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BERGEN GROUP - SIGNS MOU CONCERNING ST-266 CD

BERGEN GROUP - SIGNS MOU CONCERNING ST-266 CD

Bergen  Group  has,   through  its  subsidiary   Bergen  Group   BMV,
successfully won  the  tender,  and  today  signed  a  Memorandum  of
Understanding  (MoU)   with   the   German   shipping   company   SAL
Schiffahrtskontor  Altes  Land  GmbH  &  Co.  KG  ("SAL  ")  for  the
construction of a large next generation  advanced construction class
vessel with a DP-3  dynamic positioning system. The  vessel is to  be
delivered in April 2012 and  the contract value is approximately  NOK
1.8 billion. The MoU is subject to board approvals.

The CEO of Bergen Group, Pål Engebretsen, characterize the MoU as  an
important step: - Our  competence within specialized offshore  vessel
leads to  expansion of  our  market area  and  we establish  new  and
attractive customer relationships.

Skipsteknisk AS  in  Ålesund  has together  with  SAL  developed  the
project and will be responsible for  the design of the vessel,  which
will be  suitable for  deep  water operations  on  oil &  gas  fields
worldwide. The  vessel is  very  large, with  a  length of  175m  and
panamax width of 32m. In particular, the vessel will be outfitted for
flexible pipe and  umbilical laying, with  two carousels below  deck,
each with a capacity of 3,500  tonnes.   Pipe laying will be  carried
out through a  client provided  VLS (Vertical Laying  System) or  PPS
(Portable Laying System), which  will be placed  over the moon  pool.
In addition, the vessel  will be equipped with  a 600 tons  offshore
crane. This  enables  transport  of  large  structures,  as  well  as
placement of  such large  structures on  the seabed.  The crane  will
lower the structure to  a depth of  100m and transfer  it to a  heave
compensated traction winch system, which will deploy the structure to
a waterdepth up to 3,000m.  The ship will be  one of the largest  oil
field development vessels, with a cargo  deck area of 3.000 sqm,  and
with ability to carry out any operation related to development of new
oil fields.

"We will be building an extremely advanced vessel with accommodation
for 150 persons, three separate engine rooms, and three separate
propulsion rooms.This will be the first such vessel to be constructed
complying to the latest IMO SPS code. Thus, the vessel will have a
high crew safety factor, while allowing for extremely reliable
operations. This construction represents the core of our competence",
says CEO of Bergen Group BMV, Terje Sjumarken, and adds: "The vessel
will be classified to DP3, and is a continuance of the vessels BN 167
and BN 164, currently being built by Bergen Group for Solstad
Offshore and Aquanos Offshore, respectively".

The German shipping company SAL which currently has a fleet of large
heavy lift vessels with crane capacity up to 1.400 tons, has already
had significant exposure within the oil & gas sector. SAL is 50%
owned by "K"-line, while the remaining 50% is privately owned.
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