TTS Secures Drillship Equipment Contract

TTS Group ASA has through its subsidiary TTS Offshore Handling Equipment AS in Norway, signed a contract with a total value of approx. 120 MNOK (approx. USD 20 million).

The contract is with Daewoo Shipbuilding & Marine Engineering Co., Ltd. in Korea and concerns delivery of four large offshore cranes, additional equipment for riser handling and pipe handling for a drillship for Vantage Drilling Company, USA. The contract comprises three options for delivery of identical equipment.

“After being awarded a similar contract from STX Offshore & Shipbuilding Co., Ltd. In November 2012, this contract represents a final breakthrough in a very interesting and significant market segment. We have pursued prospects within this segment for a long time, and this contract enhances our position within offshore load handling” says CEO Johannes D. Neteland.

TTS has long traditions in serving the worldwide shipbuilding and oil industry, where TTS Offshore Handling Equipment AS delivers offshore cranes and load handling solutions.

The delivery will take place in the 3rd quarter of 2014.

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Press Release, August 26, 2013