The vessel comprises a pair of laterally spaced elongated hulls having a plurality of upstanding columns spaced therealong supporting a working platform in spaced relation above the hulls a distance slightly greater than the maximum anticipated wave height. The hulls buoyantly support the vessel in a low draft floating condition with the hulls having free-board. The hulls have ballast compartments to submerge the hulls and portions of the stabilizing columns to a distance of approximately half the effective height of the stabilizing columns which is slightly greater than maximum anticipated wave height, to maintain the vessel in a high draft floating condition with the platform elevated above the waterline. The columns stabilize the vessel in the high draft condition about roll and pitch axes. The working platform mounts either a drilling rig or a heavy duty crane or like operational equipment along the centerline of the vessel.