OPE Holdings Ltd. Announces Appointment of New CFO and Addition of New Head of Human Resources

    HOUSTON, Aug. 6 /CNW/ - OPE Holdings Ltd. (the "Corporation") is pleased
to announced the appointment of Steve Kovar to the position of Chief Financial
Officer. Mr. Kovar most recently served as Vice President of Finance and CFO
for the North American chemical operations of a major chemical, plastics and
pharmaceutical company located in Europe. From December 1991 to June 1996, he
served as the corporate controller for the North American regional management
holding company of this same European chemical, plastics and pharmaceutical
company. Prior to this, Mr. Kovar was a senior manager in the audit practice
of Ernst & Young.
    Mr. Kovar served as a board member on various entities owned by the
European chemical, plastics and pharmaceutical company. He is a graduate of
the University of Houston and a member of the American Institute of Certified
Public Accountants and the Texas Society of Certified Public Accountants.
    Larry Aertker, formerly Senior Controller and Acting Chief Financial
Officer of the Corporation, will continue with the Corporation in the capacity
of Treasurer and Senior Controller.
    In addition, the Corporation is pleased to announce the appointment of
Michael Buckley as Vice President, Human Resources of OPE, Inc. Mr. Buckley
has 35 years of human resources experience and previously served as Vice
President of Human Resources for Horizon Offshore and as Senior Vice President
of Human Resources for Global Industries. Mike is a member of the Society for
Human Resources Management, the Houston Compensation Association and the
Employment Management Association.
    Gary Quenan, President and CEO of the Corporation, stated that
"attracting top-level management talent is an important component of our
business execution strategy. We believe that the decision of these two
experienced officers to join our company is an indication of our continued
progress and development."
    Mr. Kovar has been granted options to acquire 100,000 common shares of
the Corporation under the Stock Option Plan. The options were issued at an
exercise price of $0.70 Cdn. per share, extend for a period of 10 years and
vest over a period of three years.

    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) 887-7703 (fax) or dwilson@opeinc.com

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