Vessel Construction contract for Fugro

RNS Number : 1288U

Ocean Wilsons Holdings Ld

16 December 2011

 



Ocean Wilsons Holdings Limited

Our principal operating subsidiary, Wilson Sons Limited announced to the Brazilian and Luxembourg Stock Exchanges the following announcement.

Vessel construction contract for Fugro

Wilson Sons Limited ("Company") announces to all its shareholders that its wholly-owned subsidiary Wilson Sons Estaleiros Ltda. ("Shipyard") has signed a contract for the construction of a Remotely-operated Vehicle Support Vessel ("ROVSV") for Fugro Brasil Serviços Submarinos e Levantamentos Ltda. ("Fugro Brasil"). The vessel estimated delivery date is February 2014. Fugro Brasil has an option to build a second vessel of similar type, with the option expiring in April 2012. Fugro Brasil is a Brazilian subsidiary of Dutch-based Fugro group of companies.

A ROVSV is an offshore support vessel that is equipped with remotely-operated subsea equipment to perform a wide variety of underwater tasks, including construction and inspection of subsea structures. The vessel will be 83 meters long and 18 meters wide, and will have diesel-electric propulsion system, with technological and design input from Damen.

This contract is a milestone in the development of Wilson, Sons' shipbuilding capacity and it reinforces the Company's strategy to take advantage of the demand driven by the growth in the Brazilian oil and gas industry. According to the latest Petrobras strategic plan, 280 new offshore support vessels will be demanded by 2020 to fulfill their needs for exploration and production of pre-salt and post-salt reserves.

With current processing capacity of 4,500 tons of steel per year, the Wilson, Sons Guarujá (SP) shipyard has built 35 vessels since 2004, being 25 tugboats and 10 PSVs. The construction of the shipyard in Rio Grande (RS), combined with the expansion of the shipyard in Guarujá, will increase our shipbuilding capacity fivefold, reaching 23,000 tons of steel per year by mid-2014, providing us with even more flexibility in building vessels for our own fleet and for third parties.

Company Contact

Keith Middleton                                     1 441 295 1309

Seymour Pierce Limited                           020 7107 8000

Guy Peters - Corporate Finance

David Banks - Corporate Broking

 

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