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3rd quarter financial report for island offshore shipholding lp
   The 3rd Quarter Financial Report for Island Offshore Shipholding LP is now released.     For more information, please contact:   Mr. Henning Sundet, Chief Financial Officer: hsundet@borgstein.no, +47 913 65 735
11.11.15 13:43
Island Spirit laid up for the winter
Island Offshore has decided to lay up the ROV and survey vessel Island Spirit for the winter season. Typical duties performed by Island Spirit are IMR work, survey work and ROV operations but the activity in this segment is expected to decrease in the coming months.
“We are working on relocating some of the crew, but unfortunately there will be some temporary lay-offs. Our hope is that the vessel will be fully operative in the beginning of 2016 with the same crew on board,” says Managing Director in Island Offshore Management AS, Håvard Ulstein.
With this Island Offshore has got six vessels laid up: Three platform supply vessels (PSV), two light well intervention vessels (RLWI) and one survey vessel. The three latter vessels are only laid up only for the winter months.  
02.11.15 15:37
Open water coil tubing; a game changer in the offshore industry
Island Offshore recently made history when they successfully drilled a pilot hole for Centrica Energy by means of open water coil tubing. This technology has never been utilized in the offshore industry before and proves to be a safer and cheaper alternative to traditional drilling using a rig.MOU Island Constructor was given the assignment to drill a shallow gas pilot hole down to 360 meters below mud line at the BUTCH PL 405-field, north of Ekofisk, to log for gas, and plug the pilot hole with cement if gas was discovered. Pilot holes are drilled to reveal shallow gas in the formations in advance of the actual drilling of the production wells. Shallow gas can be described as hidden gas pockets encountered at a depth close to the surface or mudline which can lead to blowout in the early stages of drilling. “To use a rig for pilot hole drilling is much more costly than using a mobile offshore unit like the Island Constructor. Should one come across gas and the hole needs to be plugged, it will imply large costs to move the rig to a new location for a possible new pilot hole. The risk involved with using a rig compared to a vessel is also considerable as it will need far more time to move away should a blowout occur,” explains Anders Olsen, Project Manager in Island Offshore. “In addition the coil tube’s flexibility makes the vessel able to keep pumping mud down the well to stop a potential shallow gas blowout, while moving to a secure area,” Olsen continues. No riser Instead of using a marine riser, the coil tube is kept in tension between the vessel and the subsea injector by means of a second injector installed on board. The actual tube does not rotate, only pressurized fluid inside the coil activates a hydraulic motor which makes the bit rotate. The subsea injector pushes and pulls the coil tube in and out of the well. “We have aimed for this since 2009. With coil tubing one can perform heavy maintenance to increase production and squeeze more oil and gas out of the wells,” says Dept. Manager Top hole drilling in Island Offshore, Per Buset. Today these operations are performed by using a marine riser from a rig, which one can feed the coil tube down into. This is both expensive and time-consuming. Island Offshore owns and operates three light well intervention vessels in the North Sea. Traditionally these vessels run wireline down the wells. One can perform some maintenance with wireline technology today, but with coil tubing one can do considerably more. Pumping fluid down the well and perform heavier maintenance such as scale removal in the production tubing to achieve original dimension of the tube is one example. Pioneering in several markets Last year this innovative technology was applied for the very first time in a totally different setting: It was used to drill core samples for what is to be the longest and deepest subsea road tunnel in the world, named Rogfast. The contracting company was the Norwegian Public Road Administration. “We are now taking the next step with coil tubing. To apply this technology in pilot hole drilling is pioneering. This is a challenging and exciting project which receives great attention with our customer and the industry in general. In addition to be significantly safer and cheaper than using drilling rigs, emissions to the environment are also reduced with 50% compared to conventional drilling,” says Project Manager Olsen. “After finishing the Rogfast-project with great success our technology was now qualified, and the oil companies started realizing that the same technology could be used to drill the topmost part of a well to log for shallow gas. Centrica Energy took the plunge and became the first company in the world to use this kind of technology for offshore purposes,” says Top hole drilling Manager Buset.        The operation was planned to last for seven days on the field, but it was finished in just over four days without finding shallow gas. With that the drilling rig could start drilling the production wells and be sure that it is gas free. “Moving a rig and other equipment on the seabed due to shallow gas are very costly; several hundred million NOK in a worst case scenario. By using our alternative method Centrica has, according to their calculations, saved roughly 30-50% compared to using a rig. In addition the risk level is dramatically reduced,” Buset continues. Developed and owned by Island Offshore Island Offshore is the developer and the owner of the technology which is integrated with Baker Hughes’ topside equipment. The aim is to use the same principle within light well intervention, plug and abandonment as well as other types of well intervention. In August this Year Island Offshore received a technology award for this exact technology during the Deepwater Intervention Forum in Galveston, Texas. “To receive this award is a confirmation to us that the industry believes in our technology. The Butch-project gives Island Offshore the chance to develop the open water coil tubing technology, and with that expand the range of services within an exciting market where innovation, low production costs and operational flexibility is vital,” Olsen concludes.   For more information, please contact Island Offshore:   Håvard Ulstein, Managing Director Mob.: +47 99 23 50 39 Email: havard@islandoffshore.com Or Per Buset, Dept. Manager Top Hole Drilling and P&A Activities Mob.: +47 91 83 92 89 Email: per.buset@islandoffshore.com
