“Prisco” announces the purchase by OAO Sovcomflot of six tanker vessels

Two of the vessels are time-chartered to Exxon Neftegas Limited (“ENL”) for Sakhalin-1 oil export operations.  Both vessels will continue operations under current agreement with ENL.
Three other vessels are on charter to Sakhalin Energy Investment Company Ltd (“Sakhalin Energy”). The sixth vessel is fully equipped, designed and constructed for Sakhalin shuttle service and was formerly chartered to ENL.
As founding participants of the Sakhalin shuttle business, Prisco is proud of its achievements in building a novel design of ice-class vessels and trading them successfully in difficult environments.  Prisco looks forward to working again with ENL and Sakhalin Energy and takes this opportunity express its gratitude to ENL and Sakhalin Energy for their loyal support over recent years.
This transaction will be completed in February 2011 and has the approval of the relevant charterers.