Marine Log

OPUA Construction Vessel

September 12, 2006

Oceanteam plans third construction vessel

Oceanteam Power and Umbilical AS (OPUA) is issuing a new bond with a loan amount of NOK 420 million (about US $64 million).

The proceeds from the bond issue will mainly be used to exercise an option at the Metal Ships & Docks yard in Vigo, Spain for the construction of a third construction support vessel for delivery in the third quarter of 2008. A minor part of the financing will be used to purchase or long term charter a Power Cable Installation vessel on contract.

The newbuild vessel will be 137 meters long and 27 meters wide, with more than 2 400 sq. m of free deck, a deadweight of 10 000 tonnes, 2 x 100 tonnes crane installed and will be able to load, transport and install 7,000 tonnes of flexible product worldwide with a transit speed fully loaded of 15 knots.

Oceanteam Power & Umbilical AS describes itself as a niche services provider focused on servicing, installation, trenching and IMR of flexible pipelines, umbilicals and power cables up to a water depth of 400 meters. It has 48 employees located in Bergen, Aberdeen and Amsterdam. The company's target markets are Oil & Gas, Offshore Renewable Energy and Power Distribution