R&R Marine to Build Lightering Support Vessels for Pelican Offshore Services

R&R Marine Fabrication and Drydock ("R&R Marine") announced today it has signed an agreement with Pelican Offshore Services Company, Inc. ("Pelican Offshore") of Galveston, Texas to build four lightering support vessels with an option to build four additional vessels. Pelican Offshore is a wholly owned subsidiary of AET Inc Limited ("AET") -- the leading lightering operator in the Gulf of Mexico.

Steel for the first of four 185-foot lightering support vessels is expected to be cut in April 2007. Delivery of the first vessel is scheduled in June 2008 and will be followed by the remaining three vessels in four-month intervals with the last vessel being delivered in June 2009.

Pelican Offshore and its parent AET will become the only lightering operator in the Gulf with modern, state-of-the-art support vessels when these new vessels are delivered. The four new vessels will be brought into operation as they are completed.

In addition to meeting all U.S. Coast Guard and Environmental Protection Agency requirements, the new vessels will meet all SOLAS (Safety of Life at Sea) and ABS criteria, and have a foam capable fire monitor, twin Caterpillar 3516 engines, a noise reduction package and other upgrades to increase crew comfort.

R&R owners Ricky Martinez, Tommy Nugier and Keal Woodruff collectively expressed, "The contract with Pelican is another example of the confidence that vessel owners have placed in R&R Marine for their new construction requirements and we are very pleased to have the opportunity to work with Pelican on their fleet expansion."

R&R Marine provides a full-range of repair, maintenance, conversion and drydock services to vessels in the maritime industry. The Company operates three facilities on the Texas Gulf-Intracoastal waterway servicing tankers, drill rigs, tugs, barges and other offshore support vessels. Additionally, the Company has the capability to construct new barges and boats.

For further information about R&R Marine Fabrication and Drydock visit the Company's web site at http://www.rrmarine.com , email to [email protected] , or call 409-963-0035. Pelican Offshore Services Company Inc is a wholly owned subsidiary of AET Inc Limited (AET). AET owns and operates a fleet of 61 vessels, including 45 Aframax and 8 Very Large Crude Carriers (VLCCs). AET is a global shipping company engaged in the transportation of crude oil and related businesses. AET serves clients around the world, has offices located in the United States of America, United Kingdom, Singapore and Malaysia and is the leading operator of lightering in the Gulf of Mexico.