LONDON – Shandong Twin Marine Ltd. has acquired heavy-lift contractor Twin Marine Heavylift AS.
Shandong Twin Marine Ltd. will own and operate the 34,000-metric-ton (37,478-ton) Twin Marine Lifter (TML) System, transportation vessels, and associated equipment for installation and removal of large offshore structures, as well as for offering other offshore construction services globally.
In an associated transaction, The Decommissioning Co. has signed a service agreement with Shandong Twin Marine to market the TML System globally. As part of the commercial offering for the TML System, The Decommissioning Co. is working with Aon and Munich Re to develop an insurance package that will allow fixed-price platform removal underpinned by an insurance policy. This service is of particular interest to operators looking to reduce the cost of decommissioning security.
