OPE Holdings Announces Appointment of New Director and Issuance of Stock Options


    HOUSTON, Jan. 30 /CNW/ - OPE Holdings Ltd. (the "Corporation") is pleased
to announce that it has appointed Philip Uhrhan of Houston, Texas to its Board
of Directors. In addition to his appointment to the Corporation's Board,
Mr. Uhrhan has agreed to serve as Chairman of the Audit Committee of the
    Mr. Uhrhan is a Certified Public Accountant with twenty-five years
experience with Ernst & Young LLP, including 13 years as an audit partner
serving a number of private and public companies. Subsequent to his time with
Ernst & Young, LLP, Mr. Uhrhan spent 11 years in senior management positions
as a Vice President of Finance and CFO with a major international chemical and
pharmaceutical consortium.
    In conjunction with the appointment of Mr. Uhrhan to the Board of
Directors, the Corporation has issued a total of 262,500 options to acquire
common shares to Mr. Uhrhan. These options are issued for a 10 year term, vest
over a two year period and have an exercise price of $1.10 per share. The
Corporation also has issued options to acquire 105,000 common shares to
newly-hired employees at the same exercise price.

    OPE Holdings Ltd. is a public company traded on the TSX Venture Exchange
under the symbol "OPE". The Corporation's operating subsidiaries based in
Houston, Texas are engaged in the offshore engineering industry and are
commercializing the Corporation's proprietary SSP(R) FPSO platform.

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

For further information:

For further information: L. Daniel Wilson, Executive Vice President, at
(403) 358-1110 (phone), (403) 887-7666 (fax), or dwilson@opeinc.com

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