Press Release 05/12/2005

TMSA Contributing to Increase in Sales at Ulysses Systems

LONDON 05 December 2005: Ulysses Systems announced today that Transocean Shipmanagement, OSG, Naftomar Shipping & Trading Co. Ltd, Arcadia Ship Management, Aegean Bulk Co. Inc., Pioneer Tankers, New Asian Shipping Co., Orient Marine Co have joined their roster of clients. Due to the general increase in the number of the new vessels on one hand, and the current interest in companies going public and becoming larger through mergers and acquisitions on the other hand, the pressures of accountability have jointly contributed to this increase in sales for the company.

Ulysses' Task Assistant works closely with each of their clients to help them effectively achieve the needs of most of the internal management requirements recently installed by OCIMF and TMSA. Task Assistant allows an operator to save unnecessary process inefficiency in announcing to their clients that through rigorous self-assessment their ship is safe, well kept and in compliance with the rules and regulations imposed on the industry. TMSA, plus other industry dynamics, are putting a tremendous workload on the already overstretched human resources aboard and ashore. Clients require means to ease the load while demonstrating competence in accordance with the recommendations of TMSA.

"Task Assistant helps address TMSA effectively, cost efficiently, and helps maximize the potential of our mariners'' work," said Mr. Stefan Polomsky, Managing Director Transocean Shipmanagement.

Ulysses Task assistant software is easy to deploy as well as easy to use and to modify by the client, and therefore sets it well apart from competitors. Most of their clients report that 80% of their software lifecycle is directly related to these areas. The task of complying with TMSA is a major preoccupation for most companies and can add tremendously to workload unless it is simplified through appropriate data management. Task Assistant helps operators manage the extra demands in a timely fashion thus increasing productivity and process control.

"TMSA is introducing several new layers of reporting and coordination requirements. Our mariners should be less preoccupied with administrative processes and focus their attention to what they do best, running the vessel. I believe Task Assistant, will enhance performance and efficiency," said Mr. George- Paul Perantzakis, Naftomar Shipping & Trading Co. Ltd.

About Ulysses Systems
Ulysses develops Task Orientated Software that helps companies evolve and effectively comply with most kinds of managerial self-improvement targets as well as any new external regulations. Ulysses Systems established in 1996 is based in London, with offices in Greece, India, Singapore and the United States. Ulysses roster of clients includes more than 50 shipping companies worldwide.

About TMSA
TMSA (Tanker Management Self Assessment) is an initiative from the Oil Companies International Marine Forum (OCIMF), which aims to reduce the likelihood of uncontrolled events happening in tanker operations, and provide a framework for continuous improvement of the management systems.