October 15, 2004

Siem orders PSV's from Aker Langsten

Norway's Aker Langsten, a company in the Aker Yards Group, and Siem Offshore Inc. have entered into a contract to build two platform supply vessels (PSV's).

This continues a string of recent PSV orders booked by Aker Yards.

The value of the latest newbuilding contract is approximately NOK 250 million (about $37.8 million). Siem says it expects to obtain 85 percent debt financing of the vessels and to cover the equity required from existing working capital.

The vessels will be 73.4 meters long, and 16.6 meters wide, and will have a maximum cargo capacity of 3,600 tonnes.

The vessels are the Vik-Sandvik VS 470 mk II, ten of which have been built in the past.

The hulls will be built in Romania.

The contract includes a potential delivery of further vessels in the coming three years.

Delivery is scheduled for the fourth quarter 2005.

"We are very pleased to have Siem Offshore as a new partner in this project. Hopefully this fruitful relationship will be the start of a future cooperation between the two companies" says Roy Reite, responsible for the Offshore Service Vessels business area in Aker Yards.

Reite continues: "This contract also confirms the strong relationship we have with Vik Sandvik. Aker Langsten is currently completing the new Avant vessel, which recently won the Ship of The Year award. Together we have been able to develop unique, innovative solutions for our customers."

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