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Hydro enters multi-use vessel agreement

November 5, 2001, 00:00 CET

Hydro has entered into an agreement with Farstad Shipping and Stolt Offshore for more subsea services. The deal entails using the new-built multi-use vessel Far Saga and is valued at a total NOK 800 million (USD 91 million).

The agreement was entered into by Hydro as operator on behalf of the partners on the Oseberg, Brage, Heimdal, TOGI, Troll, Njord, Varg, Snorre, Tordis, Vigdis, Visund, Tune, Vale and Grane offshore fields, the Ormen Lange Project, and the oil and gas transport entities Vesterled, OTS (Oseberg Transport System) and OGT (Oseberg Gas Transport).

"This agreement gives us greater flexibility and increased access to, among other things, ROV (Remotely Operated Vehicle) operations. Far Saga, a large offshore supply ship that can double as a support vessel for ROV tasks, will join Hydro's pool of supply boats. It can be quickly taken out of the supply service and used as a support vessel for subsea operations. This way we can avoid long waits for dedicated special vessels to become available," says Perry Farstad in Hydro's marine operations.

The deal has a set period of five years and can be extended by exercising three yearly options.