Through its subsidiary TTS-LMG Marine Cranes GmbH in Lübeck, TTS Marine ASA has landed a contract worth approximately NOK 45m for delivery of 15 cargo cranes, 3 cranes for each ship in a series of 5.
First delivery will take place by the end of 2006, while the rest will take place during 2007.
The contracts have been signed with Hyundai Heavy Industries Co. Ltd. This is the first contract the newly established TTS-LMG Marine Cranes GmbH has landed in Korea and is considered a break-through in the Korean market. The first contract is now also signed in China, worth approximately NOK 10m and considered a break-through in this market.
The acquisition of TTS-LMG Marine Cranes GmbH was organized as an asset deal 01 November 2004. There were no orders at hand at takeover. Since than the company has landed contracts for cranes worth approximately NOK 170m in addition to after sales which is considerably higher than expected. The contracts are established based on good cooperation between TTS companies, ship owners and ship yards.
Bergen, 25 November 2005
