Island Offshore: Following hat-trick wins, Norwegian player’s 25-vessel fleet fully contracted

Norwegian player’s fleet fully contracted following several new deals

After securing several new deals, Norway’s offshore vessel owner Island Offshore is optimistic about the international market development as it now has all 25 vessels in its fleet under contract.

Island Crown vessel (for illustration purposes); Source: Island Offshore

Island Offshore informed on Monday that it had been awarded several important vessel contracts during the first months of 2022 and, as a result, all 25 vessels in its fleet are employed at the moment.

According to the vessel owner, the total value of awarded contracts is approximately NOK 500 million (over $55.7 million). In addition, the company confirms that 60 per cent of available days in 2022 are sold out as of March 2022.

The new contracts cover employment across segments including PSV, AHTS, Subsea, Offshore Wind, and Light Well Intervention with the international market development being particularly positive, based on the firm’s statement.  

Tommy Walaunet, Island Offshore’s Managing Director, remarked: “We are extremely pleased with the trust shown in us by our customers. These contracts evidence a continued market recovery despite the current international instability following the conflict in Ukraine.”

As previously reported, the energy market has been experiencing a period of instability ever since Russia’s attack on Ukraine started, giving rise to numerous sanctions against Russian companies as well as planned exits by energy giants – including BP, Equinor, Shell, and ExxonMobil – from their businesses in Russia.

When it comes to Island Offshore’s recent activities, the Norwegian player is actively working on enhancing its fleet. To this end, the vessel owner inked a deal with Kongsberg Digital in September 2021 to digitalise its fleet of offshore service vessels with the company’s Vessel Insight cloud data infrastructure solution.

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As previously reported, the improvements enable Island Offshore to use a common platform to collect all the data from its fleet, allowing it to compare operational data from all vessels to reduce emissions and fuel consumption by using the collected data to benchmark its vessels and enable advanced decision support tools.