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THE CREDIT CRUNCH AND SHIPBUILDING
World shipyards have a record order backlog. What effect will the global credit crunch have?

No effect
A slow down in new orders
Cancellation of some existing orders
Cancellation of many exisiting orders

Marine Log

April 3, 2008

Seajacks gets extension on liftboat option dates

Seajacks International (Oslo:SEAJ) says it has reached an agreement with Lamprell Energy Ltd. to extent the exercise dates for the construction of up to five more harsh-environment liftboats. The first option must be notified by September 1, 2008 and the second option November 1, 2008. The remaining three options must be notified May 1, September 1 and December 1, 2009 respectively.

This agreement does not affect the two liftboats currently under construction for Seajacks at Lamprell's Jebel Ali,Dubai, UAE facility.

Seajacks says they remain on schedule for delivery in February 2009 and June 2009.

The liftboats are special purpose four legged self-propelled jack-up units to facilitate well intervention and platform maintenance services in the Southern North Sea (SNS). They have been specifically designed in full compliance with U.K., Dutch and Danish sector regulations by GustoMSC. They are outfitted with DP-2 capability to ensure fast, efficient and safe movement between SNS platforms without the assistance of tugs.

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