'Game on' for Red Box duo

'Game on' for Red Box duo

Red Zed II leaving the CIMC Yantai Raffles shipyard in China.

July 28 - ZPMC-Red Box Energy Services has confirmed that its 50,000 dwt semi-submersible heavy lift vessel Red Zed II has departed the CIMC Yantai Raffles Shipyard for Batam, Indonesia, where it will load the first modules for the Yamal LNG project.

heavyliftpfi.com - News DeskTuesday 28 July 2015

Its sister vessel Red Zed I will follow shortly as it readies to depart from the Chinese shipyard for Batam. Red Zed II is scheduled to load and transport the first modules to Sabetta in August or September of this year, said ZPMC-Red Box Energy Services founder and ceo Philip Adkins.

When the first modules are shipped will be determined by whether the vessel sails via the Northern Sea Route or the Suez Canal, said Adkins.

Both Red Zed vessels, which have been bareboat chartered from two of the shareholders within ZPMC-Red Box for a period of two years, are being deployed under a second contract the company signed regarding the transport of modules for the Yamal LNG project, which is located on Russia's Yamal Peninsula.

Adkins also confirmed that having initially had the option to purchase the vessels, ZPMC-Red Box has committed to buy the ships from its shareholders at the end of their charter period.

The construction of two further PC-3 module carriers ordered from Guangzhou Shipyard International (GSI) in 2014 is on schedule, with both ships set enter service in January 2016, confirmed Adkins. They will also be deployed in the transport of modules for the Yamal LNG project.

Adkins explained that the company has signed a three-year Yamal contract for the Red Zed vessels, and a five-year contract for the PC-3 module carriers.

A total of ten vessels will be deployed in the service of module transportation for the Yamal LNG project, including ZPMC-Red Box's four ships, two operated by Coscol, two from TPI Megalines, and two RollDock vessels.

"There could be as many as 200 shipments for the project from five module fabrication yards across Asia," said Adkins. "We are spearheading the Yamal fleet, with the most vessels in the group, the inaugural shipment of cargo and the most voyages to Sabetta being undertaken by ZPMC-Red Box's PC-3 module carriers."

Adkins added that many have been sceptical about the go-ahead of the Yamal LNG project due to falling commodity prices, as well as the Russian crisis and international sanctions. However, Adkins believes that there is no fear of cancellation or delay with the Red Zed vessels immediately beginning their contract with Technip. "It is game on," he said.

He added: "In a very short period of time, we have moved from being a company with few staff, ships or orders, to one with around 75 employees, two ships delivered and two on order, with an order book with over USD500 million of contracts. We have reunited almost the entire team that we had at Fairstar onshore and at sea, prior to that company's hostile takeover by Dockwise."

Adkins also confirmed that ZPMC-Red Box expects to pursue an IPO next year, and intends to be listed on the public stock exchange by December 1, 2016. SOURCE: HLPFI

'Game on' for Red Box duoRed Zed II departing for Batam, Indonesia.

'Game on' for Red Box duoRed Zed I at the Chinese shipyard.

www.redboxgroup.com


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