Ulstein P105

September 20, 2004

Bourbon takes over Ulstein newbuild

Fosnavag, Norway, based shipowner Bourbon Offshore Norway AS has (through its Bourbon Ships AS unit) taken over the contract for an ULSTEIN P105 being built by Ulstein Verft AS. The ship has been under construction since Spring for the investment company Seven Sisters IV AS and has a value of approximately NOK 200 million (about $29 million). The agreement with Bourbon includes an option for a further ULSTEIN P105.

Bourbon Offshore Norway is part of the international "Groupe Bourbon", whose headquarters are in France. "We are very pleased that we have now sold the vessel under construction to a local shipping company. At the same time it is an international company and part of a major group, and of course a very interesting new customer for us," says Ulstein GroupCEO, Gunvor Ulstein.

If the option for a second vessel is exercised, that vessel will be delivered at the end of September next year. The process will be the same as for the current newbuild, with the construction of the aft ship in Poland and the forepart sections of the vessel in Vanylven and Ulsteinvik, Norway. Steel cutting would start in Poland in the middle of November 2004.

The current newbuild is set for delivery in February 2005 and construction is on schedule. The aft ship arrived from Poland in the beginning of August and Ulstein Verft is now putting the aft ship and the forepart sections together, at the same time as the main equipment is being fitted. Launching will be in the middle of November.


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