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    Remedial ESV Solution delivered by COSCO

    Vessel & ROV News // July 14, 2010

    Remedial Cayman ESV2 Limited, a wholly-owned subsidiary of Remedial Cayman Limited has accepted delivery of ESV Solution from COSCO shipyards in Nantong China.

    Remedial Caymanís innovative ESV design, a self-propelled '300 class' jack-up, is optimized for heavy well intervention in water depths up to 325ft (100m). T

    The ESV unit combines the capabilities of a jack-up platform, a workover drilling rig, heavy lift crane vessel and offshore accommodations platform in a single self-propelled package.

    The new owner of the ESV Solution is Remedial ESV2, a newly incorporated company, formed in connection with the sale of substantially all of the assets of Remedial (Cyprus) PCL pursuant to US Bankruptcy Court order.

    As a result of the sale, Remedial ESV2 owns ESV Solution free and clear of all liens and encumbrances.

    In addition to ESV Solution, the operating subsidiaries of Remedial (Cyprus) PCL were also transferred to Remedial Cayman as part of the court-approved sale process and, as such, Remedial Cayman continues to maintain, market and support the ESV Solution as well as oversee the construction of its sister vessel, the Remedial ESV Guardian in Yantai, China.

    Remedial Cayman, based in Grand Cayman, Cayman Islands, builds ESVs as well intervention and construction support units for petroleum operating companies and others worldwide.

     

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