OREANDA-NEWS. Financial Prosecutor's Office of Mexico removed the securement from Titan-2 vessel owned by PJSC "NJSC Chornomornaftogaz", a 100%-owned subsidiary of Naftogaz of Ukraine. The subsidiary has previously managed Naftogaz' investments in Crimea and has been reregistered in Kyiv following the occupation of the peninsula and the unlawful seizure of the group's assets by the Russian Federation in 2014.

Since the occupation, this is the first time when an official body of a third country has formally recognised the ownership right of Kyiv-based Chornomornaftogaz over the company's assets.

The removal of the securement was achieved through joint efforts by Naftogaz of Ukraine, Chornomornaftogaz and the Embassy of Ukraine in Mexico, as well as Mexican advisors who specialize in reclaiming marine vessels.

Titan-2 vessel had been arrested by the Mexican financial authorities following the bankruptcy of the charterer company and launch of a respective investigation.

The vessel is currently damaged due to a hurricane. The Mexican Service of Property Alienation (SAE) is taking actions to bring it afloat and tug to a safe location.

The decision on the further use of Titan-2 is to be taken by the Government of Ukraine. Naftogaz has provided an analysis of potential options to the Ministry of Economic Development and Trade.

Titan-2 is a unique crane vessel designed to perform installation and dismounting of floating drilling platforms and their maintenance.

The vessel is owned by the PJSC "National Joint-Stock Company "Chornomornaftogaz" based on the ownership certificate dated 23.09.2014 #ПВ 003313, certificate of navigation under the State Flag of Ukraine (ship`s patent) КВ #002675 dated 11.02.2015.

Since 2003, the vessel has been operated by a Swedish company under a bareboat charter and is currently anchored close to the Mexican port of Ciudad del Carmen. The vessel was sub-chartered in 2011 to be operated by Mexican company Oceanografia SA de CV (sub-charter is valid till April 2016).