SeaMetric Inks Deal with CNOOC for 1st TML System

SeaMetric has signed a Memorandum of Intent (MOI) with CNOOC Offshore Oil Engineering Company (COOEC) for utilization of the first Twin Marine Lifter (TML) system. COOEC is a subsidiary of CNOOC (China National Offshore Oil Corporation), a company with 45,000 employees.

Under the MOI, SeaMetric and COOEC will establish a new, jointly owned Operating Company for the TML System which will be delivered in September 2009.

"This partnership is an excellent strategic step for SeaMetric and COOEC and will secure utilization of the first TML System for several years," said SeaMetric Managing Director, Johan F Andresen. "Together with our financial advisers, SEB Enskilda and Pareto Securities, we will now work to complete financing of the TML System."

SeaMetric was founded in 2000 to develop a cost-effective and environmentally friendly marine heavy lift system. Since then, SeaMetric International has developed the Twin Marine Lifter for installation and removal of very heavy objects.

SeaMetric has been in discussions with COOEC since May 2007. Initially, the new company will operate in the Northeast Asia Pacific region. Preparations for the new company will start immediately so that it is fully established by Dec. 1, 2008. In addition to providing the TML System, SeaMetric will contribute with Operational Management and specialist engineering expertise.

COOEC currently constructs and installs platforms for CNOOC and international oil companies and has ambitions to expand internationally. In addition to six offshore fabrication yards in China, COOEC also operates several lifting vessels, barges and other support vessels with subsea operational capabilities.

ESSCA, SeaMetric's Main Contractor for the construction of the first TML system in China, has facilitated this agreement.