Norway: TTS Handling Signs Shiplift Contract with Samho Ltd

TTS Group ASA has through its subsidiary TTS Handling Systems AS in Drøbak, Norway signed a contract worth approximately MNOK 20 (approx USD 3.5 million). The contract with Samho Ltd. in South Korea concerns a shiplift for the South Korean Navy. Samho Ltd is responsible for building parts of the naval base located in Donghae.

The delivery will take place during Q4 2014.

In 2012 it may be a possibility to provide two additional similar orders.

(1 Norwegian krone = 0.171677 U.S. dollars)

Bergen-headquartered TTS is a global enterprise that designs, develops and supplies equipment for the marine and oil and gas industries. The operations are split into three separate divisions: Marine, Energy and Port and Logistics. TTS is one of the top three largest suppliers in its specialised market segments. With a worldwide workforce of around 1100, TTS has over 40 years of experience in the marine industry. The group has subsidiaries in Norway, Sweden, Germany, USA, China, Finland, Korea, Czech Republic, Vietnam, Canada, Singapore, Italy, Greece and Brazil.

[mappress]

Shipbuilding Tribune Staff, February 7, 2012; Image: ttsgroup