Norway-based TTS Group ASA's subsidiary TTS Offshore Handling Equipment AS inked a contract, worth approximately $19.9 million (NOK 120 million), with South Korea's Daewoo Shipbuilding & Marine Engineering Co., Ltd. for the supply of a drillship crane package.
Under the contract, TTS Offshore - which specializes in offshore cranes and load handling solutions - will deliver four large offshore cranes, additional equipment for riser handling and pipe handling for a drillship ordered by Vantage Drilling Company. The contract comprises three options for delivery of identical equipment, with delivery planned for the third quarter of 2014.
“After being awarded a similar contract from STX Offshore & Shipbuilding Co., Ltd. in November 2012, this contract represents a final breakthrough in a very interesting and significant market segment. We have pursued prospects within this segment for a long time, and this contract enhances our position within offshore load handling,” TTS Group CEO Johannes D. Neteland said in an announcement to Norway's stock exchange Oslo Børs.
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