Bibby Offshore announces Singapore charter agreement

15-04-2010

Subsea installation contractor Bibby Offshore has announced a three-year bareboat charter agreement with Solstad Offshore Asia Pacific Ltd for the NOR Spring, a DP2 (Dynamic Positioning) Anchor Handling Support Vessel (AHSV).

The deal has been struck by Aberdeen-based Bibby Offshore's Singapore operation, Bibby Offshore Singapore Pte Ltd. The NOR Spring represents a multi-million dollar investment by Bibby Offshore and becomes the fifth vessel in the fleet.

The NOR Spring is currently completing ROV support operations for an EPIC contractor in Papua New Guinea and is expected back in Singapore by the end of April. The vessel will then undergo planned maintenance before Bibby Offshore, with vessel manager Bibby Ship Management Ltd, takes delivery of the ship later in May.

The 2008-built NOR Spring comes with a proven track record in the Middle East and Asia-Pacific. The vessel has 600m. of free deck space as well as an ROV mezzanine deck and multiple DP reference systems including fanbeam and taut-wire. The ship is equipped with a subsea 20mtonne @ 15m Active Heave Compensated (AHC) knuckle-boom crane suitable for man-riding and can be fitted with an existing 40tonne Safe Working Load (SWL) A-frame if required.

NOR Spring has accommodation for 60 personnel and a built-in hospital making it ideal for ROV and diving operations which involve large project and client teams.

For the first contract starting in May, Bibby Offshore will be mobilising the NOR Spring in Singapore with a survey spread and two newly-purchased TMS inspection class Seaeye Lynx ROVs before transiting the vessel to Indonesia where it will be carrying out a platform and pipeline, inspection campaign.

Bibby Offshore Singapore Managing Director Darren Morgan said: "The signing of the NOR Spring charter party gives Bibby Offshore control over a best in class DP2 ROV & Air Diving support vessel, which we hope will be the first of many such vessels in the Asia-Pacific fleet. This underlines our commitment to the success and expansion of our business in Asia which we expect will lead to further exciting opportunities for our personnel.

"The initial contract is for 150 to 180 days with further options for the client to extend. It is then expected that the ship will enter dry-dock for its next planned ABS Special Survey, before being available for the start of the 2013 South-East Asia offshore season. With a new and energised management team now in place as well as the continued proactive support from Bibby Offshore in Aberdeen, we expect to be able to deliver a competitive and effective local capability in our core businesses of subsea engineering & project management, and ROV & diving IRM and construction services."

Bibby Offshore has more than 200 onshore and 450 offshore staff based in Aberdeen, Singapore and Trinidad. The new vessel will create approximately 20 jobs offshore and a further 5 onshore in Singapore.

Bibby Offshore Limited, press release