Report: Subsea 7 sells ‘Seven Condor’ for scrap

Image source (Subsea 7)

Offshore installation specialist Subsea 7 has reportedly sold a veteran pipelaying vessel for scrap.

According to VesselsValue, Subsea 7 sold the 1982-built, 2000-converted construction and flex-lay vessel Seven Condor for demolition. The pipe layer is currently sailing through the Mediterranean Sea, on its way to Turkey where it is expected to be scrapped, VesselsValua data shows.

The 145 meters long vessel with a gross tonnage of 8,354t was used for deepwater flexible pipelay projects. The vessel spent years working in Brazil for Petrobras.

VesselsValue did not reveal the value of the transaction.

At December 31, 2017 Subsea 7 had 35 vessels in the total fleet, comprised of 29 active vessels, five stacked vessels and one vessel under construction.

Total vessel utilisation was 55% in the fourth quarter 2017 (2016: 65%) and 61% for the full year (2016: 66%).

Active vessel utilization, which excludes stacked vessels, was 62% for the fourth quarter and 71% for the full year.

According to the seven PLSVs on long-term contracts offshore Brazil maintained high levels of activity throughout the quarter. In a recently released report, Subsea 7 saud the Group’s contracts for the PLSVs Seven Condor, Kommandor 3000 and Seven Phoenix were due to end in 2018.

Offshore Energy Today Staff