SSP Offshore Announces Internal Reorganization of IP Holding Structure, Filing of Second Quarter Financial Statements and Grant of Stock Options to CEO

HOUSTON, June 30, 2011 /CNW/ - SSP Offshore Inc. (the "Corporation") announced today that it has completed an internal reorganization of its intellectual property holding structure that has been in process over the past several months.  All intellectual property owned by the Corporation has been transferred to a new wholly-owned subsidiary, SSP Technologies Inc., incorporated in the Cayman Islands.  SSP Technologies Inc. will be the licensing entity for the SSP Offshore group and will facilitate greater tax efficiency as the Corporation commercializes its proprietary SSP floating platform technology.

The Corporation also announced that it has filed its audited financial statements for the quarter ended March 31, 2011 along with the Management's Discussion and Analysis relating thereto.  The Corporation's financial statements and accompanying disclosure documents are available online at www.sedar.com.

In addition, the Corporation announced that the Board of Directors has approved the granting of options to acquire 200,000 common shares to its CEO in conjunction with its annual compensation review.  The exercise price of the options is US $0.15 per share with standard term and vesting provisions.

About SSP Offshore Inc.

SSP Offshore is a public company listed under the symbol "SSZ" on the TSX Venture Exchange. The Corporation is actively commercializing its proprietary SSP® FPSO platform design in two formats:  (i) SSP Base and (ii) SSP Plus+. Visit the company's website at www.sspoffshore.com for more information.

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The TSXV has neither approved nor disapproved of this press release.

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SOURCE SSP Offshore Inc.

For further information:

PLEASE CONTACT; L. Daniel Wilson, President, at (403) 358-1110 (phone); (403) 887-7666 (fax); or dwilson@sspoffshore.com.

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SSP Offshore Inc.

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