Oceanteam to Build Fifth Construction Support Vessel

Oceanteam has exercised its option with Metalships & Docks to build an additional construction support vessel to be delivered early 2011. The vessel will be 100% owned by Oceanteam through a special purpose company named North Ocean V AS.

The vessel will be named North Ocean 105. Oceanteam will target the vessel at its established Subsea - and Power & Umbilical installation services with particular emphasis on the larger cable projects with its partner ABB.

The building cost for the vessel including cranes and finance cost is approx. Euro 60 million / NOK 465 million.

The new build vessel will be constructed in Vigo, Spain and will be DP3, 137 meters long and 27 meters wide and have approx 2400 m² of free construction deck. Oceanteam plans to install two heavy compensated cranes - one 250 tonne and one 150 tonne and accommodation for up to 120 people.

Oceanteam is already building four large construction support / power cable lay vessels in Vigo of which the first delivery in the series is 50/50 owned with Bourbon Offshore Norway AS.

The Bourbon Oceanteam 101 vessel is expected to be delivered in November 2007 after which it will start its 3-year commitment with BP Angola as field support vessel.

CICSA of Mexico has recently contracted the second vessel in the series named North Ocean 102 for a minimum period of 5-years starting directly after vessel delivery planned for May 2008.

The North Ocean 103, with delivery early 2009, has been committed to start operations with ABB High Voltage Cable on the StatoilHydro Gjoa Project in Norway and the Britned 244km power interconnector project connecting the Netherlands and the UK, which is due for installation in year 2009 and 2010.

The Bourbon Oceanteam 104, 50/50 owned with Bourbon Offshore Norway AS, with delivery early 2010 is currently uncommitted.