Keppel Offshore & Marine Ltd. (Keppel O&M) and Sweden's JCE Group have invested in $95 million in a semisubmersible accommodation platform in anticipation of expected strong demand for such offshore supporting units.
Keppel FELS Ltd. is building the platform based on Keppel O&M's proprietary design and will complete construction by early March 2005.
Under the agreement, an 85:15 special purpose company (SPC) between Keppel O&M and JCE will own the accommodation platform. JCE subsidiary, Consafe Offshore AB, will be responsible for marketing, management, and operation of the accommodation platform, which has been namedSafe Concordia. Upon securing a qualifying charter as provided in the agreement, JCE will increase its shareholding in the SPC to 50%. The remaining 50% shareholding owned by Keppel O&M is subject to call and put options by JCE and Keppel O&M, respectively exercisable upon the occurrence of certain events and on agreed terms and conditions.
Upon completion in early March 2005,Safe Concordia is expected to operate in the deep waters of the East Timor Sea under a short bareboat charter.
Designed by Keppel O&M's deepwater technology group, this ultra-deepwater platform, the KFELS SSAU 3600-GOM-C42, is based on the hull forms of the drilling tenders,West Pelaut, West Menang, and West Alliance, which are being deployed in deepwater.
The six-column unit carries accommodation for 400, complete with full recreational facilities. It is compact, cost effective, and capable of operating alongside fixed platforms, with a complement of a fully redundant dynamic positioning system, a high crane capacity, and fire fighting capabilities, Keppel says.
2/23/05
