PaxOcean buys CSS Derwent in Hallin Marine settlement

Singapore: Shipyard PaxOcean has bought the compact semi-submersible (CSS) Derwent after Hallin Marine cancelled its shipbuilding contract with the yard.

The two companies reached an “amicable settlement” November 11, PaxOcean said today. There has so far been no mention of any other award changing hands.

PaxOcean now has the rights to own, operate and maintain the CSS and plans to sell the vessel on.

“Hull T217 remains a valuable and unique asset to the subsea industry – she is capable of high performance manoeuvres and has great operational flexibility,” said Tan Thai Yong, CEO of PaxOcean Holdings, a subsidiary of Kuok (Singapore).

“PaxOcean intends to complete all equipment commissioning and trials of the vessel. It is the intention of PaxOcean to sell the vessel at the right price.”

PaxOcean specialises in building jack-up rigs and vessels for the offshore and marine markets and also handles repair and conversion work. It operates six shipyards in Singapore, China and Indonesia.

In early October, Hallin Marine was closed down by its parent Superior Energy Services, which cited its unprofitability. [19/12/14]

 

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