Marine Subsea Secures Barge Contract in West Africa

 Marine Subsea AS has secured a new barge contract in Angola and announced that their third barge, the "African Installer" has won a contract with Dynamic International, LCC. The rate is US $60,000 per day. This emphasizes their strong position offshore West-Africa, said Christian Nygaard, Managing Director of Marine Subsea AS.
The barge is currently under construction in Batam, Indonesia and will be ready for tow to Angola in September 2008.
Marine Subsea AS has six vessels under construction and two in operation.
Two Multipurpose/Intervention vessels from the Ulstein Yard, are supposed to be delivered in 3Q 2009 and 4Q 2010. The first vessel is chartered on a 10 year contract to Sonangol. Through acquisition of the engineering firm, Lewis Ltd., based in Aberdeen, Marine Subsea has secured subsea well intervention technology.
There are also five accommodation barges, two of which are already in operation, and three to be delivered from 3Q and until end 2008. The first barge is contracted to work for Chevron in Angola, and the second for ENI in Congo.
The joint venture with Consafe MSV AB is for a Semi Submersible Heavy Crane Vessel to be delivered in 3Q 2009. The rig is chartered on a 5 year contract to Sonangol for operations in Angola.
The drillship contract for ultra deepwater is supposed to operate in West Africa in 2011.



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