The LoI has a firm period of seven months with a one-month option. The MSV Regalia will transit to the North Sea early November, after its current commitment in Angola. On site operations will commence in January 2008.
Total value of the LoI, excluding the transit from Angola and the option period, is about US$47 million. The LoI will ensure a high utilization level of the vessel into the third quarter 2008, and will be the first of its kind in the emerging decommissioning market.
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