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Reef Subsea increases vessel capacity

We are pleased to announce that Reef Subsea AS has signed two five-year charter agreements for two newly-built subsea construction vessels.

Long-term access to adequate vessel capacity is a prerequisite for further expansion in the services provided by the company. This is a major milestone for the company as it secures such capacity to meet the growing work opportunities identified over the next years.  

 The current and future operations in Reef Subsea require stable and competitively priced access to IMR and subsea constructions vessels. As of today the company has two vessels under operations, the Polar King and the Polar Prince, on timecharters from Rieber Shipping. Reef Subsea is scaled and organized to deploy 4 to 6 vessels.  The markets for subsea construction, IMR and offshore windfarm installation, as well as related dredging and mass flow excavation work, are considered fundamentally strong, with significant demand growth over the coming years.  Hence the management of Reef Subsea has over longer time searched for new fit for purpose vessels in the market.  After several vessel options having been evaluated, the management of Reef has highlighted the Neptune vessels as the best option, based primarily on time to market and cost.

 The sister ships - which will be renamed Reef Despina and Reef Larissa – are being delivered from the shipyard and mobilized to Europe.  They are expected to go on charter by January 2012. With the Ulstein X-Bow design, they have a faster transit speed in head seas, and enjoy reduced fuel consumption. Designed for worldwide and deepwater services, they are equipped with 150t SWL crane with active heave compensation and an enclosed ROV hangar. 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. All Reef’s business areas can utilize their capabilities.