McDermott acquires Ceona AmazonVessel & ROV News // February 22, 2017
McDermott International has acquired the pipelay and construction vessel Ceona Amazon "to better position the company for ultradeepwater and SURF projects."
“This is a great opportunity for the company to expand the technical capabilities of our global fleet and grow in the deepwater and SURF markets and greatly increase our ultradeepwater project coverage,” said David Dickson, President and Chief Executive Officer of McDermott. “Due to current market conditions and the opportunistic nature of the transaction, we were able to acquire what is essentially a new, enabling asset at a fraction of the original build cost.”
McDermott plans to upgrade the vessel to address the ultradeepwater market with a state-of-the-art J-lay system.
In the near term, the company plans to make minor capital expenditure investments to bring the vessel up to company standards.
As McDermott finalizes its upgrade plans, the company plans to use the vessel on existing construction and pipelay projects.
Funding for the vessel acquisition has been secured through a sale and leaseback arrangement under which McDermott has control of the vessel in exchange for a daily charter-hire rate. The planned upgrade with the J-lay system and related financing are expected to be considered in line with market conditions.