Scottish TSMarine invests in new vessels
Aberdeen-based TSMarine is investing $253 million in two specialized vessels in a bid to move into the subsea decommissioning and rigless well intervention markets.
TSMarine says the vessels will be uniquely equipped with specially designed well abandonment and intervention support packages. This equipment will include a module-handling tower, subsea intervention lubricator to allow access for subsea well intervention and decommissioning activities, and inbuilt workclass ROV systems.
Key to the new vessels' capability is their environmental features. Not only will the fuel consumption be low - typically 30% less than other similar vessels - the TSMarine developed on-board environmental processing systems will handle both well fluids and solids in a safe manner and prevent discharge at sea, the company says.
According to TSMarine, the objective in investing in these newbuilds is to exploit the burgeoning subsea decommissioning and rigless intervention market, where global expenditure is forecast to rise by 170% in the next eight years, according to subsea oil and gas analysts, Infield Systems Ltd. The global value of this sector in 2009 is expected to be $972 million.
"We are already ahead of targets in our predictions for the last two years, and this success has been built on our strategy of chartering vessels and delivering specialist services in the specific areas of subsea decommissioning and rigless well intervention. However, owning and operating our own specially designed vessels will ensure that we can service our niche market and guarantee significant and sustainable future growth," says Alasdair Cowie, managing director of TSMarine.
"Targeting as we are the environmentally sensitive abandonment market, it was vital that the design team worked proactively on the environmental capability, and we believe this will set our vessels apart from others operating in this sector - giving us a real competitive advantage," Cowie says.
The vessels are designed by Norwegian naval architects Marin Teknikk and are of the MT6040 type. They will be built at the Astilleros Huelva shipyard in Spain.
TSMarine says the vessels will be uniquely equipped with specially designed well abandonment and intervention support packages. This equipment will include a module-handling tower, subsea intervention lubricator to allow access for subsea well intervention and decommissioning activities, and inbuilt workclass ROV systems.
Key to the new vessels' capability is their environmental features. Not only will the fuel consumption be low - typically 30% less than other similar vessels - the TSMarine developed on-board environmental processing systems will handle both well fluids and solids in a safe manner and prevent discharge at sea, the company says.
According to TSMarine, the objective in investing in these newbuilds is to exploit the burgeoning subsea decommissioning and rigless intervention market, where global expenditure is forecast to rise by 170% in the next eight years, according to subsea oil and gas analysts, Infield Systems Ltd. The global value of this sector in 2009 is expected to be $972 million.
"We are already ahead of targets in our predictions for the last two years, and this success has been built on our strategy of chartering vessels and delivering specialist services in the specific areas of subsea decommissioning and rigless well intervention. However, owning and operating our own specially designed vessels will ensure that we can service our niche market and guarantee significant and sustainable future growth," says Alasdair Cowie, managing director of TSMarine.
"Targeting as we are the environmentally sensitive abandonment market, it was vital that the design team worked proactively on the environmental capability, and we believe this will set our vessels apart from others operating in this sector - giving us a real competitive advantage," Cowie says.
The vessels are designed by Norwegian naval architects Marin Teknikk and are of the MT6040 type. They will be built at the Astilleros Huelva shipyard in Spain.