SMIT TO RECEIVE MULTIMILLION CONTRACT FOR LIFTING KURSK SUBMARINE

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NTV, March 30, 2001

March 30, Smit Internationale NV (Netherlands) announced its plan to win the multimillion-dollar contract for raising the nuclear submarine Kursk. N. Buis, executive director of Smit Internationale NV, announced, “If Kursk is raised I am sure that we will sign the contract with Halliburton and Heerema.”

He added, “Our latest news is that the contract is ready for signing, and there is money for it, but so far nothing has been signed.” According to Buis, the value of the contract would total about $70-80 million.

In January, the consortium including Smit, Halliburton (US), and Heerema (Netherlands) presented a plan of operations for raising the Kursk. In March, it was reported that the money Russia was ready to pay would not be enough to pay for the operation. Meanwhile, Deputy Prime Minister Ilya Klebanov announced that the government would assign the money, and there would be no delay in the operation.

Lifting of Kursk would be very interesting for the company primarily because of the prospects it might receive when the operation is successfully accomplished. “There is a huge number of dangerous substances which are on the floor of seas of the world, and we need to learn to lift then and make harmless,” announced Buis.

Meanwhile, Wim Kanis from the financial department of Smit emphasized that financing of the project would play the decisive role in getting the contract signed.

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