Dalian: Shandong Shipping has reached an agreement with Norwegian marine heavy lift contractor Twin Marine Heavylift to establish a joint venture.

The new company, Shandong Twin Marine, will own and operate the 34,000 tonne Twin Marine Lifter (TML) System, transportation vessels and associated equipment, for installation and removal of large offshore structures as well as offering other offshore construction services globally.

Development of the first TML System is on schedule for construction to begin later this year and for the system to be fully operational by 2017 following vessel sea trials and full scale system testing.

Shandong Shipping will arrange all financing for the first TML System.