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2008 for a total $34.5 million and, accordingly, increased its anchor handling towing supply vessel count by two vessels. Both vessels have a BHP of 10,000 and were built by an international shipyard. The company also delivered two 220-foot and three 250-foot platform supply vessels for an approximate total cost of $82.3 million. The company’s shipyard, Quality Shipyards, L.L.C, constructed the two 220-foot vessels, which are capable of working in domestic and international markets, and a different U.S. shipyard constructed the three 250-foot vessels, which are capable of working in most deepwater markets of the world. The company also delivered to the market two 175-foot, state-of-the-art, fast, crew/supply boat from a U.S. shipyard and two water jet crewboats from a shipyard in Holland for a total approximate cost of $17.3 million. Lastly, three offshore tugs, which were built by three separate international shipyards, were delivered to the company for an approximate total cost of $17.0 million. 

## Vessel Construction and Acquisition Expenditures at March 31, 2010 

At March 31, 2010, the company had 13 anchor handling towing supply vessels under construction, varying in size from 5,150 brake horsepower (BHP) to 13,570 BHP, for a total capital commitment of approximately $231.3 million. Four different international shipyards are constructing the vessels. One anchor handling towing supply vessel is a large, deepwater class vessel. Scheduled deliveries for the 13 vessels began in April 2010, with the last vessel scheduled for delivery in January 2012. As of March 31, 2010, the company had expended $106.1 million for the construction of these vessels. 

The company is also committed to the construction of one 230-foot, two 240-foot, one 266-foot and twelve 286-foot platform supply vessels for a total aggregate investment of approximately $432.4 million. The company’s shipyard, Quality Shipyards, L.L.C., is constructing the 266-foot deepwater class vessel. One international shipyard is constructing the 230-foot vessel and the twelve 286-foot vessels. A different international shipyard is constructing the two 240-foot deepwater class vessels. The 230-foot vessel was delivered in April 2010. One of the two 240-foot vessels was delivered in April 2010 and the second is expected to be delivered in May 2010. The 266-foot deepwater class vessel is scheduled for delivery in February 2012. The twelve 286-foot deepwater class vessels are expected to be delivered to the market beginning in November 2010 with final delivery of the twelfth 286-foot vessel scheduled for July of 2012. As of March 31, 2010, $150.2 million has been expended on these 16 vessels. 

The company is also committed to the construction of two 175-foot, fast, crew/supply boats for an aggregate cost of approximately $18.1 million. The vessels are being constructed at an international shipyard and are expected to be delivered in June and October of 2010. As of March 31, 2010, the company had expended $15.6 million for the construction of these two vessels. 

The company is also committed to acquire five anchor handling towing supply vessels for an approximate cost of $60.6 million. The company took possession of three of these five anchor handling towing supply vessels in April 2010 for a total cost of $36.1 million, and plans to acquire the remaining two anchor handling towing supply vessels for a total cost of $24.5 million in May and June 2010. No monies were expended on these five vessels as of March 31, 2010. 

## Vessel Commitments Summary at March 31, 2010 

The table below summarizes the various vessel commitments, including vessels under construction and vessel acquisition, by vessel class and type as of March 31, 2010: 

<img src='content_image/134744.jpg'>

