Axis Offshore Orders Accommodation Vessel for North Sea Operations

Axis Offshore has ordered a semi-submersible accommodation vessel satisfying the stringent North Sea operating requirements to be delivered Q1 2015. Axis Offshore is the newly established joint venture between strong and strategically committed shareholders; the Danish shipowner, J. Lauritzen and the leading oil and gas private equity firm, HitecVision.

The new accommodation vessel is ordered by Axis Offshore to target the strong demand for modern units to operate in the harsh environment in the North Sea, especially in the Norwegian and UK sector with emphasis on high safety standards and comfortable solutions for offshore accommodation.

Axis Offshore has selected Global Maritime’s design, GM500A, for the turn-key project to be built by Cosco Qidong Offshore co. Ltd. with strong track record building similar offshore units. Global Maritime has delivered designs for four drilling rigs now under contracts in Norway. Furthermore, the organization of Axis Offshore has extensive experience with complex building projects in China and with Cosco. The contract with Cosco includes options for two more units, valid for 12 months and 24 months respectively.

The CEO of Axis Offshore, Mr. Jesper Kragh Andresen, comments: “Axis Offshore is committed to grow its activities in the high-end offshore accommodation segment and we are pleased to take this first step for the North Sea. We have designed the new accommodation vessel to offer a safe, reliable and comfortable offshore accommodation solution. While we see opportunities in the North Sea we remain keen also to expand our presence in Brazil and also see potential in Australia”.

The chairman of Axis Offshore, Mr. Helge Haakonsen, comments: “We have carefully studied different options for designs and yards and we believe that we have concluded a superior specification, which will be well received by customers in Norway, UK and worldwide. The unit will host 500 guests and will be equipped with DP3 (dynamic positioning) system. It will carry DNV’s ER Notation, which allows the unit to operate with the best optimum for safety and with high environmental efficiency. Safety standard will be “best in class” and the unit shall be equipped with new type of free fall lifeboats according to latest regulations of Norwegian PSA.

In July 2012, partners HitecVision and J. Lauritzen announced the formation of a new joint venture, now Axis Offshore in the accommodation segment, which to include the comprehensive organization of Lauritzen Offshore and the entities for the existing operation of the accommodation unit, Dan Swift, currently under long-term 5 year charter with Petrobras in Brazil. The organization of Axis Offshore has extensive experience from accommodation contracts under the name Lauritzen Offshore with clients like Statoil, Shell and Petrobras in Brazil and West Africa.

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Press Release, September 10, 2012