Nordic Business Report-November 22, 2006-Norways Deep Sea Supply ASA re-domiciles to Cyprus (C)1994-2006 M2 COMMUNICATIONS LTD http://www.m2.com Norwegian offshore services provider Deep Sea Supply ASA said on Wednesday (22 November) that it has begun preparations for changing its domicile from Norway to Cyprus. As part of the preparations the Cyprus-based company Deep Sea Supply Plc has filed an application for listing on the Oslo Stock Exchange. "Based on various analyses, the [board of Deep Sea Supply ASA] has decided to recommend changing the groups domicile to Cyprus. The tax regime in Cyprus is expected to afford more stable, attractive and competitive conditions over time compared to the Norwegian regime, under which [Deep Sea Supply] currently operates," Deep Sea Supply said in a statement. "Being a member of the European Union, Cyprus also offers the benefit of unrestricted and secure access to the European market for Cyprus-based companies," Deep Sea Supply added. Under the re-domiciliation plan the new Cyprus-based company will make a one-to-one exchange offer to the shareholders of the Norwegian company. Deep Sea Supply is headquartered in Saltrod in Norway. The company operates offshore supply vessels. Deep Sea Supply is listed on the Oslo Stock Exchange under the ticker DESS. ((Comments on this story may be sent to [email protected]))