TTS Group Signs Another Offshore Contract with Kleven Verft (Norway)

TTS Group ASA has through its subsidiary TTS Offshore Handling Equipment AS signed a contract with a value of approx. 65 – 70 MNOK with Kleven Verft AS.

This is the sixth contract with the Norwegian shipyard in the last 15 months.

The contract concerns delivery of a 250 ton active heave compensated subsea crane for operations down to depths of 3,000 meters. This strengthens the position of TTS in a growing market of handling equipment for the offshore industry.

Delivery will take place in December of 2014. The contract provides a cancellation right by Kleven Verft AS, valid until 1 August 2013.

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TTS Group ASA, May 31, 2013