Marotec M68L - Drilling Semi Submersible

Unit:                M68L

Unit Owner:    Marotec AS / Norwegian Investors

Yard:               Yantai Raffles - China

This project was started in 2005 based on a letter of intent with Yantai Raffles. The basic design was done by Marotec AS in Norway, and the detail design was to be done by Yantai Raffles engineering department. When the bulk of the basic design drawings were ready, a 3D model of the unit was made in Catia by Yatai Raffles while we were on site as engineering liaison.

Due to limited engineering and production resource at Yantai Raffles during this period, and based on the obligations they allready had with existing orders, it was obvious that the project could not be completed without significant delays. For these reasons it was decided not to enter into a contract with them where it was judged likely that delivery would be minimum 1 year delayed.