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VIKING POSEIDON

January 13, 2009

Eidesvik takes delivery of X-bow construction vessel

Eidesvik Offshore ASA has, through its associate Eidesvik OCV KS, today taken delivery of the X-bowed construction vessel M/V Viking Poseidon from Ulstein Verft.

Viking Poseidon left Ulsteinvik to be fitted out with a 250-tonne offshore crane just before Christmas.

"We took her around Stadt, a very rough sea area along the Norwegian coast, and the wind reached hurricane strength," says Ulstein Verft sea trial captain and manager for the aftermarket department Frank Strandebø.

The hurricane force winds generated waves of around 12 m and the vessel showed great seakeeping qualities.

"We hardly noticed the rough sea. We really got to confirm that the Ulstein X-Bow functions according to its intentions," says Strandebø.

Viking Poseidon is signed up for a long-term contract with Veolia ES Special Services Inc. (USA). The ship will be a base for advanced ROV vehicles that will inspect and repair offshore installations in the Gulf of Mexico. The contract is for eight years with options.

The vessel is a large Subsea Construction vessel, type SX121 with the innovative ULSTEIN X-BOW design. It has an overall length of 130 m, breadth of 25 m and a large cargo deck area of 1,700 sq.m. Up to 105 persons can be accommodated and the vessel is equipped with two moonpools, a 250 tons active heave compensated offshore crane, ROV-hangar, diesel-electric machinery and helicopter deck.

A long-term facility of NOK 608 million has been drawn with Eksportfinans ASA to finance the vessel. The loan is guaranteed by GIEK and Sparebank 1 SR-bank.

The vessel will commence an 8 year contract with Veolia ES Special Services Inc when the sea trials of the offshore crane are completed.


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