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Q2 Financial report
The Q2-17 Financial Report for Island Offshore Shipholding LP was issued today. Please find it attached.  For more information, please contact the Island Offshore Group: Henning Sundet, CFO /Investor relations Tel. (47) 913 65 735 E-mail:
31.08.17 16:45
Weak markets and extensive seasonal lay-up impair Q1-17 results for Island Offshore
The Group reports revenue of NOK 259 mill in Q1-17, down from NOK 363 million in Q4-16, and NOK 419 million in Q1-16. Fleet utilization in Q1-17 was 49% including vessels in lay-up, but has improved in April and May 2017 following mobilization of vessels for contracted work. The fleet comprises 25 vessels. Three vessels were divested in January/February 2017 as part of the ongoing restructuring of the Group. A total of 5 PSV vessels are currently in lay-up, and are expected to remain out of market until sustainable term work can be secured. Revenue this quarter is significantly reduced due to vessels in seasonal lay-up in addition to vessel sales. All three LWI units were in seasonal lay-up this quarter, in addition to PSVs and SCVs now mobilized for contracted work from Q2-17. As a result, EBITDA in Q1-17 totals NOK 60 mill versus NOK 116 mill in Q4-16, with the reduction mainly due to low utilization and lay-up. Cost improvements provide important contributions to earnings, and will be continued but market conditions must improve fundamentally to enable significant earnings improvement. Due to the continued state of the market and the implications for cash flow, the Group initiated negotiations for a Standstill and Deferral Agreement with all secured creditors effective 22nd November 2016. Negotiations with the secured lenders are progressing but establishing a sustainable long-term solution will take more time than initially anticipated. Target closing date is 30th June 2017. Important recent contract awards allow for certain vessels to be taken out of lay-up and into operation. Day rates are low but acceptable considering the alternative of continued lay-up. The awards have been secured with strategically important and recurring customers. Overall spot and term rates in the PSV and AHTS markets continue to be depressed by reduced activity and vessel oversupply. However there are signs of increased activity enabling opportunities for certain vessels. Island Offshore do however not expect to see a more extensive market recovery until a more sustainable oil price is established, inducing increased E&P investment and market activity. The order backlog excluding charterer’s options totals NOK 2.7 billion at 31.3.2017. Contract coverage for the remainder of 2017 is 55% and has improved following recent awards.   Island Offshore Shipholding, L.P. (the “Company” or “Island Offshore”) is the parent company in the Island Offshore group (the “Group”). At present the Group has 25 vessels in operation within the vessel segments PSV, AHTS, Well Stimulation (WS), Subsea Construction (SCV) and Light Well Intervention (LWI). The fleet operates in Norway, Denmark, UK, Holland, India and Angola. The fleet is modern and versatile and Island Offshore has taken a leading position in attractive market segments. The Group is privately owned. To read the complete report, please follow this link:    For more information, please contact the Island Offshore Group: Henning Sundet, CFO /Investor relations Tel. (47) 913 65 735 E-mail:      
29.05.17 09:51
consolidated financial statement for 2016
12.05.17 15:44
Island Offshore has entered into an agreement with OceanGate Expeditions for the use of Island Crown as a surface support vessel during a planned deep water expedition next year- the first manned submersible survey of the wreck of the RMS Titanic since 2005.The assignment will have a duration of ten weeks for the Island Crown from the end of May 2018, when the vessel will depart from St. John’s, Newfoundland, with the primary operations crew on board. Each of the mission specialists will join the expedition by air for a designated 8 day mission. The ship has accommodations for up to 30 operations crew, mission specialists and content experts which will enjoy private living quarters on board. “We could not turn down this rare opportunity; to be part of such an extraordinary and interesting project! At the same time, the Island Crown’s role in it doesn’t differ that much from the vessel’s regular work in the offshore industry: She will do what she does best; carry people and equipment, and taking care of the clients on board. We are very pleased to have secured work for the summer months next year,” says Managing Director of Island Offshore Management AS, Håvard Ulstein. At 3.800 meters depth Since her sinking 105 years ago, fewer than 200 people have ever visited the RMS Titanic. Now, OceanGate is constructing a carbon fibre and titanium submersible which will carry five crew members at a time to the Titanic at 3.800 meters depth. The whole site is a memorial, hence the mission will be undertaken with great respect for those who lost their lives in the sinking. No artefacts will be collected during the expedition, all in accordance with UNESCO guidelines for the preservation of underwater world heritage sites.  