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A new high in heavy lifting
Date: 04 October 2007
BULLETIN 2
To: The Shareholders and Bondholders of Nordic Heavy Lift ASA
From: Frederik Steenbuch
Ref: Current Status
Ladies and Gentlemen,
We refer to our Bulletin No. 1 which was sent to Shareholders and Bondholders on 20 August 2007. We are pleased to provide you with the current up-date:-
- At the end of August 2007 we obtained approval from the Det Norske Veritas of the Basic Design. This is required for the shipyards; Sembawang Shipyard in Singapore, as our main contractor, and Sembawang's sub-contractor Nantong Yahua Shipyard in China that will build the hull, to order the right amount of different steel qualities for the construction of the NHL crane vessel. We are making good progress with all other activities with Sembawang, which has been summarised in different time schedules prepared by Sembawang giving us confidence of Sembawang's performance. All critical path items are currently under control.
- Our Manager's (Dyvi Shipping) representative has recently visited the Chinese yard together with Sembawang and with positive results and impressions.
- Huisman has developed an improvement of the 5,000 crane enabling us to operate in a split hook mode. This will improve lifting characteristics and safety; in particular when performing installation / removal work when weights and centres of gravity could be inaccurate, the latter typically for decommissioning work. (Ref. illustration on page 2)
- As the Company will be reporting its financials according to the IFRS guidelines and same have not been fully incorporated, the 3rd Quarter 2007 financials and Directors' Report will not be available until after the November 2007 Board of Directors' Meeting. However, based on current cash flow analysis and budgets, the project is proceeding according to plan.
- In the Company's last Board of Directors' Meeting a resolution was made to defer the application for listing at Oslo Axess. The Board of Directors will discuss the matter again in a Board of Directors' Meeting early 2008.
- Nordic Heavy Lift gave a presentation at the Pareto Offshore Seminar Thursday 30 August 2007. For those Shareholders and/or Bondholders that are unable to retrieve the presentation via the Pareto web side, and wish to receive a copy of the presentation, kindly advise your e-mail address for submittal of a copy. Your e-mail can be sent to fsteenbuch@c2i.net
- The Company's web page is in the final process of being completed. The Market will be informed accordingly.
- As you may know, Sembawang is building a smaller combined crane/pipelaying (SAPURA 3000) vessel for Sapura/Acergy. We are pleased to advise that according to the recent crane capacity test (the unit is equipped with a similar design crane that the Nordic Heavy Lift vessel albeit with lower capacity) the result was according to plan.
- 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 2