Koil Energy Solutions Inc. (KLNG)

[nature boy]

ODIM Cinches NOK 100MM Contract for Subsea Installations

by Odim ASA
Wednesday, July 09, 2008


The Norwegian offshore shipping company Havila Shipping has awarded ODIM a contract of approximately NOK 100 million for the delivery of a 250 ton fiber rope ODIM CTCU system for subsea installations and two ODIM LARS systems. The delivery is scheduled for October 2010.

The systems will be installed on Havila Shipping's recently announced NOK 1.5 billion subsea construction vessel, which will be delivered from Havyard Leirvik in spring 2011.

"We have an ambition to take a leading position within system solutions for offshore construction vessels, and have said that ODIM CTCU has the potential to revolutionize installation work at extreme water depths. Havila Shipping has stated that the specifications for their new, large construction vessel are designed to meet the future demands in this segment, and we are very pleased to see that our ODIM CTCU is being recognized as the future," said Odim CEO Jogeir Romestrand.

Havila Shipping's new 160 meters construction vessel will be built on a new ship design - Havyard 860- with a 2.400 m2 cargo deck, moon pool, 2 offshore cranes and a ROV hangar.

"This is the largest and most advanced construction vessel we have built, and we will make sure that the quality of the equipment is up to speed with the vessel. ODIM CTCU was a natural choice for us, given that handling of a low-weight fiber rope system provides both increased effective payload and reduced energy consumption compared with the steel wire alternatives," said Havila CEO Njal Saevik.

The 250 ton ODIM CTCU (Cable Traction Control Unit) system to be delivered to Havila Shipping is the third such system ODIM is to deliver, and also the largest. ODIM in 2006 delivered a 50 ton ODIM CTCU to Subsea 7, and in 2007 entered into a contract for delivery of a 125 ton system to Aker Oilfield Services in 2009. The system has a reach down to a minimum 4,000 meters water depth.

"The oil and offshore industry will have to solve many challenges to fully exploit the opportunities in deepwater regions. We believe we have developed a system for effective installation work in extreme waters, and this contract will further prove the capabilities of ODIM CTCU for very large construction vessels. With continuously strong results from our solutions in important deepwater regions such as West Africa and Brazil, we expect to see sustained interest in ODIM CTCU," said ODIM COO Kjetil Leine