TTS Marine Lands Offshore Crane Contract

Through its subsidiary TTS Marine Cranes AS in Bergen, TTS Marine ASA's Marine Cranes division has landed a contract worth approximately NOK 64m for delivery of offshore cranes. The delivery will take place by the end of 2009.

The contract with Hanjiin Heavy Industries & Co., Ltd in South Korea concerns delivery of four cranes to 2 ships. For each ship one of the cranes is equipped with heave compensation system. The system for active heave compensation enables the cranes to operate up to 2000 meters depth even in rough sea.