Axis Offshore Orders Accommodation Vessel from COSCO (China)

The long-term strategy to expand J. Lauritzen’s participation in the high-end offshore accommodation sector has reached a new milestone.

Axis Offshore, the newly established joint venture between J. Lauritzen A/S and the leading oil and gas private equity firm HitecVision today announced the ordering of a semi-submersible accommodation vessel which will satisfy the stringent North Sea operating requirements. The vessel will be delivered in the first quarter of 2015.

“We are very pleased to see the prompt implementation of the first step of Axis Offshore’s strategy announced early July 2012 as the new order supports our wish to grow our offshore accommodation investments”, says Jan Kastrup-Nielsen, Chief Operating Officer of J. Lauritzen A/S.

The accommodation vessel will be built by Cosco Qidong Offshore co. Ltd., China, which has a strong track record in building offshore units. The contract with Cosco includes options for two additional units, valid for 12 months and 24 months respectively.

“Through the immediate reinvestment of the proceeds from the formation of joint venture, J. Lauritzen maintains a strong focus on the offshore accommodation sector in times where other shipping markets are facing many challenges”, adds Jan Kastrup-Nielsen.

J. Lauritzen has during the last 12 months taken delivery of two shuttle tankers from Cosco.