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Norsk Hydro To Cover Most of Its Logistics

Norwegian oil company Hydro has signed a letter of intent with..

Norsk Hydro To Cover Most of Its Logistics

Norwegian oil company Hydro has signed a letter of intent with Farstad Shipping on the use of three supply vessels for Hydro's operations on the Norwegian continental shelf. This will involve building two new vessels. The value of the agreement is around 1 billion kroner.

The vessels will be the first to incorporate equipment for automatic handling of loading hoses. This will significantly boost safety for the deck crew.

The letter of intent covers charter of the vessel Far Symphony for five years from April 2005 and the two new vessels for ten years from August 2005 and October 2006 respectively.

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