COSCO Shipping Specialized Carriers issued an update on the recently formed joint venture with Guangzhou Salvage on July 27. The entity will control a fleet of what will be 18 semi-submersible vessels.

COSCO SHIPPING Specialized performs float-on and load-in of the Curlew FPSO

COSCO Shipping Specialized performs float-on and load-in of the Curlew FPSO.

Commercial management of the fleet will be handled by the joint venture and COSCO Shipping Heavy Transport exclusively, with offices located in Guangzhou, Houston, and Rotterdam.

COSCO has a 65,000 dwt newbuild scheduled for delivery at the end of 2023, which will bring its semi-sub fleet to 13. Guangzhou Salvage’s fleet comprises five semi-submersibles. The combined fleet will range in size from 20,000-98,000 dwt and includes two of the largest semi-submersible vessels in the world.

“We are very excited to have a larger and wider range of modern semi-submersible vessels to offer our clients. Between the rapid growth the offshore renewable energy market and continued development of traditional oil and gas projects, it was important that we grow the fleet quickly in order to meet our clients’ needs. We are confident that this combined fleet will allow us to offer the right vessels for every project,” said Josh Wilson, vice-president commercial at COSCO Shipping Heavy Transport.

HLPFI reported earlier this week that United Heavy Transport (UHT) and Guangzhou Salvage ended their commercial management agreement for the latter’s semi-submersible fleet. The partnership dates back to 2018 when GS-Pango International (GSP), as the exclusive commercial agent for Guangzhou Salvage’s semi-submersible fleet, appointed United Heavy Lift (UHL) as an agent. When UHT formally launched in 2020, it took over commercial operation of the semi-submersible vessels in the roster.