Two more seismic ships for Dubai
02 Oct 2007
The newly formed Dubai-based shipping company Eastern Echo (EE) is to build two more Ulstein designed SX 124 X-Bow seismic vessels in Dubai for delivery in the first quarter and second quarter of 2009. The vessels will be built at Dubai Drydocks and brings the number of orders for this design to six. The order for the first four vessels was place with Barreras shipyard in Vigo, Spain, with the first ship scheduled for delivery at the end of 2008 and the three remaining ships will be delivered during 2009.
EE has also decided to upgrade vessels 1 to 4 in the series from 10 to 12 streamer capacity in order to increase operational efficiency. ???We are quite excited to be able to build the vessels at Dubai Drydocks. Firstly, being a company with a main office in Dubai the management is given easy access to follow the building process closely. Secondly, we get a good exposure to the Eastern hemisphere,?? EE???s CEO, Rolf R?ønningen said.
The estimated project cost for the newbuilds is $130 million per vessel including 12 streamer capacity, compared with $117 million dollars for the first four upgraded vessels. Options for long lead time items had previously been secured by the company. The upgrade will have a maximum impact of two weeks on delivery time for the first two vessels and no impact on vessels three and four.
In connection with the decision to upgrade, Eastern Echo has undertaken a thorough and comprehensive review of the project. This has lead to a revised project cost of $117 million per vessel, compared with originally estimated project cost of $100.5 million.
The upgraded streamer capacity represents an increased investment cost of $5 million. The balance represents $3 million in currency loss and $3 million in increased installation and transportation cost in addition to $6 million in increased contingency.
EE has also decided to upgrade vessels 1 to 4 in the series from 10 to 12 streamer capacity in order to increase operational efficiency. ???We are quite excited to be able to build the vessels at Dubai Drydocks. Firstly, being a company with a main office in Dubai the management is given easy access to follow the building process closely. Secondly, we get a good exposure to the Eastern hemisphere,?? EE???s CEO, Rolf R?ønningen said.
The estimated project cost for the newbuilds is $130 million per vessel including 12 streamer capacity, compared with $117 million dollars for the first four upgraded vessels. Options for long lead time items had previously been secured by the company. The upgrade will have a maximum impact of two weeks on delivery time for the first two vessels and no impact on vessels three and four.
In connection with the decision to upgrade, Eastern Echo has undertaken a thorough and comprehensive review of the project. This has lead to a revised project cost of $117 million per vessel, compared with originally estimated project cost of $100.5 million.
The upgraded streamer capacity represents an increased investment cost of $5 million. The balance represents $3 million in currency loss and $3 million in increased installation and transportation cost in addition to $6 million in increased contingency.
