Master Marine ASA Head Office
Drammensveien 288
Postbox 76, NO-1325 Lysaker
Norway Tel: +47 67 430 430
Fax: +47 92 07 37 37
This e-mail address is being protected from spam bots, you need JavaScript enabled to view it
MASTER MARINE AS takes delivery of its first Newbuild
June 18, th 2010
Master Marine AS is proud to announce that on June 11th we formally
took delivery of the newbuild jack-up vessel L205 ( “Haven”) from
Drydocks World, Graha Shipyard at Batam, Indonesia.
The Jack-Up L205 is the first of two innovative jack-up construction
vessels that the company ordered in 2007. This first unit has been
customized and outfitted to meet ConocoPhillips requirements for a
state of the art accommodation unit on Ekofisk field in the North Sea.
L205 will be transported to Norway by heavy lift vessel “Treasure” of
Dockwise Shipping B.V.bv and final commissioning will take place at
Nymo Yard in Eydehavn. When completed the unit will be towed to the
Ekofisk field where it has a 3 three-year contract with option for
extensions. The vessel will be the North Sea’s largest jack up
accommodation unit with 447 single cabins.
This delivery marks an important milestone in the history of Master
Marine and the beginning of a new era. Having been in development for
years, it is the company’s first vessel. Since ConocoPhillips placed
the contract for the unit in October 2008, Master Marine has worked
closely with the oil major to realize this significant project. A large
and dedicated team has worked extremely hard to make sure that this
delivery was possible
L 205 Launch
16 January 2010 - for immediate release
Press Release from Master Marine AS
Master Marine’s first vessel successfully launched at Drydocks Graha Shipyard in Batam, Indonesia:
January 16th marks a milestone in the history of Oslo based Master Marine AS;
Today Drydocks World Graha Shipyard in Batam successfully launched the first of Master Marines two Jack Up Vessels currently under construction at the yard. The second vessel will be delivered September 2010.
May 2007 Master Marine AS engaged at that time Labroy Shipyard Batam to construct the Company’s first two innovative Jack Up Construction vessels known as the “Service Jacks”.The shipyard was later taken over by Drydocks World.
The vessel, the keel of which was laid on the May 29th 2008, was successfully launched on16th January 2010, and will carry the pennant number L206. The vessel will be formally named upon completion of its final commissioning later this year. This will take place at Nymo construction yard in Eydehavn – Norway.
Characteristics and history of the vessel:
October 2008, ConocoPhillips Skandinavia AS signed a Charter Party with Master Marine for the use of the first vessel, new build no. L 205, as an accommodation unit – “JackTel” at the Ekofisk field on the Norwegian Continental shelf.
The vessel has undergone extensive modifications from the original design. It was initially built in accordance with a specification to transport and install heavy structures offshore. The Service Jack 2 – L206 - is going to be completed as originally intended and be delivered as a “Self Propelled Jack-Up Construction Vessel” in Q3 2010 - and will start work for Statoil/Statkraft in January 2011. The vessel is contracted to install 2 Substations and 88 Offshore Wind Turbines for the Sheringham Shoal Project from January 2011.
The first unit is scheduled to be transported on a heavy lift ship from Batam to Eydehavn in Norway in May 2010.
The additional quarter modules, a new crane, modified helideck, helifuel system, lifeboats, additional office module and the add-on footings are planned to be installed in Eydehavn once the unit reaches port in early Summer 2010.
The “JackTel” will have the following main particulars:
Hull primary Specifications:
Length 111.8 m
Breath 50 m
Moulded depth 9 / 13 m
Transit draught: 5.9 m
Loaded draught: 7.4 m
Legs & Spud Cans:
Number of legs 4
Leg length 130 m
Spud cans diameter per leg 21 m
Outfitting & Equipment:
Quarters 447 men
Main engines 13.6 MW
Crane 50T
Helicopter deck Sikorsky S-92,
Ballast pump capacity 3,000T per hr
For further information, please contact:
Per Johansson, CEO, Master Marine, +47 91 74 38 60
Thor Stenersen, Marketing Director Master Marine, +47 90 65 96 49
Master Marine ASA secures further operations
Master Marine ASA secures further
operations
Master Marine has finalized the refinancing of the company. Nordic
Capital has committed to contribute EUR 270 million in equity and loans. The
agreement secures the completion of Master Marine's two innovative Jack Up
Construction vessels, currently under construction in Indonesia.
