Nordic Heavy Lift Awards $221M Vessel Contract to SembCorp Unit

Sembawang Shipyard Pte Ltd, a wholly owned subsidiary of SembCorp Marine, has secured a US$221 million contract from Avonway Ltd, Cyprus, a wholly owned subsidiary of Nordic Heavy Lift ASA, Norway, to design, construct, outfit and commission a 5,000 tonnes DP3 Heavy Lift Crane Vessel based on the design from Sea of Solutions BV, with an option for a second vessel. The vessel will be built to Det Norske Veritas classification standard.

Sembawang Shipyard has been awarded this milestone specialized contract against strong international competition based on the shipyard's capabilities and established track record in the highly specialized and sophisticated field of offshore vessels conversion, modification work and newbuilding. In particular, DP 2 / 3 vessels demand strong project management skills, high Health, Safety, Security and Environment (HSSE) standards, proven Engineering, Procurement and Construction (EPC) expertise and strong organizational capabilities.

The Contract requires the complete engineering, construction, outfitting and commissioning of a 13,500 tonnes new hull to be built in China, into a DP 3 heavy lift crane vessel with a 220-400 men accommodation capacity equipped with a 5,000 tonnes heavy lift Huisman mast crane. The execution of this Contract involves carrying out detailed engineering on the basic design package, construction of the bare steel hull in China, complete detailed 3-D model engineering, systems outfitting and commissioning in Singapore and the installation of Owner supplied 5,000 tonnes crane. The vessel is scheduled to be delivered in March 2010.

Upon completion, the vessel will be deployed worldwide.

Mr Ong Poh Kwee, Managing Director of Sembawang Shipyard, said: "We are very pleased to be chosen by Nordic Heavy Lift as its partner to design and build this highly sophisticated vessel. This milestone award reaffirms Sembawang Shipyard's market leadership in the specialized dynamic positioning offshore heavy lift vessel market. We thank the owners for their trust and confidence in our project management know-how, design, engineering, outfitting and commissioning capabilities and look forward to a long-term collaborative partnership with Nordic Heavy Lift."

Mr Frederik M. Steenbuch, General Manager of Nordic Heavy Lift, said: "Sembawang Shipyard has demonstrated its strong track record in handling sophisticated offshore work especially vessels equipped with dynamic positioning capabilities. We are confident that both Nordic Heavy Lift and Sembawang Shipyard will be able to work closely towards the successful completion and commissioning of this significant project."

Barring unforeseen circumstances, SembCorp Marine expects a positive contribution to its earnings from the contract. However, this contract is not expected to have any material impact on the net tangible assets and earnings per share of SembCorp Marine for the year ending December 31, 2007.

Sembawang Shipyard has one of the largest integrated ship repair and conversion facilities in Southeast Asia. Besides the traditional sectors of tankers and bulkers, Sembawang Shipyard is a recognized specialist in the niche markets of FPSO/FSO conversions, offshore vessels conversions and newbuildings, complex lengthening conversions, passenger ship conversions/refurbishment, chemical tankers, liquefied gas carriers, offshore rigs and navy ship repairs.

Oslo-based Nordic Heavy Lift ASA is a newly established company offering construction services to the offshore oil and gas industry. It enjoys solid industrial backing with the Norwegian shipowner, Dyvi AS, as co-founder, lead investor, and manager.

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