Our preferred option at the end of an asset’s life is to find alternate employment; primarily through a sale for further trade, or conversions – typically to Floating Storage and Offloading units (FSO) or Floating Storage Production and Offloading (FPSO) units.
When alternate use of the vessel is not deemed feasible, a decision to recycle the vessel may be taken as the last resort. As a ship owner, we take full “cradle to grave” accountability and have a strict audit and inspection regime for approval of the ship recycling facilities (SRF) we utilize. With adherence to all relevant rules and regulations, we are following up the entire recycling process until the very last part has been dismantled.
As part of our follow-up work, we are working with the SRFs to collectively learn and share competence with the aim of continuously improving relevant practices. Through actively participation in industry forums and our membership in the Ship Recycling Transparency Initiative (SRTI), we are promoting responsible ship recycling practices on an industry level.
We have close working relationships with top tier SRFs in India, Turkey and Norway.