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EXTENSION OF CONTRACTS WITH TOTAL E&P UK
TEP UK Limited has extended the contracts for M/V Island Empress and M/V Island Express.
TEP UK Limited has extended the contracts for M/V Island Empress and M/V Island Express.

Island Offshore is pleased to announce that TEP UK Limited has extended the contracts for M/V Island Empress and M/V Island Express with two years each.

M/V Island Empress and M/V Island Express are platform supply vessels of Rolls-Royce design, type UT 755 LN, designed for transporting solid and liquid cargo to and from offshore oil and gas platforms. Island Offshore look forward to continue the good relationship with TEP UK through these important contracts.

 

For more information please contact Island Offshore Management:

Håvard Ulstein, Managing Director

Tel. (47) 70 00 86 21, E-mail: havard@islandoffshore.com

or

Hallgeir Reitan, Chartering Manager

Tel. (47) 70 00 86 23, E-mail: hallgeir@islandoffshore.com

 

EXTENDED CHARTER PERIOD FOR OCEAN INTERVENTION III
Oceaneering wish to use Ocean Intervention III for another year.
Oceaneering wish to use Ocean Intervention III for another year.

Island Offshore is pleased to announce that Oceaneering International GmbH has elected to extend the charter period on Ocean Intervention III with one year. There are options for further yearly extensions included in the contract

Ocean Intervention III is performing subsea IMR work in Angola, and has been in service for Oceaneering since 2007. Island Offshore is grateful for this extension and look forward to continue the good cooperation with Oceaneering.

 

For more information please contact Island Offshore Management:

Håvard Ulstein, Managing Director

Tel. (47) 70 00 86 21, E-mail: havard@islandoffshore.com

or

Hallgeir Reitan, Chartering Manager

Tel. (47) 70 00 86 23, E-mail: hallgeir@islandoffshore.com

Island Offshore orders offshore construction vessels together with Edison Chouest Offshore
Two SX165 offshore construction vessels ordered
Two SX165 offshore construction vessels ordered

Island Offshore and Edison Chouest Offshore (ECO) has ordered two new offshore construction vessels (OCV) through the company Island Ventures II LLC.

The two vessels will be of ULSTEIN SX165 design; one to be built at Ulstein Verft in Norway and one at Edison Chouest’s own yard, LaShip, in the United States. The contract with the US yard also includes options. SX165 is designed to meet the requirements of the owners. The vessel is 145.7 metres long with a width of 28 metres and accommodation for 200 people.  She is equipped with two cranes that can lift 400 tons and 140 tons respectively, and is also featuring a large moon pool. In addition two smaller moon pools with ROVs are installed in a centrally located hangar.  This design will be the largest ever to be built at Ulstein Verft.

Island Offshore’s current fleet includes four vessels of ULSTEIN design. In addition a construction vessel for Island Ventures II LLC is currently under construction at Ulstein Verft, due for delivery in June 2014.

 

24.05.2013 - Island Crown Delivered

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At 13.30 hrs today Island Offshore took delivery of the M/V Island Crown from Vard Brevik! 

The vessel is a purpose built Walk2Work Maintenance and Subsea Support Vessel outfitted for offshore Inspections, Maintenance and Repairs in addition to general subsea work. Vessel equipment includes a long-reach offshore crane and a permanent heave compensated gangway system for safe and easy access to and from offshore installations.

http://youtu.be/5DsNtFSnqJM

22.10.2013 - M/V ISLAND DUCHESS DELIVERED TO ISLAND OFFSHORE
M/V Island Duchess
M/V Island Duchess

At 15.04 hours today Island Offshore took delivery of M/V Island Duchess from the Vard Brevik yard in Norway. This is the second vessel in a series of four platform supply vessels of Rolls-Royce UT 717 CD design to be delivered from Vard Brevik in 2013 and 2014.

M/V Island Duchess was christened together with her sister vessel M/V Island Duke during a naming ceremony earlier this summer, and is heading for the spot market as soon as she leaves the yard.

25.10.2013 - Island Earl: Extension of contract
M/V Island Earl
M/V Island Earl

 Island Offshore is pleased to inform that Peterson Supply link B.V, Den Helder has extended the contract on the M/V Island Earl with one year. The Island Earl commenced her contract as a new build in 2008, and has been supporting the SNS pool in the southern sector of the North Sea ever since. We would like to thank Peterson Den Helder B.V. for extending the contract and look forward to continue our good cooperation.

