Marine Shuttle Operations receives financing for Offshore Shuttle project

Sep 10, 1999 02:00 AM

Marine Shuttle Operations announced that it has finally received financing for its Offshore Shuttle project. In a press statement the company said the board of Westdeutsche Landesbank Girozentrale (WestLB) of Düsseldorf had issued its conditional approval to underwrite the loan facility for the first Offshore Shuttle.
The company has mandated WestLB to act as sole arranger and underwriter for the financing. The bank's commitment is conditional to Marine Offshore completing due diligence as well as securing European government guarantees and additional financing. The company said they will fulfil these conditions within the next few months.
Franz Eder, president of Marine shuttle, said the agreement "is a critical milestone which we believe serves as an independent affirmation of the viability of the project." The initial bidding construction contract, completed in the first quarter of 1999, received strong interest from major construction yards throughout Europe and Korea and confirmed the company's estimates of costs.

In August, the company started a second round of tenders with a selected shortlist of qualified major international contractors. The plans are to select the preferred contractor in December, complete the design and engineering work, and award the EPC contract in time for the construction to begin in mid 2000. The company said completion is anticipated for the first half of 2002, at the earliest.

With more than 6,500 offshore oil and gas installations world-wide on the continental shelf of around 53 countries, Marine Offshore is vying to become a leading player in the market for decommissioning, installing, and transporting offshore oil and gas structures. The company believes that over the next 30 years, most of these structures will have to be decommissioned at an estimated cost of $ 20 bn to $ 40 bn.
"The company's potential client base has demonstrated a genuine interest in the Offshore Shuttle as an alternative to the traditional heavy lift offshore barge method fordecommissioning and installation," said Eder. The Marine president said that an independent study concluded that the Offshore Shuttle concept has distinct competitive advantages over traditional technologies. Over the past several months, the company has been commissioned to perform several suitability studies for major oil operators.

Source: IINX via Iinoil
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