MOS Acquires Jackup for Conversion to Accommodation Service Vessel
Millennium Offshore Services (MOS), a provider of global offshore jackup accommodation service vessels (ASVs) to oil and gas and engineering, procurement, construction and installation (EPIC) companies, announced that it has purchased a 300 foot class LeTourneau 116 Cantilever jackup from an offshore drilling company for $25 million, to be named the “MOS Frontier”. This addition will further expand the Company’s fleet and operating capabilities in the Asia-Pacific and Middle East/North Africa regions.
The MOS Frontier is a multi-purpose jackup capable of operating in water depths of 300 feet (91 meters). The MOS Frontier is currently undergoing conversion into an accommodation service vessel with capacity up to 290 personnel offshore in support of maintenance, inspection, repair and hook up and commissioning projects. The conversion project is being executed by Lamprell at their main facility in Sharjah, UAE.
Lamprell has a well-established track record for completing major rig refurbishment projects, having undertaken conversion of MOS’s 6th ASV “Burj” in 2011/2012, and it is anticipated that the Frontier project will be completed and the ASV operational in the second half of 2014.
Robert Duncan, managing director of Millennium Offshore Services, commented, “We continue to expand our position as a leader in the market for offshore jackup accommodation service vessels with the newly acquired MOS Frontier vessel. The MOS Frontier will allow us to further our offering in the key target markets of Asia-Pacific and the Middle East/North Africa, where we are seeing great potential and demand for our services. We expect to fund the acquisition and conversion of the unit with cash on hand, cash flow from operations and short-term shipyard financing which will be secured solely by the vessel and improvements. We remain focused on maintaining our financial flexibility and responsibly capitalizing our balance sheet to maximize shareholder value.”
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- MOS Acquires Jackup for Conversion to Accommodation Service Vessel (Oct 04)