Master Marine secures refinancing, ensures jackup construction

Offshore staff

LYSAKER, Norway -- Nordic Capital has contributed $399 million in equity and loans to refinance Master Marine. The agreement secures the completion of Master Marine's two jackup construction vessels, currently being built in Indonesia.

The company next year will deliver a jackup accommodation unit to ConocoPhillips on Ekofisk. The vessel, designed to withstand a 10,000-year wave, will be the largest jackup accommodation unit in the North Sea with 447 single cabins, Master Marine says.

The company also is building a jackup vessel for installation of offshore platforms and wind turbines. Its first project will be the installation of 88 turbines in the North Sea for StatoilHydro/Statkraft.

10/08/2009