Master Marine will have a new
majority shareholder with industrial experience and financial strength, which
the company will benefit from going forward, says Per Johansson, CEO of Master
Marine ASA.
Future operation and completion of
the projects is now secured through the agreement with Nordic Ocean Limited, a
subsidiary of Nordic Capital Fund VII. The
recapitalization consists of EUR 130 million of new equity and EUR 140 million
of senior secured loans. Nordic Ocean Limited will also acquire the outstanding
High Yield Bond at an aggregate price of EUR 30 million which can be converted
into equity at a later stage. The outstanding Convertible Bond will also be
converted into new shares. After completion of the transactions and full
conversion of the High Yield Bond, Nordic Capital Fund VII will have an 89
percent ownership of Master Marine through Nordic Ocean Limited.
Master Marine will next year deliver
a state of the art, safe jack-up accommodation unit to ConocoPhillips on
Ekofisk. The accommodation unit is constructed to withstand a 10.000 year wave
and will be the first jack-up accommodation unit to be a "safe haven" for
offshore employees. It will be the largest jack-up accommodation unit in the
North Sea with 447 single cabins. Master Marine is currently also building a
jack-up vessel for installation of offshore platforms and wind turbines. Its
first project will be the installation of 88 turbines on English sector in the North
Sea for StatoilHydro / Statkraft. These projects are so far running as planned
with minimal cost overrun.
Master Marine is now set to
continue its operations and ensures by this that more than 600 industrial jobs
in Norway
are secured, says Johansson. Our organizationremains intact and we are looking
forward to further developing the Company.
In the longer term Master Marine
will secure bank financing for the
company. For this purpose GIEK is an important contributor. Through an excellent
dialogue with the Ministry of Trade and Industry and GIEK, Master Marine has secured
a GIEK guarantee of EUR 64 million. The
ministry has displayed great understanding for the industry and the current
challenges companies are facing due to "the global financial crisis".
Master Marine would like to
emphasize that ConocoPhillips, StatoilHydro/Statkraft, Drydocks World,
Lamprell, Flexmodul, Nymotogether with subcontractors have shown great
understanding and cooperation throughout this period. This demonstrates confidence
in Master Marine and its concept, which has been crucial during the last months
and an important contribution to be able to secure further operation.
The Management and Board of Master
Marine are very grateful for the loyalty and support displayed by employees and
consultants during this period.
The market response is very
positive, and Master Marine has a number of offers pending. In addition we are
currently evaluating several potential next projects both in the emerging
offshore wind market and also in the oil & gas sector. This together with
clear signs of solid market potential for our units worldwide, makes us very
optimistic for the future development and growth of Master Marine, says Per
Johansson
For further information, please contact:
Per Johansson,
CEO, Master Marine, +47 91 74 38 60
Oslo 5th October 2009
Extraordinary General Meeting
MASTER MARINE CALLS FOR EXTRAORDINARY GENERAL MEETING AND BOND HOLDER MEETINGS
Oslo, 18 September 2009
Today, the Company has issued a Summons to Bondholders’ Meetings through Norsk Tillitsmann ASA for it’s two outstanding bond loans, the 6 per cent Master Marine AS Convertible PIK Bond Issue 2007/2010 (ISIN NO 0010372469) and the FRN Master Marine AS Senior Secured Callable Bond Issue 2008/20100 (ISIN NO 0010431315). The purpose of this joint bondholder meeting is to approve the changes to the loans which are called for in the conditional offer for re-capitalisation of Master Marine ASA from Nordic Capital. Please see the attached summons as well as the presentation of the Company’s situation attached to it, for further details.
As previously announced, Master Marine ASA has called for an Extraordinary General Meeting to be held at the Company premises Thursday 24 September 2009 at 14.00. The purpose of the meeting is to approve the EUR 130-150 million share issue directed towards Nordic Capital and to approve the conversion of convertible debt into share equity, as more precisely described in the summons for the meeting. In addition, Nordic Capital has offered to lend the Company EUR 150 mill., thus establishing a financing package of EUR 280-300 mill., which would cover the estimated requirements until completion. The offer from Nordic Capital is still subject to completion of due diligence, approval of changes to the Company’s two bond loans and to certain other conditions.
