May 4 - A memorandum of understanding (MOU) has been signed which outlines the main principles of how Norwegian Ulstein Group and Netherlands-based IDEA Heavy Equipment are joining forces.

The companies have entered into an MOU which will lead to an operational business in the Netherlands by July 1, 2011 with the establishment of a new company called Ulstein IDEA Equipment Solutions bv to combine Ulstein'soffshore vessel design, marine equipment packages and construction capabilities with mission equipment design and construction of IDEA Heavy Equipment and the interfaces between them.

This is the second Ulstein venture in the Netherlands after the purchase of the majority share in Ulstein Sea of Solutions bv in March 2008.

"The successful cooperation with Ulstein Sea of Solutions has made us very confident that the cooperation with IDEA should also further enhance Ulstein's foothold in the heavy offshore segment of the market", says Tore Ulstein, COO of Design & Solutions in Ulstein. "We have appointed Bob Rietveldt as managing director of the new company to work in close cooperation with both Arjan Boezeman and Gilbert Rezette, the owners of IDEA Heavy Equipment."

Boezeman and Rezette are looking forward to this cooperation, commenting: "This will result in a strong company with a healthy growth potential and take advantage of the opportunities currently in the marketplace."

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