Acergy’s New Pipe Lay Vessel – Borealis

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December 17, 2009

Acergy S.A. announced that it has acquired the pipe lay vessel Borealis, a strategic enabler, which is expected to drive superior returns for future activity.

Borealismain_114099aThis new asset, currently being built at the Sembawang Shipyard in Singapore, is a Class 3 dynamic positioning vessel equipped with a 5,000T crane. Acergy plans to install a 1,000T J-Lay tower and state-of-the-art 600T S-Lay equipment. It will also be fitted with a range of support systems and construction equipment for worldwide deepwater and harsh environment operations.

The crane is a Huisman Offshore Mast Crane (OMC) which is a compact design heavy lift crane using state-of-the-art technology and designed for the use on offshore construction vessels and semi-submersibles. Many of the Offshore Mast Cranes are suitable for ultra deepwater operations up to 5,000m water depth. They make use of a deepwater hoist system with a single line capacity up to 300mt. The deepwater hoist system consists of a traction winch and a storage winch and can also be equipped with an Active Heave Compensation System.

Huisman OMC

The crane consists of a steel mast with a rectangular footprint which can be easily welded to the bulkheads of the vessel structure. The rectangular footprint allows an installation of the crane directly on the stern of the vessel, achieving a large effective outreach. The mast is fitted with a rotating slew platform and mast head. The slew platform supports the main boom at the pivots. From the mast head the boom hoist tackle runs to the top of the boom and controls the radius of the different hoists. Slewing of the slew platform and boom is achieved by pinion drives mounted to the fixed mast and driving the lower slew bearing. The mast head follows the slew motion of the boom. The height of the mast provides a superior load curve compared to traditional cranes, especially on bigger radii. The load moment is carried by the mast and not by the slew bearings. The lower slew bearing is therefore no longer a critical construction item.

Provision will be made for accepting one of the Company’s heavy duty flexible pipelay systems. This will be a J-Lay solution to enable pipe lay operations in deep water environments.

Final completion and operational delivery of the ship is scheduled for H1 2012. Total costs, upon delivery, are expected to be less than $500m, including approximately $260m relating to the acquisition of the ship and delivery as per the original design. This investment will be funded entirely from the Company’s existing cash resources.

Jean Cahuzac, Acergy’s Chief Executive Officer, said: “The Borealis provides unprecedented flexibility and capability, which together with our engineering and project management expertise, will enable us to meet our clients’ strategic needs, particularly in deepwater and harsh environment acreage.

Our strong operating and financial position has enabled us to capitalise on this unique opportunity at an attractive price. This investment represents a key milestone in Acergy’s long-term strategy implementation. We expect this ship to be a strategic enabler to exploit future market growth opportunities and to generate superior returns for shareholders.”

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