Net profit of 400 million! Norwegian shipping magnate resells offshore support vessel to Chinese shipyard

Recently, Allseas, a Swiss offshore giant, announced the expansion of its fleet, ordering two high-end offshore construction vessels (OCVs) from Wuchang Shipbuilding.

These two new vessels will be delivered in September 2026 and December 2026, respectively. They will adopt the mature SALT 308 OCV design and be equipped with advanced equipment and systems to achieve comprehensive upgrades in performance, flexibility, and functionality. The addition of the new vessels will expand Allseas' offshore construction and support capabilities, optimize the efficiency of existing vessel scheduling, and allow its main operating vessels to focus more on large and complex projects.

This strategic investment will significantly enhance Allseas' fleet's overall operational capabilities, helping the company maintain a long-term advantage in the rapidly developing offshore market.

It is understood that these two new Allseas vessels were originally ordered by Seatankers, a subsidiary of Norwegian shipping magnate John Fredriksen, from Wuchang Shipbuilding in March last year, with each costing approximately US\$65 million at the time. Now, Allseas has acquired these two resale vessels at a price of US\$90 million each, with Seatankers netting US\$50 million (approximately RMB 364 million) in just over a year.

An OCV is a heavy-duty working vessel specifically designed for offshore engineering and deep-water construction. It possesses strong operational capabilities and flexibility, suitable for various underwater engineering projects. The OCV built by Wuchang Shipbuilding is designed by the renowned Norwegian design company Salt Ship Design. It has an overall length of 100 meters, a width of 23 meters, a design draft of 7.5 meters, a deck area of 1150 square meters, and can accommodate up to 110 personnel.

The vessel is equipped with a power propulsion system driven by four diesel generator sets, two stern azimuth thrusters, one bow retractable thruster, two bow lateral thrusters, and a 1500KWH energy storage battery system. It is equipped with a DP2 dynamic positioning system, two work-class ORV hangars, and a 150-ton offshore crane with active wave compensation, capable of performing offshore operations at depths of up to 3000 meters in complex sea conditions. It features a methanol-ready design, providing flexibility for future fuel conversion.

Allseas stated that these new vessels are designed to maximize operational diversity and are well-suited for tasks such as seabed construction, ROV support, and underwater inspection, repair, and maintenance (IMR).

Dries van Strijp, Allseas' Vice President of Operations, pointed out: “After a comprehensive evaluation of fleet upgrade options, we confirmed the customization of two new-generation vessels integrating the latest technologies. The aim is to expand the fleet's multi-functionality and meet future market demands. This will not only meet the needs of increasingly complex projects but also help us seize new opportunities in the growing offshore market.”

This investment demonstrates Allseas' determination to strengthen its global offshore energy industry network and reflects its strategic vision of providing sustainable solutions for the marine energy industry.

Official website data shows that Allseas is a major contractor in the global offshore energy industry, leading in seabed pipeline construction and transportation, and offshore facility installation and removal. Its fleet owns and operates 10 vessels, including multi-purpose vessels, pipelayers, and construction vessels.

It is understood that Wuchang Shipbuilding is China's leading base for the construction of offshore engineering vessels. Over the years, based on research on various types of offshore engineering vessels, manufacturing technology, process research and application, and classification society standards, it has successfully established a research and development and construction system for offshore engineering vessels.

As a leading enterprise in the domestic high-end offshore engineering vessel construction field, Wuchang Shipbuilding has formed a complete research and manufacturing system for offshore equipment, successfully building a professional product matrix covering a full range of three-purpose workboats (AHTS) from 6000 to 32000 horsepower and platform supply vessels (PSV). It has created star products such as the UT788 three-purpose workboat “Marine Petroleum 691” and the 500-meter saturated diving support vessel “Shenda”, serving well-known domestic and international customers such as Shanghai Salvage Bureau, CNOOC Services, Sealion, and Subsea7, and continuously playing a key role in major projects such as deep-water gas field development at home and abroad.

In March last year, Wuchang Shipbuilding signed a 2+2 OCV construction contract with Seatankers, and in June of the same year, two optional orders were confirmed to be effective. The first vessel in this series officially started construction on March 28 this year.

According to Clarkson's data, Wuchang Shipbuilding currently has a total backlog of 37 vessels with 694,300 deadweight tons, including 28 chemical tankers, 4 OCVs, 3 ro-ro vessels, and 2 other vessels. Delivery arrangements extend to 2028.