NORWAY’S Rieber Shipping has, through a private placement, acquired 40% of the shares in Bluestone Offshore, a Singapore-based company specialising in deepwater geotechnical analysis. This is a strategic deal designed to reinforce Riebar’s position in this increasingly important services sub-set.
The firm’s CEO, Sven Rong, said in a statement: “Deepwater geotechnical analysis is an attractive niche segment with few players, significant growth and high entry barriers. Our activities within subsea will be expanded and, at the same time, we strengthen our position in the growing Asian market.”
Bluestone specialises in deepwater geotechnical analysis, which is regarded as a growing niche with limited participation due to know-how barriers. In addition to its offshore capability, the firm has its own laboratory in Singapore.
Bluestone was due to take delivery of its first vessel, the ROV support vessel, Bluestone Topaz (previously named Toisa Mariner), a few days ago, at the end of May.
The ship will be upgraded and equipped with a derrick system and drill pipe capable of operating in water depths to 1,800m.
This apparently makes it suitable for most offshore locations in the Asian region. The vessel is expected to be ready for work by end 2008 and will have cost some $20million by the time the work is completed, including purchase price.
Further plans include investing in two more vessels, targeting extended operation in 2009 and 2010. The strategy also includes investments in additional laboratories.
“Asia is the fastest-growing region in the world for subsea services,” said Rong. “By acquiring a stake in Bluestone, we get a financially attractive entrance into this market with moderate risk and can also benefit from combined utilisation of vessels.”