Monday December 27, 4:03 pm Eastern Time
Company Press Release
Marine Shuttle Operations Inc.
Consummated a Private Placement
HOUSTON--(BUSINESS WIRE)--Dec. 27, 1999--Marine Shuttle Operations Inc. (``MSO Inc.'')
(OTCBB:ZSUB - news) announced that it has consummated a private placement of 7,043,285 shares
of its common stock through Berliner Effektenbank AG, Berlin, and Christiania Markets, Oslo, for
gross proceeds of US $4,930,300.
MSO Inc. intends to use the funds for the repayment of indebtedness, for working capital, and for
detail engineering of the first Offshore Shuttle.
MSO Inc., through its wholly-owned Norwegian subsidiary, Marine Shuttle Operations AS
(``MSOAS''), is seeking to become a leading player in the market for decommissioning, installing, and
transporting offshore oil and gas structures. MSOAS has designed a new generation of vessel (the
``Offshore Shuttle'') which MSO Inc. believes will be capable of lifting and carrying most of the largest
offshore oil and gas installations without extensive cutting and dismantling. MSO Inc. believes over the
next 30 years, most of the installed base of structures will have to be decommissioned at an estimated
cost of $20 billion to $40 billion.
This release contains forward-looking statements including, but not limited to, the intended use of the
proceeds from the private placement, the ability of the Offshore Shuttle to provide decommissioning,
installation, and transportation services, and the estimated size of the decommissioning market. Actual
results could vary materially from the description contained herein due to many factors including
changing market conditions, competition, and the risks and uncertainties discussed in the Company's
Form 10-K for the year ended December 31, 1998, in its Registration Statement on Form S-1 declared
effective by the Securities and Exchange Commission on December 21, 1998, and in other documents
filed with the Securities and Exchange Commission. The Company does not undertake any obligation
to update the information contained herein, which speaks only as of this date.
Contact:
MasterMedia
Michael Juhran, 0049-30-26494818
fax: 0049-30-26494847
