Caspian Services, Inc. Subsidiary Takes Delivery of Specialized Shallow Draft Cable Laying Vessel

SALT LAKE CITY, Jan. 28  /PRNewswire-FirstCall/ -- Caspian Services, Inc. (OTC:CSSV) (BULLETIN BOARD: CSSV)  announced today that its wholly-owned subsidiary, Caspian Services Group Ltd., has taken delivery of a subsea cable deployment vessel.

Now known as the Caspian Spider, the vessel is a shallow draft accommodation and work barge ideally suited for the shallow waters of the Northeast Caspian Sea.  The vessel measures 78.3 meters (257 feet) in length and 16 meters (52 feet) in width and can accommodate 30 passengers and 14 crew.  Currently, the vessel is in the Middle East undergoing modifications and accommodation upgrades.  When completed, the vessel will be mobilized to the Caspian Sea and made ready for commencement of operations in May 2008.

The Caspian Spider has been time chartered to Saipem S.p.A. for the 2008 and 2009 work seasons with additional contract extension options available for the 2010 and 2011 work seasons.  Saipem S.p.A. is a major contractor for the AGIP KCO offshore oil development project in the Kazakh sector of the Northeast Caspian Sea.

John Scott, Chief Operating Officer of Caspian Services noted, "As the Kashagan and other fields in the Northeast Caspian Sea are developed, demand for vessels such as the Caspian Spider will grow.  We look forward to working with Saipem S.p.A. on this particular project and in many ways this agreement is about our partnership with the offshore infrastructure development effort currently underway in Kazakhstan's Caspian waters."

Caspian Services, Inc. is an oilfield service company providing a broad range of services in the Caspian Sea region of western Kazakhstan.  The Company provides geophysical and seismic data acquisition services; maintains a fleet of vessels that it commissions to oil and gas exploration companies engaged in exploration and development activities in the north Caspian Sea and is building a marine base facility in the Port of Bautino.  The Company maintains corporate offices in Almaty, Kazakhstan, Aktau, Kazakhstan and Salt Lake City, Utah.

The information contained in this release includes forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially.  Certain statements contained herein constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Company to be materially different from those expressed or implied.  Forward-looking statements involve risks and uncertainties, including but not limited to, such risks as the implementation of business plans, contract performance, sufficiency of funds and other risks described in the Company's periodic reports on file with the Securities and Exchange Commission. 

DATASOURCE: Caspian Services, Inc.



CONTACT:  Terrance J. Powell, Vice President, Investor Relations, of

Caspian Services, Inc., Republic of Kazakhstan, [phone], fax,

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