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Deep Sea Supply (OSL:DESSC) Revised Agreement With Scan Geophysical ASA

Deep Sea Supply (OSL:DESSC) Further to announcement by Scan Geophysical ASA ("Scan") dated 20 November 2008, Deep Sea Supply Plc ("DESSC") wishes to clarify that DESSC and Scan entered into an addendum to a previous agreement (the "Agreement") dated June 2006 regarding Scan's purchase of three vessels under construction at the ABG Shipyard.

Pursuant to the terms of the Agreement Scan would pay a final instalment of the purchase price, totalling USD 12,405,000, with one third on delivery of each of the three vessels. By the addendum now entered into, it has been agreed that the said payment of USD 4,135,000 per vessel (plus interest accrued from the initially agreed payment dates) shall be due and payable on November 30, 2009, April 30, 2010 and June 30, 2010, respectively. Furthermore, it has been agreed, that a portion of the first payment equal to NOK 20 mill, in Scan's election, may be settled, in part, by issuing 20 million new shares in favour of DESSC at a subscription price of NOK 1 per share.

20 November 2008 Deep Sea Supply Plc

This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.

Deep Sea Supply

http://www.deepseasupply.no

ISIN: CY0100120910

Stock Identifier: XOSL.DESSC

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