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Triyards: Why liftboats make sense in today’s depressed offshore market

Singapore: With offshore markets in the doldrums, liftboats make economic sense, argues the ceo of Singapore-headquartered Triyards in today’s Maritime CEO interview.

Chan Eng Yew says in this volatile oil price environment, owners are looking for more cost-efficient options for their business.

“Liftboats, which are self-propelled, are more efficient cost-wise as compared to deploying both an accommodation tender barge and an anchor handling tug supply vessel,” he reckons.

Oil and gas capital expenditure, which has already fallen, will primarily affect the exploration segment, Chan says. However, he expects operations in the rest of the oilfield cycle to continue, meaning demand for liftboats, which are mainly involved in production and maintenance of existing oilfields, should remain robust.

In addition, there is still capacity for more lifboats especially in Asia, given the comparatively lower liftboat-to-platform ratio in this region, Chan says. Other liftboat markets where demand is still relatively strong are the Middle East and North Sea.

Triyards, which has facilities in Singapore where it is listed, Vietnam and Houston, is actively marketing its proprietary TSU 475 liftboat design – its third generation liftboat as well its Premium Class 400 HPHT (high pressure, high temperature) drilling jack-up rig, the TDU-400.

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