YRS Wins Newbuild Pipelay Vessel Contract

Yantai Raffles Shipyard Limited (YRS) has received a contract from Saipem (43% owned by Eni), for the design and construction of an Iced Strengthened Pipe Lay Vessel of DP3 class. The 290 m long vessel, with a molded breadth of 39 m, will be built under the American Bureau of Shipping classification.

The purpose-built DP pipelay and subsea construction vessel lays pipelines and supports developments in deep waters. With a main deck height of 24 m, it has an operating draught ranging from 7 to 10 m. The 43,000 light ship ton vessel, complete with S-Lay Pipe System with the future option of installing a J-Lay System, will be equipped with a 600 metric ton Mast Crane and two 55 ton pipe handling gantry cranes. It will have superior standard accommodation facilities for a total of 538 persons.

The vessel is expected for delivery in early 2010. Upon completion, the vessel will be fit to operate worldwide, including the North Sea, Baltic Sea, Barents Sea, South Atlantic, West African Coast, Gulf of Mexico and Pacific North of Australia.

Mr Brian Chang, Chairman of YRS said, "We are delighted to be chosen by Saipem to design and build this highly sophisticated vessel as this award marks another milestone achievement for the group in the area of offshore projects. We thank the owners for their trust and confidence in us."

Saipem (43% owned by Eni) is a leader in the provision of engineering, procurement, project management and construction services for the oil & gas Industry, with unique capabilities in designing and executing large scale offshore and onshore projects. Saipem has a strong expertise in operating in deepwater and remote areas. It has significant technological competence in gas monetization and heavy oil exploitation.

Listed on the Oslo OTC Stock Exchange in Norway with its headquarters in Singapore, Yantai Raffles Shipyard specializes in the construction of various marine and offshore projects that include jack-up drilling rigs, semi-submersible drilling rigs, FPSOs, platform supply vessels, luxury yachts and other units. The 72- hectare shipyard boasts state-of-the-art building facilities, including a large gantry crane with lifting capacity of 20,000 metric tons due for completion in 2007, and employs the latest technologies to achieve operational efficiencies and lower costs.

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