Harkand, Siem Offshore Sign Charter Agreement

Harkand has entered into a charter agreement with Siem Offshore for the Offshore Subsea Construction Vessel (OSCV) Siem Spearfish. The agreement covers a firm period of five years with three yearly options and shall commence in May 2014. The vessel will support the development of the Harkand group in the provision of inspection, repair and maintenance (IRM) services in the deep water Gulf of Mexico.

The DP2 vessel, built by Vard in Norway, has a 250t crane and will be fitted with two Triton XLX ROVs, as well as a complete survey spread. The Spearfish addition to the Harkand fleet marks an important step forward in the company’s commitment to deep water activities.

“This commitment we are making in the US Gulf both in terms of our people and our assets underlines our strategy to become the leading international IRM contractor,” said John Reed, Chief Executive Officer of Harkand. “The group has been expanding its global footprint over the last few months through organic growth and strategic acquisition and is now setting up its corporate office in London. We are looking forward in 2014 to continue the strengthening of our global position by further investment in all regions.”

Harkand was launched in February 2013 through the merger of Iremis, Integrated Subsea Services (ISS) and Andrews Survey following investment by Oaktree Capital Management. After the acquisition of Veolia Marine Services in August 2013, and through its organic growth initiatives, the group now employs close to 1,000 people at bases in Aberdeen in the U.K., Houston in the U.S., Dubai in the Middle East, Singapore and Perth in Asia Pacific, Paris in France and its new corporate office in London. The group aims to grow turnover to $1 billion in the next five years.