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'Resolution' Rises From Mayflower Ashes
01 May 2004
The business now operates under the new name of Marine Projects International Ltd (MPI), managed by a team led by Chief Executive Paul Gibson, who was previously Business Development Director of Mayflower Energy Ltd. Gibson was responsible for the original concept of the vessel and spent the last four years overseeing its design and its construction at China's Shanhiguan shipyard. Now called Resolution , the 130.5m vessel is MPI's principal asset. The 14,547grt specialist craft cost some $95m to build and is capable of carrying up to 12 offshore wind turbines at a time.
Paul Gibson said, 'The market for offshore wind installation is poised to explode and, backed by Mizuho, we are very confident that we can now take the business to the next level and beyond. Our first priority is to secure the installation contracts previously signed with Mayflower Energy.'
MPI is planning to re-hire the majority of the 130 employees made redundant by the administrators so that the business will be able to begin work immediately installing offshore wind turbines and underwater cabling. Keeping the Resolution on Teesside will also assist in maintaining the region's position at the forefront of the UK renewables industry.
The acquisition has also been warmly welcomed by the British Government. UK Energy Minister Stephen Timms said, 'As the UK's only purpose-built offshore wind installation vessel owner, I know the Mayflower Energy team well and have worked over recent months to make sure their capabilities are considered by developers and contractors.
We will continue to support their efforts in the coming months.'
MJ Information No: 19401
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