Atlantic Offshore receives four-year contract with Total E & P Norge AS (TOTAL)

Atlantic Offshore has been awarded a four-year contract with the oil- and gas-company Total E&P Norge AS in the North Sea.  The company will from 2014 operate a new ERRV, providing for of up to 300 people, in the field of Martin Linge, North West of Stavanger.

The agreement is initially for four years and initiates from 2014, with an option another four years. This is the second contract Atlantic Offshore holds with TOTAL in the North Sea – and the first in the Norwegian sector. The ship is designed in collaboration with Havyard, and will be the next generation of emergency vessels with the most modern solutions for fire and emergency preparedness. The ship will also hold nearly 400 square meters loading and storage capacity. Atlantic Offshore has been operating in the Stand-by segment since 1988 and is one of the pioneers in the industry.
– we find the contract with TOTAL as a vote of confidence, for both our organisation and for the new design. With the new contract, we are strengthening cooperation with TOTAL, and also our own position in the emergency segment in the North Sea, says CEO Roy Wareberg of Atlantic Offshore. Last week the company signed two contracts with Statoil, which means that the company operates additional two PSV (Platform Supply Vessel) in the North Sea from 2014.
Atlantic Offshore has in recent years worked closely with Havyard regarding the design of the new generation of stand-by vessel, or FSV, which is the industry term (Field Support Vessel).
With almost 25 years of experience in emergency response vessels, we have, together with ship designers from Havyard, defined a modern and functional vessel for the future. It meets the requirements both in English and Norwegian sectors. The first vessel will be delivered and goes into operation in 2014. The new building establishes a new standard in our market and we expect more contracts based on this design in a short time. We note that the oil companies have requested emergency vessels are of the highest standard in terms of preparedness, fire safety and oil spill response, and that the vessels also can relieve the platforms by offering cargo or storage capacity, say Wareberg.

Extensive ship agreement with Statoil – Building vessels in Norway

Atlantic Offshore has signed a contract with Statoil to operate two Platform Supply Vessels (PSV) from 2014. The agreement, which consists of two contracts, has a length of six years with an option for a further three years. The vessels will be built in Norway and ensuring important jobs in the shipbuilding industry.
Overall, the agreement is the largest Atlantic Offshore has ever entered.
The vessels will be built in Wartsila design (VS 485 MKIII L). These are among the largest PSV vessels in the market, approx. 90 meters in length, and with a loading area of ​​1050 square meters. The newbuildings will have low energy consumption and be economical in operation. Both vessels will hold the highest standards with advanced technology, meeting all certifications and environmental specifications.
Obviously, we are very proud to have been awarded these contracts. Statoil is an international and prestigious company to be selected as a partner of. Simultaneously, such agreements place a substantial commitment upon us as a supplier. We need to invest significant amounts in new buildings that will be operational early in 2014, says CEO Roy Wareberg of Atlantic Offshore. He explains that the agreement with Statoil has positive consequences for Norwegian industry:
– We will use the Norwegian shipbuilding expertise when building the vessels, securing important jobs, he said.
This contract is the first PSV-contracts entered into between Statoil and the company. Previously, Atlantic Offshore holds agreements in Field Support Vessels with Statoil. The new buildings will initially operate in the North Sea when they are in operation.
– We perceive the agreement as an acknowledgment of what we have achieved in recent years. The company has invested significant resources in a modern fleet, which now gives noticeable results, says Wareberg. The company will shortly decide on where to build the vessels. During 2012 three new buildings will be delivered to Atlantic Offshore.

Successful placement of new bond issue

Atlantic Offshore AS is pleased to announce that the Company has entered the Norwegian bond market by successfully completing a NOK 200 million Senior Secured bond issue with expected maturity date on 27 June 2015. Settlement date is expected to be 27 June 2012. An application will be made for listing of the bond on Oslo Stock Exchange as soon as possible. The net proceeds of the loan will be used for fleet renewal and general corporate purposes.
Swedbank First Securities and SR Markets acted as Arrangers of the new bond issue.
Contacts for further information:
CEO Roy Wareberg – ph.+47 918 95 626
CFO Knut Kvinnsland – ph. +47 901 25 896

Ocean Scout sold

Our oldest PSV is now sold and delivered to new owners. The vessel will leave the offshore supply market and entering the windmill support market. The vessel was sold slightly above book value.

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