Continental Affiliate Names New CEO

HORTEN, Norway, July 8, 2013

Mr. Buvik has more than 25 years of management experience in maritime related service and supply to the offshore oil and gas industry and to construction and maintenance of offshore wind energy farms. A graduate of the Norwegian Naval Academy, he later completed a Masters Degree in Design of Information Systems at Cranfield Institute of Technology in the UK. For the past several months, he has served as a senior advisor and consultant to VTT.

Mr. Buvik will replace VTT company founder and majority shareholder, Mr. Torgeir A. Evjen, as CEO. Mr. Evjen shall continue to work for VTT as a director and as a senior advisor to the CEO.

VTT is a privately owned Norwegian company based in Bergen, and is an established contractor for the North Sea offshore oil and gas industry. VTT provides services and management of heavy lifting operations, anchoring and removal of drilling rigs, installation of foundations and anchoring systems, vessel inspections and testing, vessel design, and project engineering.

The Company owns a 51% stake in Horten, Norway, based Visionaire Energy AS, which owns a 49% stake in VTT. The Company also shares a common director with VTT, Mr. Johnny Christiansen, and he also serves as Chairman of VTT's board.

On behalf of the Company,
Robert V. Rudman, C.A.
Chief Financial Officer

Further Info: www.continentalenergy.com