Cecon and Deepflex Agree to Charter Contract, Strategic Alliance

Cecon ASA has entered into an Agreement with Deepflex Inc. Houston, whereby Deepflex has chartered both the two Cecon Newbuildings for 150 days per year each for a firm period of five years, plus three yearly options.

The agreement furthermore states an intent for Cecon and Deepflex to cooperate through a utilization by Deepflex of Cecon's installation services, and promotion by Cecon of Deepflex' products.

Deepflex will as part of the agreement provide a 2,500-ton carousel for under deck installation in both vessels.

Contract value for the firm period is estimated at US$112 million (NOK 675 million).

With this agreement, Cecon expects to have secured full utilization of its two newbuild vessels for the duration of the contract, as the remaining vessel days will be utilized by Cecon in its own subsea installation business.

Cecon ASA is a subsea installation contractor that provides services related to the installation of pipelines, mooring systems and risers and other subsea structures. The company is located in Arendal, Norway. Cecon has ordered two large offshore construction vessels to be built by Davie Quebec Inc., Canada, according to Vik-Sandvik VS 4220 design with expected delivery April 2009, and August 2009, with options for four vessels.

DeepFlex Inc is a manufacturer of a new generation of lightweight, flexible, non-metallic, un-bonded pipes for use in subsea and other applications, situated in Houston and Galveston, Texas. The company is part owned by Chevron Technology Ventures.

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