NAO Contracts Two Vessels from ULSTEIN

Maritime Activity Reports, Inc.

February 12, 2014



The offshore shipping company Nordic American Offshore (NAO) has contracted two platform supply vessels (PSVs) of ULSTEIN’s PX121 design.

These vessels will be number seven and eight which NAO buys from ULSTEIN. In December 2013, NAO invested in six vessels of the PX121 design, which had been constructed at Ulstein Verft. The two new vessels are planned for delivery from Ulstein Verft in January 2015. The total value of these eight vessels exceeds NOK 2 billion.

In total, ULSTEIN has currently sold 18 vessels of this design. The six previously built at Ulstein Verft have all been working on firm contracts in the North Sea. Ten are constructed or under construction at yards in China or southeast Asia.

ULSTEIN’s decision to focus on these ship types resulted from careful market analysis. In the North Sea, these PSVs are considered medium-sized, and they have an optimum combination of fuel efficiency and deadweight. They have a capacity and performance that approaches those of larger PSVs. They can take on most of the tasks usually handled by slightly larger PSVs. Both investment cost and operating cost are lower.

The new NAO vessels will be hull number 303 and 304 at Ulstein Verft, which currently has five vessels on order.

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