Ulstein P101

January 17, 2005

Ulstein Verft wins PSV order

Ulstein Verft AS has signed a contract with Island Offshore XI KS to build a large ULSTEIN P101 multifunctional platform supply vessel, designed by Ulstein Design AS. The contract is worth around NOK 290 million (US$46.4 million). Ulstein Verft's order reserve is currently NOK 1.6 billion.

The vessel is to be delivered to Island Offshore XI KS at the end of March 2006.

It will be the first vessel to be built to this design, making it the 12th in a series of Ulstein designs.

Island Offshore Management will have operational responsibility for the vessel, but has not signed contracts with users yet.

Island offshore's president, Havard Ulstein, believes the vessel will prove attractive: "The ULSTEIN P101 we are ordering now is a large multifunctional platform supply vessel which can also be used for subsea purposes. We believe there will be a demand for this in the future," he says, continuing: "We are increasing our tonnage, and envisage combining this with both smaller and larger supply vessels. We regard the ULSTEIN P101 as a very interesting vessel. It has the same hull shape as the Normand Mermaid, an ULSTEIN P103, which is proving very successful in the North Sea, and we believe the new vessel will do a good job for us."

"The vessel is 95 meters long and 20.5 meters wide, and can accommodate 87 people in single and double cabins," reports Ulstein Verft's sales manager, Harald Moller. "It is equipped with a moonpool, mezzanine deck, helicopter deck and has a DP2 classification. The vessel will also be prepared for a 130 ton crane and ROV hangar."

Ulstein Design's design manager, Bjorn Bergsnes, says the ULSTEIN P101 has particularly good seakeeping qualities with good stability and provides a fine platform for most operations. "The vessel has diesel electric propulsion and is economical to operate," he adds.

Havard Ulstein says Ulstein Verft was chosen on the basis of price and quality.

"The contract with Island Offshore XI KS shows we are competitive when it comes to building advanced offshore vessels," says Ulstein Verft president Tore Ulstein "The Island Offshore Group does a lot of exciting things and has shown this yet again by choosing a new vessel design. The geographical proximity of the building yard and the shipping company is important, and we are happy that they have once again chosen a local partner. This is important vis-a-vis cooperation and wealth creation in the regional maritime cluster."

Steel cutting for the vessel will commence in March this year. The hull is being built by Maritim Ltd in Poland, while the superstructure is being built in Ulstein Verft's division in Vanylven. The vessel will be delivered on March 31, 2006



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