Svitzer Group A/S: Svitzer orders construction of four TRAnsverse Tugs from Cheoy Lee Shipyards

Svitzer expects to take delivery of four new TRAnsverse tugs by the end of 2026. The tugs will be delivered as part of Svitzer's planned global fleet renewal, as the business continues to pursue its decarbonisation objectives worldwide.

Copenhagen, 11 December 2024: Svitzer, a leading global towage and marine services provider, today announces that it has signed a contract with the Hong Kong shipyard, Cheoy Lee, for four new Svitzer TRAnsverse 2900 tugs - for delivery in 2026. The contract means Svitzer has seven tugs on order for its TRAnsverse design, while one is already in operation. The TRAnsverse tug was designed by Svitzer in collaboration with naval architect, Robert Allan Ltd. Each of the tugs ordered from Cheoy Lee will have an overall length of 29 meters, deliver bollard pulls of up to 80 tonnes and come with impressive side pushing capabilities. With a top speed of 13 knots, and 8 knots side-stepping, the omni-directional hull form and propulsion provides for significantly higher steering and breaking forces than similar sized ASD tugs, with lower fuel consumption.

Svitzer is continuously evaluating its fleet against customer and operational requirements across the more than 180 ports and terminals where it operates. This is done with a constant striving to meet customer demands, leverage innovation and technology, and ensure flexibility to support the transition to more sustainable energy sources.

While the new vessels are planned as fleet replacements globally, they can also be deployed in new growth projects. Hence, the contract with Cheoy Lee Shipyards includes an option for four additional tugs of the same type that can be called on in case of need.

Commenting on the agreement, Kasper Karlsen, Chief Operating Officer at Svitzer, said: "This order enables us to continue renewing our fleet to deliver on our customers' needs and our decarbonisation targets, while providing a strong basis for engaging in growth projects. The new TRAnsverse tug will undoubtedly be our preferred design going forward and with even more of these tugs in our fleet, we are able to continuously improve operational capabilities and fuel efficiency to the benefit of our customers as well as the environment."

Ken Lo, Director at Cheoy Lee Shipyards commented: "We are delighted to be selected as a construction partner to Svitzer and look forward to working with their team to build these four TRAnsverse tugs for their global fleet. As with all our work, our team will deliver the project in line with our guiding focus on quality, service and reliability."

ENDS

Notes to editors

About Svitzer
Svitzer is a leading, global towage and marine services provider. The core business is to assist large seaborne vessels in manoeuvring in and out of ports and terminals to berth and unberth. With more than 450 vessels, Svitzer's services play a crucial role as part of critical port infrastructure. Svitzer was founded in 1833 and serves approximately 2,000 customers in more than 140 ports and 40 terminals across 37 countries. Read more on www.svitzer.com.

For further information, please contact: Ortho-profile - Svitzer TRAnsverse 2900
Anders Crillesen
Head of Communications and Branding, Svitzer
T: + 45 27 79 12 86
E: [e-mail]

Michael Nass Nielsen, Head of Investor Relations and FP&A
T: [phone]
E: [e-mail]

Nick Orsmond
BLUE Communications
E: [e-mail]

Ortho-profile - Svitzer TRAnsverse 2900Rendering of the new Svitzer TRAnsverse 2900 tugs ordered from Cheoy Lee Shipyards