Equinor Extends with Island Wellserver
- Business & Finance
Island Offshore and TIOS will continue as supplier of light well intervention services (LWI) for Equinor, with a new agreement signed for the use of Island Wellserver.
The vessel has been working for Equinor since April 2009, and by start of the new contract in 2020 Island Wellserver will be into its twelfth year for the same client.
The new agreement implies that Equinor extends the existing contract with one year, with options for 3×1 additional years.This will give Island Wellserver continuous work for a minimum of 200 days a year, equivalent to today’s contract.
“The last few years have really put us to the test, but as owner and operator within light well intervention we have asserted that this segment is viable. This contract proves that our services are needed,” states Håvard Ulstein, managing director of Island Offshore Management.
“We are very pleased to obtain renewed trust with Equinor, and we are confident that we will keep the vessel in operation for more than 200 days a year on the Norwegian continental shelf.”
In 2018 Island Offshore and TechnipFMC entered into a strategic collaboration agreement to deliver RLWI services on a worldwide basis. At the same time TechnipFMC acquired a 51% stake in Island Offshore’s wholly owned subsidiary, Island Offshore Subsea. This company is now named TIOS and is the contracting party with Equinor, while Island Offshore is the supplier of vessel with maritime crew.