Vetco to Build New Concept for Offshore Loading

Remora ASA and Vetco Aibel have signed a contract where Vetco Aibel shall build and start up a new type vessel for offshore loading of oil and gas, representing the latest generation of offloading technology.

Execution of the contract is dependent on Remora's financing of the whole project.

The vessel named HiLoad DP, can be equipped with diesel engines and a position keeping system, and is able to facilitate offshore loading with non-specialized regular trading tankers, world wide.

By the signing of this contract we take our extensive experience a step into a new technology, meant for the future, says R. Rasmus Sunde, president and CEO of Vetco Aibel. Our professional engineers and craftsmen will do their outmost to support our customer in bringing this state of the art technology and design into full scale realization for a global market.

Vetco Aibel's base scope under the contract is to perform necessary fabrication engineering, fabricate elements and assembly with all company provided items on the yard including final build and testing. The contract has an option for the customer to transfer all purchased equipment to Vetco Aibel.

Shop engineering will start December 2006; construction will commence in March 2007 and is to be completed in 2nd quarter 2008.

The work will be done at Vetco Aibel's yard in Haugesund, Norway, and will have a top manning during summer 2007 with around 200 persons.