Secunda Secures Charter for Its Newbuild OSV

Secunda Canada LP, which is 50% owned by Siem Offshore, has entered into an agreement with Hibernia Management and Development Company Ltd and ExxonMobil Canada Properties for the charter of one offshore support vessel, referred to as an AHTS vessel, for a 5-year firm contract, with a total of 15-year options at charterers’ discretion, to support the Hibernia and Hebron fields offshore Newfoundland and Labrador.

Secunda has negotiated an agreement with the Remontowa shipyard in Poland for the construction of a vessel of Rolls Royce UT 782WP design. The vessel shall be delivered in the fourth quarter of 2015, and shall serve the contract with the charterers.

Siem Offshore and the Remontowa shipyard have subsequently agreed that the fourth of the four dual fuelled PSVa of VS 4411 design ordered by Siem Offshore in December 2013, shall be transformed from a firm contract to an option that can be exercised by Siem Offshore.

It has also been agreed that the delivery dates for the second and third of the firm PSVs shall be in the first quarter of 2016.

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Secunda Canada LP, May 6, 2014