New Board of Directors Established

NEW BOARD OF DIRECTORS ESTABLISHED

Further to the successful USD 100 million private placement announced on 12 November 2007, Equinox Offshore Accommodation Limited wishes to announce that it has a new Board of Directors.

The Board of Directors now consists of Mr. Gløersen (Chairman), Mr. Sia Payani, Mr. Ray Meadowcroft in addition to the existing Directors Mr. Petter Høie and Mr. Arne Johnsen.

Short biographies:

Mr. Gløersen is currently the Chairman of the Board of Skuld, a Norwegian ship insurance company. He is also Chairman of the Board of Frigstad Discoverer. He served from 1988 to 2005 as President & Chief Executive Officer of Jahre Dahl Bergesen AS, a fully integrated ship management company operating tankers and container vessels. In 1997, Mr. Gløersen held various positions at Navion, a shipping company spun off from Statoil. From 1994 to 1996 Mr. Gløersen was Deputy Managing Director and head of the offshore drilling activities at TransoceanAS, the Norwegian branch of the world's largest deepwater drilling company.From 1992 to 1993 Mr. Gløersen was President and Chief ExecutiveOfficer at Ross Offshore AS,a listed offshore drilling company. From 1990 to 1992 Mr. Gløersen was first Deputy Managing Director and then President and Chief Executive Officer of I.M Skaugen AS, a shipping company focused on petrochemical gases, LPG and crude oil. From 1986 to 1990 Mr. Gløersen was Executive Vice President and then President of Laboremus AS. From 1980 to 1985 Mr. Gløersen wasChairman and ChiefExecutive Officer of Nordrill Inc, a Houston-based offshore drilling company. From 1977 to 1980 Mr. Gløersen wasPresident of Olsen & Ugelstad, a Norwegian shipping company, and from 1970 to 1977, he held various positions at the same company. Mr. Gløersen holds an MBA from the NorwegianSchool of Business (NHH).

Mr. Sia Payani is currently CEO of Consafe MSV AB, which has two multipurpose semisubmersible crane vessels under construction in China. Mr Payani worked previously for Pharmadule Emtunga AB which is one of leading manufacturers of Offshore Living Quarter modules worldwide. Mr Paynai has 25 years experience in the offshore EPC environment and has worked for the last seven yearsas Business Area Manager for the offshore division of Pharmadule Emtunga AB. He has a Master in Science (MSc) in Civil Engineering from LondonUniversity.

Mr. Ray Meadowcroft is currently Chief Executive Officer of Offshore Marine Services Australia, Australia's leading provider of offshore drilling and marine personnel to the oil and gas industry. Ray has over 20 years experience in senior management roles in the marine and drilling industry. Previous experience includes Offshore Manager with Total Marine Services from 1990 to 1996 then as General Manager from 1996 to 2004 whilst also serving as a director with the Australian publicly listed parent company Integrated Group from 2002 to 2004.

Mr. Petter Høie is the CEO of Equinox Offshore Accommodation. Mr. Høie has throughout his career worked within the oil services industry with a special focus on the FPSO market. Previous experience includes business development roles focusing on FPSO market in the Fred Olsen Group (1996), co founder of Scantank Offshore AS (1998) (later bought by Bergesen d.y. ASA and renamed Bergesen Offshore), Commercial Director Bergesen Offshore (1999-2005) and recent responsibility for developing an FPSO business unit in Frontline Ltd. (2005), which was later divested and renamed Sea Production). He was DeputyCEO/COO Sea Production Ltd (2007). Petter has a Masters in Business and Economics (Siviløkonom) from the NorwegianSchool of Management.

Mr. Arne Johnsen is the COO of Equinox Offshore Accommodation Limited. Mr. Johnsen has extensive experience with major conversion projects, especially within the FPSO industry. His previous experience includesbeing the project and site manager for the upgrade and repair of FPSOs and LPG/VLCC vessels at Bergesen Offshore, Technical Superintendent at Havtor Management and Bergesen DY ASA, Chief Engineer on a total of 6 LPG carriers undergoing substantial repair works and dry docking at Kværner Shipping AS, 2nd and 1st engineer on 3 LPG carriers at Bergesen DY AS and apprentice and motorman on a general cargo ship at Fred Olsen & Co. He has qualifications in engineering from Oslo Tekniske Maritime Skole and Horten Tekniske Høyskole.

For more information contact:

Elizabeth Back

General Counsel

Tel: +65 6372 8735

Fax: +65 6223 8296

Mob: +61400510568