A FORMER AMSA-contracted Great Barrier Reef emergency towing vessel has secured a lucrative new contract in the Timor Sea.
AHTS Coral Knight, which maintained the ETV role for AMS Group for several years until Smit Lamnalco won a new contract with AMSA in December 2023 (effective 1 July 2024), was bareboat-chartered by AMS from KOTUG which, in turn sold the vessel to Western Australia’s Bhagwan Marine earlier this year.
Coral Knight was replaced by current ETV Reef Keeper, which will be replaced by newbuilding Reef Responder, under construction at Shandong Port Marine Equipment Shipyard at Rizhao, China.
Bhagwan has now announced it has been awarded a five-year contract with Jadestone Energy, valued at approximately $15 million per annum, for Coral Knight to continue servicing the London-listed, Singapore-headquartered company’s Montara Field offshore, from Darwin.
Bhagwan said the new contract will commence immediately and aligns with the company’s focus on its market penetration within the offshore energy sector and capturing growing demand for larger vessels. Coral Knight will provide cargo and fuel supply, offtake support, and rig support services.
The contract terms are based on industry terms and conditions, and there are no material conditions to be satisfied.
Commenting on the contract award, Bhagwan Marine managing director & CEO Loui Kannikoski said: “We are pleased to expand our support for Jadestone’s Montara operations with Coral Knight. This long-term contract highlights the steady growth of our core offshore energy business and further validates the strategic acquisition of the Coral Knight, one of our larger AHTS vessels.
“Securing this long-term agreement was a disciplined process involving multiple parties, and throughout it, Coral Knight continued to achieve high utilisation, reaffirming the strong global demand for this vessel class in a tight market”.