Offshore Accommodation Service Vessel (ASV) provider Millennium Offshore Services (MOS) has purchased a LeTourneau 116 Cantilever jack-up rig in order to convert it into an ASV
MOS, which provides ASVs to oil and gas and engineering, procurement, construction and installation (EPIC) companies, purchased the rig, which will be called MOS Frontier, from an offshore drilling company for US$25mn.
Robert Duncan, managing director of MOS, said, “We continue to expand our position as a leader in the market for offshore jack-up accommodation service vessels with the newly acquired MOS Frontier vessel.
“The MOS Frontier will allow us to further our offering in the key target markets of Asia Pacific and the Middle East/North Africa, where we are seeing great potential and demand for our services. We expect to fund the acquisition and conversion of the unit with cash on hand, cash flow from operations and short-term shipyard financing which will be secured solely by the vessel and improvements.”
The MOS Frontier, which is a multi-purpose jack-up rig capable of operating in water depths of 91 metres, is currently undergoing conversion to provide accommodation for up to 290 personnel working on offshore maintenance, inspection, repair and hook up and commissioning projects, MOS said.
The conversion project is being executed by Lamprell at its main facility in Sharjah, UAE, the company added.
Lamprell has previously undertaken major rig refurbishment projects such as the conversion of MOS’ sixth ASV, Burj, in 2011/12.
MOS said the Frontier project will be completed and the ASV operational in the second half of 2014.
