Reef Subsea charters for five years two new-built DP2 subsea construction vessels from Neptune Offshore

Reef Subsea AS announced today that they have signed two five-year charter agreements for two newly-built dynamically positioned subsea construction vessels - Neptune Despina and Neptune Larissa - from Neptune Offshore AS. Simultaneously Neptune Subsea AS, the ship owning company of the vessels, welcomes Reef Subsea as a 25% shareholder. Both vessels have been recently delivered to Neptune Offshore and should be transferred to Reef Subsea by mid-January 2012.


The sister ships - which will be renamed Reef Despina and Reef Larissa - are newly-built IMR and Subsea Construction vessels. Designed with the Ulstein X-Bow, they have a faster transit speed in head seas, and enjoy reduced fuel consumption. The design also provides several advantages in the foreship and on the working decks making the vessels more environmentally and work friendly (read more in foot note).


Designed for worldwide and deepwater services, they are equipped with 150t SWL crane with active heave compensation, an enclosed ROV hangar with integrated LARS for the deployment of Work Class ROVs on both sides of the vessel, a large moonpool and up to 750m2 of working deck. The 150t crane is able to work in over 2000m water depth and, with the Reef Subsea's WROVs, the vessels will be able to operate in water depths up to 3000m.


Both vessels are expected to work in the North Sea and in Europe to deliver Projects sanctioned by Clients from both the Oil & Gas and the Renewable Energy industries.


Mark Preece, Reef Subsea Chief Executive Officer, said: "I am extremely pleased we can increase Reef Subsea's fleet with two newly-built environmentally friendly vessels. Our fleet is now comprised of four vessels, three of which are new. These new vessels provide added value in our service to our Clients and excellent offshore working conditions for the Project teams. Our new share ownership in Neptune Subsea represents an element of control for the years to come as well as a potential ability to increase our participation."


Bjorn Endresen, Neptune Offshore Chief Executive Officer, commented: "On behalf of Neptune Offshore and Neptune Subsea, I am very proud to see the two Vessels being well received in the market place, and we believe the Vessels will serve Reef Subsea, its clients and the market in general in a prosperous way."


Reef Subsea AS is an international group providing cost-effective integrated subsea services to the Oil & Gas and Renewables industries. Its specialised subsidiaries - Technocean, Reef Subsea Power & Umbilical, S3, Scanmudring and Rotech Subsea - provide operators and contractors with highly experienced personnel, key subsea technologies CONTACT Veronique Lecompte: +44 (0) 20 8439 9574 veronique.lecompte@reefsubsea.com and construction support vessels. Reef Subsea serves its clients in the deepwater or demanding environments of the North Sea, Americas, Middle-East and South East Asia areas. Reef Subsea is a 50/50 owned company of GC Rieber Shipping and HitecVision.


Neptune Offshore is an owner and operator of offshore service vessels and has focused on vessels within the niche markets of subsea and seismic. The company was founded in 2006 and has its main office in Fosnavaag on the west coast of Norway south of Alesund - one of Norway's leading clusters within offshore service vessels and related maritime industries. Neptune Subsea AS is a ship owning company initiated by Neptune Offshore and syndicated by Pareto Project Finance AS. The company has debt financing from a bank syndicate consisting of DVB Bank and GIEK/Exportfinans with DVD Bank as agent. Neptune Subsea has today taken delivery of Neptune Larissa from Sinopacific Shipbuilding Group's Zhejiang Shipyard. Neptune Despina was delivered on 27 October and is currently underway to the North Sea.

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