijan has awarded a 10-year firm charter for two Platform Supply to BUE Marine Ltd, a Renaissance Services SAOG?s subsidiary together with its operating partner, Kaspmorneftflot of Azerbaijan.

The contract value is estimated to be in excess of $103 million over the contract period.

Under the terms of the agreement, the first new vessel will commence operations in Azerbaijan in the fourth quarter of 2005 with the second vessel scheduled to commence operations during the third quarter of 2006.

The two 72 metre, 5450 BHP platform supply vessels will operate out of Baku, Azerbaijan and will support BP's offshore drilling, construction and production operations in the Azerbaijan sector of the Caspian Sea.

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