 

For further information, please contact Island Offshore Management:

Håvard Ulstein, Managing Director
Tel. (47) 70 00 86 21
E-mail: havard@islandoffshore.com

Or

Hallgeir Reitan, Chartering Manager
Tel. (47) 70 00 86 23
E-mail: hallgeir@islandoffshore.com

08.11.2013 - Q3 FINANCIAL REPORT ISLAND OFFSHORE SHIPHOLDING LP

Fleet revenue totals NOK 645 mill in Q3 2013 and NOK 1,619 mill YTD 2013. Fleet utilization YTD is satisfactory at 89% despite a significant dry docking program carried out in H1 2013. The majority of the fleet is on long-term contracts with satisfactory results. The PSV spot market has continued to be better than expected thus earnings for these vessels exceeds expectations. Profit from the LWI vessels has improved significantly in Q3 following completion of the yard stay program. The AHTS vessels have also performed well in Q3 through a combination of anchor handling and construction project work.

The fleet includes 24 vessels in operation including the Island Duchess which was added to the fleet in 22nd October 2013. Island Duke was delivered early July. The new building program includes 4 vessels to be delivered in 2013 and 2014.

For more information please see attached Q2 2013 Financial Report for Island Offshore Shipholding LP

quarterly_financial_report_q3_2013.pdf
12.11.2013 -M/V ISLAND CROWN AWARDED CONTRACT
M/V Island Crown
M/V Island Crown

Island Offshore has entered into a contract with an undisclosed major oil company covering the charter of the purpose built, state of the art “Walk-to-work”, maintenance, subsea and support vessel M/V Island Crown.

The contract is a seasonal charter and the main duty for the vessel will be to provide accommodation and walk to work duties by means of a fully integrated gangway fitted on the vessel.

The duration of the contract is five months firm, and covers the seasonal charter of the vessel in 2014 and 2015, with further options for the 2016 and 2017 season.

Island Offshore is very pleased with this contract which is in line with market terms.

 

For more information please contact Island Offshore Management:

Håvard Ulstein, Managing Director
Tel. (47) 70 00 86 21
E-mail: havard@islandoffshore.com

or

Hallgeir Reitan, Chartering Manager
Tel. (47) 70 00 86 23
E-mail: hallgeir@islandoffshore.com

 

10.09.2013 - Q2 2013 Financial Report for Island Offshore Shipholding LP

Fleet revenue totals NOK 521 mill in Q2 2013 and NOK 974 mill YTD 2013. Fleet utilization YTD is satisfactory at 88% despite a significant dry docking program carried out in H1 2013. The majority of the fleet is on long-term contracts with satisfactory results. Earnings before interest, tax, depreciation and amortization (EBITDA) totals NOK 216 mill in Q2 2013 and NOK 370 mill YTD 2013.

Overall the EBITDA margin is satisfactory but stronger in Q2 than in Q1.

The spot market for PSVs has continued to be relatively strong in Q2 and into Q3. We expect the demand for medium sized and large PSVs to be strong also in coming months. We expect the AHTS market to be volatile but have secured project work that will make a positive contribution to earnings for this fleet in the second half of 2013. The order backlog is strong and totals approximately NOK 14 billion (7 x 2013 revenue) including charterers’ options.

The Island Offshore group comprises 22 vessels in operation including the vessel segments PSV, AHTS, Stimulation, Subsea Construction and Light Well Intervention. The new building program includes an additional 5 vessels to be added to the fleet in 2013 and 2014. The fleet is modern and versatile and Island Offshore has taken a leading position in attractive market segments. The Group is privately owned.

For more information please see attached Q2 2013 Financial Report for Island Offshore Shipholding LP

quarterly_financial_report.pdf

29.08.2013

Island Offshore consolidates position in North Sea with Premier Oil contract win

Island Offshore, a leading global Light Well Intervention (LWI) specialist, has been selected by Premier Oil UK Limited to undertake a new LWI service contract on the UK Continental Shelf. The win strengthens Island Offshore’s established position in the dynamic and competitive North Sea marketplace.

Premier, a growing oil and gas exploration and production company, awarded the business to Island Offshore and the North Sea RLWI Alliance, the operator of three monohull vessels specially designed for well intervention tasks.

A key factor in the decision-making process was said to be Island Offshore’s extensive segment expertise, having successfully performed approximately 250 well interventions since 2005.

Commenting on the new business win, Robert Friedberg, Managing Director of Island Offshore Subsea, says: “Premier Oil is a new client for us and, with its proven track record and ambitious growth plans, an exciting name for us to partner with for the future. This is yet another important UKCS contract win for the company, consolidating our standing as a preferred supplier within both the sector and the wider industry.”

The agreement covers activity such as wireline services (a core Island Offshore competence), with work to be carried out by Island Constructor, a 120m long, 8,200 ton, state-of-the-art Ulstein built X-Bow vessel.

