Marine Log

April 11, 2006

Fredriksen orders six more AHTS's at ABG

India's ABG Shipyard Ltd says it has bagged a repeat order for six AHTS's at a price of U.S.$9.99 million each ($59.94 million total) from Sea Tankers Management Company Ltd, a company controlled by John Fredriksen.

The six vessels will be delivered at intervals of three months from December 2007 through March 2009 and brings the number of vessels on order for Sea Tankers at ABG to twelve.

Last month, Norway's Deep Sea Supply announced that it was acquiring 22 newbuilding contracts from John Fredriksen's Hemen Holdings in a $394 million deal that will see Hemen become Deep Sea Supply's largest shareholder with a 20-22 percent stake in the company.

The newbuilding contracts to be acquired by Deep Sea Supply include twelve 6,500 bhp AHTS being built at the ABG yard in India to be delivered in 2006-2009--presumably both the six-ship series ordered by Sea Tankers.