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September 20-24, 2010

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Wind Farm Installation Ships Have O&G Future

01/13/2006

A 14,000-ton ship called MV Resolution originally designed to install offshore wind turbines is expected to be sold and converted for use in the oil and gas market, according to a report on www.telegraph.co.uk.
The move is a blow to the Government, which is pushing for 10pc of the UK's energy to be generated from renewable sources by 2010 in line with the Kyoto agreement. Resolution, which is based in Teesside and cost about $70 million to build, is one of only two vessels in the world that can install offshore wind farms.
Resolution, named after explorer Captain James Cook's ship on his second voyage to the Pacific, belonged to failed bus-maker Mayflower before it was bought out by management in early 2004 after Mayflower went into administration.
The buyout, made through a company called Marine Projects International (MPI), led by chief executive Paul Gibson and backed by Japanese bank Mizuho International, safeguarded about 60 jobs on Teesside.
Close Brothers is understood to be advising on the Resolution sale and to have talked to several interested parties. Bidders are expected to include companies from the oil and gas, construction and shipping sectors.
The Government has long stressed the need for renewables. Anticipated investment in renewable energy, however, has been slow and offshore wind farms, which turn a small profit only when times are good, have struggled. Meanwhile, rising oil and gas prices have triggered investment in wells. MPI believes the boat could be easily converted to meet rising demand for shipping in the oil and gas sector. (Source: www.telegraph.co.uk)