TTS Secures Vietnamese Delivery

Through its subsidiary TTS Sense AS, TTS Group ASA's Energy Division has received a Letter of Contract Award from PetroVietnam Marine Shipyard Company in Vitenam regarding delivery of a Drilling Equipment Package. The contract has a value of approximately USD 23 million.

The delivery will take place in Q4 2010 and Q1 2011. The Drilling Equipment Package will be installed on a new LeTourneau 160E Jack Up Rig currently under construction at PetroVietnam Marine Shipyard in Vung Tau, Vietnam.

The new-build rig market has cooled off as a result of the financial crisis. It is therefore important to get confirmation that we are competitive in a fierce market, says Johannes Neteland, President & CEO of TTS Group ASA.