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    Hallin Marine confirms order for subsea vessel

    Vessel & ROV News // October 13, 2008

    Hallin Marine has confirmed that it has signed a contract for the construction of an 80m DP2 subsea operations vessel, to be named Coniston.

    Coniston will be fitted with an integral saturation diving system, a 50 tonne active heave compensated 1,500m subsea crane and high efficiency diesel electric propulsion.

    The order for the vessel has been placed with experienced shipbuilders Bina Marine Pte Ltd (Bina Marine) and delivery is scheduled for the fourth quarter of 2010.

    Hallin will source both the saturation diving system and the crane for Coniston. The anticipated total cost of the finished vessel to the company will be US$51.4 million.

    Coniston will be able to operate in deep water, carry and deploy ROVs and accommodate up to 120 personnel.

    The acquisition of Coniston continues Hallin's stated three prong vessel strategy of operating a mix of: owned; long-term charter; and short-term charter vessels.

    This strategy is designed to ensure the availability of competitively priced vessels - key to the company's continued growth - and ensure flexibility within its operating fleet to meet changing market conditions.

    Coniston will be 80 per cent financed by debt with the remainder coming from the company's cash reserves.  The debt is in the form of a construction loan, where competitive terms have been agreed. The loan will support the construction phase of the project and will, on delivery of the vessel to Hallin, be converted into a ten year term loan. 

    Bina Marine is a subsidiary of Marco Polo Pte Ltd, the Singapore quoted ship builders and operators. Construction of Coniston will take place at Bina Marineís modern shipyard in Batam, Indonesia, close to where Hallinís first vessel, Ullswater, was recently launched.

    Coniston is the third subsea operations vessel Hallin has ordered. The first, Ullswater, is scheduled for delivery at the end of this year; and the second, Windermere, is due for delivery in the first quarter of 2010.

    John Giddens, the CEO of Hallin Marine, said: "Coniston will be another outstanding subsea operations vessel to add to our growing fleet Much of our rapid growth has been down to the ability to offer clients a tailor made, vessel based, total package solution and Coniston will significantly add to our capacity to do exactly that. It will be an ideal work platform for saturation diving and ROV operations."

    "The Hallin fleet will help ensure we continue to deliver Hallin's strategy of successful, planned growth. Coniston will build on the concept and design of Ullswater and Windermere. Like WindermereConiston will be fitted with a fuel efficient diesel electric propulsion system, Voith Schneider stern thrusters for improved dynamic positioning performance including active roll reduction and a capable deep water subsea crane."

    "Despite the significant global increase in the cost of materials we have managed to restrain the increase in the purchase cost of Coniston compared to its sister ships to a manageable level. The business case for Coniston is very strong and we are confident that Bina Marine will build and deliver us an excellent, cost effective vessel ideally suited to our existing and future needs."


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