Maersk Supply acquires Subsea Support Vessel

Rem Offshore ASA said that delivery of the vessel will take place shortly and that the sale will give it a booked profit, and net cash of approx. NOK 200 mill after repayment of debt.

The vessel is presently on a long term charter agreement with DeepOcean Shipping AS. The work scope involves subsea tree and jumper installation in up to 2,000 m water depth. Maersk Supply Service will take over this charter agreement including the option for extensions.

"Being part of a group with a strong balance sheet allows us to take advantage of the opportunities arising in the industry," says Maersk Supply Service CEO Jørn Madsen. "This acquisition of a quality asset is fully in line with our strategic ambition of growing our subsea fleet and at the same time adds contract coverage during a period of market downturn. The work scope is well related to our area of expertise, and we look forward to working with our long-term customer, DeepOcean, on this operation."

"Maersk and DeepOcean have a long and successful track record of cooperation on vessel charters, including the most recent long term charter agreement for the new-build Maersk Connector," says DeepOcean Commercial Director Henk van den Ijssel. "This seven-year agreement for a market leading 7,000 t capacity cable installation vessel, arriving first quarter 2016 and already three contracts secured, shows a dedicated long term commitment from both companies.