27.10.15 18:01
q2 financial report island offshore shipholding lp
The Q2 financial report for Island Offshore Shipholding LP is now available.   For more information, please contact:   Mr. Henning Sundet, Chief Financial Officer: hsundet@borgstein.no, +47 913 65 735
31.08.15 18:29
Subjects lifted for Island Navigator contract
Island Offshore has today lifted the remaining subjects in the shipbuilding contract with Kawasaki Heavy Industries for delivery of the Island Navigator. The vessel is a combined well intervention- and tophole drilling vessel with equipment and capacity to perform a series of complicated subsea- and well operations.“This is yet another milestone for Island Offshore. We have worked on the design of this vessel for three years; a project that benefit from our experience and competence within well intervention operations through the last nine years,” says Managing Director of Island Offshore Management AS Håvard Ulstein. Island Navigator will be 169 metres long, with significant operational regularity due to the specific design of the vessel. The helicopter deck is moved towards the middle of the vessel to secure optimal landing conditions in rough weather, in such a way that crew changes are performed as planned and the operation is continued. Island Navigator will also be equipped with a built-in handling tower which secures a safe working environment during operations in harsh conditions. In addition the vessels holds the highest dynamic positioning class, ice class (ICE-1B) as well as the highest possible comfort class. “This vessel will be a significant contribution to our service range and to Island Offshore as a company. We have great confidence in this project,” says Ulstein. Island Navigator is designed by Rolls-Royce and is of design type UT 777. It will be built according to Mobile Offshore Unit regulations and is per definition a mobile installation. The vessel is fully financed through Japanese finance institutions, with expected delivery in 2018/2019.     For more information please contact Island Offshore Management AS: Tommy Walaunet, Deputy Managing Director Email: tommy@islandoffshore.com +47 70400022 Marianne Hovden, Communications Manager Email: marianneh@islandoffshore.com +47 70400060
30.06.15 13:50
Reduced working hours for land based employees in Island Offshore
As a contribution to reducing costs, Island Offshore is introducing reduced working hours for all office employees in Ulsteinvik, with effect from 1st of August 2015. This is done to mitigate the implications of the weak offshore market, lay up of vessels as well as postponed new building deliveries. Island Offshore has chosen a collective solution to avoid lay- offs and dismissals. “It is important to us to stand together in this. This way we also retain the significant competence we have built up over time. We know that we are asking for a lot of our employees, hence it is very nice to see that everyone support this solution,” says Håvard Ulstein, managing director of Island Offshore Management AS. The working hours will be reduced with 10%, and the arrangement will be continuously assessed in light of the market situation.     Arbeidstidsreduksjon for dei landtilsette i Island Offshore                         Som eit ledd i å få ned kostnadane for reiarlaget, innfører Island Offshore redusert arbeidstid for alle kontortilsette i Ulsteinvik med virkning frå 01. august 2015. Bakgrunnen for reduksjonen er den svake marknadssituasjonen, opplag av fartøy samt utsatt byggeprogram. Reiarlaget har valt ei kollektiv løysing for å unngå permitteringar og oppseiingar av tilsette. Det er viktig for oss å stå samla i dette, og det er også ein måte å halde på den gode kompetansen vi har bygd opp over tid. Vi veit at vi krev mykje av dei tilsette, difor er det ekstra godt å sjå at alle stiller seg bak denne kollektive løysinga, seier Håvard Ulstein, administrerande direktør i Island Offshore Management AS. Arbeidstida vil verte redusert med 10%, og ordninga vert fortløpande vurdert i forhold til marknadssituasjonen.     For more information please contact Island Offshore Management: Håvard Ulstein, Managing Director Tel. (47) 70 00 86 21/ 99235039 E-mail: havard@islandoffshore.com    
19.06.15 15:25
Extended charter period for Island endeavour and Island earl
The two offshore supply vessels Island Endeavour and Island Earl have been awarded contract extensions with their existing charterer.Based in Den Helder in the Netherlands, the two vessels have been on time charter to Peterson supporting the SNS Pool in the southern sector respectively since August 2008 and January 2009. The extensions cover a firm charter period throughout January 2017 for both vessels. “This contract extension is important to Island Offshore in such challenging times. We are very pleased to see that our vessels are preferred, and we look forward to future co-operations with Peterson and the SNS Pool,” says managing director of Island Offshore Management AS Håvard Ulstein.   For further information, please contact Island Offshore Management: Håvard Ulstein, Managing Director Tel. (47) 70 40 00 21 E-mail: havard@islandoffshore.com or Hallgeir Reitan, Chartering Manager Tel. (47) 70 40 00 23 E-mail: hallgeir@islandoffshore.com  
11.06.15 15:43
Q1 financial report Island Offshore Shipholding LP
The Q1 financial report for Island Offshore Shipholding LP is now available.   For more information, please contact:   Mr. Henning Sundet, Chief Financial Officer: hsundet@borgstein.no, +47 913 65 735  
01.06.15 15:24

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