Newbuild PSV Charter Contracted for North Sea Operations

| Norway, Kristiansand

A Siem Offshore PSV

Siem Offshore Rederi, an international supply and subsea shipping company registered in the Cayman Islands with main offices in Kristiansand, Norway has been awarded a contract with the oil and gas company Total E&P Norge AS of Stavanger, Norway, for a new dual-fuelled large platform supply vessel (PSV). Siem Offshore is set to order the newbuild PSV, designed in collaboration with Wärtsilä Ship Design, for commencement of operations in 2014 to serve the Martin Linge field in the North Sea north-west of Stavanger.

This is the first long-term PSV contract Siem Offshore holds with Total in the Norwegian sector. The agreement is made at market terms and is for an initial period of four years, with four one-year options. The contract will commence between May and August 2014.

The ship will have a Wärtsilä dual-fuel system for the use of either liquefied natural gas (LNG) or Marine Diesel Oil. The vessel will be equipped with the most modern solutions for fire-fighting and emergency preparedness, a deck of 968 m2 and under deck capacities well suited for the intended operations. Siem Offshore has received firm offers from yards for the construction of the vessel.

(This article compiled using information from a Siem Offshore Inc. press release)

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