Exhibit 1- Detailed Calculations showing NPV for Case 1 with tax and Case 2 without tax

A
Number of
Expected Daily operating Operating
Age of the Ship Event Year Calendar Year Hire Rate days Revenue costs per day

0 2000
1 2001
2 2002
1 3 2003 20,000 357 7,140,000 4,000
2 4 2004 20,200 357 7,211,400 4,160
3 5 2005 20,400 357 7,282,800 4,326
4 6 2006 18,714 357 6,680,898 4,499
5 7 2007 17,283 357 6,170,031 4,679
6 8 2008 17,481 353 6,170,793 4,867
7 9 2009 17,682 353 6,241,746 5,061
8 10 2010 17,886 353 6,313,758 5,264
9 11 2011 18,092 353 6,386,476 5,474
10 12 2012 17,428 353 6,152,084 5,693
11 13 2013 17,628 349 6,152,172 5,921
12 14 2014 17,831 349 6,223,019 6,158
13 15 2015 18,036 349 6,294,564 6,404
14 16 2016 18,243 349 6,366,807 6,660
15 17 2017 14,762 349 5,151,938 6,927

Assumptions: Working capital of 500,000 is being pumped in 2002 and it is assumed that the entire working capital is recovered at the e
 B C D=A-B-C

Total Operating Depreciation of Depreciation of

expense Special Surveys Vessel Total Depreciation EBIT

1,460,000 2,266,667 2,266,667 3,413,333

1,518,400 2,266,667 2,266,667 3,426,333
1,579,136 2,266,667 2,266,667 3,436,997
1,642,301 2,266,667 2,266,667 2,771,930
1,707,993 2,266,667 2,266,667 2,195,371
1,776,313 60,000 2,266,667 2,326,667 2,067,813
1,847,366 60,000 2,266,667 2,326,667 2,067,714
1,921,260 60,000 2,266,667 2,326,667 2,065,831
1,998,111 60,000 2,266,667 2,326,667 2,061,699
2,078,035 60,000 2,266,667 2,326,667 1,747,382
2,161,157 70,000 2,266,667 2,336,667 1,654,349
2,247,603 70,000 2,266,667 2,336,667 1,638,749
2,337,507 70,000 2,266,667 2,336,667 1,620,390
2,431,007 70,000 2,266,667 2,336,667 1,599,133
2,528,248 70,000 2,266,667 2,336,667 287,024

entire working capital is recovered at the end of the life of the asset
 E D-E Adding

Change in working Free cash flow with

Taxes (35%) Net income Total Depreciation capital tax

-3,900,000
-3,900,000
-500,000 -31,700,000
(1,194,667) 2,218,667 2,266,667 (15,000) 4,470,333
(1,199,217) 2,227,117 2,266,667 (15,450) 4,478,333
(1,202,949) 2,234,048 2,266,667 (15,914) 4,484,801
(970,175) 1,801,754 2,266,667 (16,391) 4,052,030
(768,380) 1,426,991 2,266,667 (16,883) 3,676,775
(723,735) 1,344,079 2,326,667 (17,389) 3,653,356
(723,700) 1,344,014 2,326,667 (17,911) 3,652,770
(723,041) 1,342,790 2,326,667 (18,448) 3,651,009
(721,594) 1,340,104 2,326,667 (19,002) 3,647,769
(611,584) 1,135,798 2,326,667 (19,572) 3,442,893
(579,022) 1,075,327 2,336,667 (20,159) 3,391,835
(573,562) 1,065,187 2,336,667 (20,764) 3,381,090
(567,137) 1,053,254 2,336,667 (21,386) 3,368,534
(559,697) 1,039,436 2,336,667 (22,028) 3,354,075
(100,458) 186,565 2,336,667 756,295 8,279,527
Free cash flow Present Value with Present Value without
without tax tax tax PV Factor

-3,900,000 -3,900,000 -3,900,000 1

-3,900,000 -3,577,982 -3,577,982 0.9174312
-31,700,000 -26,681,256 -26,681,256 0.84168
5,665,000 3,451,918 4,374,419 0.7721835
5,677,550 3,172,564 4,022,120 0.7084252
5,687,751 2,914,813 3,696,648 0.6499314
5,022,206 2,416,093 2,994,577 0.5962673
4,445,155 2,011,322 2,431,652 0.5470342
4,377,091 1,833,496 2,196,714 0.5018663
4,376,469 1,681,837 2,015,048 0.4604278
4,374,049 1,542,226 1,847,646 0.4224108
4,369,364 1,413,630 1,693,272 0.3875329
4,054,477 1,224,068 1,441,507 0.3555347
3,970,857 1,106,344 1,295,209 0.3261786
3,954,653 1,011,779 1,183,416 0.2992465
3,935,671 924,791 1,080,491 0.274538
3,913,772 844,790 985,761 0.2518698
8,379,985 1,913,177 1,936,390 0.2310732
-6,696,390 -964,368
Exhibit 1- Detailed Calculations showing NPV for Case 1 with tax and Case 2 without tax

