MDL Energy to Fund New Vessels Project

MDL Energy, through it’s Singapore subsidiary, WaterBridge Ventures will be investing in a series of new-build vessels based on its proprietary new design (V 4910).

Reportedly, these vessels are aimed at both the oil and gas IMR market including walk to work, diving and ROV operations, as well as installation and servicing of renewable energy facilities such as wind farms, tidal energy installations and other offshore energy applications.

This is the second new build program, after the recent 4830 series, currently being built in Vietnam at Triyards.

Manish Kheterpal, director WaterBridge Ventures, said that while the market remains challenging, a low build investment, coupled with a significantly lower operating cost would make these assets a compelling proposition for operators and energy majors especially in this low CapEx and OpEx efficiencies driven environment. This new build further helps the company in its mission of becoming a leading offshore energy sector player with a continued focus on technology and commercial innovation.

The company said it will be tendering shortly for a suitable yard and equipment package to meet its specifications. The delivery for the first vessel from this program is expected to be in early 2018.

WaterBridge Ventures will be seeking partnerships with operators as well as asset owners to deploy these vessels on a long term contract basis.