Ulstein P105

Nov 22, 2004

Bourbon exercises Ulstein option

Bourbon Offshore Norway AS has, through the company Bourbon Ships AS, exercised an option to build an Ulstein P105 supply vessel at Ulstein Verft AS. The new contract is worth around NOK 220 million (about US$ 35.2 million).

"This is more than just the exercising of an option for us. It is a vote of confidence in everyone who works for the Ulstein Group," says the Ulstein Group's CEO, Gunvor Ulstein.

Earlier this year Ulstein Verft signed a contract with Bourbon Offshore Norway for the delivery of an Ulstein P105 in February 2005 (Yard No. 267). At that time Bourbon Offshore Norway's managing director, Jostein Saetrenes, said he had great expectations of Ulstein's design. "The Ulstein Group now has an opportunity to promote its design within Groupe Bourbon. We believe this will help us to land good projects," said Saetrenes.

"Bourbon Offshore Norway was a new customer for us when we signed the first contract," says Tore Ulstein, president of both Ulstein Verft and Ulstein Design. "We are therefore extra pleased that Bourbon is coming back to build yet another vessel at Ulstein Verft. The fact that a new, local, internationally owned shipowner wants to use our designs in a global market leads us to believe that we are gaining broad confidence in the market"

Bourbon Offshore Norway is part of the international Groupe Bourbon, which currently has 21 offshore vessels under construction. Of these, four are being built in Norway, two at Myklebust Verft and two at Ulstein Verft. The rest are being built in Asia.

"The new vessel will be built at Ulstein Verft and has been designated Yard No. 270," says Harald Moeller, Ulstein Verft's sales manager."Steel cutting will start at the end of November. With this contract Ulstein Verft has continuous work until sometime in 2006." The new build project also increases Ulstein Elektro AS' orderbook for 2005.

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