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March 23, 2004

PRISCO will build and will operate the icebreaking-class tug in cooperation with the largest specialized Norwegian shipping company Rieber Shipping AS

As it was informed earlier, Primorsk Shipping Corporation (PRISCO) in cooperation with the Norwegian ship owner Rieber Shipping AS has entered into a long-term contract with Exxon Neftegas Limited – Operator of the Sakhalin-1 Consortium and subsidiary of Exxon Mobil Corporation for charter of an icebreaking-classed tug. The contract has a duration of 15 years plus options from commencement in September 2006. The ship will provide icebreaking support during loading of oil and mooring operations at the oil terminal at De-Kastri. In addition to ENL, the Sakhalin-1 Consortium members are the Japanese company Sakhalin Oil and Gas Development Co., Ltd., Indian company ONGC Videsh Ltd. and two Russian companies, Sakhalinmorneftegas-Shelf and RN-Astra. This Consortium has been established for the development of three oil and gas fields on the Sakhalin shelf (Chayvo, Odoptu, and Arkutun-Dagi). Primorsk Shipping Corporation (PRISCO) is a private Russian shipping company with its head office in Nakhodka, Primorsky Krai. Branches and representative offices are situated in Singapore, Moscow, Yuzhno-Sakhalinsk, and Vladivostok. From the moment of its establishment in 1972, PRISCO has been providing transportation of liquid cargoes to northern and Arctic regions of the Russian Far East. PRISCO has highly qualified and experienced personnel trained according to the international standards. For more than 30 years PRISCO has been transporting oil and oil products to all ports of Sakhalin island. It has practical experience at De-Kastri port and at Vityaz Oil Terminal. The PRISCO management and its fleet are certified by Russian Maritime Register of Shipping and Det Norske Veritas for compliance with the International Safety Management Code and standards ISO-9001:2000, ISO 14001:1996. In 2003, PRISCO won the tender by Exxon Neftegas Ltd. for the charter of three icebreaking-classed Aframaxes each of 100,000 tons dwt. for transportation of Sakhalin-1 Project oil. PRISCO will build and will operate the icebreaking-class tug in cooperation with the largest specialized Norwegian shipping company Rieber Shipping AS. A contract for construction of the tug has been entered into with the Norwegian Yard Aker Langsten AS. The ship, with a length of 71 meters and propulsive power of about 9.000 kw. will be operated in extreme navigational conditions, as defined by the environmental criteria of the Sakhalin-1 Consortium and conventional rules of IMO (International Maritime Organization). The tug will be supplied with additional fire-fighting equipment. The fact that PRISCO won the tender reflects the recognition of the company’s safety standards and quality of services. Alexander D. Kirilichev, General Director of PRISCO said that the Company is ready to provide world-class level services at to its customers, including highest safety and environment protection standards.




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