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Island Offshore Group has sold M/V Island Champion

Island Offshore Group has sold the vessel M/V Island Champion, a UT776 design PSV-vessel delivered from VARD Brevik March 2007.

The buyer is a third party Norwegian company. Delivery of the vessel took place on December 22nd, 2014.


The sales price is in line with the market valuation of the vessel. The sale of the vessel will have a positive cash effect for Island Offshore of NOK 130 mill, and a sales gain of NOK 115 will be booked in Q4/14.


A 5 year lease-back agreement (bare boat contract) is entered into between the new owner and a company within the Island Offshore Group.  

 


For further information, please contact:

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

Contract awards to Island Offshore

Island Offshore is pleased to announce the recent award of several new contracts for the fleet.

The total value of contracts awarded is approximately NOK 380 mill. Added charterer’s options the total is NOK 735 mill and includes both extensions and new awards for PSVs and SCVs.

 

 

3rd quarter financial report

Please find attached a copy of the third quarter financial report for Island Offshore Shipholding LP:

 

 

islandoffshore_q3_financialreport2014_final.pdf
Island Offshore has taken delivery of M/V Island Condor today
Island Offshore has taken delivery of M/V Island Condor today!
Island Offshore has taken delivery of M/V Island Condor today!


At 14.45 today Island Offshore took delivery of its 10th vessel of Rolls-Royce UT 776 CD design, built at Vard Brevik.

M/V Island Condor is a flexible offshore support vessel with good sea-keeping capabilities, excellent station keeping performance and low fuel consumption. It has a length of 97 metres, a breadth of 20 metres and it has accommodation for 50 persons.


M/V Island Condor is prepared for future instalment of a gangway system in order to take on walk-to-work duties within the wind farm industry as well as rig maintenance.  It is also constructed with a mezzanine deck for future ROV installation as well as special product tanks.

For more information please contact:


Håvard Ulstein Managing Director Island Offshore Management AS
Email: havard@islandoffshore.com  Phone: +47 99235039


Marianne Hovden Communications Manager Island Offshore Management AS
Email: marianneh@islandoffshore.com   Phone: +47 95143930

 

 

 

Island Offshore has ordered one new Offshore support vessel

Island Offshore confirms the order of one offshore support vessel to be built at Vard Brevik.

The vessel will be due for delivery in Q1 2016.


In addition to this latest contract Island Offshore has five vessels under construction at Vard.

SUCCESSFUL OPEN WATER COIL TUBING DRILLING
Island Performer has successfully started the revolutionary application of Coiled Tubing Drilling technology in Boknafjorden north of Stavanger.
Island Performer has successfully started the revolutionary application of Coiled Tubing Drilling technology in Boknafjorden north of Stavanger.

At the beginning of the year Island Offshore with their partner Baker Hughes entered a back-to-back agreement with VTT Maritime who had been awarded a contract for ground core sampling above – in what is to be – the world’s longest (25,5 km) and deepest (385m) subsea road tunnel, named Rogfast. Together with the end client Statens Vegvesen, (“Norwegian Public Roads Administration”), it was decided that Island Offshore’s new coiled tubing drilling method should be applied.

Subsequently, Island Offshore has successfully started the revolutionary application of Coiled Tubing Drilling technology in Boknafjorden north of Stavanger, Norway, utilizing a monohull vessel.


This system can construct high angles in the well over a very short distance (up to 15 degrees over 30 meter drilled hole). In order to avoid a full marine riser spread, a state of the art subsea injector has been developed by Island Offshore. A second injector is also installed onboard the vessel in order to keep the coiled tubing between the subsea injector and the vessel in tension.


The work is currently being undertaken by Island Performer, Island Offshore’s newest vessel. A total of approximately 440 meters of core samples will be taken from four individual locations in order to obtain detailed information about the geological conditions of the tunnel route, with water depths ranging from 200 to 300 meters.


It is the first time an open coiled tubing system is used in a drilling operation offshore. New equipment and procedures have been developed in order to introduce a reliable and functional system.


New technology paves the way
Having completed one and recently started on well number two of the four wells contracted, Island Offshore and the end client Statens Vegvesen, register that this drilling method successfully paves the way for a unique and efficient core sampling method: “Statens Vegvesen is delighted to see the way an experienced oil & gas contractor such as Island Offshore has utilized and safely operated this advanced technology in a new application, providing a first class service while sampling cores of decisive value to us and our world record Rogfast project.” Tor Geir Espedal, Area Manager – Rogaland, Statens Vegvesen.