As a consequence of the Company’s payment difficulties during the last few weeks, the construction of the two service jacks has been negatively influenced. The Company is currently reviewing those consequences in more detail. Assuming that full financing will be available by the beginning of October, it now appears likely that completion of L205 at Batam will be postponed by some 2.5 months, until mid April. However, certain changes to the later works to be completed in Norway will partially compensate for this. Hence, the vessel is still expected to arrive at the Ekofisk field within the delivery window specified in the ConocoPhillips contract.
It is also clear that the interruptions of the construction as well as the remobilization at the yard and by all suppliers, will negatively affect the funding requirements of the Company. Currently, these additional costs are estimated to some EUR 10-20 million. Until delivery, title to the vessels and the onboard equipment generally lies with the yard and certain suppliers, while the employment contracts with ConocoPhillips and StatoilHydro lie with the Company.
Should the current refinancing efforts fail, it will be difficult for the Company to continue its operations beyond a few weeks. Accordingly, the Company has been compelled to commence the various legal activities such a situation would lead to, with regards to its employees and certain contract parties. A final decision on such issues may have to be taken by the end of September.
For further information please contact:
Per Johansson
CEO Master Marine ASA
Mobile: +47 9174 3860
Arne Wenger
Arctic Securities ASA
Mobile: +47 4840 3116
Christian Jomaas
Pareto Private Equity AS
Mobile: +47 9019 8406
StatoilHydro and Statkraft have awarded a major contract to Master Marine
Press Release:
Oslo, 1st April 2009
StatoilHydro and Statkraft have awarded a major contract to Master Marine for the installation of the Sheringham Shoal Offshore Wind Farm.
Scira Offshore Energy Limited, with its 50/50 partners StatoilHydro and Statkraft, has awarded a contract to Master Marine ASA for the planning and installation of 88 wind turbines and 2 substation modules for the Sheringham Shoal Offshore Wind Farm Project. The contract was awarded to Master Marine after strong competition from other installation contractors.
Project engineering work will start 2nd quarter 2009 and the installation campaign for the 2 substations and the 88 wind turbines will commence early in 2011.The installation work is planned to be completed during 3rd quarter of 2011. The contract value is estimated to be Euro 78 million.
This contract award proves the versatility of the Master Marine’s concept of their construction Jack Ups. The first unit was awarded a contract for ConocoPhillips last October as an accommodation unit at Ekofisk for a 3 year period starting the summer of 2010.
With these two contracts with major players within the energy market; Master Marine has taken important steps towards being recognized as a serious and competent offshore support company. The unique vessel concept represents a flexible solution to the energy companies within their areas of need.
Master Marine is a Norwegian offshore service company, specialising in the transportation and installation of heavy offshore structures for the oil and gas industry. Currently the company has two Service Jack Construction vessels being built at the Drydocks World yard in Indonesia. The first vessel, which was awarded a 3 year contract with Conoco Phillips in October last year, will be delivered Q1 2010, and the second vessel, which has been awarded the contract for the Sheringham Shoal Windfarm Installation will be delivered Q3 2010.
Scira Offshore Energy Ltd. was formed to develop the Sheringham Shoal Offshore Wind Farm. In December 2003 The Crown Estate offered Scira Offshore Energy Ltd. a license to develop an offshore wind farm in the Greater Wash, approximately 9 miles (17km) north of the town of Sheringham, Norfolk, UK. This license is one of 15 successful proposed projects in Great Britain, and one of 8 proposed offshore wind farms in the Greater Wash area. The UK has enormous growth potential in terms of offshore wind energy.
The Sheringham Shoal Offshore Wind Farm will deliver up to 315 MW, corresponding to the need of more than 220 000 households.
This recent contract demonstrates that Master Marine will be a key player in the future offshore wind turbine installation market.
For further information, please contact:
Per Johansson, CEO,
This e-mail address is being protected from spam bots, you need JavaScript enabled to view it
Thor Stenersen, Marketing Director,
This e-mail address is being protected from spam bots, you need JavaScript enabled to view it
Anders Bruun-Olsen, CFO,
This e-mail address is being protected from spam bots, you need JavaScript enabled to view it
Master Marine ASA
Head Office
Drammensveien 288
NO-0283 Oslo
Norway
Tel: +47 67 430 430
Fax: +47 92 07 37 37
This e-mail address is being protected from spam bots, you need JavaScript enabled to view it
