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construction support and flexible product layer

November 3, 2006

Oceanteam options two more newbuilds

Oceanteam Power & Umbilical has secured options at the Metal Ships & Docks yard in Vigo, Spain for a fourth and fifth construction support and flexible product installation vessel.

If executed, the vessels will be delivered early first quarter 2010 and first quarter 2011. The vessels will have similar specifications as North Ocean 102 and North Ocean 103 which will be delivered early 2008 and late 2008.

"With these options on two more ships we will be an even stronger supplier in our markets. The vessels will give us a significant advantage that will be to the best of our customers. These new options give us great flexibility for growing our business further," says CEO Haico Halbesma.

The vessels will be 137 meters long and 27 meters wide, with more than 2,400 sq.m of free deck, a deadweight of 10,000 tonnes, 2 x 100 tonnes crane installed and will be able to load, transport and install 7,000 tonnes of flexible product worldwide with a transit speed fully loaded of 15 knots.

The first option has to be executed within second quarter 2007. The building cost of the two optional vessels will be similar to North Ocean 102 and North Ocean 103.

Oceanteam Power & Umbilical says it is "equipped to lay and bury flexible product for any client in any geographic location," in time and on budget. Its corporate headquarters are in Bergen, Norway, and its operational headquarters in Aberdeen, Scotland.

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