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December 16, 2008

Keppel Verolme to scrap MPU Heavy Lifter hull

It was to have been the world's largest heavy lift vessel. Now, though, its concrete hull is to be scrapped.

Back in December 2006, MPU Offshore Lift ASA inked a €140 million contract with Keppel Verolme, Rotterdam, for the MPU Heavy Lifter, a floating heavy lifter for the decommissioning of offshore structures.

MPU Offshore Lift filed for bankruptcy in July 2008 and Keppel Verolme ceased work on the project after .

Keppel Verolme (a wholly owned subsidiary of Keppel Offshore and Marine Limited) has evaluated all possible options and has secured the necessary rights and endorsements from third parties to dismantle and dispose of the concrete hull--which has no commercial value.

This will release the dry dock and other valuable resources for Keppel Verolme.

Dismantling works on the unit is expected to commence in January 2009 and will be completed in about three months.

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