Bergen Group Inks Vessel Contract with Volstad Maritime

Bergen Group Fosen has signed a contract with Volstad Maritime AS to build a large high end offshore vessel. The contract has an estimated value of more than $139 million (NOK 800 million), and the ship is scheduled for delivery in 3Q 2013.

The signed contract is subject to final board approval and financing, which is expected to be clarified during 1Q 2012.

The contract is for construction of a large and advanced OCV (Offshore Construction Vessel) with a length of 125 meters and a beam of 25 meters. The ship is a ST-259 CD design from Skipsteknisk in Ålesund.

"The contract with Volstad Maritime AS is a confirmation of Bergen Group's strong position related to construction of advanced and innovative offshore vessels to a demanding international market. This is a market we consider to be interesting and attractive for years to come," said Terje Arnesen in Bergen Group.

Arnar Utseth, the CEO of Bergen Group Fosen, is looking forward to start building vessel number seven to be delivered to Volstad Maritime AS.

"We are very pleased that the company wants to continue the well-established partnership with us, and we look forward to building another top modern, advanced and future-oriented vessel to Volstad Maritime. This contract will also give us a solid extension of the period with high outfitting activity already secured at Fosen throughout 2012," said Arnar Utseth.

Volstad Maritime AS is a privately owned Norwegian offshore shipping company headquartered in Ålesund.

Volstad Maritime AS has since 2005 ordered all their newbuildings, a total of seven vessels, from Bergen Group Fosen. Five of these have already been delivered. One vessel is under full production and will be delivered in summer 2012. Vessel number seven, the contract awarded today, will be delivered in the autumn of 2013.

Bergen Group has during the last four years delivered a total of 16 advanced offshore vessels to different customers both nationally and internationally. The group's shipbuilding division will in 2012 deliver another four different vessels with a total contract value of $469.8 million (NOK 2.7 billion).


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