Annual Report

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Marine Subsea Fleet An overview of the company’s vesses and contractual status is summarised in the Table below: Vessel Client Location Status African Caribe Saipem/Chevron Cabinda, Angola 20 months, terminates June 2010 African Fjord Diamond Int/ENI Congo 3 years, terminates May 2011 African Installer Geocean Libya 6 months, terminates August 2010 African Worker Total Angola 3 years, terminates February 2013 African Lifter Sonangol Angola 5 years Sarah Sonangol Luanda 10 year backstop in effect Karianne Sonangol Ulstein Yard Delivery October 2010, 10 year backstop African Challenger Sonangol Yantai Yard Delivery March 2012, 5 year backstop 12 Marine Subsea Annual Report 2009
Marine Subsea Fleet Offshore Intervention Vessels Key features Class: Length: Width: Draft: Deck Area: 1 470 m 2 Accommodation: Deadweight: Speed: Crane capacity: Module handling tower; 140 t Dynamic Positioning: 3 Intervention depth: 2 500 m + DNV 1A1 R Ship-shaped Well Intervention Unit SF LFL* COMF-V(3)C(3) HELDK CRANE OPP-F E0 DYNPOS-AUTRO NAUT- OSV(A) CLEAN DESIGN DK(+) HL(2.8) MODU CODE Safety Certificate 120,2 m 25 m 7–5 m 100 persons 40 single & 30 double cabins Roll reduction tanks Diesel-electric propulsion 8 700 t 14,5 knots 2 Work Class ROV’s, 3 000 m 140 t The two SX121 vessels Sarah and Karianne are designed as state of the art Offshore Intervention vessels. Both have multiple usage functions and are particularly well suited for subsea construction and well interventions. Subsea well intervention, which is regarded as a very promising market, entails improving oil recovery from wells that have been in production for some time. The operation is typically performed by lowering specialized tools through the moon pool of the vessel, into the well. These tools can then perform production logging, re-perforation, lubrication etc., with the objective of improving oil recovery. Traditionally, these operations have been carried out by exploration semi-submersibles. However, with rig rates being significantly higher than for vessels, subsea well intervention operations can be performed faster and more economically from purpose built vessels such as Sarah. Both Sarah and Karianne, are practically identical. The vessels have the characteristic new X-Bow shape, which enables better fuel efficiency, more space for accommodation in the bow of the vessel and better motion characteristics. The vessels are dynamically positioned (DP3) and hence do not require mooring lines when stationed over the object. The vessels are designed with a central moon pool in the deck and with a 140 t heave compensated tower above. They have also a 140 t heave compensated crane and both the tower and crane are rated for 2 500 m water depth The hulls of vessels are being built in the Ukraine, while completion and commissioning is performed at Ulstein Group’s shipyard in West Norway. Annual Report 2009 Marine Subsea 13
Page 1 and 2: Annual Report 2009
Page 3 and 4: Content Chairman’s Remarks Vessel
Page 5 and 6: Highlights 2009 August November Dec
Page 7 and 8: Managing Director’s statement Mar
Page 9 and 10: Marine Subsea’s Corporate Structu
Page 11: Marine Subsea’s Corporate Structu
Page 15 and 16: Marine Subsea Fleet Semi-Submersibl
Page 17 and 18: Board of Directors Report The compa
Page 19 and 20: I SARAH LIMASSOL MARINE SUBSEA MAR.
Page 21 and 22: Consolidated statement of financial
Page 23 and 24: Consolidated statement of cash flow
Page 25 and 26: Notes - Marine Subsea Consolidated
Page 55 and 56: Annual Report 2009 Marine Subsea 55
Page 57 and 58: Balance sheet As of 31 December (Al
Page 59 and 60: Cash flow statement Year ended 31 D
Page 61 and 62: Notes - Marine Subsea AS Name 2009
Page 63 and 64:
Notes - Marine Subsea AS Note 6 - T
Page 65 and 66:
Notes - Marine Subsea AS Note 9 - T
Page 67 and 68:
Notes - Marine Subsea AS Note 14 -
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Annual Report

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