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Nordic Maritime celebrates 10th anniversary

Nordic Maritime celebrates 10th anniversary

Singapore: Nordic Maritime, a Singapore based ship owner and provider of services to the offshore oil and gas sector, is gearing up for a further phase of growth in the offshore accommodation and construction market in 2010. The company, which was founded in Singapore 10 years ago, aims to become one of the leading companies in the growing market for offshore accommodation and construction.

The company is currently building four premium accommodation and construction vessels (artist's impression pictured) at a shipyard in Malaysia that are due for delivery in 2010 and 2011. The vessels have dynamic positioning system, are designed for a pedestal crane of up to 300 MT and fitted with telescopic gangway to maintain stringent safety standards for personnel transiting between the platforms and the accommodation units.

"These vessels are of a higher standard than existing units in operation," said Nordic Maritime ceo Morten Innhaug, adding the untis can house up to 400 workers at a time. "We believe that personnel will increasingly demand better accommodation while they are working offshore and we aim to provide this and more."

One of the vessels has already been sold, two have secured long term charters with reputable oil industry companies and a fourth will be open for charter in 2011.

Nordic Maritime states that it took the decision to invest in these units because it believes there is an increasing trend among oil majors to undertake E&P projects in deep water oil and gas fields in many parts of the world.

The group's Compound Annual Growth Rate (CAGR) was 99.5 % for the past three financial years from 2006 to 2008. Last year group revenue was US$47.9 million. "The Group's growth over these last 3 years was achieved without significant external financing and we plan to build on that foundation," he said.

As part of Nordic Maritime's expansion strategy, a marketing agreement has been struck with Norwegian offshore company Marine Subsea which will act as Nordic's partner in West Africa and the Gulf of Mexico region.

"These areas have major requirements which our vessels can meet and we are also looking at areas such as Australia, Brazil and of course Asia," said Innhaug.

Innhaug acknowledged that 2009 had been a difficult year for the offshore and marine industries and the Group's revenues were forecasted to be lower than in 2008. He added that the Group's revenue will recover substantially in 2010 and beyond.

"We will maintain our focus on the seismic acquisition and exploration industry and also continue to be active in the medium to large Anchor Handling Tug Supply (AHTS) vessels and platform supply vessels (PSV) markets," said Innhaug.  [19/11/09]