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Marine Log

November 24, 2007

Sembawang wins $208 million conversion contract

Sembawang Shipyard Pte Ltd, a wholly-owned subsidiary of SembCorp Marine, has secured a S$300 about US$208 million) million contract from Equinox Offshore Accommodation Limited to convert one passenger/car ferry (with options for five more) to DP2 Accommodation and Repair Vessels (ARV). Under the contract, the conversions will be carried out between 2008 and 2010.

Equinox Offshore Accommodation Limited is a Singapore based oil services company that describes its business as "converting and operating operating a minimum of three DPII accommodation and repair vessels, to be used primarily in benign waters."

It just listed on the Oslo OTC market, following a successful US$100 million private placement directed to Norwegian and international professional investors.

The work-scope of the contract with Sembawang includes the rebuilding and refurbishment of existing cabins and the addition of another 50 cabins to house a complement of 400 to 500 persons, building of offices, public areas e.g. restaurant and cinema, conversion of existing car decks to workshops to be equipped with owner's supplied equipment and machinery, installation of new generators, fresh water generator system and modification of the piping system.

Other major installation work such as installation of stern thrusters with DP2 capabilities and new 60-ton and 80-ton cranes and an offshore gangway will be carried out to enhance the vessel's performance and maneuverability in offshore locations.

When completed, the initial vessel will be the world's first versatile DP2 Accommodation and Repair Vessel (ARV) designed and equipped to provide extensive accommodation and workshop facilities to support and service offshore facilities and projects in deep water areas.

The first vessel is expected to arrive in the shipyard in mid-January 2008, and redelivered in fourth quarter 2008. The converted vessel may be deployed worldwide.

Mr Petter Hoie,CEO of Equinox Offshore Accommodation Limited, said "Sembawang Shipyard has been selected by Equinox Offshore to be our partner shipyard in this milestone project for the offshore industry as the shipyard has clearly demonstrated its strong track record in handling sophisticated offshore work especially vessels equipped with dynamic positioning capabilities and passenger-ships conversion and upgrading. The ARV is both a passengership and a repair ship, the first of its kind and we are confident that both Equinox Offshore and Sembawang Shipyard will have a very successful partnership with this significant project and subsequent vessels."