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Marine Log

Four P105's from China

March 8, 2006

Bourbon orders Ulstein PSV's from China

Bourbon has signed a contract with China's Zhejiang Shipbuilding for construction of four Ulstein P105 platform supply vessels.

The vessels will be delivered between September 2007 and September 2008

Ulstein Design AS will deliver the design and major equipment for the vessels. The contract has a total value of around NOK 350 million (about US$ 52.4 million) for Ulstein Design.

"This is a major and important breakthrough in the Chinese market for the Ulstein Group," says Ulstein Design president Tore Ulstein. "China is a new arena for Ulstein Design, and we are very happy to be selling the designs and equipment for no less than four vessels when we enter this market."

"The contracts are announced at a time when we are already very busy in the Ulstein Group. But the Chinese contracts are based on designs that have been built previously at Ulstein Verft. Therefore much has already been done in order to design, construction and the selection of equipment," says Tore Ulstein.

Bourbon has already taken delivery of two type ULSTEIN P105 vessels from Ulstein Verft.

"Bourbon Topaz" was delivered in February 2005 and "Bourbon Peridot" towards the end of October 2005.

"We have decided to contract four additional equivalent vessels because of the market's response to those vessels and our positive experience with them," says Trond Myklebust, managing director of Bourbon Offshore Norway.

Bourbon has experience of ship construction in China and particularly at Zhejiang Shipbuilding Co. Ltd. The shipping company has a series of medium sized platform supply vessels under construction at Zhejiang Shipbuilding Co. Ltd, the first of which have already been delivered.

"The yard has proved to us that it can build sophisticated vessels with diesel electric propulsion and DP2. This experience was absolutely vital vis-a-vis this new project," says Trond Myklebust.

MAJOR EQUIPMENT DELIVERY

Ulstein Design VP Marketing Erik Andreassen reports that in addition to complete supporting drawings, Ulstein Design will deliver the propulsion systems, engines, cargo systems and dynamic positioning systems, among other things. The equipment packages also contain a number of products from Ulstein Elektro AS, such as all the navigation and radio equipment, panels and desks.

CLOSE FOLLOW-UP

"To follow-up the delivery, Ulstein Design, the technical construction department in Ulstein Verft AS and Ulstein Elektro will make their competence available in various technical areas. In addition, the Ulstein Group's representation office, Ulstein China, will play an important role in the cooperation between the yard, Bourbon and Ulstein Design," says Erik Andreassen.

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