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Marine Log

March 29, 2007

Yantai Raffles Shipyard to build rock-placing bulker

Yantai Raffles Shipyard Limited has been awarded a contract to build a bulk carrier with rock-placing capabilities for Dutch dredging, offshore and marine construction company Van Oord.

The contract is worth approximately US$78 million.

The flexible fall pipe bulk carrier will measure 175 m long, with a 26 m beam and an operating draft of 10.67 m. It will have accommodations for up to 52 persons and will be built to the standards of ABS and Bureau Veritas.

It has been designed as a bulk carrier that can alternatively be operated as a DP flexible fall pipe vessel to carry out sub sea rock installation works. These include the stabilization, protection and covering of cables, pipes and flow lines, free span correction, upheaval buckling prevention and filling up holes around platforms, structures and rigs. Other operations include seabed preparation prior to pipe laying, construction of underwater berms, thermal insulation of offshore oil pipelines, protection against anchors and fishing operations and ballasting of platforms, structures and loading buoys.

As one of the largest of its kind in the world, the vessel will register a deadweight of approx. 30,000 tonnes and have a loading capacity of approximately 28,000 tonnes.

The fall pipe will be 1.1 m in diameter and can be operated with a maximum working depth of about 2,000 m.

Rock placement will be carried out through a central moon pool via a Van Oord patented flexible fall pipe system.

At the lower end of the fall pipe system a powerful cylindrical shaped Remotely Operated Vehicle ("ROV") is attached. This ROV, will be equipped with state-of-the-art survey equipment such as subsurface positioning, sonar sensors, cameras and monitoring equipment, which will allow highly accurate placing of rock material.

Upon completion in the fourth quarter 2008, the vessel will start its operations in European waters, but will be suitable for worldwide operations.

Yantai Raffles Chairman Brian Chang said "Having been awarded this contract has proved to be yet another milestone for YRS. As the offshore business continues to ride on an upswing, we will open up more of our capabilities and take on an even larger market share. We thank Van Oord for the trust and confidence that they have in us and we hope to maintain a long working relationship."

Listed on the Oslo OTC Stock Exchange in Norway with its headquarters in Singapore, Yantai Raffles Shipyard operates a 72-hectare shipyard in Yantai, Shandong, China.

Facilities include a large gantry crane with a lifting capacity of 20,000 metric tons due for completion in mid-2007.