AET Plans to Build More Ships After Winning North Sea DP Contract with Statoil

Malaysian tanker owner and operator AET, announced today they have entered into a long-term contract with Norwegian energy giant Statoil ASA to operate two specialist DP2-type shuttle tankers. The vessels will be operated through a joint venture company, AET Sea Shuttle AS, formed between AET and leading offshore manager, OSM Group.

The two vessels will serve oilfields in the Norwegian sector of the North/Barents Sea on a long-term contract with options for further extension until 20 years.

AET Sea Shuttle is contracting with a first class shipyard in Korea to build the two twin-skeg 120,000 dwt tankers. Due to the unique, adverse operating environment, the new vessels will be constructed to a superior specification that exceeds any other DP shuttle tanker currently in operation around the world. They will be fully capable of operating in a harsh weather environment and will include high power thrusters and engines. An option exists for the vessels to be constructed with state-of-the-art LNG dual-fuel powered engines.

aet weng yew — Weng Yew, President and CEO, AET

AET President & CEO, Hor Weng Yew comments:

“This is a landmark partnership for AET and confirms our skills and experience in the specialist DP sector. We are already operating DP vessels in the Brazilian basin and will soon have two DP capable Aframax tankers employed in the US Gulf.

Operating in the North Sea is particularly challenging due to the harsh weather and sea conditions which is why we are constructing purpose-built vessels to service this contract.

Statoil is one of the world’s leading oil and energy companies and I am delighted that they have recognised AET’s capabilities and expertise in tanker operations. I look forward to a long partnership with Statoil and I have every confidence that we have the technical and operational abilities to deliver and operate the highest specification DP shuttle tankers for this leading oil company”

AET has partnered with Norwegian shipmanager OSM to provide the technical management of the two vessels. Commenting on the new venture, OSM Group Chairman, BjÃ¸rn Tore Larsen, said:

“We have significant experience of operating DP tankers in northern waters and I believe that the combined skills of AET and OSM will deliver an unbeatable service to Statoil. We are very pleased to partner with AET in this new venture to bring a new major player into the North Sea market.”

AET specialises in the global ocean transport of petroleum and operates a fleet of 82 petroleum vessels consisting of VLCCs, Suezmaxes, Panamax, Aframaxes, 2 DP shuttle tankers and 8 clean tankers. AET has a further five vessels on order. The company is headquartered in Kuala Lumpur, with commercial centres in Singapore, London, Houston and Gurgaon (India), together with a specialist offshore lightering unit in Galveston, Texas.

AET is a wholly-owned subsidiary of Malaysian energy logistics group, MISC Berhad.