Experts from the Advanced Imaging and Visualization Laboratory (AIVL) at Woods Hole Oceanographic Institution (WHOI) will collaborate on the expedition, and will lead the efforts to capture the images of the wreck from the submersible and then assemble these overlapping images into a 3D photographic model of the wreck after returning to the surface. This will document the gaps in the current knowledge of the wreck and increase the understanding of what is needed to preserve and protect this world heritage site. Summer season 2017 The Island Crown has also secured work for the summer season this year, with walk-to-work assignments until the end of September. The vessel just completed a month-long job for Bluestream at Nordsee One Windpark, and moved uninterrupted on to the next job for Van Oord at the same wind farm. About Island Crown The Island Crown is a subsea construction vessel which since delivery in 2013 mainly has performed walk-to-work services at oil-, gas and wind installations. The vessel is 96.8 meters long and 20 meters wide with accommodations for a total crew of 100 persons on board. The Island Crown is equipped with a gangway system, subsea crane, helipad, large tank capacity and a cargo deck area of 561m2.     For more information, please contact Island Offshore Management AS: Håvard Ulstein, Managing Director Tel. (47) 70 40 00 21                                        or Marianne Hovden, Communications Manager Tel. (47) 70 40 00 60                        
27.04.17 15:11
Island Offshore shipholding Lp Q4-16 financial report
The 2016 fourth quarter financial report for Island Offshore Shipholding LP was published today. Investor relations: Mr. Henning Sundet, Chief Financial Officer:, +47 913 65 735
10.03.17 15:49
3rd quarter 2016 financial report -Island Offshore shipholding Lp
The 3rd quarter 2016 financial report for Island Offshore Shipholding LP is now available. For more information please contact: Mr. Henning Sundet, Chief Financial Officer:, +47 913 65 735
30.11.16 19:24

Island Offshore Shipholding LP, acting through its general partner Amnor LLC ("IOSH") together with the entitites where IOSH owns more than 50% of the shares/ownership interests (The "Group") announces its decision to formally address its long term financing structure with the aim of restructuring the groups balance sheet. To read more, please follow this link: Investor Relations Contact: Mr. Henning Sundet, Chief Financial Officer:, +47 913 65 735
15.11.16 09:28
q2-16 financial report for Island offshore shipholding lp
The second quarter 2016 Financial Report for Island Offshore Shipholding LP is now available. For more information please contact: Mr. Henning Sundet, Chief Financial Officer:, +47 913 65 735
27.09.16 15:38
Winning this year’s ONS Innovation Award has aroused quite some interest for Island Offshore and its riser-less coil tubing (CT) technology. Now Island Offshore is ready for the next step; performing heavy well intervention with coil tubing in producing subsea wells.This success story started in 2014 when Island Offshore drilled three wells for Statens Vegvesen (Norwegian Public Roads Administration) utilising the monohull vessel Island Performer. 450 meter of well were drilled, whereof over 150 meters of core samples were collected from the three  locations in order to obtain information about the geological conditions of the upcoming world’s longest and deepest subsea road tunnel. With this successful project the riser-less CT-technology was considered proven. In 2015 Island Offshore made history when drilling a pilot hole for Centrica by means of riser-less coil tubing, in order to check for shallow gas at the location. The technology had never been utilized in the offshore petroleum-industry before and proved to be a safer and cheaper alternative to traditional drilling. “The system comprised of a relatively standard coil tubing spread from Baker Hughes, rigged up on the LWI vessel Island Constructor in combination with a custom made subsea coil tubing injector and a subsea guidebase solution from Island Offshore. Specialized drilling procedures allowed unconsolidated sand and shale formations to be drilled safely without any major issues,” says Manager for Top Hole Drilling and P&A Activities in Island Offshore, Per Buset. To use a rig for pilot hole drilling is much more costly than using a mobile offshore unit like the Island Constructor. Due to less manning and lower capital expenditure for “smaller” size well intervention vessels compared to a drilling rig, a lower daily rate for the riser-less coil tubing operation can be offered to the market. This will apply both for heavy intervention in subsea-producing wells, and for drilling pilot-holes to check for shallow gas. According to Centrica they saved about 30 - 50% by using this riser-less method on the Butch field project together with Island Offshore last year.   