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MMEER, CBI Capital Enter JV for Dalian Order

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Mike Mullen Energy Equipment Resource, Inc. (MMEER) and CBI Capital LLC have joint ventured in the Accommodation space by placing an order with Dalian Shipbuilding Industry Offshore Inc. (DSIC Offshore) to build a Gusto MSC designed AJ-46-360-C Accommodation Construction Support Jackup. The unit will be rated for 350' water depth with initial bed capacity of 354 people on board and 900 person life boat capacity. This enables expansion up to 450 beds via modules. With three cranes and ample deck space for work in process, construction support features include a 55-foot cantilever with a mounted 200 Ton Pedestal Crane, and two 50 Ton Auxiliary Cranes. The unit will be harsh environment operable upon expected delivery in the first quarter of 2015. Pareto Offshore advised Dalian on this transaction.

"The high quality workmanship of Dalian Shipbuilding will make this High-Spec Jackup a construction and accommodation workhorse for the offshore industry. MMEER is pleased to joint venture with CBI Capital LLC through our newly created entity, CBI-MMEER Accommodations Ltd.," CEO of MMEER Mike Mullen commented.

"We are proud to work with Mike Mullen and DSIC Offshore. Financing this new build rig will employ over 1,000 skilled workers over the next two years, and we look forward to providing the offshore industry with the unique capabilities of this dual use construction and accommodation unit," Evan Claar of CBI Capital LLC said.

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