McDermott Strengthens Subsea Fleet

McDermott has confirmed the acquisition of the newly-built pipelay and construction vessel Amazon to boost its ultradeepwater and SURF fleet portfolio.

The vessel name was changed from “Ceona Amazon” to “Amazon”.

The Amazon is en-route to the Middle East and is scheduled to arrive in early March. According to the company, the vessel will be ready for work on current projects around April 2017.

“This is a great opportunity for the company to expand the technical capabilities of our global fleet and grow in the deepwater and SURF markets and greatly increase our ultradeepwater project coverage,” said David Dickson, president and chief executive officer of McDermott. “Due to current market conditions and the opportunistic nature of the transaction, we were able to acquire what is essentially a new, enabling asset at a fraction of the original build cost.”

McDermott said it plans to upgrade the vessel with a J-lay system, and also to make minor investments to bring the vessel up to company standards. As McDermott finalizes its upgrade plans, the company plans to use the vessel on existing construction and pipelay projects.

Funding for the vessel acquisition has been secured through a sale and leaseback arrangement under which McDermott has control of the vessel in exchange for a daily charter-hire rate. The planned upgrade to J-lay system and related financing are expected to be considered in line with market conditions.

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