We began operating in the Offshore segment in 2003, providing support for oil and gas exploration and production through the operation of PSV vessels, which transport equipment, drilling sludge, tubes, food and cement, among other materials, between the operating base and the offshore platforms. Currently, we have a fleet of three PSV vessels, two of which carry solid bulk cargo and the other drilling fluids, all operating under a long-term agreement with Petrobras. For further details, see the “Business — Material Agreements” section.

We also won a competitive bid by Petrobras to operate four general cargo PSV vessels, which are currently under construction in our shipyard and scheduled for delivery by 2010.

In 2006, net revenues from the Offshore segment totalled US$8.4 million.

We operate part of our Offshore activities through our subsidiary Brasco, in which we hold a 75% stake.