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United Kingdom

United Kingdom

Offshore turbine installation vessel set to convert to oil and gas work

Offshore wind farm installation vessel, the MV Resolution, looks set to be sold and converted for use by an oil and gas company. The sale, by owner Mizuho International, has created a lot of interest from a number of parties -- primarily in the oil and gas sector, says a spokesman for Close Brothers, the firm advising on the sale. Mizuho bought the $75 million Resolution following the collapse of its former owner, the British Mayflower Group. The ship is operated by Marine Projects International (MPI) of Middlesbrough in northern England, which claims it was the world's first purpose-built vessel for installing wind turbines at sea. Offshore wind has been slower to develop than expected and Mizuho is understood to have had enough of the false promise of the wind sector. By contrast, high oil and gas prices are stimulating the search for new offshore reserves. MPI is submitting its own offer and hopes to keep the vessel at Teesside. The sale is due to be completed in the first three months of the year.

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