Ulstein Builds for Marine Subsea

Maritime Activity Reports, Inc.

July 6, 2007

Marine Subsea Inc. signed a contract with Ulstein Verft for building an offshore construction vessel specialized in inspection, maintenance and repair operations (IMR/OCV) of the ULSTEIN SX121 design from Ulstein Design. The value of the contract is about $154.6m.

The ship will be delivered in 2010 and is the fourth vessel of the type ULSTEIN SX121 from Ulstein Design. The vessel will be yard number 287 at Ulstein Verft.

Marine Subsea Inc. has previously contracted a similar vessel from Ulstein Verft for delivery in July 2009.

”We have great faith in the Ulstein Group and are very satisfied working with Ulstein so far. In a pressured market with many delays in both equipment and deliveries, it is important to have a good dialog with the shipyard. The Ulstein Group is highly reputable when it comes to building state-of-the-art vessels and developing design. We feel we’re in safe hands when contracting yet another vessel from Ulstein,” said managing director Christian Nygaard in Marine Subsea.

The ship will have the characteristic ULSTEIN X-BOW. “The vessel with the new hull type can operate in all weather conditions. The hull shape makes for smoother sailing, giving the crew a more comfortable and safer work platform. The bow improves the operations the vessel will perform,” says Nygaard. “The hull design also gives the ship more volume in the forepart and thus more space for accommodations than a conventional hull.”

The vessel will be 120 x 25 m and accommodate 100. It will be fitted with a tower for module handling, a moonpool, ROV hangar, offshore crane, helideck and a diesel-electric propulsion system. The ship will also be equipped with ULSTEIN COM, ULSTEIN IAS and the newly developed ULSTEIN NAV from Ulstein Elektro.

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