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    Seametric issues LoI for first Twin Marine Lifter

    Vessel & ROV News // May 15, 2007

    SeaMetric has issued an LoI for construction of the first TML.

    SeaMetric International AS has issued a Letter of Intent (LoI) to ESSCA (Hong Kong) Ltd in consortium with China Petroleum First Construction Corporation (CPFCC) and the JingJiang shipyard near Shanghai for the construction, assembly and testing of the first 20,000 tonnes capacity Twin Marine Lifter (TML) system.

    CPFCC will be responsible for the overall project management, the construction of the TML lift arm system and for assembly and testing of the complete TML system.

    The two DP class 3 heavy transport vessels, which are the basis for the TML lifting system, will be sub-contracted to the JingJiang shipyard which is a privately owned shipyard with 20 years experience.

    CPFCC is a subsidiary of China National Petroleum Corporation (CNPC), the largest oil company in China and one of the most profitable companies in Asia. Refund guarantees will be issued by a major Chinese State bank.

    Contracts for the procurement of major equipment on the critical path, 12 engines, eight thrusters and the diesel electric systems has previously been placed by SeaMetric International AS for phased delivery from October 2008 to January 2009, and will be installed by the consortium.

    Delivery of the completed and tested TML system is scheduled for the second and third quarters of 2009.

    The DP Class 3 TML semi-submersible heavy transport vessels are 140m long, have a 40m beam and have a deadweight of 25,000 tonnes. They will have accommodation for 41, a helideck, and will be capable of submersion to -20m.

    As such they will be capable of transporting jack-up rigs and the majority of semi-submersible drilling rigs as well as topsides modules and other major loads, in addition to their primary role as offshore decommissioing vessels.

    “By having a DP Class 3 heavy lift system and accommodation facilities, we will not be dependant on anchor handler vessels, tugs, daily helicopter shuttling and accommodation offshore, which will reduce the operational costs significantly. We will also be capable of secure operation in congested areas and above subsea pipelines. The flexibility of use of the base vessels in the heavy transport market will maximise our utilisation and therefore improve our potential profitability," said the company's Managing Director, Johan F Andresen.

    The vessels will be financed with a combination of existing equity and a bond loan. Fearnley Fonds have been retained for assistance with placement of the bond.


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