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Offshore industry services provider, Island Offshore, has secured a number of long-term contracts for its platform supply vessels.
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Offshore shipowners are currently underbidding for spot work and offering dayrates below opex for their PSV vessels. This is further weakening the already weak offshore vessels market, Island Offshore, a Norwegian offshore ship supplier, said in its 3Q results presentation. The PSV market is still soft across markets, Island Offshore said in its 3Q 2015 report […]
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Island Offshore, a Norwegian provider of offshore vessels for the oil and gas industry, has reached an agreement with a shipyard to defer its new building delivery program. According to the company’s 2Q statement, Vard Brevik, the shipyard building its four new vessels, has agreed to delay deliveries of three vessels: Island Discoverer, Island Diligence […]
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Norway’s Island Offshore has secured a long term contract for one of its offshore supply vessels. The Island Champion platform supply vessel will now go on a two year contract with ASCO Marine Limited. The shipowner did not reveal the financial details of the arrangement but only said the deal was reached “at market terms.” The Island Champion […]
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TechnipFMC has signed an agreement with the Island Offshore group to acquire a 51% stake in Island Offshore’s subsidiary, Island Offshore Subsea.
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The Ulstein Verft subsea newbuild, ‘Island Performer’, was delivered today to ship owner Island Offshore. The flexible, state-of-the-art RLWI/IMR vessel will serve her first five years for FTO in the Gulf of Mexico. “The vessel is customised to suit the scope of work in the FTO contract, in which RLWI (Riser-less Light Well Intervention) and […]
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Business & Finance, Operations & Maintenance
Marine contractor Island Offshore has booked loss before tax of NOK 37 million for the quarter ended March 31, 2017, versus profit before tax of NOK 21 million same time last year. Sequentially, the loss narrowed from NOK 1.05 billion following vessel value impairment of NOK 896 million. The Oslo-listed company reported revenue of NOK 259 million in […]
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Business & Finance, Project & Tenders
Island Offshore has taken delivery of its 10th vessel of Rolls-Royce UT 776 CD design, built at Vard Brevik in Norway. M/V Island Condor is a flexible offshore support vessel with good sea-keeping capabilities, excellent station keeping performance and low fuel consumption, Island Offshore said. It has a length of 97 metres, a breadth of […]
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Island Offshore Group has sold the vessel M/V Island Champion, a UT776 design PSV-vessel delivered from VARD Brevik in March 2007. Island Offshore says that the buyer is a third party Norwegian company. Delivery of the vessel took place on December 22, 2014. The sales price is in line with the market valuation of the […]
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Island Pioneer KS, a subsidiary of Island Offshore Shipholding, LP, (IOSH) has sold the MPSV ‘Island Pioneer’ subsea construction vessel for MNOK 435 (approx. USD 70.4 million) in total proceeds. The transaction has generated MNOK 265 (approx. USD 42.8 million) in liquidity for IOSH, after repayment of loans and minorities in Island Pioneer KS. IOSH […]
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Island Offshore, a provider of offshore vessels for the oil and gas industry, has said that despite vessel lay-ups the platform supply vessel market is still oversupplied. The company has 29 vessels in operation within the vessel segments PSV, AHTS, Well Stimulation (WS), Subsea Construction (SCV) and Light Well Intervention (LWI), with 4 PSV vessels currently […]
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On Thursday, April 9, 2015, Island Offshore has taken delivery of Island Clipper PSV from Vard Brevik. Island Clipper is a platform supply vessel which will perform duties such as carriage of general cargo, pipe cargo on deck, cement/barrite and liquid cargo to and from offshore installations. In addition, the Island Clipper is equipped with […]
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Offshore vessel owners supporting the oil and gas industry have been hit hard by the lack of demand for their services caused by the oil industry’s downcycle and the oversupply of tonnage. Thus, the OSV players have started looking into other sectors such as renewables and fisheries to find work for their vessels. Norway’s Island Offshore, […]
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Island offshore has received a one-year contract extension for one of its vessels from Lundin in Norway.
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Island Offshore, a Norwegian provider of offshore vessels for the oil and gas industry, has decided to lay up two platform supply vessels with immediate effect. The two vessels set for layup are the Island Dragon and Island Duchess, built in 2014 and 2013, respectively. The Island Dragon has been on contract with Lundin Norway since […]
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Norwegian offshore vessel owner Island Offshore has decided to stop amortization payments, citing tough market conditions. The company has said the move is a part of the company’s strategy to address its long-term financing structure with the aim of restructuring its balance sheet. “The Group has, as many others within our industry, during the last […]
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Island Offshore, a Norwegian provider of offshore vessels for the oil and gas industry, has sold the M/V Island Patriot offshore vessel to an undisclosed buyer. In an announcement from Thursday, Island Offshore Group stated that the sale was on satisfactory terms to both parties. The vessel is expected to be delivered to the buyer today. The company […]
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Norwegian shipping company Island Offshore has announced that its vessel Island Constructor has been awarded a contract by BP. According to the shipping company, the contract is for the provision of light well intervention services on the UK continental shelf in July this year. Island Offshore did not reveal further details about the contract except that […]
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Island Offshore, a Norwegian offshore vessel supplier, doesn’t expect the market for the platform supply vessels to rebalance soon. The company said that the PSV market is still characterized by continued oversupply despite the increasing number of stacked vessels. “We do not see any signs of a restored market balance and expect this market to […]
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Island Offshore has taken delivery of M/V Island Dawn from the Vard Brevik shipyard in Norway. This is the third platform supply vessel in a series of four Rolls-Royce UT 717 CD designs, delivered from Vard Brevik. Managing Director of Island Offshore, Håvard Ulstein said: “It is always a pleasure to welcome another vessel to our fleet, […]
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Island Offshore has taken delivery of the subsea construction vessel M/V ‘Island Pride’ from the Vard Brevik yard today. M/V ‘Island Pride’ was christened during a naming ceremony in Brevik in March, and will enter into a five month contract for Maersk Oil this coming weekend as a walk-to-work vessel. The vessel is designed as […]
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Norwegian shipowner Island Offshore has agreed to delay deliveries of all of its under-construction vessels at Vard, except one. In its quarterly statement, the company has said it has agreed with Vard Brevik to delay delivery of all the new building vessels with an average delay of six months, except for Island Clipper platform supply vessel which […]
