Hallin Marine takes delivery of SOV Ullswater

February 11, 2009


SINGAPORE — Hallin Marine, a Singapore-based subsea solutions provider to the oil and gas industry, took delivery of newbuild subsea operations vessel (SOV) Ullswater, eight weeks later than was originally planned.

See the vessel being launched by clicking here

The vessel was originally scheduled for delivery in December 2008, but due to construction delays at Pan-United Marine Ltd. shipyard in Singapore, delivery was pushed to February 2009.

Oslo based marine group RS Platou has set up a company to buy Ullswater for US$45 million. RS Platou will charter the SOV to Hallin Marine for the duration of a 10-year bareboat charter.

The profit from this transaction, estimated to be in excess of US$4 million, will be included in the company’s 2009 trading year results, rather than, as originally anticipated, in the 2008 trading year results. Despite this, Hallin still expects the results for the period ended Dec. 31, 2008 to exceed market expectations.

The 78 metre Ullswater is fitted with an inbuilt saturation diving system which is launched through its moon pool. Its 50T offshore crane has active subsea capability and the vessel is fitted with 120 berths.

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