Island Offshore hauls in batch of new long-term deals
- Business & Finance
Norwegian offshore shipping company Island Offshore has secured long-term contracts for several of its platform supply vessels from Swedish oil and gas company Lundin as well as contract extensions with other operators.
Island Offshore said on Wednesday that Lundin’s Norwegian entity awarded contracts to two LNG-fuelled PSVs Island Crusader and Island Contender as well as a third sister vessel Island Commander.
According to the company, the two first-mentioned vessels won contracts for a period of 600 days and 400 days respectively, while the Island Commander was awarded a contract with a duration of three whole years. All three contracts have further extension options.
Managing director of Island Offshore Tommy Walaunet said: “We have not seen contracts of equivalent duration for quite some time now, which makes it extra pleasant to sign contracts for three vessels in one go. This provides predictability for all our employees as well as a stable income for these vessels.
“All three vessels have been term contracts for Lundin before, hence they know our vessels well. It pleases us to see that they are increasing their activity and have long-term needs for our vessel.”
The work will begin between April and August this year for the two LNG vessels, while the Island Commander will take on its new contract in November, in direct continuation with the existing contract.
Island Crusader will be supporting the West Bollsta rig for ten wells, while the Island Contender will be supporting the Rowan Viking rig drilling seven wells. Island Commander will continue supporting the drilling activity at Edvard Grieg as it does currently.
Island Offshore also secured a one-year extension of an existing contract for the Island Champion PSV working out of Aberdeen. A long-term relationship with the customer Team Marine started back in 2007.
“Both vessel and crew have delivered high-quality services for years with exceptionally good feedback from the customer. We are pleased and proud to have secured this extension for Island Champion,” added Walaunet.
In addition to these contracts, Island Offshore secured long-term contracts for two additional PSVs with an unnamed customer.
“These contracts provide a significant contribution to our order book and secures workplaces to our competent crew,” Walaunet concluded.
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