The Netherlands: Seafox Group Sells Two Jack-Up Units to Coastal Energy

Seafox Group sells jack-up units Seafox 3 and Seafox 6 to her client Coastal Energy.

Seafox have found a partner in Coastal Energy that requires existing jack-ups in more benign environments as mobile offshore production units (MOPU).

This demand fits well with some of their older harsh environment designed service jack-ups as the life time expectancy is extended well beyond the design life time in more benign areas such as Thailand. Resulting in a safe and stable production platform for years to come for their client Coastal Energy.

Both units have been successful working Offshore Thailand for Coastal Energy in the last couple of years and have become of strategic importance to the client as they are an integral part of their current assets in Thailand.

“Selling our older tonnage at good market value is in line with our strategy going forward and facilitates an additional spin off market in the future as the MOPU market is proving itself in recent years as sustainable going forward” explains Keesjan Cordia, CEO of Seafox Contractors B.V.

No comment is released on the transaction value.

[mappress]

Source: Workfox, September 17, 2012