Friedberg adds that the Island Constructor is indicative of the firm’s specialism and long operational experience in the area, noting: “It’s a cutting edge vessel custom-made to deliver excellent results, and value, for our clients in the most demanding natural environments – such as those experienced on the UKCS.”

He concludes: “This is the third contract on the UKCS that the Island Constructor has won this year, demonstrating the tangible benefits of our investment in building a modern fleet of high-specification service vessels.”

The win follows on the back of Island Offshore’s successful acquisition of a number of North Sea well intervention services contracts earlier this year. The firm now has a leading segment position on both the Norwegian and UK Continental Shelf, built on the back of its proven pedigree and commitment to outstanding service levels, technology and results for its customers.

 

Editor’s notes:

The North RLWI Sea Alliance was formed in 2004 to provide integrated wireline services to the growing subsea intervention market. The Alliance performs between 60-70 well interventions each year, providing services such as scale milling, gauging and logging operations, plug setting and re-perforating requirements. Island Offshore and the North Sea RLWI Alliance are currently the world leading riser-less wireline intervention, (“RLWI”), provider. To date the partners have performed approximately 250 well interventions.

Island Offshore Subsea (www.iosubsea.no) is the Light Well Intervention Services (LWI) subsidiary of Island Offshore Management. The company, founded in 2005, has around 140 employees and is headquartered at Forus (near Stavanger) Norway, with its UK office in Aberdeen.

Island Offshore Management (www.islandoffshore.com) is the contract owner and operator of the world’s most modern fleet of offshore service vessels. The Island Offshore fleet consists of 26 vessels in total, divided between large Platform Supply Vessels and state-of-the-art Sub Sea Support Vessels. Another three vessels are currently under construction.  The company employs close to 1000 people offshore, in addition to the onshore management and engineering staff.

 

For further information please contact:

Robert Friedberg, Managing Director, Island Offshore Subsea Tel. (47) 51817100, E-mail: robert@islandoffshore.com

or

Frode Hansen, Contract Manager, Island Offshore Subsea, Tel (47) 51817100, E-mail frode@islandoffshore.com

island_offshore_press_release.pdf

29.07.2013

WYVERN HJEM TIL STAVANGER

Aktører innen olje- og gassindustrien i Stavanger går sammen i et spleiselag for å heve Wyvern og frakte fartøyet hjem til Stavanger. Operasjonen medfører ingen kostnader for Stavanger maritime museum.

Bak gaven til Stavanger Maritime Museum står brønnselskapet Island Offshore, deres partnere FMC Kongsberg Subsea, Aker Solutions, Oceaneering og andre aktører i oljeindustrien. 

Viseadministrerende direktør Lyder von der Lippe i Island Offshore er tilfreds med å få bidra til hevingen av Stavanger-skuta.

- Vi ser først og fremst på oppdraget som en dugnadsjobb for å få Wyvern hjem til Stavanger, og vil gjøre vårt for at Colin Archer-skøyta kan restaureres. Engasjementet og entusiasmen er enorm for denne oppgaven i organisasjonen vår og hos våre partnere. Som offshore serviceleverandør har vi hatt stort utbytte av det maritime miljøet i regionen, og ser dette som en unik anledning til å gi noe tilbake. Vi er imidlertid ydmyke for redningsoppdragets kompleksitet og interessen det har i distriktet. Vi gleder oss å levere båten tilbake til Stavanger Maritime Museum, sier von der Lippe.

Hevingen utføres med Island Constructor. Fartøyet gjør vanligvis lett brønnintervensjon på undervanns produksjonsbrønner på norsk- og britisk sokkel med de nevnte partnere. Når fartøyet om en ukes tid har fullført sitt pågående oppdrag vest for Shetlandsøyene, sendes det først til Stavanger og Rosenberg verft for å hente en spesialkonstruert krybbe, før kursen settes mot Østersjøen. På havaristedet vil det først bli gjort undersøkelser med en undervannsubåt (ROV). Under hevingen skal Wyvern lenses, før den til slutt plasseres på krybben om bord på Island Constructor. Allerede på hjemturen vil museet gå i gang med de første reparasjonene, og Wyvern vil etter planen være tilbake i Stavanger etter rundt ti dager.

Island Offshore er en erfaren aktør i offshoremarkedet. Sammen med sine partnere FMC Kongsberg Subsea, Aker Well Service og Oceaneering har de gjort totalt 230 brønnintervensjoner på norsk og britisk sokkel siden oppstart av denne tjenesten i 2005.

