Mainport to Invest in Survey Supply Vessels for Exploration Industry

24th January 2012

#PORTS & SHIPPING - Cork based marine services company, Mainport is investing $36 million (€27.6 million) to build three supply vessels which will support seismic survey ships searching for oil and gas deposits.

The bulk of the financing for the construction of the newbuildings has been provided by Dutch bank ABN Amro, with a syndicate of Irish investors assembled by Westboro Finance in Cork providing $5 million in mezzanine, or short-term, financing.

The three ships, which will provide support services for an unnamed client carrying out off-shore seismic surveys around the world, are being constructed at Shin Yang Shipyards in Malaysia, and will be delivered in mid-2013.

To read more about this report in today's Irish Times click HERE

Published in Ports & Shipping

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Jehan Ashmore

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Jehan Ashmore is a marine correspondent, researcher and photographer, specialising in Irish ports, shipping and the ferry sector serving the UK and directly to mainland Europe. Jehan also occasionally writes a column, 'Maritime' Dalkey for the (Dalkey Community Council Newsletter) in addition to contributing to UK marine periodicals.

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