No riser Instead of using a rigid work-over riser, the coil tubing is kept in tension between the vessel and the subsea injector by means of a second injector installed on board the vessel. Pressurized drilling-fluid pumped into the coil tubing drives the mud- motor which makes the bit rotate. The subsea injector pushes the coil tubing into the well creating weight on bit, and pulls the coil tubing out of the well when drilling is completed. “The next step will be to adopt the system to perform heavy intervention with coil tubing in subsea wells. Intervention in subsea wells today are performed from Light Well Intervention (LWI) vessels, with wireline through a subsea lubricator. Obviously, wireline has its limitations compared to coil tubing,” says Buset. Heavy intervention with coil tubing are rarely done, due to the high cost and challenges with meeting good HSE-standards. Using coil tubing for heavy intervention today requires use of a drilling rig and a complex work-over riser-system. A more reliable and less costly way to do heavy intervention in the future will be to run the coil tubing in open water without a workover riser system; same methodology as for LWI with wireline through a subsea lubricator. For the coil tubing application, a subsea injector (controlled and powered by a ROV), will be installed on top of the subsea lubricator. Island Offshore have built and proved the innovative injector and is now awaiting the delivery of a stripper element between the subsea-injector and the subsea lubricator in order to hold back pressure from the well. As soon as the stripper is qualified for offshore use, Island Offshore can offer heavy well intervention in producing subsea wells with coil tubing, perhaps as early as second/third quarter 2017. HSE impact The use of riser-less coil tubing operations in subsea completed wells will result in less discharge to the environment. This due to the fact that less and smaller equipment is required, and less time spent, compared to a full drilling rig spread. The same benefit will be achieved when drilling a pilot hole using this method (like the well for Centrica) compared to drilling the pilot hole from a drilling rig. Another important aspect is that a rig will need far more time than a vessel to move away, should a well-control situation occur. In addition the coil tubing’s flexibility makes the vessel able to keep pumping mud down the well to hold back or stop a potential shallow gas influx, while moving the vessel to a secure area. Should one come across gas and the well needs to be cemented back, it will imply large costs to move the rig to a new location for a possible new pilot hole. During coil tubing operations on drilling rigs there is also a risk for injured personnel, while working on compensated equipment inside the derrick in riding belt. When using the riser-less coil tubing method personnel will not be working on compensated equipment, there is no use of riding belt, and personnel will not be working under suspended load. The risk for personnel during running and pulling the rigid work-over riser is eliminated 100% as there is no need for this riser. And for same reason, time spent on running and pulling the riser is also eliminated 100%. “There has been no coil tubing operations performed from drilling rigs in Norway due to this in the last eight years. With riser-less coil tubing operations the amount of equipment is reduced compared to riser operations on a drilling rig. In other words, much less equipment to handle results in less personnel required,” explains Buset. Potential With riserless coil tubing one can perform heavy maintenance to increase production and get more oil and gas out of the reservoirs. Such maintenance can be removal of sand, scale and wax (restrictions) in order to achieve the original inner dimension of the production tubing. Nitrogen lifts, cement jobs, plug and abandonment in general, are other potential examples. “The oil companies are rarely doing heavy well intervention because of the high cost (drilling rig + work-over riser-system), but they have expressed numerous times that there is a need, and if the cost is low enough, they will do it. This will be a game changer for intervention work in subsea producing wells, including the plug & abandonment market. The future is still to come and the potential for all parties, both oil companies and service providers is huge. “In the current situation the industry will leave no stone unturned in the search for new and cost effective solutions. We have already been asked to present our riserless coil tubing technology on important arenas in the time to come, and explain what possibilities this system provides,” Buset rounds off.     For more information, please contact Island Offshore: Håvard Ulstein, Managing Director Tel. (47) 70 40 00 21 E-mail: or Per Buset, Manager Top Hole Drilling and P&A Activities Tel. (47) 51 81 71 07 E-mail:  
13.09.16 15:56
Island Offshore and Centrica winners of the ONS Innovation prize
Island Offshore and Centrica winners of the ONS Innovation prize
We are proud to announce that Island Offshore, together with Centrica, won this year’s ONS Innovation Award for developing the Riser-less coil tubing drilling system utilized to check for shallow gas at the Butch field last year. This was the first time ever in the oil and gas industry that riser-less coiled tubing drilling operations were performed. Department Manager Top Hole Drilling and P&A activities in Island Offshore, Per Buset received the prize together with Centrica's Project Manager Espen Kopperud. "This is an important award for us and especially at times like theese. We would like to thank Centrica for believing in us and our technology and for their vital contribution to this successful project," says Per Buset. For more information about the technology, please contact: Per Buset, Department Manager Top Hole Drilling and P&A activities Tel. (47) 51 81 71 07 / 91 83 92 89 E-mail:
30.08.16 15:30