CONVERSIONCON - BIMCO’s New Standard Form Conversion ContractConversion Contract • June 30th, 2022
Ship conversion typically occurs in two scenarios: when a shipowner expects future hire or freight rates will not justify incurring the capital costs of a newbuilding to service a particular opportunity and decides instead to convert an existing vessel; or where an existing vessel can be repurposed to a more profitable use. In recent years, energy related projects have been a frequent driver for conversions, for example in the oil and gas arena numerous conversions of vessels into FPSOs or FRSUs, and in the offshore renewable energy arena the conversion of various ships and drilling units to offshore support vessels, crane and installation vessels to be used on offshore renewable projects.
SEVENTH AMENDING AGREEMENT TO THE CONVERSION CONTRACT DATED DECEMBER 3, 2002 (As amended to date) betweenConversion Contract • April 14th, 2004 • Torch Offshore Inc • Oil & gas field services, nec
