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    Clough confirms deal for construction vessel

    News // May 27, 2005
    Clough in Australia has confirmed that it has entered into an agreement with Solstad Cable UK Limited for the long term charter of the former cable lay ship Normand Clipper.

    Normand Clipper is being converted to an offshore construction vessel at the Ulstein Verft in Norway and will be ready for service from 1st June, 2005. The conversion will equip the vessel with a specialist deep water and subsea construction capability.

    Clough has signed a charter agreement for the Normand Clipper of 180 days, commencing in December 2005.

    Following this period, Clough has first right of refusal on options to extend the charter period for up to three years. Funding for the vessel charter will be provided from the current project pool requiring no upfront capital outlay.

    Vic Hall, CEO of Clough's Oil & Gas Division, said: "The charter of Normand Clipper provides Clough with an economical solution for the offshore installation works associated with ONGC's G1 Indian project awarded late last year. By exercising the extension options Clough has an opportunity to regain a presence in the subsea construction market once held through its 50 per cent ownership of the MSV Maxita. Together, Normand Clipper and Clough's pipelay crane barge Java Constructor provide complementary capabilities servicing full field development projects."

    "In addition," said Mr Hall, the subsea, umbilical, riser & flowline (SURFF) market is expanding on a global basis. The signing of this agreement will re-energise Clough's subsea construction business and effectively position the Company to capture a larger percentage of the SURF market."

    Following conversion, Normand Clipper will have an overall length of 127.5m and breadth of 27m, and will be equipped with a 250 tonne deep water crane, 60 tonne A-Frame, 140 tonne traction winch for ploughing operations, diving moonpool, ROV launch system and accommodation for 102 persons. The vessel will be dynamically positioned to DP2 class.

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