PreSalt.com

17 Dec 2009 - by PreSalt.com - Source: STX Europe & Siem Offshore

Siem Offshore Inc has ordered two large-size PSVs at STX Europe Brazil through its Brazilian subsidiary Siem Consub SA. The design is PSV 09 CD STX Norway. Contractual deliveries are second quarter 2012 and second quarter 2013. The average vessel cost is approximately equivalent to USD 80 million, of which 20% is to be paid prior to delivery of the vessels. The vessels will be debt-financed at a leverage of 90% under the Brazilian Marine Merchant Fund program with a term of 20 years at a competitive fixed interest rate.

Siem Consub has offices in Rio de Janeiro, Macae, Aracaju and Natal and has operated offshore support vessels for Petrobras in Brazil for more than 28 years. Siem Consub currently owns and operates a fleet of nine smaller crew and supply boats and has six vessels under construction in Brazil prior to the ordering of the two large-size PSVs. In addition to the owned fleet, Siem Consub has also operated PSVs, WSSVs, RSVs and AHTS vessels for third parties.

Siem Consub has been acknowledged by Petrobras for its excellent vessel operation and, for several years, it has received Petrobras’ gold medal for outstanding performance. The ordering of the two large-size PSVs is made in order to capitalise on Siem Consub’s strong market position in Brazil which is a key strategic region and a growth platform for Siem Offshore. This order gives preferential treatment for the employment of the Company’s non Brazilian-flag vessels in Brazil during the construction period and after delivery of the new large-size PSVs.

STX Europe has been awarded contracts with Siem Offshore for design and building of two Platform Supply Vessels. The vessels are designed by STX Europe in Ålesund and will be built at STX Europe in Brazil. The vessels are scheduled for delivery in Q2 2012 and Q2 2013. The total value of the contracts amounts to approximately NOK 900 million.

The contracts are signed with Siem Consub SA in Brazil, a subsidiary of Siem Offshore.

Roy Reite, President of STX Europe's Offshore & Specialized Vessels business area, says: "I am very pleased that Siem Offshore again has placed two newbuilding contracts with STX Europe. In the past we have built a series of eight vessels for Siem Offshore, whereof the last vessel was delivered in 2007.

We look forward to build these two Platform Supply Vessels, which are of STX Europe's new PSV 09 CD design. The design is an outcome of our long-term research and development programs, aimed at creating new vessel designs that improve performance, enhance profitability, and reduce environmental impact."

STX Europe has pursued three R&D challenges in order to reduce the vessels' fuel consumption: Hull resistance in still water, resistance in sea and interaction between propeller and hull. The patent pending hull design is optimized for "eco-drive" in all weather conditions, and is designed with high focus on reduction of water resistance in various conditions. The fore ship delivers three different responses: In quiet water, the vessel's protruding bulb offers minimal hull resistance. In moderate seas, waves will hit a flattened surface which breaks them up and disperses them. In high seas, the bow's upper region cuts through waves to provide smooth passage. The interaction between hull and propeller also contributes to reduced fuel consumption, by optimal propeller positioning and a hull shape created to provide optimal propeller inflow.

The vessels also incorporate tailor-made features in terms of range, speed, capacity and cargo flexibility to attend the challenging requirements of the exploration and production support operations in the Brazilian pre-salt (subsalt) oil & gas fields.

The vessels are scheduled for delivery in Q2 2012 and Q2 2013. The company's divisions for design, trading and electrical systems, located in Ålesund, Norway, will deliver design and equipment packages for the projects. The vessels will be built, outfitted, and commissioned at STX Europe in Rio de Janeiro, Brazil.

In this article:

Petrobras (Bovespa: PETR3/PETR4, NYSE: PBR / PBRA, Latibex: XPBR / XPBRA, BCBA: APBR / APBRA)

Siem Offshore Inc. (OSL:SIOFF, LI:OI21, ETR:S5H, FRA:S5H)