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Ulstein p101

January 30, 2006

Ulstein to build P101 for Olympic

Norway's Olympic Shipping AS has signed a contract with Ulstein Verft AS for the construction of a large multifunctional sub-sea vessel for delivery next October.

The contract is worth an estimated NOK 300 million (about $45 million) and is for an Ulstein P101, designed by Ulstein Design AS.

The ship is a multifunctional sub-sea vessel that can also function as a supply vessel.

The vessel is 95 m long and 20.5 m wide, and can accommodate 87 people.

The P101 offers good sea keeping qualities and is designed to move gently in rough sea. This makes it a good platform for most operations.

The vessel will be prepared for an active heave compensated crane, ROV (Remote Operated Vehicle) and a helicopter deck.

"As the oil installations moves from the surface to deep sea installations it is obvious that the future is within vessels adjusted to the sub-sea market. This is where we will make money in the future," says Bjorn Kvalsund, president of Olympic Shipping.

Kvalsund says the Ulstein P101 is a "versatile and highly demanded vessel type that can perform sub-sea operations world wide. And with ice class ICE-C the vessel will be able to operate even in arctic waters like the Barents Sea."

Olympic Shipping has previously contracted two anchor handling vessels from Ulstein Verft, both by Ulstein Design.

Olympic Shipping was the first ship owner to order ships designed by Ulstein Design after the establishment of the company in 1999.

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