Commencing in December, Clough has first right of refusal on options to extend the charter period for up to three years from the initial contract, the funding of which Clough said would be provided from the current project pool which required no upfront capital outlay.

The ‘Normand Clipper’ will be converted to an offshore construction service vessel at the Ulstein Verft AS yard in Norway and will be ready for service from 1st June this year.

Vic Hall, CEO of Clough’s Oil & Gas Division, said: “The charter of the ‘Normand Clipper’ provides Clough with an economical solution for the offshore installation works associated with ONGC’s G1 Indian project awarded late last year.”

“By exercising the extension options Clough has an opportunity to regain a presence in the subsea construction market once held through its 50% ownership of the ‘MSV Maxita’.

“Together, the ‘Normand Clipper’ and Clough’s pipelay crane barge ‘Java Constructor’ provide complementary capabilities servicing full field development projects.

“In addition, the SURF (subsea, umbilical, riser & flowline) market is expanding on a global basis. The signing of this agreement will re-energise Clough’s subsea construction business and effectively position the company to capture a larger percentage of the SURF market” Hall said.

Following conversion, the M/S ‘Normand Clipper’ will have an overall length of 127.5 metres and width of 27 metres. It will be equipped with a 250 tonne deep water crane, 60 tonne A-Frame, 140 tonne traction winch for ploughing operations, diving moonpool, ROV launch system and accommodation for 102 persons. The vessel will be dynamically positioned to DP2 class.