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Norway: STX OSV Strengthens Specialist Technology with New Acquisitions

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STX OSV Holdings Limited (“STX OSV”), one of the major global designers and shipbuilders of offshore and specialized vessels, announces that it is strengthening its technology and engineering competence through two separate transactions.

Seaonics AS (“Seaonics”), a subsidiary of STX OSV, is in the process of acquiring a shareholding interest in Castor Drilling Solution AS (“CDS”). Based in Kristiansand, Norway, CDS is a newly established company with specialist competence in offshore drilling technology.

The investment is expected to give STX OSV new insight into this segment of the offshore market, and give opportunities for development of integrated solutions primarily related to the growing market of Offshore Subsea Construction Vessels (“OSCV”). The investment, to be completed in two tranches by the end of the year, will give Seaonics a 34% stake in CDS.

Separately, STX OSV has entered into an agreement to acquire 70% shareholding interest in Brevik Partners AS (“Brevik Partners”). Established in 2010, Brevik Partners is an engineering company specializing in offshore technology and equipment. The investment in the company, to be renamed STX OSV Engineering Brevik, is expected to strengthen STX OSV’s ability to develop new concepts and integrated solutions for offshore and specialized vessels. The proposed transaction is expected to be closed by the end of May.

Both investments are in line with STX OSV’s strategy of increasing its technology and engineering competence in select parts of the offshore value chain. Through focused investments, STX OSV aims to strengthen its ability to develop and introduce vessels equipped with cutting-edge innovation and technology.

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STX OSV to Build Two OSCVs for Siem Offshore (Norway)

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STX OSV Holdings Limited (“STX OSV”), one of the major global designers and shipbuilders of offshore and specialized vessels,  has secured new contracts for the design and construction of two Offshore Subsea Construction Vessels (“OSCV”) for Siem Offshore in Norway.

The vessels will be of STX OSV’s OSCV 11 design. The vessels will have an overall length of 121 meters, a beam of 22 meters and will be equipped with a 250t AHC crane.

Deliveries are scheduled from STX OSV Brattvaag in Norway in 3Q and 4Q 2013. The hulls of the vessels will be delivered from STX OSV Tulcea in Romania.  STX OSV also has two Platform Supply Vessels under construction in Brazil for the same customer.

Siem Offshore Inc. is an owner and operator of modern support vessels for the global oil and gas service industry. The Company has currently a fleet of 44 vessels, of which 5 are under construction. The fleet includes large Anchor Handling Tug Supply vessels, Platform Supply Vessels, and other support vessels. Siem Offshore is listed on the Oslo Stock Exchange.

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STX OSV Adds to their Backlog, DOF ASA Sends Newbuild Order for Subsea Construction Vessel

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In their second contract announcement so far today, Norway-based STX OSV adds to their offshore vessel newbuild orderbook with a NOK 650 million contract for the design and construction of an Offshore Subsea Construction Vessel (“OSCV”) for Norway-based offshore vessel owner, DOF ASA.

The vessel is of OSCV 11 design, developed by STX OSV in Ålesund, Norway. It will be designed with the new innovative moon pool concept from STX OSV.

STX OSV Design has together with Marintek and DOF Management just completed an extensive research program supported by the Norwegian Research Council, focusing on safe design and operation of moon pools. The results of the three years’ R&D program have been incorporated into the new moon pool design for the OSCV.  Compared to vessels with conventional moon pool design, the vessel can operate in a wider range of weather conditions in a safer manner for the vessel’s crew and equipment.

The overall length of the vessel will be approximately 121 meters with a beam of 22 meters. It will be equipped with one 250 ton offshore crane and two ROV systems. The vessel will have accommodation for 100 persons.

Delivery is scheduled from STX OSV Søviknes in Norway in 2Q 2013. The hull of the vessel will be delivered from STX OSV Tulcea in Romania.

DOF was founded in 1981 and is today an international group of companies which owns and operates a modern fleet of offshore / subsea vessels. The DOF group’s diversified fleet consists of innovative vessels specialized for different operational purposes; Platform Supply Vessels (PSV), Anchor Handling Tug Supply Vessels (AHTS) and Construction Support /Subsea ROV Vessels (CSV).

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