KS Energy liftboat sinks on way to fulfil North Sea contract

Lost at sea: a Singapore- owned jack-up liftboat which was contracted to support installation
and maintenance of wind power projects in the North Sea. KS Energy Services yesterday
reported that Titan-1 - which was on a US$43.9 million charter to Siemens Wind Power -
capsized and sank in the Atlantic this week as it was being transported there. Titan-1 - a 50:50
joint venture of KS and Ezra Holdings - was to have executed an 817-day contract for Siemens
for installation, servicing and maintenance of wind turbines, offshore Denmark and the UK. KS,
however, assured that Titan-1, which is said to cost around US$40-50 million to build, is fully
insured by the company's insurance group. It does not expect the accident to have any
material impact on its FY 2008 results. It is meanwhile discussing with Siemens substituting an
identical sister-ship, KS Titan-2, for the charter.
KS had taken delivery of Titan-1 in March-April this year, and of Titan-2 - a separate 50:50
venture of KS and Sinwa - in June-July. A KS spokeswoman told BT that Titan-2 is not under
charter at the moment and will be immediately available to Siemens, although KS has now to
be extra careful regarding its transportation to the North Sea. KS said that this week's accident
happened during the night of Oct 26-27, when the heavylift vessel M/V Ancora aboard which
Titan-1 was loaded, encountered engine problems in the middle of the Atlantic. It was enroute
from Pascagoula in the US to Liverpool. 'As a consequence of the vessel's rolling and tilting
motion, the Titan-1 shifted to portside, capsized and was lost at sea.' 'KS, through its whollyowned
subsidiary Atlantic Oilfield Services, is currently in discussions with Siemens to
substitute the Titan-1 with identical sister-ship Titan-2 for the execution of the contract,' the
spokeswoman said. Titan-2, also in Pascaguola, can reach Siemens in a couple of weeks.

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