Aker To Build Subsea Vessel

Maritime Activity Reports, Inc.

September 12, 2005

Aker Yards signed a contract worth approximately $75.4 million to build a Subsea Inspection, Maintenance and Repair (IMR) vessel for Østensjø Rederi AS, scheduled for delivery in the summer of 2007. Main duties for the new vessel will be inspection, maintenance and repair, including tasks within ROV operations and light construction work. The vessel will be equipped with two hangars with a totally integrated module handling tower, skidding systems and Launch & Recovery systems for Work ROV's. All the main operations will take place inside the closed hangars. Østensjø Rederi AS has been assigned a five years contract with 3 x 1 years option by DeepOcean AS and Statoil. Deep Ocean is in the process of being listed at the Oslo Stock Exchange. The last vessel delivered to Østensjø from Aker Yards was in 1997.
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