Seabulk Offshore Orders Two Newbuilds

Tuesday, July 06, 2004

Expanding its presence in the growing offshore West African market, Seabulk has ordered two additional vessels for delivery in late 2004 and mid-2005, respectively.

Built at a combined cost of approximately $23.4 million, the new vessels will work under long-term contracts for a major international oil company in offshore Angola.

"West Africa is our biggest market and represents more than half of Seabulk Offshore's revenue," commented Larry D. Francois, President of Seabulk Offshore. The vessels, the Seabulk Advantage and the Seabulk Luanda, bring to five the total number of newbuilds currently under construction for Seabulk Offshore.

They are part of Seabulk Offshore's ongoing fleet renewal program, which has resulted in the delivery or construction of ten new vessels since the beginning of 2003.

The Seabulk Advantage is a 4,800-hp, four-point-mooring Platform Supply Vessel (PSV) being built in China for Jaya Shipbuilding & Marine, Pte. of Singapore at a cost of approximately $8.6 million.

The Seabulk Luanda is an 8,000-hp anchor-handling tug/supply vessel (AHTS) being built by Singapore-based Labroy Marine Ltd. at a cost of approximately $14.8 million. Labroy Marine is also constructing the Seabulk Angola, an 8,000-horsepower, anchor-handling tug (AHT) scheduled for delivery in early 2005 at a cost of approximately $10.8 million.

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