TTS Group invests in drillship, gets orders for cranes

stx offshoreNOVEMBER 20, 2012 — Norway's TTS Group ASA reports that its subsidiary TTS Offshore Handling Equipment AS has won a contract worth approximately NOK 130 million (about US$25 million) from Korea's STX Offshore & Shipbuilding for delivery of equipment to be installed on a drillship ordered by Sigma Drilling Ltd. The contract with STX also includes an option for delivery of four identical equipment installations.

TTS Group ASA says it has invested $5 million in Sigma Drilling AS in connection with Sigma's placing of the order for the drillship with STX Offshore & Shipbuilding and says that the Skeie group, which controls approx. 30 percent of the shares of TTS Group, has invested in Sigma separately.

TTS will deliver the offshore cranes to the drillship and Cameron International Corp. will deliver the drilling equipment. TTS sold its drilling equipment unit to Cameron earlier this year and has an earn-out agreement with Cameron based on revenue of drilling equipment to early June 2015.

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