SeaMetric Secures Timely Delivery of Twin Marine Lifter Technology

SeaMetric will have the first TML marine heavy lift system comprising two DP class 3 heavy transport vessels and a 20.000 tonne lift arm system available for the market in Q3/2009. Under the same construction contract with ESSCA (Hong Kong) Ltd. in consortium with CNPC (China National Petroleum Corporation), a second order is planned in the first half of 2008 for one more and identical TML system and two 180 meter long DP class 3 heavy transport vessels (HTV's).

The most critical items that could affect timely delivery of the second order are the diesel motors and thrusters. SeaMetric has now successfully secured production slots for these items which will facilitate delivery of TML System #2 in Q2/2010 and delivery of two 35.000 dwt HTV's in Q3/2010.

A Letter of Intent (LoI) for the thrusters was signed on 19th October and a LoI for the diesel motors will be signed shortly. Through these agreements SeaMetric improves its competitive position significantly. The company has now secured deliveries of the most critical components. SeaMetric has entered into these agreements to meet the demands of potential clients who have stated that delivery in 2009 and 2010 will give a strong competitive advantage.

"This is a significant milestone to secure delivery of the Twin Marine Lifter technology. In a market where delays are becoming increasingly prevalent we are pleased to have secured timely delivery for these key components. We firmly believe that this will benefit the company in current discussions with potential clients" says Managing Director Johan F Andresen.