Summary of CIMC Raffles' Multipurpose Installation Vessel Contract

China's CIMC Raffles has secured a contract to build a next-generation multipurpose deepwater offshore installation vessel for a joint venture between SBM Offshore and Solstad Offshore. The vessel will be owned by the joint venture, with Solstad holding a 50.1% stake and SBM holding 49.9%, while Solstad will act as ship manager.

The vessel is primarily intended for the installation of floating production, storage, and offloading (FPSO) vessels, including tasks such as installing mooring systems and subsea infrastructure, riser pull-in and hook-up activities, and inspection, maintenance, and repair work. The joint venture's commercial structure guarantees long-term installation capacity for SBM through an initial 14-year charter agreement, with 11 annual extension options, while providing Solstad with a long-term contracted revenue stream.

Designed for complex operations in both shallow and deepwater environments, the vessel can operate at water depths up to 4,000 meters and is expected to be delivered by 2029. It will have an overall length of 132.6 meters, a beam of 32 meters, and accommodate up to 100 personnel. Key equipment includes a 500-tonne active heave compensation (AHC) crane, an advanced deepwater winch system, and an overboarding sheave system (OBS). The DP2 dynamically positioned newbuild will feature launch and recovery systems (LARS) for remotely operated vehicles (ROVs) and will be designed to methanol-ready standards, classed by DNV.

CIMC Raffles noted that the vessel builds on the proven operational success of the construction support vessel Normand Installer, jointly owned by Solstad and SBM for 20 years. Developed through close collaboration among Solstad, SBM, and Salt Ship Design, the newbuild incorporates the latest requirements of the global deepwater installation and subsea construction market. The design has been optimized for enhanced operational efficiency, flexibility, and sustainability for future offshore developments. CIMC Raffles stated it will continue to leverage its technological expertise and manufacturing strengths in high-end offshore equipment, aiming to deliver world-class next-generation vessels while contributing to the sustainable development of the global offshore energy industry.