Caspian Services Group Takes Delivery of Caspian Spider

Caspian Services, Inc. reported that its wholly-owned subsidiary, Caspian Services Group Ltd., has taken delivery of a subsea cable deployment vessel.

Now known as the Caspian Spider, the vessel is a shallow draft accommodation and work barge ideally suited for the shallow waters of the Northeast Caspian Sea. The vessel measures 78.3 meters (257 feet) in length and 16 meters (52 feet) in width and can accommodate 30 passengers and 14 crew. Currently, the vessel is in the Middle East undergoing modifications and accommodation upgrades. When completed, the vessel will be mobilized to the Caspian Sea and made ready for commencement of operations in May 2008.

The Caspian Spider has been time chartered to Saipem S.p.A. for the 2008 and 2009 work seasons with additional contract extension options available for the 2010 and 2011 work seasons. Saipem S.p.A. is a major contractor for the AGIP KCO offshore oil development project in the Kazakh sector of the Northeast Caspian Sea.

John Scott, Chief Operating Officer of Caspian Services noted, "As the Kashagan and other fields in the Northeast Caspian Sea are developed, demand for vessels such as the Caspian Spider will grow. We look forward to working with Saipem S.p.A. on this particular project and in many ways this agreement is about our partnership with the offshore infrastructure development effort currently underway in Kazakhstan's Caspian waters."