In a curiously timed decision Mitsui OSK Lines (MOL) is entering the offshore support vessels market through a joint venture in Norway.

MOL is teaming up with Mitsui & Co, and AKOFS Offshore in a joint venture, Avium Subsea, which is acquiring the subsea support vessel Skandi Santos from AKOFS.

The Skandi Santos has been on charter to Brazilian state oil and gas firm Petrobras since 2010.The joint venture headquartered in Norway is owned 25% by MOL, 25% by Mitsui and 50% AKOFS.It is MOL’s first move into the subsea sector where it says it expects stable demand and steady earnings.

“The subsea support vessel business is a field in which MOL can make use of extensive experience gained over two decades of managing cable-laying vessels, and represents a new offshore business following its FPSO system, FSRUs, and shuttle tanker operations. MOL is pooling its individual strengths to promote and expand the subsea support vessel business, which requires advanced technologies,” the Japanese shipowner said.

The offshore vessels market has endured a difficult two years with serious overcapacity following the slump in the oil price.

Source: seatrade-maritime.com