Marine Log

November 8, 2006

CH Offshore orders AHTS duo in Japan

Singapore's CH Offshore Ltd , a subsidiary of Chuan Hup Holdings, reports that it has awarded contracts to Japan's Universal Shipbuilding Corporation for the building of two 68 meter, 12,240 bhp,150 MT bollard pull DP2 anchor handling, tug/supply vessels.

The combined contractual value of the two vessels is US$ 51.2 million.

Thee vessels are capable of operating in deep water.

One vessel is to be delivered in November 2009; the other is to be delivered in February 2010.

CH Offshore will pay for the vessels through a combination of internal funds and bank borrowings. The consideration for each of the vessels is payable in stages through five installments.

CH Offshore Ltd has five vessels currently under construction in Japan, the addition of the latest two vessels will bring its total fleet of vessels to 29 (including two operated through joint ventures in which CH Offshore has a 49% shareholding).