McDermott International has acquired a newly built pipelay and construction vessel named Amazon to strengthen the company's ultra-deepwater and SURF project services.
The company has planned to upgrade the vessel by adding J-lay system outfitted with the latest vessel technology.
McDermott International also intends to make minor investments in the vessel to improve its standards. The vessel will be used in existing construction and pipelay projects as the company finalises the upgrade plans.
McDermott president and CEO David Dickson said: “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 ultra-deepwater project coverage.
“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.”
The company funded the vessel acquisition through a sale and leaseback arrangement, which involves McDermott gaining control of the Amazon against daily charter-hire rate.
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Planned upgrades to J-lay system and associated financing are expected to be considered according to the market conditions.
The vessel Amazon was completed in 2014. It includes 49,514ft² of deck space along with two 400t cranes. It can accommodate approximately 200 staff and can reach a service speed of 12k.
McDermott International focuses on providing integrated engineering, procurement, construction and installation (EPCI) services for upstream field developments globally.
It delivers fixed and floating production facilities with pipelines and subsea systems for offshore and subsea oil and gas projects.
It operates in nearly 20 countries and has 12,400 employees
Image: McDermott International has acquired pipelay and construction vessel Amazon. Photo: courtesy of McDermott International/ Global Newswire.