STX OSV books order for advanced OSCV

stx osv smJUNE 14, 2012 – STX OSV reports that it has secured a contract for the design and construction of a large, advanced Offshore Subsea Construction Vessel (OSCV) for Ocean Installer and Solstad Offshore.

The contract value amounts to approximately NOK 1.4 billion. Ocean Installer and Solstad will have joint ownership of the vessel, which is to be operated by Ocean Installer. The vessel is scheduled for delivery from STX OSV in Norway in second quarter 2014. The hull will be delivered from STX OSV's shipyard in Romania.

The contract is subject to board approval by the Norwegian Guarantee Institute for Export Credits (GIEK), which is expected to be received on or around June 20, 2012.

The vessel, of type OSCV 06L, has been designed by STX OSV and Solstad in close cooperation with Ocean Installer, and is highly advanced in terms of station keeping, efficiency and operational performance. Designed to operate efficiently under demanding conditions , it is equipped for SURF (Subsea, Umbilicals, Risers, Flowlines) operations. Registered address: Visiting address:

The vessel is 156.7 meters long, 27 meters wide and has an aft cargo deck area of 2,100 sq.m.

It will be equipped with a 150 t Vertical Lay System (VLS) and a 3,000 t below deck carousel, Remotely Operated Vehicles (ROVs) in hangars launched through moonpools, and two AHC offshore cranes (400 t and 100 t) both able to operate down to depths of 3,000 meters. The accommodations will have a capacity of 140 persons.

The vessel is designed according to the latest environmental standards with a focus on low fuel consumption.

Ocean Installer is a Norwegian subsea entrepreneur headquartered in Stavanger, Norway. Ocean Installer holds strong EPCI expertise within the SURF (Subsea, Umbilicals, Risers, Flowlines) segment and is rapidly expanding its operations and organization within and beyond the North Sea basin.

Solstad Offshore ASA is among the largest shipping companies in Norway, providing advanced vessels and extensive maritime competence for operations related to the offshore petroleum industry. The company has about 1,600 employees, and operates 50 vessels all over the world. Solstad Offshore is headquartered in Skudeneshavn, Norway and has branch offices in Brazil, Singapore, United Kingdom and Australia.

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