Marine Log

ULSTEIN SX 121

April 7, 2006

Island offshore orders X-bow construction vessel

Island Offshore--in which Edison Chouest Offshore is a partner--has placed an order with Norway's Ulstein Verft AS for a large construction vessel featuring the Ulstein X-bow.

The Ulstein SX121 is the first special purpose vessel from Ulstein Design AS and will be named Island Constructor.

The total value of the contract is approximately NOK 600 million ($93.4 million). The vessel has yard number 279 at Ulstein Verft.

"This contract with Island Offshore is a very important contract for the Ulstein Group as it reconfirms that leading shipping companies within the offshore industry believe in the new bow concept," says Ulstein Group CEO Gunvor Ulstein.

The Ulstein SX121 is the first vessel from Ulstein Design's S-series to be built," says Tore Ulstein, president of Ulstein Verft and Ulstein Design.

"As oil installations moves from the surface to deep sea," he continues, "we see an increasing demand for subsea and offshore construction vessels. We are proud to say that the Ulstein Group is in the high end of the market within developing vessels for demanding marine operations. By developing state of the art vessels from top to bottom in cooperation with customers like Island Offshore, I believe these ships will make a significant impact on the international offshore fleet."

"We have previously had two vessels of Ulstein design built at the yard, and our experience of both the quality of the vessels and cooperation with shipyard personnel has been so positive that we were keen to return," says Island Offshore president Havard Ulstein.

The Island Constructor will be able to carry out many types of operation. There will be ample space for special equipment, a large deck area, and a tower for well operations that can be installed at a later date.

"We have worked with Ulstein Design to develop a ship based on all the experience we have acquired from operations we have taken part in as ship owners. First and foremost, we believe that the vessel will do a good job in the growing construction market," says Havard Ulstein.

The new vessel is classified as an inspection, maintenance and repairs offshore construction vessel (IMR/OCV).

Ulstein SX121 will be 25 m wide and 120m long. It will be fitted for 90 people, and will be equipped with, moonpool, an active heave-compensated offshore crane, ROV hangar, diesel electric power plant and a helicopter deck.

The vessel will be delivered in the spring 2008.

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