DeepOcean Subsidiary Extends 4 Maersk Vessel Contracts

DeepOcean's subsidiary CTC Marine Projects Ltd., has successfully negotiated extensions to its charter agreements with the AP Moller-Maersk Group for the four DP2 class multi-role vessels in its fleet.

Supporting the company's subsea trenching and flex-lay operations, the 2 'R' class vessels (the Maersk Responder and the Maersk Recorder) and the 2 'A' class vessels (the Maersk Assister and the Maersk Advancer) will now be on charter to CTC until Q1 2011, with 2 further one year options on each of the 'R' class vessels to 2013.

Available with global access, the two 'R' class vessels will continue to provide support for the company's general trenching and flex-lay projects and the two 'A' class vessels will provide trenching project and general construction support. Guaranteed utilization has been extended from a minimum number of days per year to 365 days each year for the Maersk Responder, the Maersk Recorder and the Maersk Assister. The Maersk Advancer continues to be available in accordance with advanced scheduling requirements.

CTC's managing director, Tony Inglis, commented, "These agreements will strengthen overall security of trenching supply in the market, a factor which is particularly important for clients with extended lead time projects."


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