Siem to order a pair of OSRVs

Siem Offshore in Norway is ordering two oil spill recovery vessels (OSRV) on the back of a lucrative eight year contract with Petrobras.

The two ORSVs, to be operated by SIEM Consub, shall be built in Brazil under the Merchant Maritime Brazilian Government Fund program (“FMM”), which provides up to 90% long-term debt financing. The time charter contracts for Petrobras shall commence following their delivery in the second half of 2012.

“The gross contract value for the firm period is $157m for both vessels,” Siem said. It also has a further eight year option on both ships.

Siem Consub owns and operates a fleet of nine vessels in Brazil. The fleet will be extended with six vessels to be built in Brazil and operated on long-term charter contracts for Petrobras. “By building more vessels in Brazil Siem will probably be able to take one or more of its anchor handlers down to Brazil,” a leading observer said.