- Solid dugnad
Det 60 fot lange fartøyet fra 1897 forliste mellom Øland og Gotland torsdag 11. juli under Tall Ships Races, og det ble umiddelbart startet et arbeid for å heve Wyvern så snart som mulig.

Stavangerordfører Christine Sagen Helgø leder en arbeidsgruppe, bestående av Stavanger kommune, Rogaland fylkeskommune og Museum Stavanger som har som mål å få Wyvern hjem så fort som mulig.

- Alle er glade for at Wyvern nå heves og kommer hjem til Stavanger. Arbeidet bygger på en solid dugnad, og understreker at båten er et viktig symbol for Stavanger, sier ordfører Christine Sagen Helgø.

- Vi er svært takknemlige for bidraget fra partnerne som er involvert i hevingen, fortsetter hun.

- Imponerende interesse og handlekraft
Bitten Bakke, avdelingsdirektør sjøfart og industri ved Stavanger maritime museum er glad for at det er kommet på plass en bergingsplan på kort tid.

- Vi er stolte av den kompetansen, handlekraften og interessen for kulturvern som finnes i oljebransjen i regionen. De ser behovet for å ta vare på Wyvern som et flytende kulturminne, og vi er svært glade for det samarbeidet som er kommet i gang, sier Bakke.

PRESSEKONTAKT: Avdelingsdirektør sjøfart og industri, Bitten Bakke, Stavanger maritime museum, mob. 40 60 17 01

11.07.2013 - Delivery of M/V Island Duke

Island Duke delivered from Vard Brevik
Island Duke delivered from Vard Brevik

At 13.30 hrs today Island Offshore took delivery of the M/V Island Duke from Vard Brevik. This vessel is the first in a series of four PSV vessels with UT717 CD design to be delivered from Vard Brevik in 2013 and 2014. The vessels’ DW is 3,800 tons and a with an 800 m2 cargo deck typical work will be general deck cargo, pipe cargo on deck, liquid cargo, cement/barite. The vessel has DNV Oilrec, standby/rescue according to NMD and DP II classification.

Island Offshore is proud to take delivery of the next addition to our fleet of modern and highly advanced Offshore Service Vessels.

22.05.2013 - MV Island Crown Due for delivery

MV Island Crown is a purpose built Walk2Work Maintenance and Subsea Support Vessel. The vessel will comply with the SPS code with accommodation for a total of 100 persons. The vessel is outfitted for offshore Inspections, Maintenance and Repairs in addition to general subsea work.  Vessel equipment includes a long-reach offshore crane and a permanent heave compensated gangway system for safe and easy access to and from offshore installations.

14.05.2013 Contract Extension Island Endeavour

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Island Offshore is pleased to inform that Peterson SBS Den Helder B.V has declared the first yearly option on the MV Island Endeavour. The Island Endeavour has performed pool supply duties for the SNS pool since 2008, without any lost time incidents (LTI) since delivery. We thank Peterson SBS for this extension and look forward to continue the good cooperation.

03.05.2013 Contract Extension Island Commander

Contract Extension
Contract Extension

Island Offshore is pleased to inform that ConocoPhillips has declared a one year option on the MV Island Commander. The vessel has since 2009 performed well stimulation duties for ConocoPhillips at the Greater Ekofisk Area and is fitted with a Schlumberger stimulation spread. The vessel is now firm until June 14, with further outstanding options. We thank ConocoPhillips for this extension and look forward to continue the good cooperation.

03.05.2013 news release - island offshore orders new vessel from vard, brevik

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Island Offshore is pleased to announce that it has entered into a new contract with Vard Holdings Limited for the construction of one advanced Offshore Support Vessel of Rolls-Royce design. The value of the contract amounts to approximately NOK 400 million.

Vard Holdings Limited (“VARD”) is one of the major global designers and shipbuilders of offshore and specialized vessels. Delivery is scheduled from Vard Brevik in Norway in Q3-2014. The hull of the vessel will be delivered from Vard Braila in Romania.

The Island Offshore Group is a leading provider of services to the offshore industry managing a fleet of 23 high quality vessels with an average age of less than four years, currently operating in Brazil, Mexico, USA and in the North Sea. VARD has delivered close to 30 vessels to Island Offshore in the past, in addition to seven vessels currently under construction. 

 

For further information please contact

Håvard Ulstein

Mobile +47 99 23 50 39, havard@islandoffshore.com

22.04.2013 News release

Island Offshore wins new BP well intervention services contract

Island Offshore, a leading name in global Light Well Intervention (“LWI”) activities, has been awarded a major contract extension with BP Exploration Operating Company Ltd (“BP”), one of the world’s most respected international energy companies.

