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AET and Statoil extend DP2 shuttle tanker partnership

AET is to order a pair of DP2 shuttle tankers for long term charter to Statoil as the two companies extend their partnership.

The 125,000 dwt twin-skeg DP2 Offshore Loading Shuttle Tankers (DPST) will be ordered at Samsung Heavy Industries for delivery in 2019. AET already has two DP2 ships on charter to Statoil owned by AET Sea Shuttle AS (AETSS), a joint venture company formed in 2012 is also 95% owned by AET and 5% by Norwegian ADS Shipping.

The new vessels be contracted from 2019 to Statoil for operations both in oilfields on the Norwegian Continental Shelf of the North Sea, Norwegian Sea and the southern Barents Sea as well as on the UK Continental Shelf, and are set to be LNG dual-fuelled.

AET's parent, MISC, said that the charter contract would be worth at least $200m. MISC said Statoil would finalise the charter contract by year end with a five-year charter contract would be worth $200m while a seven-year contract would bring in $275m.

“I am delighted that Statoil has recognised and endorsed the quality of our operations in this most demanding of environments by giving us a further opportunity to support their business with two additional state-of-the-art DPSTs,” said Rajalingam Subramaniam, AETSS chairman and AET president & ceo.

Statoil's senior vice president for asset management in marketing, midstream and processing, Grete Birgitte Haaland, said:”The fuel efficiency features built into these vessels, including LNG dual fuel capabilities, will significantly reduce operational costs and climate emissions. As such this contract is strongly aligned with Statoil's sharpened strategy."

OSM Maritime Group will provide the lead technical management, supported by the MISC Group, during the construction of the vessels.

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