Lay-up of Vessels

Lay-up of Vessels

Trinidad and Tobago is among the world’s top destinations for ship storage and lay-ups due to our naturally sheltered and deep harbour, hurricane safety record and developed infrastructure and support mechanisms.

The Gulf of Paria provides suitable sites for:

Cold lay-up:

For vessels up to five (5) years out of service:

In this lay-up condition, vessel crewing is in line with emergency requirements to deal with fire, flooding, mooring and security watch.

Warm lay-up:

For vessels up to twelve (12) months out of service:

In this condition, vessel crewing is reduced to below the trading limit and in agreement with the Flag State, Classification Society, insurers and local authorities.

Investment Process

In 2018, The Government of the Republic of Trinidad and Tobago developed clear guidelines for the legal, institutional and administrative framework for the expansion of lay-up activities in Trinidad and Tobago.

1. Initial application form and full business proposal to be submitted by applicant to InvesTT for review and adjustment as recommended. InvesTT  will forward finalised documents to the Ministry of Trade and Industry (MTI) for their assessment. Once the go-ahead is received from the MTI, the package will be forwarded to the Maritime Services Division (MSD) for consideration.

2. The MSD will determine a suitable location for the proposed activity. The applicant may also be directed to other government regulatory bodies for additional permits or approvals.

3. MSD may issue the applicant a letter indicating all the requirements for the specific operation. The bona-fide Owner/Agents will then make an official request to the MSD. It should be noted that local cadetships berths on vessels will be looked upon favourably.

4. Once all requirements are satisfied, a contract will be drawn up by the MSD and forwarded to Cabinet for Approval.

Dwownload the Maritime Investment Guide for the Gulf of Paria, Trinidad and Tobago here

Case Study

Transocean:

In 2015 offshore giant, Transocean laid up its elite fleet of drill ships  in our sheltered Gulf of Paria.  Most of these vessels are currently cold-stacked, while they wait on the recovery of the global price of oil and gas.

Operating Facts:

Country of Origin - Switzerland

# of years operating – October, 2015

Growth - Started with 6 ships .  Grew to 9 ships.

Find out more Transocean's success in Trinidad and Tobago here.