STX wins contracts to build LNG powered platforms valued at almost US $144MM

Source: STX Europe 

STX Norway Offshore has entered into two new contracts with Island Offshore for the building of two LNG powered Platform Supply Vessels. The vessels are scheduled for delivery in Q2 and Q3 2012. The total value of the contracts amounts to approximately NOK 900 million (US $144 million). 

Roy Reite, President of STX Norway Offshore, says: "We appreciate the good relations we have with Island Offshore, and that this cooperation once again has led to the building of new vessels. We have in total been awarded more than thirty new building contracts with Island Offshore, and we look forward to continuing the good cooperation." 

The hulls will be built at Braila in Romania, and outfitted in Brevik, Norway. The vessels are of Rolls-Royce UT 776 CDG design, based on the series of six vessels for Island Offshore. Four of these vessels are already delivered. 

Liquefied Natural Gas (LNG) is an environmental friendly combustion fuel with NOx and CO2 emission far below any fuel oil based engine. STX Norway Offshore has in the past delivered six LNG powered vessels and has, including these new contracts, a total of four LNG powered vessels under construction.

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