Marine Log

April 7, 2006

Aker Yards bags more OSV orders

Aker Yards Norway continues to roll up OSV orders, with contracts for six vessels (plus options) announced this week,

Nordcapital Holding GmbH & Cie. KG in Hamburg, Germany and Aker Yards have signed an agreement to build four Platform Supply Vessels (PSV's) of type UT 755 LN at Aker Yards in Norway. The value of the contract is approximately NOK 580 million ($90.26 million). Nordcapital has an option for an additional four vessels, that will have to be declared by the middle of May 2006.

The four vessels are scheduled for delivery from the fourth quarter in 2007 to the second quarter 2008, and will be built at a combination of company's yards in Norway.

Meantime, another UT 755 LN has been ordered by the Island Offshore Offshore Group (in which Edison Chouest Offshore is a partner) in Ulsteinvik, Norway. The value of the contract is approximately NOK 150 million ($23.34 million). This is the eighteenth Island Offshore contract placed with Aker Yards.

The hull for this vessel will be built in Romania and the vessel will be outfitted in Brevik. Delivery is scheduled forNovember 2007.

Earlier this week, Volstad Shipping AS, lesund, Norway, confirmed an agreement with Aker Yards, for the building of a Platform Supply Vessel of the Sipsteknisk ST-216L CD type.

This contract is the third of this type between Aker Yards and Volstad Shipping. The contract value is approximately NOK 260 million ($40.46 million).

Delivery is scheduled for June 2008 from Aker Yards, Brattvaag.