SSP Offshore Inc. Announces Grant of New Stock Options And $300,000 US Non-Arms' Length Private Placement to Acting CEO

    HOUSTON, Sept. 10 /CNW/ - SSP Offshore Inc., (the "Corporation") today
announced that it has issued new stock options to directors, officers and
employees pursuant to its existing stock option plan. The new allocation
includes a total of 2,265,000 options issued to a total of 13 individuals,
seven of which are insiders of the Corporation. The exercise price of the
options is set at $0.11 US ($0.12 Cdn) and the options extend for 10 years,
subject to standard vesting requirements established by the Board. The
Corporation has a rolling stock option plan that is ratified annually by its
    In addition, the Corporation today announced a $300,000 US private
placement of 2,702,702 treasury common shares at an issue price of $0.111 US
per share to L. Daniel Wilson, who serves as a director and the Acting CEO of
the Corporation. The private placement to Mr. Wilson was based on the
recommendation of the independent Compensation Committee of the Corporation
and approved by the full Board of Directors.
    The pricing of both the option grants and the private placement are at a
premium to the last closing price of the Corporation's common shares on the
TSXV of $0.10 Cdn per share. Both the option grant and private placement of
treasury common shares remain subject to receipt of approval of the TSXV.

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

    Certain information in this press release may contain forward-looking
statements. This information is based on current expectations that are subject
to significant risks and uncertainties that are difficult to predict. Actual
results might differ materially from results suggested in any forward-looking
statements. The risks going forward include, inter alia, the significant risks
associated with commercializing a new floating platform technology, financing
risks and fabrication risks. SSP is also subject to the general economic
conditions in the domestic and international markets it operates in. SSP
assumes no obligation to update the forward-looking statements, or to update
the reasons why actual results could differ from those reflected in the
forward-looking statements, unless and until required by applicable securities

For further information:

For further information: L. Daniel Wilson, Acting CEO & Executive Vice
President, at (403) 358-1110 (phone), (403) 887-7666 (fax), or

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