Sea Launch Transitions to New Leadership

LONG BEACH, Calif., July 7 /PRNewswire/ -- Effective July 3, 2008, the Sea Launch Board of Directors has appointed Kjell Karlsen as President and General Manager. Karlsen replaces Robert A. Peckham, who will be pursuing other opportunities within The Boeing Company.

Kjell Karlsen joined the Sea Launch team in 1999, as Vice President and Chief Executive Officer. In 2002, he was promoted to Executive VP and CFO, responsible for the overall financial and business strategy of the company, including development of a long-term business plan and annual budgets. In this position he has been overseeing finance, accounting, taxation, contracts, pricing, insurance, customer finance, and enterprise and partner services. He also has been responsible for financial reporting to the Sea Launch Board as well as business coordination with the Sea Launch partners.

"I am confident Kjell will manage a smooth transition in the company's leadership," said Bill Collopy, chairman of the Sea Launch Board. "With nearly ten years of Sea Launch experience, he has developed a strong understanding of the organization, the operations and the unique international partnership, as well as a strong relationship with the customer community, in addition to his substantial business acumen."

Prior to joining Sea Launch, Karlsen was President of Kvaerner, Inc., the Norwegian shipbuilder's U.S. headquarters in Philadelphia. Concurrently, he was VP of Kvaerner Financial Services, Kvaerner's U.S. treasury operation, reporting to the Treasurer of the Kvaerner Group (now Aker ASA). From 1988-1997, Karlsen held increasingly responsible executive positions with Den norske Bank of Oslo, Norway, and its New York-based operation. He has a Bachelor of Science degree in Business Administration from the University of Oregon and a Master of Business Administration degree from Lehigh University.

Brett Carman will assume Karlsen's responsibilities as VP and CFO. Carman joined Sea Launch in 1999, most recently serving as the company's VP and Controller.

About Sea Launch Company

Sea Launch Company, LLC, headquartered in Long Beach, Calif., offers the most direct and cost-effective route to geostationary orbit for commercial communications satellites. With the advantage of a launch site on the Equator, the robust Zenit-3SL rocket can lift a heavier mass or provide longer life on orbit, offering best value plus optimized spacecraft orbital delivery. Sea Launch also offers launch services for medium weight satellites on the Land Launch system, originating from the Baikonur Space Center in Kazakhstan. For additional information, please visit the Sea Launch website at: http://www.sea-launch.com/.

CONTACT: Paula Korn of Sea Launch Company, +1-562-499-4729, or cell, +1-562-254-5684, paula.korn@sea-launch.com

Web site: http://www.sea-launch.com/

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