A
Number of
Expected Daily operating Operating
Age of the Ship Event Year Calendar Year Hire Rate days Revenue costs per day

0 2000
1 2001
2 2002
1 3 2003 20,000 357 7,140,000 4,000
2 4 2004 20,200 357 7,211,400 4,160
3 5 2005 20,400 357 7,282,800 4,326
4 6 2006 18,714 357 6,680,898 4,499
5 7 2007 17,283 357 6,170,031 4,679
6 8 2008 17,481 353 6,170,793 4,867
7 9 2009 17,682 353 6,241,746 5,061
8 10 2010 17,886 353 6,313,758 5,264
9 11 2011 18,092 353 6,386,476 5,474
10 12 2012 17,428 349 6,082,372 5,693
11 13 2013 17,628 349 6,152,172 5,921
12 14 2014 17,831 349 6,223,019 6,158
13 15 2015 18,036 349 6,294,564 6,404
14 16 2016 18,243 349 6,366,807 6,660
15 17 2017 14,762 349 5,151,938 6,927

Assumptions: Working capital of 500,000 is being pumped in 2002 and it is assumed that the entire working capital is recovered at the e
 B C D=A-B-C

Total Operating Depreciation of Depreciation of

expense Special Surveys Vessel Total Depreciation EBIT

1,460,000 1,360,000 1,360,000 4,320,000

1,518,400 1,360,000 1,360,000 4,333,000
1,579,136 1,360,000 1,360,000 4,343,664
1,642,301 1,360,000 1,360,000 3,678,597
1,707,993 1,360,000 1,360,000 3,102,038
1,776,313 60,000 1,360,000 1,420,000 2,974,480
1,847,366 60,000 1,360,000 1,420,000 2,974,380
1,921,260 60,000 1,360,000 1,420,000 2,972,498
1,998,111 60,000 1,360,000 1,420,000 2,968,365
2,078,035 60,000 1,360,000 1,420,000 2,584,337
2,161,157 70,000 1,360,000 1,430,000 2,561,015
2,247,603 70,000 1,360,000 1,430,000 2,545,416
2,337,507 70,000 1,360,000 1,430,000 2,527,057
2,431,007 70,000 1,360,000 1,430,000 2,505,800
2,528,248 70,000 1,360,000 1,430,000 1,193,690

entire working capital is recovered at the end of the life of the asset
 E D-E Adding

Change in working Free cash flow with

Taxes (35%) Net income Total Depreciation capital tax

-500,000 -3,900,000
-485,000 -3,900,000
-470,450 -31,700,000
(1,512,000) 2,808,000 1,360,000 -456,337 3,711,664
(1,516,550) 2,816,450 1,360,000 -442,646 3,733,804
(1,520,282) 2,823,382 1,360,000 -429,367 3,754,015
(1,287,509) 2,391,088 1,360,000 -416,486 3,334,602
(1,085,713) 2,016,324 1,360,000 -403,991 2,972,333
(1,041,068) 1,933,412 1,420,000 -391,872 2,961,540
(1,041,033) 1,933,347 1,420,000 -380,116 2,973,232
(1,040,374) 1,932,123 1,420,000 -368,712 2,983,411
(1,038,928) 1,929,437 1,420,000 -357,651 2,991,787
(904,518) 1,679,819 1,420,000 -346,921 2,752,898
(896,355) 1,664,660 1,430,000 -336,514 2,758,146
(890,896) 1,654,520 1,430,000 -326,418 2,758,102
(884,470) 1,642,587 1,430,000 -316,626 2,755,961
(877,030) 1,628,770 1,430,000 -307,127 2,751,643
(417,792) 775,899 1,430,000 -297,913 6,907,986
Free cash flow Present Value with Present Value without
without tax tax tax PV Factor

-3,900,000 -3,900,000 -3,900,000 1

-3,900,000 -3,577,982 -3,577,982 0.9174312
-31,700,000 -26,681,256 -26,681,256 0.84168
5,223,664 2,866,085 4,033,627 0.7721835
5,250,354 2,645,121 3,719,483 0.7084252
5,274,297 2,439,852 3,427,931 0.6499314
4,622,111 1,988,314 2,756,014 0.5962673
4,058,046 1,625,968 2,219,890 0.5470342
4,002,608 1,486,297 2,008,774 0.5018663
4,014,265 1,368,958 1,848,279 0.4604278
4,023,786 1,260,225 1,699,690 0.4224108
4,030,714 1,159,416 1,562,034 0.3875329
3,657,416 978,751 1,300,338 0.3555347
3,654,502 899,648 1,192,020 0.3261786
3,648,998 825,352 1,091,950 0.2992465
3,640,431 756,616 999,437 0.274538
3,628,673 693,056 913,953 0.2518698
7,325,777 1,596,250 1,692,791 0.2310732
-11,569,328 -3,693,026