Important contract for Island Wellserver
Island Offshore has secured two new years of LWI work for Island Wellserver on the Norwegian continental shelf, with options for extension. The contract with the end customer Equinor has been entered into by TIOS AS - Island Offshore's cooperation partner for this service for many years. The contract has considerable value for Island Offshore and ensures significantly better prospects for this special-purpose vessel.
Island Wellserver performs light well intervention on existing subsea wells to stimulate, increase or log production. Island Offshore collaborates with TechnipFMC, Altus and Oceaneering on delivering this service. The new contract applies for 290 days annually in 2024 and 2025.
“This service is essential for the security of the energy supply from the Norwegian continental shelf and especially value creation for the operators. ”
Furthermore, well intervention often results in increased production at a low price per barrel and a low carbon footprint compared to using a rig for the same purpose.
An essential service for the future
A key success factor in this segment has been integration and cooperation between the various companies, which have delivered services together with good quality since 2005.
"Requirements for efficiency are high and enormous progress has been made since the start. We have a similar arrangement for Island Constructor but with different operators in Norway and internationally. The interest in the service is increasing, especially in Norway," says Walaunet.
With this, the outlook for both vessels and, thus also, the workplaces is positive for the coming years.
"We expect more than 600 days a year for these vessels on the Norwegian continental shelf. In addition, Island Constructor has approvals to work internationally," says Walaunet.
Island Offshore has a total order book of NOK 3 billion with this contract.