TTS Marine Wins Drilling Equipment Contract from Jurong

Through its subsidiary Sense EDM AS in Kristiansand, TTS Marine ASA's Drilling Equipment division has landed a contract with Jurong Shipyard in Singapore worth approximately NOK 385m with delivery around mid-2009.

The contract is conditional upon the final signing of the contract between Jurong Shipyard and the customer of a mobile jack-up rig.

The contract with Jurong Shipyard entails delivery of a complete drilling equipment package and personnel for supervision during installation and commissioning in Singapore.

TTS Marine ASA acquired the drilling technology company Sense EDM AS, with effect from May 25, 2007. The ambition with this acquisition is to further target the drilling and offshore industry. The contract with Jurong Shipyard has given TTS a very good start.

The offshore market is asking for more vendors to compete for assignments. TTS have already received several enquiries regarding corresponding deliveries to the agreement with Jurong Shipyard. By employing the global network of the TTS group together with the competence of Sense EDM AS, TTS has potential for growth in the market for drilling equipment.