Subsea 7 Charters ‘Siem Stingray’ OSCV

Siem Offshore and Subsea 7 have entered into a charter agreement for the Offshore Subsea Construction Vessel (“OSCV”) “Siem Stingray”, which is under construction in Norway.

The agreement is made at market terms and is for a firm period of three years with two yearly options.

The Siem Stingray is designed for subsea operation duties such as construction and installation work, inspection and maintenance. The vessel has particularly good sea keeping abilities, station keeping performance and is able to keep a high transit speed.

It is environmental friendly with focus on low fuel consumption through its diesel electric machinery. The vessel is classed according to SPS 2008 and Clean Design.

The charter shall begin in third quarter 2014 following delivery of the vessel from the Norwegian yard.