Technip announces the acquisition of a new construction support vessel, the North Ocean 103, from Oceanteam ASA. The transaction has been completed through the purchase of the ship-owning entity, North Ocean III KS, for an undisclosed cash amount. The vessel is currently being built at the Metalships yard in Vigo, Spain and is scheduled for delivery in August 2009, prior to being fitted out to Technip's specifications in 2009/2010.
This acquisition accelerates Technip's strategy of renewing its fleet with state-of-the-art pipelay and construction vessels. The North Ocean 103 will enable the replacement of the Apache in 2010 with a wholly-owned vessel. This new vessel will carry out rigid pipelay operations in a wide variety of water depths.
Thierry Pilenko, Technip's President and CEO, stated: "This operation illustrates our confidence in the Subsea market and reflects our willingness to enhance our competitiveness, using our liquid balance