Siem Offshore Acquires PSV Shipbuilding Contract Worth NOK 391M

Siem Offshore Inc has, through its 51% owned subsidiary Siem Meling Offshore DA, entered into an agreement to acquire a shipbuilding contract for a large-size platform supply vessel (PSV). The contract price is approximately NOK 315 million and the vessel is scheduled for delivery in the first quarter of 2009 from Eidsvik yard in Norway.

The vessel is of Vik-Sandvik VS 485 design and will have an accommodation for 64 persons, full under deck PSV capacities, a deck area in excess of 1000m2, diesel electric propulsion, clean design and focus on fuel consumption and low emissions. The vessel will also be prepared for a large offshore crane, stand by services, oil recovery and fire fighting.