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Author Topic: What ever happened to this order?  (Read 7760 times)
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rd77
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« on: October 08, 2013, 02:28:48 pm »

Hi all,

I suddenly remembered that STX Finland signed a deal for two well intervention vessels for Eide Marine of Norway in September 2011. I never heard anything again of this deal. Was it cancelled in the end?

QUOTE

STX Finland to complete and outfit two well intervention vessels



TX Finland Oy and Norway's Eide Marine Semi AS, a subsidiary of Eide Marine Services A/S, have signed a contract worth more than EUR 300 million for the outfitting, completion and delivery of two highly sophisticated well intervention vessels .

In December last year, Lupatech SA of Brazil announced that it had signed contracts worth $899 million with Eide Marine Semi AS  for the chartering of two vessels for light workover services, including crew and operation of the vessels, to provide services under contracts signed by Lupatech with Petrobras.

According to information released by Eide Marine, the Lupatech vessels will be able to work in water depths from 1,100 m - 2,500 m and are specially designed for maintenance of oil and gas wells. This includes coiled tubing, slick line and wireline operations. The vessels can also do predrilling of chasing pipe and installation / de-installation of wet Christmas trees. Developed by Eide Marine, the vessels are claimed to provide significant improved seaworthiness compared with other vessels on the market.

STX Finland says the technically advanced well intervention vessels with a deadweight of 31,000 tons will have a length of 122 meters and a width of 45 meters. The vessels are designed to operate in rough open sea conditions on Brazilian continental shelf. The vessels have innovative hullforms securing high seakeeping characteristics  together with DP3 dynamic positioning system  and thruster arrangement. Large deck area  provides  opportunity to arrange all well serving equipment in most efficient way.

The project will create a high outfitting work load for STX Finland and its network. The work on the first hull will begin at STX Rauma shipyard in April 2012 and on the second hull in June 2012. The intervention vessels will be delivered from Rauma shipyard in March 2013 and June 2013. The contract is subject to certain financing conditions.

STX Finland says the contract shows its ability to provide competitive services and win significant contracts in this highly sophisticated and demanding offshore business segment. The contract is also an important part of STX Finland's diversification strategy, in which the company is continuing to expand its operations into new business areas such as offshore business segment.

"The outfitting contract for Eide Marine Services is a very important project for STX Finland. It shows that our strategic plan to expand our product and services portfolio,and to improve our global competitiveness and presence, has been successful",says Timo Suistio, COO of STX Finland. "The project is very challenging both in terms of amount of outfitting work and the management of several global networking entities," notes Mr. Suistio.

September 8, 2011.

UNQUOTE

SOURCE: http://www.marinelog.com/index.php?option=com_content&view=article&id=1314:2011sep00085&catid=1:latest-news&Itemid=195

Brgds.
RD77
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Tuomas Romu
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« Reply #1 on: October 08, 2013, 07:38:24 pm »

Yeah, the order was cancelled due to lack of funding from the customer's side. I wonder what happened to the hulls they were building in China - they were reportedly 85% ready by May 2012.
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Bjørn Knudsen
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« Reply #2 on: October 08, 2013, 07:44:43 pm »

Translation from Norwegian to English With Google.
Eide Marine Services is currently building two custom -designed offshore vessels which can work at depths of 1100 to 2500 meters .
   
Major contract in Brazil at risk
Eide Marine Services encounter major problems in Brazil.
 
Eide Marine Services got summer two years ago the contract to build and supply two offshore vessels to the supplier company Lupatech in Brazil. Lupa Tech has again been awarded contracts from the giant oil company Petrobras.

Now the parties Lupatech and Petrobras canceled the deal. It follows Lupatechs accounts for 2011.

For Eide Marine Services is the contract value provided to 6.3 billion for a decade . For the company , this is the largest single contract in company history .

Giant Contract in Brazil

Two strange ship, which probably resembles most rigs , the company Eide Marine build and rent out for use outside Brazil under long-term contract.


