Merwede wins Subsea 7 order

Merwede Shipyard, a subsidiary of IHC Holland Merwede, has received a contract for the design and construction of a new DP diving support/offshore construction vessel for

Subsea 7. Merwede Shipyard secured this order to build yard No 713, because of the successful and cost effective cooperation it has with Subsea 7 on two earlier orders for a Rigid Reeled Pipe Layer and a Flexible Pipe Layer. The yard was also able to design and offer a fixed price for the vessel fully complying with the owner?s requirements including the integration of the complete dive spread, well treatment system and cranes within the required short delivery time and budget constraints. Delivery of the vessel will take place in the first quarter of 2009.

The 24 men saturation dive spread will be designed and built by Divex. The introduction of this DSV to the market will provide Subsea 7 with the most versatile and advanced

vessel in the industry to date. The newbuilding was designed by Merwede Shipyard, in close concert with Subsea and the dive spread manufacturer, to fulfill the requirements of a contract obtained from Shell for diving support services in the North Sea.

Subsea 7 stated the overall build project cost is estimated to be in the range of $200 million. Principal characteristics of the vessel are a length of 141.55 metres, a moulded breadth of 26.00 metres, a draught design of 7.00 metres, an approximate deadweight of 7,815 tonnes and a crew of 150. The vessel will be built in accordance with the Rules and Regulations of Lloyd?s Register.

With the addition of this contract, the order book of Merwede Shipyard stretches well into 2009, with full occupation throughout 2008.