SeaMetric Signs Contract for First Twin Marine Lifter System

SeaMetric International AS has signed a contract with ESSCA (Hongkong) Ltd in consortium with China Petroleum First Construction Corp. (CPFCC) and the JingJiang Nanyang shipyard near Shanghai for the construction, assembly and testing of the first 20,000 tonnes capacity Twin Marine Lifter (TML) system.

CPFCC will be responsible for the overall project management, the construction of the TML lift arm system and for assembly and testing of the complete TML system. The two DP class 3 heavy transport vessels, which are the basis for the TML lifting system will be subcontracted to the JingJiang Nanyang shipyard which is a privately owned shipyard with 20 years experience.

CPFCC is a subsidiary of China National Petroleum Corp. (CNPC), the largest oil company in China and one of the most profitable companies in Asia. CNPC Services & Engineering Ltd, a company with 27.000 employees, have issued a Parent Company Performance Guarantee to SeaMetric International AS.

The DP class 3 heavy transport vessels, being used for the TML heavy lift systems are 140 m long, 40 meter beam and have a dwt capacity of 25,000 tonnes. They will have accommodation for 41, a helideck, and will be capable of submersion to -20 meters.

"This is a breakthrough for SeaMetric," said Johan F. Andresen, SeaMetric's CEO. "We have negotiated a very good contract with a very strong and capable fabrication group. CPFCC is a subsidiary of CNPC, a company with 1.4 million employees, about the same as the entire Norwegian workforce. We have also options in the contract for the construction of one more TML heavy lift system and two 180-meter-long submersible heavy transport vessels (HTVs). These vessels will be similar to the vessels now being built, and they have the capacity to support a 30,000 tonnes TML system."

The vessels will be financed with a combination of equity and a bond loan. Fearnley Fonds have placed a bond loan of initial USD 60 million with possible subsequent extension to USD 105 million.

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