Jaya Wins $60 million in Long-term Charters

Offshore energy services provider Jaya Holdings Ltd. announced that the Group has signed contracts for three of its four newbuild platform supply vessels (PSVs) ahead of their delivery dates from the shipyard. The total value of these three contracts is more than $60 million, including optional extension periods.

Jaya’s first high specification PSV Jaya Valour will deliver at the end of July and has been fixed into a time charter contract for up to three years in South East Asia with an existing customer undertaking fracturing work.

Jaya Valour has more than 1,000 square meters of clear deck space, fire fighting capability and dynamic positioning to DP-2 class. The vessel has accommodation for up to 60 people on board including workout equipment and an internet café.

The vessel has the capacity to carry up to 4,800 tons of cargo deadweight and her cargo capacities will be utilized in the carriage and pumping of brine and specialized fracturing proppants to stimulate production from offshore oil and gas wells.

Jaya Victory and Jaya Valiant are medium sized PSVs with 3,500 tons of cargo deadweight and 78m of length. Both vessels are equipped with DP-2 capability and Fire Fighting class. They will deliver in the first half of 2014 to a new client and are expected to operate primarily in Latin America. The charters are for up to three years.

CEO of Jaya Holdings, Venkatraman Sheshashayee said, “The PSV market is strengthening both in Asia and the rest of the world. Both the surge in deep water drilling and the need to stimulate production from older shallow water fields are increasing demand for high specification platform supply vessels. Our newbuilding designs maximize the flexibility our vessels offer to customers, with high cargo capacities for drilling fluids and bulk, big clear decks, and good quality accommodation for charterer personnel. This means they can provide both general platform and rig support, as well as more specialized services such as ROV and coil tubing work scopes.”

He added, “The charters for Jaya Victory and Valiant also mark our foray into the booming Latin American market and are very much in line with our market growth and geographical diversification strategies.”

The fourth vessel in Jaya’s PSV program, Jaya Vigilant, is an identical sister to Jaya Valour but with a 50 ton active heave compensated deep water crane built for service in more than 3,000 meters of water.

Mr. Sheshashayee added, "Jaya Vigilant will deliver from the yard at the end of August and will be ready for service with the brand new crane installed in September. There’s currently a backlog of underwater inspection and repair work in the region, and the vessel is perfect for ROV support. In addition, the ship is well suited to fracturing work like her sister, or for deep water drilling support contracts with DP rigs.”

Jaya has an additional two large anchor handlers delivering from its Singapore yard in the next 12 months, and three specialized subsea and accommodation workboats delivering from its Batam yard.

The Group owns and operates more than 25 offshore vessels working across South East Asia, the Middle East and West Africa on charter to both oil companies and offshore services companies.