Cuel and Swiber signs joint venture agreement: new joint venture will own and operate derrick lay barge Swiber Chai.
Cuel finalises JV with Swiber
Thai fabricator Cuel and Singapore-based offshore contractor Swiber Holdings have finalised a 51/49 joint venture agreement to own and operate a newbuild derrick lay barge, Swiber Chai.
The newly formed Cuel Swiber Offshore will cooperate with Cuel on an exclusive basis to secure and perform installation and marine construction projects in the Gulf of Thailand.
Managing director, Arthit Pratoomsuvarn said the joint venture for Swiber Chai will provide Cuel “full flexibility in determining [its] project schedules” and reduce its dependence on third party contractors for the execution of its offshore construction projects.
Swiber Chai is capable of lifting up to 1100 tonnes and laying pipelins of up to 60 inches in diameter. The derrick lay barge is about 127 metres long and 38 metres wide.
The construction vessel is due to be delivered to the joint venture towards the end of this year. Cuel and Swiber are said to have proposed the vessel for installation work on PTTEP and Chevron’s projects in the Gulf of Thailand.
In addition to operating Swiber Chai, Cuel Swiber Offshore will also be pursuing contracts in other activities associated to marine construction from offshore installation to repair and salvage to hook-up and commissioning and decommissioning of offshore structures.