Siem Offshore Inc has entered into a charter contract for the Multi-purpose ROV Support Vessel Siem Dorado that shall be delivered from a Norwegian yard in mid-June 2009.
The vessel shall be used to perform IRM services (Inspection, Repair and Maintenance) in Mexico and with Pemex as the ultimate client. The contract is entered into with a local Mexican entity.
The contract shall commence at the delivery of the vessel from the yard. The term of the contract is for an initial period of 6 months, with options for an additional 12 months.
The contract value is approximately USD 6 million for each 6 month period.