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Marine Log

March 17, 2006

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Singapore Technologies Marine Ltd has secured a Singapore $17 million (US$10.5 million) contract from BGP Inc. to convert a fishing trawler to a seismic research vessel.

BGP is a leading onshore geophysical service contractors and is part of China National Petroleum Corporation.

The project involves lengthening a 68 m fishing trawler to an 83 m seismic research vessel.

Two sponsons (side tanks) will be added and a new hangar deck and helideck installed. Work will commence immediately and delivery is expected to take place in 4Q2006.

The newly converted vessel will be the first seismic research vessel for BGP.

BGP has traditionally been a worldwide onshore, shallow water and transition zone seismic service provider. The converted vessel will help to launch its into offshore seismic survey operations.

"This is strategically a key project for BGP," says Jiang Geng, Senior VP BGP Offshore. "The newly converted vessel will support BGP's inroad into offshore seismic survey operations. We entrust this technically demanding ship conversion to ST Marine on the basis of their strong engineering capabilities, their track record in complex ship conversion projects and upgrading of seismic vessels. We have every confidence that ST Marine will be able to deliver a converted seismic research vessel to meet our operational requirements."

ST Marine President See Leong Teck says the company's experience in complex ship conversions positions it well to support BGP in the project.

"ST Marine was the first local shipyard to complete a dredger jumboization project here in Singapore," he says. "Our track record also includes the successful conversion of a cruise ferry to a naval training vessel. With our expertise and project management skills, we are confident that we will be able to deliver a quality seismic research vessel to support BGP's strategic directions."

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