With the continuously falling oil prices and competition from emerging markets, offshore companies are seeking new solutions.
Worldwide developments are increasingly forcing more governments around the world to construct offshore wind farms to provide a sustainable source of renewable energy for their country. The Thong Yong Group, a leading provider of marine services and chartered vessels, and a logistic supporter to the offshore dredging industry, has taken keen note of this global trend. To remain a major player in the offshore industry, investment and collaboration are the keywords.
Investment in efficient jack-up vessels
As an investment for the near future, the Thong Yong Group has recently ordered three self-propelled jack-up vessels that can be used for maintenance duties in both the oil and gas industry, as well as for renewable energy applications. These self-elevating units provide a very stable working environment and because they are self-propelled there are no major mobilisation costs. The jack-up vessels are also easy to transport from one location to another, and will afford a range of different capabilities. First of all, they can be used for oil well intervention activities, such as wirelining and coiled tubing. Furthermore, they are suitable for the maintenance and repair of offshore platforms, for upgrading and the operational support of offshore platforms, and for the removal of old platforms. Finally, these special vessels can also be used as temporary housing for the construction and service crew.
The increasingly strict safety standards mean that these jack-up vessels have many advantages over a normal platform. The jack-ups provide stable platforms to work on, because they can be lifted clear of the water. Also, because these jack-ups are essentially moving platforms on legs, they offer safer hoisting and movement for personnel. Moreover, these vessels represent a move towards greater efficiency and safety in the offshore industry, especially in the current cautious investment climate.
The jack-ups are not (yet) suitable for the installation of wind parks; however, the company believes that a larger type of vessel will be built in the future that could be used for the installation of offshore wind parks.
Investing in cooperation and cooperation for investment
To be able to make large investments, it is necessary to cooperate with other offshore companies. Cooperation is crucial in the current offshore industry. To survive in this dynamic business, the importance of collaborations and constantly seeking friendly relationships should be emphasized, rather than competing with other offshore companies. By joining forces, offshore companies enable themselves to invest in innovative equipment, such as jack up vessels, and to find solutions for the growing funding that is required for new exploration and production projects. Cooperation will also help companies to achieve more when it comes to innovations and the development of new technologies. In addition, closer cooperation with the government can help to have a say in government policies. This spirit of collaboration can be achieved in different forms, including bareboat charters, commercial management and joint ventures.
Despite having a clearly defined strategy and investing in valuable equipment such as jack-up vessels, there will always be new challenges to face in the future. One example is low oil and gas prices. Currently, the low oil prices are presenting a challenge for every offshore company, and it is almost certain that some maintenance projects will be delayed. But focusing on the opportunities instead of the threats can help the companies such as Thong Yong Group to succeed in the face of global competition. For example, maintenance projects can be performed more economically under the current circumstances. Moreover, it is also important at this time to reach out for cooperation rather than competition. Different projects require different disciplines, and by finding the right partner in each case, it is possible to always keep ahead of the competition.
About the Thong Yong Marine Group
The Thong Yong Marine Group began operating in 1981 as a marine consumables supplier for tank cleaning and ship chandlery. Over the years, the business diversified into vessel pumping, deslopping and tank cleaning. With valuable support from prestigious customers, employees were able to acquire professional technical skills and knowledge that enabled the workforce to grow in numbers and the company to expand overseas.
Today, Thong Yong has evolved to become a leading provider of marine services, and has broken its limits with new visions, while remaining focused on the group’s goal of developing into a one-stop provider for the regional marine industry. In order to provide affordable and high quality services to customers and to meet the enhanced safety requirements, the Thong Yong Marine Group has recently ordered three self-propelled jack-up vessels that can be used for maintenance duties in both the oil and gas industry, as well as for renewable energy applications.
Chartering vessels and providing logistics support
Currently, Thong Yong’s key business is the chartering of vessels, and providing logistics support to the offshore dredging industry in the Middle East. The niche area is in providing tugs and large barges for the transportation of armoured rocks for the offshore dredging industry, where customers include global dredging companies such as Dredging International/MEDCO, Van Oord, National Marine Dredging Company, Atlantic Maritime Group, Boskalis, Daewoo, Petamina, Petronas, and CNOOC SES Indonesia. All tugs and barges meet the stringent oilfield requirements and crew members adhere to strict ISM and HSE regulations.