Nordic Heavy Lift's website
A new high in heavy lifting
Date: 20 September 2007
BULLETIN 1
To: The Shareholders and Bondholders of Nordic Heavy Lift ASA
From: Frederik Steenbuch
Ref: Current Status
Ladies and Gentlemen,
As there are almost three months since the Nordic Heavy Lift equity- and bond transaction was completed enabling us to confirm the various orders with main contractors, ie Sembawang, Huisman and Rolls Royce, we would like to take this opportunity to provide our Shareholders and Bondholders with a brief up-date.
- The contract with Sembawang was finalised at the end of May 2007 when all subjects from both parties were lifted. In addition to being in regular contact with Sembawang, mainly through our Manager; Dyvi AS, we also spent most of last week in Singapore in "kick-off" meetings with Sembawang, as well as other main contractors. Our confidence in Sembawang being able to perform to our satisfaction was strengthened further in our meetings with Sembawang. It also gave us the opportunity to "visit" Sapura 3000 which is in final stages of outfitting and completion at Sembawang. Sapura 3000 is a combined derrick/pipelaying vessel, which has also been designed by the same engineering company as has designed the Nordic Heavy Lift vessel, ie Sea of Solutions. There is no doubt that "lessons learned" from the Sapura 3000 project will be very helpful for all parties as we proceed with our project. We also discussed the status and relationship with
- Whilst in Singapore, we also went through the status of the Basic Design which is under the responsibility of Sea of Solutions. The scope of work that they have performed has proved to be more comprehensive than originally expected. In addition all classification societies have a much larger work burden due to the large number of projects both related to offshore- and shipping
- Also whilst in Singapore, Det Norske Veritas gave us a comfortable run-through of their current- and future activities related to the entire project.
- The contract with Huisman was also finalised at the end of May 2007, when all subjects were lifted.Representatives from Huisman also attended the Singapore meetings. In this regard we also would like to mention that we have already made some "optional decisions" with respect to the workability of the 5,000 tonne Huisman crane. By early July 2007, we had to make a decision whether to reduce the crane height, thus enabling the vessel to transit via the Suez Canal where there is a 68 m height restriction. As we firmly believe that the bulk of our future work will be in the Atlantic basin, or if we are going to the Asian region it will be because of multiple work opportunities, we
- The provider (Rolls Royce) of the thrusters and main engines also attended the meeting. The contract with Rolls Royce was originally entered into with the Company, but has since been assigned to Sembawang.
- Since end May 2007, we have also placed the order for a 40-tonne fixed deck crane. The only other main items, none of which are on critical path are a crawler crane and an emergency generator.
- When it comes to other corporate activities we are pleased to report as follows:-
We hope that this up-date is of interest to the Shareholders and Bondholders of Nordic Heavy Lift. If you have any questions, please feel free to contact us via e-mail or by phone. We will always encourage a two-way dialogue.
Bulletin 1