Torch Offshore Adds to Deepwater Fleet

Wednesday, December 18, 2002
Torch Offshore, Inc. entered into an agreement for the purchase of the Wave Alert, a 340-ft. cable-laying dynamically positioned ("DP-2") vessel, from Global Marine Shipping Limited for approximately $10.9 million. The purchase of the vessel is being financed by Global Marine and will be paid off by the Company over a five-year period. The Company will rename this addition to its deepwater fleet the Midnight Wrangler. Delivery of the Midnight Wrangler to the Company is expected in March 2003 after the vessel has gone through its required drydock and all cable lay equipment has been removed. At that time, the company will take possession of the vessel and install a 125-ton crane. The company expects to use the vessel initially as a deepwater subsea construction vessel. Torch Offshore, Inc. Chairman and CEO, Lyle G. Stockstill, commented, "We believe the addition of the Midnight Wrangler to our deepwater fleet continues to strengthen our position as a deepwater capable company. This vessel is in outstanding condition and has 15,750 square feet of deck space. With the addition of the crane, we feel this vessel can perform deepwater construction in all regions of the world in various water depths."
Maritime Reporter February 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Ports

Scandlines Concludes Sale of Freight Routes

First State Investments is taking over the ferry route Helsingør-Helsingborg including the five vessels operating the line. The contract with First State Investments

Toyota Kirloskar, Kamarajar Port Ink Deal for Expansion

Toyota Kirloskar Motor Pvt. Ltd. (TKM)  signed an MoU with Kamarajar Port Ltd. (KPL) in order to help facilitate the expansion of its export business. The MoU

Houston Ship Channel Reopens After Ships Collide

The Houston Ship Channel has reopened after a collision between a container ship and a chemical tanker, according to a spokesman with the United States Coast Guard.

Ship Sales

Are Megaships Game Changers?

Bragging rights for the world’s largest container ship have changed hands four times in as many months and keep on shifting again, says a report in the Bloomberg.

Shipping Contributes $164bln to EU

The European Community Shipowners' Associations has released the results of a recent update of an Oxford Economics study on the economic value of the EU shipping

UAE Shipping Delegation to Meet with Greek Counterparts

A delegation of Middle East maritime heavyweights including H.E. Khamis Juma Buamim, chairman & group CEO Drydocks World and Maritime World and Rashid Mohammed Al Habsi,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Naval Architecture Navigation Port Authority Salvage Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1533 sec (7 req/sec)