Nordic Heavy Lift Builds New Deepwater Vessel for Delivery in 2010

Nordic Heavy Lift ASA (NHL) is building a state of the art mono hull 5,000 tonne heavy lift crane vessel with deep water installation capabilities at Sembawang Shipyard, Singapore. The Vessel is due to be delivered by the end of the first quarter of 2010.

The basic design of the Vessel and the 5,000 tonne Huisman crane is now finalized. The detailed engineering by Sembawang Shipyard is progressing well and the hull construction has started January 2008. As a result of completing the basic design certain improvements and adjustments to the Vessel and outfitting have been recommended to the Board of Directors. The Board has approved an amount of USD 10 million in additional capex investments.

The additions relate to improvements such as the increased use of high tensile steel in certain areas, investment in a back-up deep water reference system, additional requirement for power supply to the deep water lowering system, improved dynamic positioning functionality, taking critical spare parts on stock and required consumables at start of operations.