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    Oceanteam confirms order for third newbuild

    Vessel & ROV News // September 20, 2006

    Oceanteam Power & Umbilical has confirmed that it has ordered a third construction support and flexible product installation vessel.

    The vessel will be delivered third quarter 2008 and has similar specifications as North Ocean 102 which will be delivered in the first quarter of†2008.

    The vessel will further strengthen Oceanteamís growth potential in the rapidly expanding energy industry.

    The vessel ordered will be 137m long with a breadth of†27m, with more than 2,400m≤ of free deck, a deadweight of 10,000 tonnes, 2 x 100 tonne cranes installed and will be able to load, transport and install 7,000 tonnes of flexible product worldwide with a transit speed fully loaded of 15 knots.

    North Ocean 103 support vessel will be constructed at the Metal Ships & Docks yard in Vigo, Spain.

    Said Oceanteam: "Together with cutting-edge equipment the speed gives the vessel great flexibility, capacity and† efficiency. With the additional vessel Oceanteam will be even better equipped to lay and bury flexible cables for any client in the companyís key market segments. Key markets are offshore renewables, subsea power distribution - and petroleum industry. Oceanteam is able to operate in any geographic location."

    The order for the third ship came after a bond issue with a loan amount of NKr 420 million. The bond issue closed one week ago was significantly oversubscribed.

    Oceanteam has been in operation for 12 months. The company will finish itís first project, the power cable installation of the first major offshore windmill park in the Netherlands, in October 2006.

    Oceanteam has lately increased its engineering and tendering department significantly to meet its project management and tendering volume requirements. The company will continue to pursue its original investment plan to expand the company further, both geographically and in services.

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