SeaChange Completes $100m Private Placement for Expansion
SeaChange Maritime has completed a private placement of $100m, the proceeds of which will be used to invest in expanding its fleet of container ships. The company, which is registered in the Marshall Islands and operates from offices in Miami, Fla., was formed in 2006 by former Sammy Ofer group executives Samuel Norton and Yariv Zghoul to serve as a leading supplier of container vessels for charter to integrated liner operators. Prior to forming SeaChange Maritime, Norton served as the senior executive officer of Tanker Pacific Management in Singapore and founded Tanker Pacific Offshore Terminals, a market leader in offshore storage and production solutions for the oil exploration industry.
Totem Plus Secures FPSO Contracts
Totem Plus, manufacturer of Marine automation and navigation systems, has secured a contract for the engineering, supply and installation of a comprehensive Tank Level Gauging system for a Floating Production Storage and Offloading (FPSO). The FPSO of 92,802T dwt is currently being retrofitted by Jurong shipyards (Singapore) for Tanker Pacific Offshore Terminals. The Tank Level Gauging system will integrate into one system several functions such as inert gas monitoring, cargo temperature monitoring, ballast and cargo level gauging, draft gauging, and stress and stability calculations.
Jurong Secures FPSO Conversion Contracts
Jurong Shipyard, a wholly owned subsidiary of SembCorp Marine, has secured two Floating Production Storage and Offloading (FPSO) conversion contracts worth a total of $58m from Tanker Pacific Offshore Terminals Pte Ltd (Tanker Pacific). The first contract involves the conversion of the 92,802 dwt tanker, the M.T. Andaman Sea, which will be renamed FPSO Raroa upon completion in 4Q 2007. Modification works on the FPSO Raroa will commence immediately involving the installation of an internal turret, 3 boilers on deck to generate 20 megawatts of power, renewal of the entire piping and electrical systems and installation of new process facilities, which include crude separation, water injection and chemical injection.
