Oceanteam Orders Third Vessel

Oceanteam Power & Umbilical has ordered a third construction support and flexible product installation vessel. The vessel will be delivered third quarter 2008 and has similar specifications as North Ocean 102 which will be delivered in Q1 2008. The vessel will further strengthen Oceanteam's growth potential in the burgeoning energy market.

The vessel ordered will be 137 meters long and 27 meters wide, with more than 2,400 square meters of free deck, a deadweight of 10,000 tons, and two x 100 ton cranes installed. It will be able to load, transport and install 7,000 tons of flexible product worldwide with a transit speed fully loaded of 15 knots. The North Ocean 103 support vessel will be constructed at the Metal Ships & Docks yard in Vigo, Spain.

Great flexibility

Together with cutting-edge equipment, the speed gives the vessel great flexibility, capacity and efficiency. With the additional vessel Oceanteam will be even better equipped to lay and bury flexible cables for any client in the company's key market segments. Key markets are offshore renewables, subsea power distribution and the petroleum industry. Oceanteam is able to operate in any geographic location.

The ordering of the three vessels prior to the current surge in vessel construction activity and prices in 2005, coupled with the favourable delivery times, has created high interest from the market. The company is confident about future prospects for this vessel.

Successful bond issue

The order for the third ship came after a bond issue with a loan amount of NOK 420 million. The bond issue closed one week ago and was significantly oversubscribed.

Oceanteam has been in operation for twelve months. The company will finish its first project, the power cable installation of the first major offshore windmill park in the Netherlands, in October 2006.

Oceanteam has lately increased its engineering and tendering department significantly to meet its project management and tendering volume requirements. The company will continue to pursue its original investment plan to expand the company further, both geographically and in services.