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ISLAND SCOUT- LONGTERM CONTRACT

The UT 755 L Island Scout, who was delivered from Brevik Construction AS in January 2005, has been chartered to Transocean for one year starting mid February 2005. The vessel will support the drilling rig Sedco 712.

ISLAND FRONTIER - APRIL 2005

Island Frontier completes its first well intervention campaign in April. After a short mobilization in Bergen, the vessel proceeded to Onarheimsfjorden for a five day wet trial over a dummy well. The vessel then went straight to the Strathspey Well. The scope of work was to replace a down hole safety valve and the entire job was completed in less than 6 days including 24 hours lost due to the weather conditions. The owner of the well, Chevron Texaco was very staisfied with the work and the way Island Offshore and its subcontractors FMC and Maritime Wells focus on safety contributed to a successful campaign.

ISLAND FRONTIER - FEBRUARY 2005

Island Offshore Management AS and Island Frontier obtains UK Safety Case. The UK Safety Case will allow Island Frontier to perform work on live wells on the UKCS.