Latest GEOSHIPS Vessel Secures Multimillion Pounds Worth of Contracts

(Press Release)
Tuesday, August 21, 2012

GEOSHIPS Group has announced two contract wins worth a combined value of £3 million for the company’s latest vessel.

Following an open day on-board the Loch Roag for potential clients, the vessel secured work in the North Sea with two new customers for GEOSHIPS. The forecasted revenue for the DP2 (dynamically positioned) multi purpose support vessel for the next 12 months is valued at nearly £10 million.

The Westhill-based company, which was formed in 2003, took delivery of the Loch Roag in April on a contract valued at over £30 million. It resulted in the employment of 40 new offshore staff. The first scope of work was to support Bluestream in air diving and ROV operations on the Borwind 2 Project in the southern North Sea.  The contract agreement was for 45 days plus options. The second contract is with Integrated Subsea Services (ISS) and is also in support of air diving operations, for 30 days plus options to extend further dive inspection on various North Sea installations. Ahead of being mobilised on these contracts, the vessel has undergone specific upgrades, including the fitting of a tautwire, which provides a further reference point for the vessel during operations.

Kenny Macleod, chairman, GEOSHIPS, said: “It is extremely satisfying that Loch Roag has very quickly secured two contracts – these types of projects, with Bluestream Offshore and ISS, are perfectly suited to the vessel’s capabilities. Loch Roag is a very impressive vessel with an extensive work scope potential, and it continues to generate a high level of interest from potential clients. The vessel is ideal for both the offshore oil and gas and offshore renewable energy markets. Although the vessel has already secured jobs in the North Sea, it is also suitable for work in a variety of areas, including Mediterranean, West Africa and Asia Pacific.”

The company recently expanded its operations into South East Asia by opening an office in Singapore. The new office is strategically located on Temasek Boulevard within the city’s central business district. Plans are in place to open a further office in Australia by the end of this year. He continued: “I am pleased to announce the opening of our office in Singapore. This is an exciting time for the Group and this move plays an important role in the continued expansion of the Group’s international reach. The Asia Pacific market is very important to GEOSHIPS and by having a presence within the region it allows us to further our business relations and provide local support to our clients.”

GEOSHIPS has taken Loch Roag on a five year fixed bareboat charter basis from Singapore based Otto Marine Ltd with an option to extend the contract for two further years. As part of the bareboat charter for Loch Roag, GEOSHIPS has the option to buy the vessel at various stages during the agreement.  GEOSHIPS’ in-house vessel management and crewing capability, (previously known as Brooklyn Shipping Limited), operates and manages the vessel, giving a higher level of control over each project. The vessel can accommodate 66 people in one and two man berths. It measures 80 metres, has a deck space of approximately 506 square metres and the dead weight is 2800 tonne. It is a Norwegian design, Marin Teknikk (MT) 6009L MKII Vessel, built by Otto Marine Ltd in their Indonesian Shipyard Batamec.

In Q1 2013 GEOSHIPS will expand its fleet further, with a new multi purpose offshore vessel of a Vik & Sandvik VS470 design. It is certified to carry 60 people and has an overall length of 76 metres. Further additions to the vessel fleet are also expected this year.


 

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