The jack-up liftboat Titan-1 was lost en-route from Pascagoula (Miss, USA) to Liverpool (UK), loaded aboard the semi submersible heavy lift vessel ‘M/V Ancora’.
The Titan-1 was fully insured by KS Energy Services Limited’s insurance group.
The Titan-1 was in the process of being mobilized to the North Sea to execute a 817 days’s contract for a major Operator for installation, servicing and maintenance work of wind turbines, offshore Denmark and the UK. KS Energy Services Limited, through its wholly-owned subsidiary Atlantic Oilfield Services, are in discussions with the Operator to substitute the Titan-1 with another identical sister-ship for the execution of the contract.
During the night from October 26 to 27, 2008, the heavylift vessel ‘M/V Ancora’ encountered main engine problems in the middle of the Atlantic Ocean. As a consequence of the vessel’s rolling and tilting motion, the Titan-1 shifted to portside, capsized and was lost at sea.
No injuries or casualties have been reported to any of the crew.
Ezra will release further announcements at the appropriate or relevant juncture in the future.
There were no reported injuries caused by the incident. The cargo capsized after sliding into the sea. HeavyLift Ancora sustained only minor damage to the deck and the main engine problems have been resolved. The company and its commercial manager, Offshore Heavy Transport AS, have a constructive dialogue with the cargo owners.
The vessel was en-route from US Gulf to Liverpool, but will most likely return to US Gulf for inspections and preparations for its subsequent loading program.
The incident is expected to have limited impact on OHL’s financial statements for 2008.
