Maritime Developments inks new deals
- Business & Finance
Specialist back-deck equipment provider, Maritime Developments, has won contracts worth in the region of £7m ($ 10.6 million) and broadened its product portfolio.
The company, which supports subsea industry operations worldwide, has secured the first order for its portable overside vertical lay system (PVLS) from a “leading installation contractor”. Maritime Developments will deliver a bespoke vertical lay system tower along with a 4-track tensioner to support a North Sea field development.
The business has also delivered a package of 10 winches, ranging from five-tonne to 40-stonne specifications, for an international client. It is the third winch package provided to the client to support product handling at a number of locations around the world, with a fourth scheduled for delivery later this year. Each package also features a Maritime Developments 10-tonne overbender tensioner.
The order brings the value of electrically-driven items of deck machinery delivered by the business since it set up an electrical department in 2012 to more than £12 million ($18.2 million).
Derek Smith, chief executive officer at Maritime Developments, said: “These orders exemplify the growth we have experienced within the business in recent years, and highlight our commitment to build long-term relationships with clients who recognise the rigour and professionalism we apply to everything we do.”
Meanwhile, Maritime Developments has delivered a 500-tonne reel drive system (RDS) to a global energy services business in support of a project in the United States. It is the fourth RDS order executed by the business since the product’s launch in 2013: three 400-tonne systems have already been supplied to global clients.
In addition, a Maritime Developments programme, focused upon designing and introducing its first 4-track 75-tonne tensioner, is nearing completion, while the company has already added its bespoke 4-track 50-tonne pipelay tensioner to its rental range.
The business has also entered a partnership agreement with high performance pipeline manufacturer Magma Global. The joint venture will design and manufacture a complete back-deck package for deployment and retrieval of Magma’s m-pipe product.
Derek added: “Collectively, these developments represent an exciting new phase of growth for our business as we look to consolidate our position as a leading global player in our market.”