Norway-based marine heavy lift contractor Twin Marine Heavylift AS signed a joint venture deal with China’s Shandong Shipping Corporation of Qingdao.
The new JV company, Shandong Twin Marine, will own and operate the 34,000 tonne Twin Marine Lifter (TML) System, transportation vessels and associated equipment, for installation and removal of large offshore structures as well as offering other offshore construction services globally.
Also, as part of the Joint Venture arrangement Shandong Shipping will arrange all financing for the first TML System, which, according to information found on the Twin Marine Heavy Lift AS’ website, is a “revolutionary simple, safe and cost effective marine heavy lift system”
The construction of the first Twine Marine Lifter system is scheduled to begin later this year and for the TML System to be fully operational by 2017 following vessel sea trials and full scale system testing. The system, once delivered, will be suitable for installation, removal and relocation of topsides, jackets, subsea structures and construction elements.
Shandong Shipping Corporation is a state-owned company, established in 2010 with a registered capital of 3 billion Yuan ($500 million). The company is based in Qingdao and its principal shareholder is Shandong Ocean Investment.