Shandong Shipping acquires Twin Marine Heavylift

Qingdao: Heavy lift contractor Twin Marine Heavylift has been acquired by Shandong Twin Marine Limited, a UK-based company which is majority owned by  Shandong Offshore Services Company Ltd of Hong Kong.

Shandong Twin Marine Limited, will own and operate the 34,000 tonne Twin Marine Lifter (TML) System, transportation vessels and associated equipment, for installation and removal of large offshore structures as well as offering other offshore construction services globally.

In an associated transaction, The Decommissioning Company has signed a Service Agreement with Shandong Twin Marine for marketing of the TML System in the global heavy lifting market. As part of the unique commercial offering for the TML System,

The Decommissioning Company has been working with Aon and Munich Re to develop an insurance package that will allow fixed-price platform removal underpinned by an insurance policy.

Shandong Offshore Services Co Ltd is a subsidiary of Shandong Shipping Corporation, a state-owned enterprise, established in 2010. The company is based in Qingdao and its principal shareholder is Shandong Ocean Investment. It is the vehicle for Shandong Province to develop its expertise in ocean transportation, maritime technology and associated marine services. As of June 2014, Shandong Shipping owns and operates a fleet of 5.28m dwt.  [05/11/14]

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