Twin Marine Heavylift Teams Up with Shandong Shipping

Stavanger-based marine heavy lift contractor Twin Marine Heavylift AS has agreed the formation of a Joint Venture company with Shandong Shipping Corporation of Qingdao, China. As part of the JV arrangement Shandong Shipping will arrange all financing for the first TML System.

The new company, Shandong Twin Marine, will own and operate the 34,000 tonne Twin Marine Lifter (TML) System, transportation vessels and associated equipment, for installation and removal of large offshore structures as well as offering other offshore construction services globally.

Development of the first TML System is on schedule for construction to begin later this year and for the system to be fully operational by 2017 following vessel sea trials and full scale system testing.

As part of the unique commercial offering for the TML System, The Decommissioning Company has been working on behalf of TMHL with Aon and Munich Re to develop an insurance package that will allow fixed-price platform removal underpinned by an insurance policy.

This service is of particular interest to operators looking to reduce the cost of decommissioning security.

Shandong Shipping Corporation is a state-owned enterprise, established in 2010 with a registered capital of 3 billion Yuan ($500 million). It is the vehicle for Shandong Province to develop its expertise in ocean transportation, maritime technology and associated marine services. As of June 2014, Shandong Shipping owns and operates a fleet of 5,280,000 dwt.

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Press Release, August 12, 2014