Sea Trucks Group Ltd ( STG ), one of the largest and fastest growing oil and gas marine contractors in West Africa, announces its Q1 results:

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1 Sea Trucks Group Ltd 12 th May Q1 Results For the First Quarter Ended 31 st March 2011 Sea Trucks Group Ltd ( STG ), one of the largest and fastest growing oil and gas marine contractors in West Africa, announces its Q1 results: 2011 Q1 Revenue: US$ 91 million (down 6% compared to Q1 2010) 2011 Q1 Operating Profit: US$ 4 million (down from $ 36 million in Q1 2010) Backlog as at : US$ 198 million (compared to $ 202 million as at ) Continued investment in vessel construction with Jascon 31 successfully delivered Changes in senior management team: Fraser Moore taken up position as Group Managing Director as from 1 st retirement of Bert Bos Jan 2011 following Steve Assiter appointed Finance Director following retirement of Cobus Pot Fraser Moore, Group Managing Director, commented: Our operations in Q1 showed an unexpectedly slow start, particularly in January and February. Lower than expected vessel utilization was due principally to delays in potential contract awards and the relocating of two DP3 vessels to West Africa. However, March showed a solid return to profit with both utilization and revenues increasing and, driven by increasing activity in the market, we are confident that this trend will continue into Fraser Moore and Steve Assiter will host a conference call for bondholders about these and the full year 2010 results on Tuesday 24 th May. Please contact College Hill as below for details of this call. Enquiries: Sea Trucks Group Steve Assiter +971 (0) Corrie van Kessel +31 (0) (0) College Hill Simon Whitehead, Nick Elwes +44 (0) (London) Notes to Editors About Sea Trucks Group 1 of 5

2 Founded in 1977, the Sea Trucks Group is an international group of companies offering offshore installation, accommodation and support services to the Oil & Gas industry worldwide, employing more than 2,400 employees. The Group has been providing marine services to the major oil and gas companies as well as offshore construction companies in West Africa since the late 1970 s and with the recent expansion of its DP3 fleet is now able to offer clients around the world a broad range of offshore construction and accommodation services. The Sea Trucks Group has offices in Nigeria, Angola, Ghana, United Arab Emirates, The Netherlands, Australia and China and owns and operates a large and versatile fleet of vessels and barges, as well as supply base and fabrication facilities in Nigeria and the United Arab Emirates. With its indigenous operating company, West African Ventures (WAV), the group offers significant local content when executing sub-sea construction projects in Nigeria. WAV established its office in Lagos in 2001 and have since built its reputation of a reliable partner for pipelay, fabrication and installation engineering services as well as marine transportation. WAV have built up a considerable workforce of qualified local engineering personnel managed by experienced expatriates in the oil & gas industry. Further information can be obtained at Profit and Loss Account For the Quarter Ended 31 st March 2011 Actual Year ended Quarter ended Revenues 624,104 90,570 Expenses Staff costs -128,684-32,604 Depreciation -44,866-13,445 Equipment hire and subcontractors -109,468-7,287 Repair and maintenance -46,636-9,623 Other operating expenses -142,969-23,355 Profit from operating activities 151,481 4,256 Income from equity accounted joint venture 13,431 0 Other income 2,271 Finance income Finance costs -7,182-7,972 Profit before taxation 160,018-3,700 Taxation -38,422-4,329 2 of 5

3 Profit for the period 121,596-8,029 Segment revenue and results Segment revenue for the period DP3 Pipelaying, construction and accomodation fleet 462,757 39,767 Other offshore and inland marine support services 231,939 50,802 Inter segment revenues -70,592 Total Revenue 624,104 90,570 Segment operating profit for the period DP3 Pipelaying, construction and accomodation fleet 100, Other offshore and inland marine support services 50,991 4,906 Total operating profit 151,481 4,256 Segment profit for the period DP3 Pipelaying, construction and accomodation fleet 86,091-5,186 Other offshore and inland marine support services 35,505-2,843 Total operating profit 121,596-8,029 Balance Sheet 31 st March 2011 Note Assets FIXED ASSETS 1 994,715 1,019,390 CURRENT ASSETS Inventories 11,612 11,477 Trade and Other receivables 2 184, ,160 Cash and cash equivalents 22,133 39, , ,094 3 of 5

4 TOTAL ASSETS 1,212,611 1,268,484 Shareholder's Equity and Liabilities CURRENT LIABILITIES Trade and other liabilities 3 298, ,077 Taxation 27,396 27, , ,667 NON CURRENT LIABILITIES Bank loans and other 4 284, , , ,250 CAPITAL AND RESERVES Called up share capital 50,000 50,000 Other reserves 552, ,567 TOTAL SHAREHOLDERS EQUITY 602, ,567 TOTAL SHAREHOLDER'S EQUITY AND LIABILITIES 1,212,611 1,268,484 Notes on the Management Accounts 31 st March FIXED ASSETS COST At 1 January 2010/11 688, ,385 Additions 170, ,027 Participation in Joint Venture 1,732 - Disposals & Other movements -6,898-2,777 At 31 Dec 2010/31 March , ,635 DEPRECIATION At 1 January 2010/11 149, ,719 Charge for period 44,866 13,445 Relating to disposals/other movements At 31 Dec 2010/31 March , ,303 Investment Under Construction At 1 January 2010/11 397, ,049 4 of 5

5 Additions 103,238 38,036 Transferred to Fixed Assets -170, ,027 Other movements At 31 Dec 2010/31 March , ,058 Total Net book amounts at: 31 December March ,715 1,019, DEBTORS Trade debtors 112, ,423 Amounts due from Customers 2,500 Prepayments and accrued income 69,208 72, , , TRADE AND OTHER CREDITORS Trade creditors 156,419 30,194 Bank loans 60,217 82,000 Other loans 13,426 3,182 PAYE and social security Accruals and deferred income 57,651 67,086 Vat/WHT liability 10,105 13, , , CREDITORS: amounts falling due after more than one year Bank loans 258, ,667 Long term Accruals 26,400 27, , ,250 5 of 5