DeepOcean to Build New Construction Vessel

DeepOcean has entered into an agreement with Volstad Maritime for a newbuild 120 meter ST-256L-designed construction vessel, to be launched in March 2009.

The agreement will be a limited partnership in which DeepOcean will have a 51% share and an option to purchase the vessel after a period of 5 years. Volstad will manage the commercial and technical aspects of the vessel's development and build.

This vessel is the second to be built by Volstad for DeepOcean through its subsidiary CTC Marine Projects Ltd. and will provide front line service for the company's global trenching and installation operations. Designed to CTC's requirements, this new build will constitute a "next generation" of vessel, operating as multi-role support with cable, umbilical and flexible product lay capabilities.

DeepOcean's CEO Kare Johannes Lie commented, "This agreement is a major coup for the company, it will enable us to further expand our trenching and general construction capability and provide market confidence in future tonnage availability."