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    SAL cancels heavy lift ship deal with Sietas

    Vessel & ROV News // August 28, 2008

    SAL in Germany has announced that it has cancelled its order for four Type 179 heavy lift vessels at JJ Sietas shipyard in Germany.

    Said SAL: "We are sorry to inform you that the newbuilding contracts for four heavy lift vessels of Type 179 vessels have been cancelled in mutual agreement with the Sietas shipyard."

    "These vessels were to feature a crane capacity of 2 x 1,000 tonnes and a Dynamic Positioning System to accommodate the needs of the offshore industry."

    "SAL has invested significant financial and intellectual resources over the past two years to develop one of the most innovative heavy lift vessels in the market to service the oil and gas
    sector."

    "However, over the last few months a variety of reasons have emerged that have led SAL shareholders to the decision to withdraw from the newbuilding contracts with the Sietas shipyard."

    "This decision will not affect the delivery of two new buildings of Type 176 with a crane capacity of 2 x 700 tonnes. With slight
    delay, these vessels are scheduled to be delivered at the end of November 2008 and February 2009."

    "Despite this short-term termination, SAL remains dedicated to the offshore market and is actively exploring alternative new building options with other shipyards incorporating and advancing the existing know how to further optimize our services to the oil and gas industry. Our valued clients will be kept informed shortly on further developments. "

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