Expanding its presence in the growing offshore West African market
, Seabulk Offshore
-- a subsidiary of Seabulk International, Inc. (Nasdaq: SBLK) -- announced that it 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. "These new vessels are a response to our customers' needs and signify our confidence in the long-term potential of this region, where we are currently the number two operator with 40 vessels."
The vessels, the Seabulk Advantage and the Seabulk Luanda, bring to five the total number of newbuilds currently under construction for Seabulk Offshore. Of the five, three are destined for West Africa and two for Brazil. 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-horsepower, 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-horsepower 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.
With operations in more than 25 countries, Seabulk Offshore is the largest subsidiary of Seabulk International, Inc., accounting for about half the Company's total revenue. Seabulk Offshore's global fleet of 114 vessels serves customers in North America, South America and the Caribbean, West Africa, the Middle East, and Southeast Asia.