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Marine Log

February 12, 2007

Seajacks plans North Sea liftboat fleet
Seajacks liftboat

Listing today on the Oslo OTC market under the symbol SEAJ, Bermuda-based Seajacks International Ltd. intends to pioneer the use of liftboats in the North Sea.

It is targeting the market for well intervention, maintenance and abandonment in the Southern North Sea and has secured a contract with Lamprell (Dubai) for the construction of two harsh environment liftboats at $112 million each, with options for three more.

Designed by GustoMSC, the self-elevating, self -propelled units consist of a hull, four truss type legs and four electric rack and pinion jacking systems and will have a DP-2 dynamic positioning system using four propeller driven thrusters, as well as a main crane with a lift capability of 300 tonnes and a smaller 50 tonne auxiliary crane.

It is expected that the first unit will be delivered to Seajacks in early 2009 with the second unit following four months later.

In addition to the awards for the first two units, Lamprell and Seajacks have agreed options for a further three units to be exercised over an 18 month period from February 2007. These contracts will be subject to negotiation, allowing for flexibility to take into account any potential cost variations.

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