Caspian Services, Inc.,
announced final execution of its multi-vessel
contracts with Saipem S.p.A. Saipem has chartered five vessels from Caspian
Services, Inc., subsidiary Caspian Services Group, Ltd., for a minimum of two
years to support Saipem's pipeline projects in the giant Kashagan field under
development in the Kazakhstan sector of the north Caspian Sea.
The contracts call for Caspian Services Group, and its Dutch shipping
partner, Rederij Waterweg, b.v., to provide Saipem with two new Multicat work
boats, two anchor handling tugs and an existing survey vessel
. The vessels
will be placed into active operations in the spring of 2006.
Mr. Laird Garrard, President of Caspian Services, Inc., said, "these
contracts represent a significant expansion of our vessel fleet operations
will greatly enhance the range of marine services we can offer clients in this
developing region in the future."