SSP Offshore Inc. announces joint venture and private placement

    HOUSTON, June 15 /CNW/ - SSP Offshore Inc. (the "Corporation"), announces
that it has entered into an agreement with Dubai and Kuala Lumpur-based Global
Process Systems Inc. ("GPS") to form a 50/50 joint venture operating under the
name Global SSP to market the Corporation's proprietary SSP(R) offshore
platform for production, storage and offloading applications. Global SSP will
have exclusive rights under license from the Corporation to market, build,
lease and sell the SSP platform in Southeast Asia, the Middle East,
Australia/New Zealand and the Caspian offshore areas. The new joint venture
will be jointly managed by the Corporation and GPS and will be based in
    In addition to entering into the Global SSP joint venture, GPS will be
entitled to purchase 3,400,000 units to be issued by the Corporation under
applicable private placement exemptions. Each unit is comprised of one
treasury common share issued at a price of $0.20 US per share plus one common
share purchase warrant exercisable for a two year period with an exercise
price of $0.30 US per share. Closing of the private placement to GPS is
anticipated prior to August 31, 2009.
    Dan Wilson, Acting CEO of the Corporation, stated that "the alliance with
GPS is expected to provide the Corporation with a recognized and credible
partner for marketing the SSP technology in geographic areas in which we
currently do not have the relationships or resources to successfully operate
on our own. In addition, the strong engineering, design, fabrication and
operation experience of GPS will significantly enhance our execution
capabilities moving forward. We are very pleased that GPS has demonstrated
their belief in the commercial potential of the SSP platform at this stage by
committing their efforts and financial resources to this new joint venture."

    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 Chief Executive
Officer, at (403) 358-1110 (phone); (403) 887-7666 (fax); or

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