MAC announces signing

13-Jan-2013 to 13-Jan-2013

Marine Asset Corporation (MAC) announces the recent signing of new build contract for the construction of a 500 man Compact Semi Sub Accommodation Vessel - CSS ACCOMODATOR. Marine Asset Corporation (MAC), the company established to hold the share interest in the CSS design concept previously held by Minnow Marine Projects Limited (MMPL)- a company sold to the GMMOS Group in the UAE during Dec 2009. When MMPL was sold, the new owners were keen to focus on their core businesses of AHTS’s, PSV’s and crew boats. Hence MMPL’s investment in the CSS did not fit in with the business plan of the new owners and this necessitated the creation of a new company, to hold the already substantial interest and take the investment forward to the next phase. The CSS Concept has taken 5 years to get to today’s position; from the original concept sketched on A4 paper, to the MODU coded design of today which will change the way the offshore industry works. MAC is pleased to advise the contract for construction has been signed and became effective as of the 3rd May 2010, with a projected delivery of December 2012.

MAC announces signing