Singapore shipbuilder Strategic Marine has clinched an order for wind-farm ships on the back of new financing options available to its clients.
The company, part of Strategic Marine Holdings, said UK shipowner WEM Marine has booked two 27-metre crew transfer vessels (CTVs) for delivery by May.
The shipbuilder was acquired by new domestic investor Vanguard Investment Holdings in May last year and is now able to offer a "comprehensive" financing package to WEM, which has not previously built ships with Strategic.
The deal includes construction finance, leasing option arrangements and investor equity funding, with flexible purchase options.
"We are delighted with this new partnership with WEM as it is a significant milestone for us in building up our presence again in the renewable energy sector," Strategic chief executive Chan Eng Yew said.
"The last 18 months have been an exciting journey as we have reconnected with many of our old customers who have welcomed us back."
Tough to find funds
The CEO said the yard understands it is difficult to secure financing for new offshore vessels in the current climate.
"However, for qualified operators, we see this as an opportunity to deliver additional value and can certainly bridge that gap for them," he added.
The wind-farm sector is a bright spot in the offshore shipbuilding market, however, with increasing need for more vessel capacity prompting orders for CTVs, service operation vessels and wind-turbine and foundation-installation units.
WEM will use the ships in Europe. They are powered by two Caterpillar C32 engines driving fixed-pitch propellers, providing a robust and efficient propulsion system, the yard said.
The vessels can accommodate 24 technicians and three crew.
WEM managing director David Ford said: "Strategic Marine is well known for building industry-leading CTVs for the offshore wind industry and, throughout our dealings with them, they have demonstrated the highest level of professionalism so we are pleased to award them the contract."
He added: "As the demand for clean energy grows, so does our need to invest in future-ready offshore support vessels which address energy efficiency and emissions head on."
The Strategic group also manages a yard in Vietnam and builds naval vessels, ferries, fishing and aquaculture ships, and oil and gas support units.
The company had been acquired by Triyards in 2014 and later moved to the that shipbuilder's site in Singapore to streamline operations.
