CNOOC to use new heavy-lift system

CNOOC Offshore Oil Engineering Co. has signed a memorandum of intent with SeaMetric International AS to use the first Twin Marine Lifter system.
Dec. 20, 2007

Offshore staff

STAVANGER, Norway –CNOOC Offshore Oil Engineering Co. has signed a memorandum of intent with SeaMetric International AS to use the first Twin Marine Lifter system. By agreement, CNOOC and SeaMetric will for a joint operating company for the first TML system, scheduled for September 2009 delivery.

"This partnership is an excellent strategic step for SeaMetric and COOEC and will secure utilization of the first TML System for several years," says Johan F. Andresen, SeaMetric MD. "Together with our financial advisers, SEB Enskilda and Pareto Securities, we will now work to complete financing of the TML System."

Dec. 1, 2008, is the target date for JV formation.

The TML system is for offshore installation and removal of very heavy objects.

12/20/2007

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