SeaMetric signs agreement for utilisation of TML SystemNews // February 26, 2008
SeaMetric has signed a Memorandum of Understanding (MoU) with Fairfield Energy Ltd for the removal and disposal of Fairfield’s present and future assets using SeaMetric’s Twin Marine Lifter (TML) System.
The agreement is in addition to those signed in 2007 with Blue Marine and COOEC covering utilisation of the TML System in Latin America and North East Asia respectively.
Under the MoU, SeaMetric and Fairfield will enter into a contract whereby SeaMetric and Fairfield will work together to identify and mitigate risks and develop a methodology for removal of their assets, including the Dunlin A facilities which Fairfield is acquiring from Shell, at the end of their productive lives.
The MoU also includes any future installation work for Fairfield.
Fairfield may also participate in initiatives to secure financing of the TML System.
“This partnership is an excellent strategic step for both SeaMetric and Fairfield and aims to secure Fairfield’s platform removal costs several years in advance," said Terry Kimber, Fairfield’s Head of Engineering and SeaMetric’s Managing Director, Johan F Andresen.
SeaMetric was founded in 2000 to develop a cost-effective and environmentally-friendly marine heavy lift system – since then SeaMetric has developed the Twin Marine Lifter for installation and removal of very heavy objects.