‘Jasper Cosmopolitan’ sale falls through

Jasper Investments Limited has informed that the sale of semi-submersible flotel Jasper Cosmopolitan to Alyan Offshore has fallen through after the buyer failed to meet the conditions of the previously announced agreement. 

Jasper Cosmopolitan is a converted accommodation semi-submersible flotel initially slated for delivery to Jasper Investments by Yiulian Shipyard.

However, after Jasper Investments failed to secure the funds needed to acquire the flotel the shipyard sought another buyer. Jasper Investments collaborated with Yiulian Shipyard on the sale process in order to negotiate a profit share “in the interest of enhancing the Jasper Cosmopolitan vessel’s sale price and increase the value to the benefit of the shareholders.”

Subsequently, Jasper entered into a Memorandum of Agreement (MOA) with Alyan Offshore for the sale of the flotel for the purchase price of US$75.6 million. Under the MOA, Alyan Offshore was to lodge a deposit of $7.56 million, inspect the flotel and issue a Notice of Acceptance by November 7. However, according to Jasper Investments, Alyan Offshore failed to do so therefore making the MOA null and void. Jasper Investments said that in the light of these events, the sale is not proceeding. The expected date of delivery of the flotel was November 30, 2014.

Alyan Offshore is a Singapore-incorporated investment company with interests in the oil and gas industry in Mexico.

As for the Jasper Cosmopolitan, it can accommodate up to 500 people. It is equipped with a 36.5m telescopic aluminium gangway which allows the flotel to stay connected to a production platform even in severe weather conditions, and allowing safe passage of personnel at all times. Also, 35T and 75T deck cranes on board enable equipment handling between the accommodation flotel and the production platform.

Offshore Energy Today Staff

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