UAE: Gulmar Offshore Takes Delivery of Diving Support Vessel

Gulmar Offshore took delivery on 3rd March 2011 of the ‘Gulmar Atlantis’- the first of its two new-build vessels from the Hanjin shipyard in Busan, South Korea. These latest generation Diving/ROV Support Vessels each have an 18-man, 300m-rated diving system with twin diving bells and twin 18-man self-propelled hyperbaric lifeboats.

They are equipped with, a 140t AHC crane with 2,500m hook depth capacity with 70t hook load and a 40t crane with 600m hook depth and have, a large free deck space and built-in gas storage. Additional state-of-the-art capabilities include Fi-Fi II, high specification offices, cabins & workshops as well as an extensive IT network.

These vessels will ensure the group is ideally positioned in the subsea construction, inspection, repair and maintenance markets and will complement Gulmar’s existing fleet of four DSV and accommodation vessels.

Although there is significant interest in the vessel, she remains uncommitted at present.

Gulmar’s new vessels are being delivered as the market for subsea services is about to see a significant upturn caused by rising global energy demand. Subsea activity is projected to be increasingly in the development of deeper-water exploration and production, made possible through technological innovation. The new-build vessels will position Gulmar strongly for deep diving and ROV intervention in this market.

The arrival of the ‘Gulmar Atlantis’ comes shortly after an investment by Oaktree Capital Management to take a controlling interest in the company. In addition to the strengthening of Gulmar’s financial position, the investment has brought with it initiatives to strengthen Gulmar’s management and technical capabilities to provide the platform to meet customer’s expectations and for future expansion of the business.

With these new assets, capabilities and financial strength, Gulmar is facing an exciting future as a significant player in an expanding subsea industry. Gulmar is continuing to develop its service offering, building new alliances and reaching new regions to better serve its clients in the oil and gas sector.

About Gulmar Offshore

Established in 1998, Gulmar is an engineering, construction, marine and diving contractor to the offshore oil and gas industry on a worldwide basis. The business is divided into three principal areas of operation: Subsea Umbilical, Riser and Flow-line Installation (SURF), Subsea & Marine Construction; Inspection, Repair & Maintenance (IRM) and Field Mapping, Pipeline Route Survey & Investigations.

Oaktree, the major shareholder of Gulmar is an international, long-term investor providing financial resources and operational capabilities, supporting companies in achieving growth and long-term value. It has more than $75 billion of investments under its management. In 2010, Oaktree also invested in heavy-lift shipping specialist Beluga. Oaktree as a majority stakeholder in Gulmar will bring its significant industry experience to the benefit of the company.

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Source:Gulmar Offshore, March  4, 2011;