J. Ray, Oceanteam award pipelay vessel contract to Metalships and Docks

Source: Oceanteam

Houston-based J. Ray McDermott, S.A. and Oceanteam ASA have awarded a contract to build a high capacity rigid-reeled pipe-lay vessel, CSV North Ocean 105, to Metalships and Docks S.A.U. shipyard in Vigo, Spain.

The CSV North Ocean 105 will be capable to install flexible products including submarine cables, umbilicals and flexible pipelines, rigid-reeled pipelines, subsea components and hardware, as well as deepwater moorings for floating facilities.

The anticipated delivery date of the CSV North Ocean 105 is early 2012, and the vessel is build under the Spanish Tax Lease structure. The vessel is fully financed and has a 5 year charter in place starting upon delivery between joint Norwegian ship owning company and J. Ray McDermott.

Oceanteam ASA has a 25% minority interest in the Norwegian ship owning company.

The North Ocean 105 is the fifth vessel in the North Ocean 100 series and parties expect to benefit from the efficiencies gained during the building of the previous four vessels.

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