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Oslo-listed SeaMetric International AS said it has signed a contract with China Petroleum First Construction Corp (CPFCC) and Jingjiang Nanyang Shipyard for the construction, assembly and testing of the first Twin Marine Lifter (TML) system.

CPFCC is a wholly-owned unit of China National Petroleum Corp (CNPC), the largest oil producer in China and the parent of Hong Kong-listed PetroChina Co.

The Twin Marine Lifter system will have a static lift capacity of 20,000 tons, while the two DP class 3 heavy transport vessels, which are the basis for the TML lifting system, will be subcontracted to the Jingjiang Nanyang Shipyard.

The DP class 3 heavy transport vessels are 140 meters long and weigh 25, 000 deadweight tons, the company said.

The vessels will be financed with a combination of equity and bonds.