BSC launches its largest ever workboat.
Source : BIBD Website
25 Feb, 2015
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February 25th, 2015 Belait Shipping Company (B) Sdn Bhd (BSC) today took delivery of its largest workboat vessel to date, the Belait CSS1.
The guest of honour for the event was Yang Berhormat Pehin Orang Kaya Hamzah Pahlawan Dato Seri Setia Hj Abdullah Begawan Mudim Dato Paduka Hj Bakar, Minister of Communications. Also in attendance were Yang Mulia Haji Awang bin Haji Ali, Executive Chairperson of BSC, Yang Mulia Abdul Mutalib Pehin Orang Kaya Seri Setia Dato Paduka Hj Mohd Yusof, Perrmanent Secretary at the Ministry of Communications, along with Yang Mulia Javed Ahmad, Managing Director of Bank Islam Brunei Darussalam (BIBD).
The 12,702 tonne Belait CSS1 will be BSC's sixth vessel to date and will be used primarily as a well intervention vessel. The vessel is also the third of its kind in the world and the first in the region, in sheer size and technological advancement, and is purpose-built for requirement. The vessel is able to carry almost two-hundred personnel and houses amenities such as conference rooms, offices, gyms and a hospital for its crew.
Vessels like the CSS1 are important for offshore operations as they are used for important well intervention work such as coil tubing works for 365 days of the year.
The latest addition to its fleet of vessels will help support BSC's growing ambitions along with the aspirations of the nation by providing cost-effective and high-quality marine and engineering solutions within the oil and gas industry. The vessel will also provide extra logistic services to its existing fleet, servicing its local and international clients.
The vessel is BSC's second vessel financed by BIBD under the Musyarakah financing structure, after Belait Barakah in 2008, and was signed in an agreement signed in 2012. This is in line with BIBD's goal to support the nation's aspirations of developing local entrepreneurs, while at the same time, developing the country's oil and gas capabilities.
A Musyarakah financing structure was used which represents an equal profit and loss sharing mechanism to procure the vessel. The structure used provides an equal equity investment and risk-sharing mechanism between BSC and BIBD, providing ample risk protection to all its stakeholders with the added advantage of knowledge transfer between the two parties. Fujian Mawei Shipbuilding Ltd (China) then agreed to be the shipbuilders for the Belait CSS1 vessel.
