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    SeaMetric transfers Twin Marine Lifter construction contract

    Yard News // November 16, 2007

    To secure the delivery date and quality of the Twin Marine Lifter (TML), SeaMetric International and its main contractor, Essca (HongKong) Ltd, have transferred the sub-contract for the construction of the TML vessels to a subsidiary of China National Petroleum Corporation (CNPC).

    CNPC Liaohe shipyard, a new yard directly owned by CNPC, will now take over construction of the two TML vessels and has committed to deliver the vessels, in accordance with the original schedule, by the third quarter of 2009.

    The shipyard’s immediate parent company, Liaohe Exploration Bureau, one of the major subsidiaries of CNPC with approximately 100,000 employees, has provided SeaMetric with a parent company performance guarantee for the project.

    CNPC has recently injected approximately US$400 million of new capital into CNPC Liaohe shipyard. CNPC’s other subsidiary, China Petroleum First Construction Company (CPFCC), will continue as sub-contractor for the Lifting Arm System for the TMLs.

    Essca (HongKong) Ltd remains as main contractor for this project.

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