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Marine Log

January 21, 2008

Siem Offshore acquires PSV contract

Siem Offshore Inc has, through its 51 percent owned subsidiary Siem Meling Offshore DA, entered into an agreement to acquire a shipbuilding contract for a large-size platform supply vessel (PSV).

The contract price is approximately NOK 315 million (about $57 million) and the vessel is scheduled for delivery in first quarter 2009 from the Eidsvik yard in Norway.

The vessel is of Vik-Sandvik VS 485 design and will have accommodations for 64 persons, full under deck PSV capacities, a deck area in excess of 1000 sq.m, diesel electric propulsion, clean design and focus on fuel consumption and low emissions.

The vessel will also be prepared for a large offshore crane, stand by services, oil recovery and fire fighting.

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