Yes.
It appears to be a picture of the MV Blue Marlin \- in fact it is written on the middle of the stern of the ship.
> Blue Marlin is a semi-submersible heavy lift ship from Dockwise Shipping of the Netherlands. Designed to transport very large semi-submersible drilling rigs above the transport ship's deck, [...]
With this information, it is not hard to find other photos of the ship making the same or similar trips, so the chance that this has been significantly photoshopped seems remote:
* YouTube - Amazing Transport Vessel - Blue Marlin
* Jalopnik - This is A Ship Carrying A Ship Carrying A Ship Carrying A...
* Twisted Sifter - Blue Marlin: The Giant Ship That Ships Other Ships