TTS Group to Deliver Offshore Cranes to Azerbaijan

TTS Group ASA has, through its subsidiary TTS NMF GmbH in Hamburg, Germany,entered into an agreement for delivery of two 85 tonne lattice boom offshore cranes to Azerbaijan, with a total value of NOK 55 million (approx. $8.9 million).

This contract again confirms that TTS NMF has gained a foothold in the offshore market. The cranes are customized for the Caspian Sea’s harsh environment condition and enabling efficient load-handling. In 2013 TTS NMF already received orders for two 70 tonne offshore lattice boom cranes. With another mid-size offshore lattice boom crane contract, TTS again has shown that the Group can develop innovative products.

The agreement is with Caspian Drilling Company in Baku. The cranes are for use on a semi-submersible drilling rig to be built at Caspian Shipyard Company in Baku.

The deliveries are scheduled for July 2015.

TTS Group, January 2, 2014

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