July 1, 2004

Ulstein Verft gets PSV contract

Norway's Ulstein Verft AS has signed a contract with Island Offshore IX KS for construction of an ULSTEIN P105 platform supply vessel, with an option for a further vessel of the same type.

The vessel on order is worth around NOK 200 million (about $28.8 million). Work will start immediately and will guarantee the shipyard work until April 2005.

Island Offshore IX KS is owned by the vessel investment company Island Offshore Shipholding L.P., together with the investment companies Naustneset, Dalseth, Bakkely and the Ulstein Loen family. All are also shareholders in Ulstein Mekaniske Verksted Holding ASA.

Earlier this year, Island Offshore Shipholding established an operating company, Island Offshore Management AS, which until now has operated one vessel.

The company will also take over responsibility for operating the new vessel from Ulstein Verft.

"The Island Offshore Group has local roots and has now chosen to invest locally. Similarly the new vessel will be named Island Patriot, an almost symbolic name. This is very important for employment and will greatly contribute to wealth creation, both locally and in the region," says Ulstein Verft managing director, Tore Ulstein.

Tore Ulstein is also the managing director of the vessel design company, Ulstein Design AS:

"Island Patriot will be the fourth vessel realised in the ULSTEIN P series (platform supply vessels) and the ninth of our own design since the establishment of Ulstein Design in 2000," he says. "The fact that we have managed to gain a foothold in vessel design in such a short time shows that we are competitive. We are receiving positive feedback from the shipowners that have vessels of our design in operation."

The ULSTEIN P105 is a large, flexible platform for supply operations. The design has a large load capacity and can carry almost 5,000 tons of cargo, 2,840 tons of this as deck cargo. It has a diesel electric propulsion system, low fuel consumption and noise levels, and good seakeeping abilities. The vessel is 86.2 meters long and 19 meters wide.

"An ULSTEIN P105 is a high quality platform supply vessel, designed to meet most of the requirements made of a modern supply vessel. The good below deck capacity means that it is well suited for gaining long-term contracts," says the managing director of Island Offshore Management, Havard Ulstein.

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