TTS to Supply Offshore Cranes for Axis’ Accommodation Rig

TTS Group ASA has through its subsidiaries TTS Offshore Handling Equipment AS (OHE) in Norway and TTS Neuenfelder Maschinenfabrik GmbH (NMF) in Germany signed a contract for delivery of two offshore cranes worth approximately 50 MNOK.

The contract is with COSCO Qidong Offshore co., Ltd shipyard in China, and concerns delivery of two cranes for a semi submersible accommodation vessel. The rig is ordered by Axis Offshore, a joint venture company between J. Lauritzen A/S in Denmark and HitecVision AS in Norway.

This is the first contract that the TTS Group signs with the COSCO group for offshore cranes. The contract is a result of cooperation between TTS OHE and newly acquired TTS NMF. The two companies will continue to develop crane packages for the offshore market.

The delivery will take place in the third quarter of 2014.

The contract comprises an option which must be exercised by 26 September 2013 for identical scope of supply.

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TTS Group, April 22, 2013