The two-year contract extension, covering 2014 and 2015, has been awarded to Island Offshore and the North Sea RLWI Alliance, which operates three monohull vessels specially designed for well intervention tasks. Island Offshore’s Island Constructor - a 120m long, 8,200 ton, state-of-the-art Ulstein built X-Bow vessel – will perform the scope of work for the client.

Commenting on the award, Robert Friedberg, Managing Director of Island Offshore Subsea, says: “We are delighted to continue our successful operations for BP. This is an important extension of a contract that has now been in place for 5 years.”

“It demonstrates the strength of the relationship we have built with BP and the excellent standard of service that Island Offshore, and its partners in the North Sea RLWI Alliance, have delivered.”

He continues: “We have acquired some unique experience working with the BP team in the harsh environments West of the Shetland, and we look forward to building on that in the future.”

The value of the new contract is approximately NOK 0.5 billion (USD 86.5 million) and includes options for NOK 0.75 billion (USD 129.8 million).

Editor’s notes:
The North Sea Alliance was formed in 2004 to provide integrated wireline services to the growing subsea intervention market. The Alliance performs between 60-70 well interventions each year, providing services such as scale milling, gauging and logging operations, plug setting and re-perforating requirements. Island Offshore and the North Sea RLWI Alliance are currently the world leading riser-less wireline intervention,(“RLWI”), provider. To date the partners have performed close to 250 well interventions.

Island Offshore Subsea (www.iosubsea.no) is the Light Well Intervention Services (LWI) subsidiary of Island Offshore Management. The company, founded in 2005, has around 140 employees and is headquartered at Forus (near Stavanger) Norway, with its UK office in Aberdeen.

Island Offshore Management (www.islandoffshore.com) is the contract owner and operator of the world’s most modern fleet of offshore service vessels. The Island Offshore fleet consists of 23 vessels in total, divided between large Platform Supply Vessels and state-of-the-art Sub Sea Support Vessels. Another six vessels are currently under construction. The company employs close to 1000 people offshore, in addition to the onshore management and engineering staff.

For further information please contact:
Robert Friedberg, Managing Director, Island Offshore Subsea Tel. (47) 51817100, E-mail: robert@islandoffshore.com

or

Frode Hansen, Contract Manager, Island Offshore Subsea, Tel (47) 51817100, E-mail frode@islandoffshore.com

press_release_from_island_offshore_april_2013.pdf

15.03.2013 - Island Offshore Shipholding L.P. has successfully completed its first senior unsecured bond issue

island_offshore_logo_cmyk.jpg

Island Offshore Shipholding L.P. has successfully completed its first senior unsecured bond issue of NOK 500 million with maturity in April 2016. An application will be made for the bonds to be listed on Oslo ABM.
 
Net proceeds from the new bond issue will be used for repayment of the existing shareholder loan of maximum NOK 85 million and general corporate purposes.
Arctic Securities, Carnegie and DNB Markets acted as Joint Lead Managers in connection with the placement of the new bond issue.

For further information, please contact:


Henning Sundet, CFO
Tel: +47 70 00 97 63

13.03.2013 - Island Offshore Shipholding L.P. contemplates to issue new unsecured bonds

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Island Offshore Shipholding L.P. contemplates to issue new unsecured bonds in the Norwegian bond market maturing in April 2016.

Net proceeds from the contemplated bond issue will be used for repayment of the existing shareholder loan of maximum NOK 85 million and general corporate purposes. An application will be made for the listing of the bond on Oslo ABM.

Arctic Securities, Carnegie and DNB Markets are acting as Joint Lead Managers for the contemplated bond issue.

For further information, please contact: 

 

Henning Sundet, CFO
Tel: +47 70 00 97 63

05.03.2013 – 2 x 12 wells Firm with Lundin Norway AS

Lundin goes green!
Lundin goes green!

Island Offshore (IO) is pleased to announce the award of 2 x term contracts with Lundin Norway AS, for the charter of MV Island Crusader and MV Island Contender. These two vessels of the UT 776 CD(G), set a new standard in the industry and as the first offshore supply vessels in the world capable of pure gas operations, representing the most cost effective and environmentally friendly operation available in the industry at present. The commencement off the contracts is scheduled to May 13, and the vessels will support the SS Island Innovator during her drilling campaign with Lundin in the North and Barents Sea. The duration of the firm period is estimated to 2,5 years with several optional wells. By the chartering these vessels Lundin confirms their position as one of the most environmentally friendly operators in the North Sea. We thank charterers for their commitments and wish Lundin success with their upcoming drilling campaign and look forward to the cooperation.

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