Major economic problems

The reason for the cancellation must be Lupatechs major financial problems and want to restructure the company. According UpstreamOnline lost Lupatech 355 million in the fourth quarter , more than twice as much as last year. To save money and avoid bankruptcy, the company cancels more orders and the order book has halved since last December , reports the newspaper . Among the agreements Lupatech now are forced to cancel , is thus the agreement with Petrobras for the supply of the two ships from Eide.

Nevertheless assured delivery

Georg Eide Eide Marine Services is not concerned about the situation that has arisen in Brazil.

- Actually, this affects us not so much. We are in dialogue with Petrobras and they still want the ships , says Georg Eide told Eve magazine .

The two vessels were built at shipyards in China and Finland are specially designed for the maintenance of oil and gas wells. In the original agreement, the vessels have been delivered in 2012 . Eide said the process Lupa Tech has been in the past, have delayed the work.

- We have had to adjust the progress of the project and the ships will not be delivered in 2012. But hulls are now under construction at a shipyard in China and will soon be ready for delivery to the shipyard in Finland, says Eide.
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davidships
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« Reply #3 on: October 08, 2013, 08:55:00 pm »

I suppose these are:

IMO 9639995 - EIDE INTERVENTION I
STX Finland OY, Rauma (Yd 1381)
(hull) Penglai Bohai Shipyard Co Ltd, Penglai (Yd BH-307-1)
For ownership of Eide's Singapore company: Coteide Pte Ltd
intended flag: Bahamas

IMO 9640009 - EIDE INTERVENTION II
STX Finland OY, Rauma (Yd 1382)
(hull) Penglai Bohai Shipyard Co Ltd, Penglai (Yd BH-307-2)



It was announced in 5/2012 that the first one will be chartered for 8 years to Statoil, with delivery in 2015. Statoil have an option on the second.
http://www.skipsrevyen.no/nyheter/136513.html
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Bart Hakze
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« Reply #4 on: October 08, 2013, 09:36:30 pm »

Some pics on the Eide Marine Services Facebook page:
https://www.facebook.com/media/set/?set=a.523658384319699.122786.523206967698174&type=3
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Tuomas Romu
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« Reply #5 on: October 09, 2013, 04:24:58 am »

I thought the Statoil deal also fell through...

Regardless of what happens, the outfitting won't be done in Finland as planned.
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rd77
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« Reply #6 on: October 09, 2013, 07:20:33 am »

Dear all,

Thanks for all your detailed responses. So the vessels will come, just not as planned.
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davidships
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« Reply #7 on: October 09, 2013, 08:28:10 am »

Tuomas is right, but very little on-line about this.
http://www.h-avis.no/nyheter/statoil-trakk-seg-fra-kontrakt-1.7593236
This (19/10/2012) confirms Statoil's withdrawal (they had an option to do so by 10/2012).  Nothing there though to suggest that Eide have cancelled to building contract, though I imagine that they will have had to come to some arrangement with STX, even with the Statoil deal.

But these recent (7/2013) reports indicate that at least one of the vessels is to be completed as an accommodation vessel POSH XANADU by Paxocean at Zhoushan for PACC Ocean Services
http://www.seatrade-global.com/product-news/noreq-awarded-milestone-contract-with-paxocean-engineering.html
http://www.pclsg.com/posh.com.sg/assets/download/POSH%20Times/POSH%20TIMES%20Aug%202013.pdf
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Tuomas Romu
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« Reply #8 on: October 09, 2013, 08:42:24 am »

Yeah. I got my information from a friend working in the field so long ago that I forgot where it came from. I recall reading an article in Norwegian as well.
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« Reply #9 on: June 26, 2015, 11:29:04 am »

The vessels have both been purchased by POSH SEMCO PTE Ltd in Singapore, renamed the POSH Xanadu and the POSH Arcardia (see http://posh.com.sg/pdf/accommodation-vessels/Posh-750-Semi-Sub-Brochure.pdf) and are currently being fitted out in Singapore.
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