Redemption or Purchase of Own Shares out of Capital

The London Borough of Merton-0.23954351.395005KT3 6JJCompanies Act 19852003-03-132003-03-18KT36JJTSO (The Stationery Office), St Crispins, Duke Street, Norwich, NR3 1PD, 01603 622211,

Pursuant to section 175 of the Companies Act 1985, notice is hereby given that: 1. The Shareholders of European Marine Investments Limited (“the Company”) passed on 13 March 2003, written Resolutions authorising the payment out of Capital of a total of US $30,000,000 for the purpose of the Company acquiring 3,000,000 “A” Ordinary Shares of US $1.00 each from Saipem International BV and 27,000,000 “B” Ordinary Shares of US $1.00 each from ENI International BV. 2. The amount of the permissible capital repayment as defined by sections 170, 171 and 172 of the Companies Act 1985 as US$30,00,000. 3. The statutory declaration of the Directors and Auditors’ report required by section 173 of the said Act are available for inspection at the registered office of the Company situated at Saipem House, Motspur Park, New Malden, Surrey KT3 6JJ. 4. Any Creditor of the Company may at any time within the period of 5 weeks immediatley following 13 March 2003, (being the date of the above-mentioned written Resolutions, apply to the High Court under section 176 of the said Act for an Order prohibiting the payment. R Tomaselli, Director 13 March 2003.