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Tidewater Buys Three PSVs Under Construction at STX OSV (Norway)

STX OSV Holdings Limited (“STX OSV”), one of the major global designers and shipbuilders of offshore and specialized vessels, announced that Tidewater Inc. (“Tidewater”) has acquired contracts for three Platform Supply Vessels (PSVs) under construction at STX OSV in Norway.

STX OSV had originally secured the contracts for the design and construction of three vessels for STX Pan Ocean Co. Ltd. in 2010, and Tidewater has now entered into an assignment agreement with STX Pan Ocean to take over these contracts. The first vessel in the series will be delivered to Tidewater during 1Q 2013. Deliveries of the next two vessels are scheduled for Q2 and Q3 2013.

Mr. Roy Reite, Chief Executive Officer and Executive Director of STX OSV, said, “STX OSV has in the past delivered ten offshore vessels to Tidewater. We are delighted to welcome Tidewater back to us as a client, and we look forward to cooperating with their team again.”

The vessels are of STX OSV PSV 09 design, developed by STX OSV Design in Ålesund, Norway. The overall length of the vessels is 87.9 meters, with a beam of 19 meters. The hulls are built at STX OSV Tulcea in Romania. Two vessels will be delivered from STX OSV Søviknes, the third from STX OSV Aukra in Norway.

World Maritime News – Tidewater Buys Three PSVs Under Construction at STX OSV (Norway).

 

USA: Helix Sells Its Three Pipelay Vessels

Helix Energy Solutions Group, Inc. has agreed to sell its three pipelay vessels, the Caesar, Express, Intrepid and related equipment in separate transactions for total cash consideration of $252,750,000.

On October 15, 2012, Helix entered into an agreement to sell the Caesar, Express and related equipment to Coastal Trade Limited for a total of $238,250,000. The sale of these assets is expected to close in two stages as each vessel completes its existing contractual backlog. The Express closing is expected to occur in February 2013 and the Caesar closing is expected to occur in July 2013. Helix has received a $50 million deposit in connection with this transaction which is only refundable in limited circumstances. The closing of this transaction is subject to customary closing conditions.

In a separate transaction, on September 26, 2012 Helix sold its pipelay vessel, Intrepid, to Stabbert Maritime Holdings, LLC for $14,500,000.

Helix will retain its Ingleside, Texas spoolbase facility and provide pipelay spooling services to the market.

Owen Kratz, President and Chief Executive Officer of Helix, stated, “As we previously discussed, our strategy is to aggressively invest and grow our Well Intervention and Robotics businesses. We see the divestiture of our pipelay fleet as an important step in accelerating our corporate strategy.”

Subsea World News – USA: Helix Sells Its Three Pipelay Vessels.

Gulf of Mexico: Seadrill Secures Contracts for Three Newbuild Drillships

Seadrill has received a commitment from a major oil company for new contracts on newbuild drillships West Auriga, West Vela and a third drilling unit currently in operation, which will be named later. The combined 3 rig package involves 19 rig years and a potential contract value of US$4 billion, including mobilization fees for the newbuild units.

West Auriga and West Vela are currently under construction at Samsung Shipyard in Korea. The newbuild units will commence transits to the Gulf of Mexico upon delivery from the yard, scheduled for late February and May 2013. Start-up of operations are scheduled for September and December 2013. The West Auriga and West Vela are the fourth and fifth drillships delivered to Seadrill by Samsung in the last 4 years. Each rig will be equipped with 1250 ton load capacity, an active heave compensated subsea construction crane and two 7 ram blow out preventers.

Alf C Thorkildsen, Chief Executive Officer in Seadrill Management AS, says, “The breadth and depth of this commitment from a major oil company is the result of our track record of delivering rigs on time, operating with a competent workforce and having the availability of a modern fleet. We are excited about the opportunity to further grow our fleet and operations in the US Gulf of Mexico, which we consider as one of the most cost effective drilling regions. In addition, the term of the contracts fits well with Seadrill financing plans including the potential use of MLP financing.”

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