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Sarah to be Delivered at Last

30 November 2009

Ulstein Group in Norway reports that its yardnumber 283, the offshore construction/well intervention vessel Sarah, which has beenalongside at Ulstein Verft since her naming ceremony on July 4th due to financial discussions between shipowner Marine Subsea and their banks is to be delivered at last.

"The parties have come to a solution, and Marine Subsea expects to take delivery of the newbuilding in December," said Ulstein Group.

The ULSTEIN SX121 offshore construction/well interventionvessel features has thecharacteristic ULSTEIN X-BOW.

Equipped for 100 people on board,the 120m by25mvesselhas atower, moonpool, ROV hangar, crane and helideck.

The vesselisMarine Subsea's first vessel from the Ulstein Group (although the company has a second very similar vessel, Karianne, contracted at the Ulstein yard, and it is not known whether finance for this vessel has also been agreed).

Marine Subsea provides oil and gas services, mainly in West Africa, with three vessels in service and five under construction. Sarah has a 10-year service agreement with the Angolan state oil company Sonangol.