Several new contracts this fall

Island Commander

Island Offshore has secured several contracts for vessels in different segments this fall.

Platform supply vessel Island Commander is awarded a one year extension with Lundin - a company for which the vessel has worked since 2016.

After being retrofitted with shore connection in September, its sister vessel Island Chieftain also went straight to work. Repsol was the new client for the vessel, obtaining a contract with six months duration plus options.

LNG- powered Island Contender has secured a job for Neptune Energy Norway, with a duration of 3 months firm with six monthly options. Its sister vessel Island Crusader, also LNG-powered, commenced a 30+60 days contract for Well Expertise this week.

“The activity in this segment has been good for 2019, but we await some decreasing activity throughout the winter. Therefore it is particularly gratifying to secure work for these vessels for strategically important customers,” says Managing Director in Island Offshore, Tommy Walaunet.

“The conditions are in line with the market; the contracts are short and the competition is harsh. The terms must improve further in 2020 to secure sustainable profitability,” Walaunet says.

Work also in other segments

200 days of work for 2020 has also been secured for the subsea construction vessel Ocean Intervention III which has been working for Oceaneering since 2007. Good co-operation between Island Offshore and Oceaneering is the key word, resulting in continuous work for the vessel, which has been working in Angola since 2012.

2019 has been a good commercial year for the well intervention vessel Island Constructor.

“We have taken a large step towards sustainable operations for this vessel. The crew deserves praise for operating in such a good and safe manner, which we are very grateful for” says Walaunet.

The mobile offshore unit has already been hired by ConocoPhillips for 65 days of work on the Norwegian Continental Shelf, starting up sometime after May 2020.

“We are very content to have secured this contract, and we have high expectations for this segment going forward. Work throughout the winter is still challenging though, thus the vessel will be temporary laid up until we can mobilize for more work,” says Walaunet.

The other two well intervention vessels in Island Offshore’s fleet, Island Frontier and Island Wellserver; both on contract with Equinor, received short extensions on their contracts resulting in work into November.