Viking Strengthens Partnership with Lobby Marine Veteran

Posted by Michelle Howard
Tuesday, March 11, 2014

Viking Offshore & Marine Limited has announced it would participate in the ownership of a second cantilever drilling jack-up rig, further strengthening its partnership with Singapore rig veteran, Chan Kwan Bian as it accelerates its entry into mainstream offshore rig chartering.
 

SGX Catalist-listed Viking said its wholly-owned Viking Asset Management Pte. Ltd. (VAM) will invest US$5.4 million to take a 30%-stake in Quick Booms Investments Limited (“QBI”), a special purpose vehicle controlled by Chan which has a contract with a yard to build the CJ46-X100-D GustoMSC designed for use in water depth up to 375 feet and can accommodate 120 men during operation. The investment in QBI follows Viking’s announcement on November 4, 2013 of its first investment in Smart Earl Investments (SEI) which has a contract with a yard to build a rig – of similar price and specifications – in partnership with Chan. Both the first and second rig is expected to be completed within the fourth quarter of 2015.
 

A renowned industry veteran with extensive experience in offshore and marine, Chan co-founded Labroy Marine Ltd (Labroy), a then-SGX listed offshore and marine specialist which was sold to Dubai Drydocks World LLC for S$2.4 billion in 2008. Viking’s offshore system solutions business also secured the rights to supply all its three main types of offshore-related products and services for the first rig, and is confident of securing similar rights for the second rig.
 

Daniel Lin, Executive Director of Viking and Chief Executive Officer of VAM, said, “Viking is moving rapidly to develop its new pillar of growth – mainstream offshore rig chartering. This second rig, being finalised four months after the first one, underscores the faith that Viking has in extending its partnership with an experienced offshore rig operator such as Mr Chan Kwan Bian.” “In securing rights for the supply of our core offshore products and services for the first rig, and the likelihood of securing the same for the second rig, we are accelerating the synergy of our core business divisions. Additionally, this will pave the way and open up potential for our products and services to be the standard for all CJ46 rig specifications,” he added.

Maritime Reporter September 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Zamakona Yards Delivers Tuna Freezer Vessel

Zamakona Yards yesterday celebrated in Getxo (Bizkaia) the delivery of the tuna freezer vessel LJUBICA, their latest construction to the owner group Jadran based in Ecuador and Panamá.

Pentair Reports 3Q 2014 Sales of $1.8 bi

Pentair plc today announced third quarter 2014 sales of $1.8 billion. Sales were up 3 percent compared to sales for the same period last year. Third quarter 2014

FortisBC Starts Expansion of Tilbury LNG Facility

FortisBC – a subsidiary of Fortis Inc. has officially started construction of its $400 million Tilbury LNG Facility expansion project today. The company is adding 1.

Contracts

Total CEO Killed in Moscow Runway Accident

Private jet collided with snow plow during takeoff; Total's CEO a defender of Moscow policies. Insiders Boisseau and Pouyanne long seen as potential successors.

Offshore Oil: Lamprell Completes Caspian Sea Drilling Unit

UAE-based Lamprell said that it completed construction of the second Caspian Sea jackup drilling rig, Mercury, for service in the Caspian Sea.   "I am delighted

Salamander Energy Updates on SONA Transaction

Salamander Energy said it has submitted a draft shareholder circular to the Financial Conduct Authority in relation to previously stated plans to divest of an interest in the Greater Bualuang Area.

Shipbuilding

Zamakona Yards Delivers Tuna Freezer Vessel

Zamakona Yards yesterday celebrated in Getxo (Bizkaia) the delivery of the tuna freezer vessel LJUBICA, their latest construction to the owner group Jadran based in Ecuador and Panamá.

Catamaran Passenger Ferries Delivered in Angola

Incat Crowther announced the delivery a pair of 30m catamaran passenger ferries, Macôco and Panguila, to Instituto Marítimo e Portuário de Angola. The vessels, built by Astilleros Armon in Spain,

Offshore Oil: Lamprell Completes Caspian Sea Drilling Unit

UAE-based Lamprell said that it completed construction of the second Caspian Sea jackup drilling rig, Mercury, for service in the Caspian Sea.   "I am delighted

Offshore

Renewable Energy: Schottel Tidal Turbines Ready For Use

In the last months Schottel  successfully tested its hydrokinetic turbines in Strangford Lough, Northern Ireland. The full-scale tests included 260 operating hours under realistic conditions.

Total CEO Killed in Moscow Runway Accident

Private jet collided with snow plow during takeoff; Total's CEO a defender of Moscow policies. Insiders Boisseau and Pouyanne long seen as potential successors.

Statoil: New Oil in the Grane Area

Statoil has together with PL169 partners proved new oil resources in the D-structure in the vicinity of the Grane field in the North Sea.   Well 25/8-18 S, drilled by the rig Transocean Leader,

Energy

Pentair Reports 3Q 2014 Sales of $1.8 bi

Pentair plc today announced third quarter 2014 sales of $1.8 billion. Sales were up 3 percent compared to sales for the same period last year. Third quarter 2014

FortisBC Starts Expansion of Tilbury LNG Facility

FortisBC – a subsidiary of Fortis Inc. has officially started construction of its $400 million Tilbury LNG Facility expansion project today. The company is adding 1.

PES to Begin Operating Benzene Terminal in November

Philadelphia Energy Solutions plans to start operating a new benzene offtake terminal next month at its 335,000-barrel-per-day refinery in Philadelphia, two people familiar with the plans said.

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Naval Architecture Navigation Pipelines Ship Repair Shipbuilding / Vessel Construction Sonar 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: 0.1641 sec (6 req/sec)