Grenland Group Wins Contract for Its P007-3000 Designed Semi sub

Grenland Group has signed a pre EPC agreement for the delivery of its semi submersible rig design P007-3000. The contract value for Grenland Group is approximately NOK 1.8 billion.

"This first delivery of our own rig design to the offshore market is a breakthrough for Grenland Group. We are very pleased to have been chosen as an EPC contractor, and are fully committed to execute this project to a high quality standard and on schedule", says Hallgeir Skogen, President and CEO of the Grenland Group ASA.

The project will commence immediately. The rig is scheduled for delivery in Q2/2010. Fabrication, assembly and completion of the rig will be carried out at the large Grenland Group yard in Tønsberg, Norway. The Grenland Group organization possesses an extensive amount of relevant experience and counts on the required, adequate resources for the execution of such a large project. Both Grenland Group and the client in question are Norwegian firms.

The lightweight semi submersible DP Class 3 vessel is an advanced, compact, floater with certain features incorporated, which make the vessel particularly suitable for possible other services in the future. Unique structural and hydrodynamic design gives the P007 record low fuel consumption associated with dynamic position keeping in harsh environment areas.

Framnaes Mek Verksted in Sandefjord built Norway’s first semi submersible in 1973; the Norskald. Over the past 35 years, more than 40 semi submersible newbuilds and upgrades, including engineering scope, have been carried out in Sandefjord and neighboring Tønsberg. The Grenland Group has actively been seeking mergers and acquisitions over the past few years. During this process, the engineering firm Hitec Framnaes in Sandefjord was acquired. Almost simultaneously it took over Hereema's Tønsberg yard at Kaldnes as well.

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