“This project provides Island Offshore a unique opportunity to qualify and test new technology and equipment that can contribute to a significant development of the Light Well Intervention services currently performed by Island Offshore. In addition, we see a number of other applications of this technology – such as pumping/acidizing, Plug & Abandonement and advanced core sampling. We will now offer this technological “breakthrough” to the market with a best practice reference to showcase,” says Robert Friedberg, Managing Director Island Offshore Subsea AS.


For more information please contact:


Robert Friedberg, Managing Director Island Offshore Subsea AS (+47 951 68505) robert@islandoffshore.com


or

Per Buset, Department Manager – New areas (+ 47 918 39289) per@islandoffshore.com

second quarter financial report 2014

Please find attached a copy of the second quarter financial report for Island Offshore Shipholding LP:

islandoffshore_q2_financialreport_final.pdf
M/V Island Pride delivered to Island Offshore
M/V Island Pride delivered today!
M/V Island Pride delivered today!

Island Offshore has taken delivery of the subsea construction vessel M/V Island Pride from the Vard Brevik yard today. M/V Island Pride was christened during a naming ceremony in Brevik in March, and will enter into a five month contract for Maersk Oil this coming weekend as a walk-to-work vessel.

The vessel is designed as a multifunctional subsea/ROV service/ offshore supply vessel for worldwide operations and transport of general cargo for the offshore industry.

NEWS RELEASE - ISLAND OFFSHORE COMPLETES TAP ISSUE

Island Offshore Shipholding L.P. has successfully completed a tap issue of NOK 200 million in IOSH01 PRO (ISIN: NO 001067386.6).

Arctic Securities, Carnegie and DNB Markets acted as Joint Lead Managers for the transaction.

 
For further information, please contact:

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

news_release_28th_march_2014.pdf
several new contracts FOR ISLAND OFFSHORE
We are very pleased to have secured these new contracts, all with strategically important customers.
We are very pleased to have secured these new contracts, all with strategically important customers.

In the last four months Island Offshore has secured new contracts, as well as extensions of existing contracts, worth close to 1 billion NOK.

“We are very pleased to have secured these new contracts, all with strategically important customers. We have an attractive fleet to offer the market and during 2014 we will take delivery of five new buildings in total. Three of these are already under contract”, says chartering manager Hallgeir Linge Reitan.


Island Pride (UT 737 CD) has been awarded a five month contract with Maersk Oil. Island Pride is still under commissioning and is due for delivery in the end of March from the VARD Brevik yard. Maersk Oil is a new customer to Island Offshore and the vessel will be performing walk-to-work duties.


Island Crown (UT 776 CD) has entered into a walk-to work contract with Trianel Windkraft Borkum Gmbh & Co. KG, with a duration of two months. Prior to winning this contract Island Crown went through an extensive offshore test programme with great success.


“Securing this contract after the test period in the end of 2013 is of high value to us. This shows that Trianel has faith in the vessel and in us as a service supplier, and we see it as a door opener into a market where we want to be, namely the renewable energy market”, says Linge Reitan.


Furthermore Stimwell has extended their contract with Island Patriot (P105) for two more years. Island Patriot was rebuilt in 2010 to be able to perform well stimulation work, and has been in service for Stimwell ever since.


The new building Island Dragon (UT 717 CD), due for delivery in June this year, has been awarded a contract with Lundin Norway for operation in the Edvard Grieg field, more specifically 12 wells in total. Lundin Norway has also got Island Offshore’s rig Island Innovator on contract, as well as the two gas powered platform supply vessels Island Contender (UT 776 CDG) and Island Crusader (UT 776 CDG) to support the rig.


Island Dragon’s sister vessels are heading for warmer climate with contracts for Kosmos Energy and Anadarko. Island Duke (UT 717 CD) has just started a 90 days job in Morocco for Kosmos Energy. Later this spring Island Duchess and Island Dawn will move southwards as well. These contracts are expected to occupy the vessels for about 200 days, with possibilities for further extensions.


“The Rolls-Royce UT 717 CD design has been very well received in the market and all four vessels in the series have secured work. Having three vessels now heading for the African coast is a milestone for us, as we mainly operate in the North Sea, says Linge Reitan.

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


 

4th quarter financial report

Please find attached a copy of the fourth quarter financial report for Island Offshore Shipholding LP:

island_offshore_67209_v1_quarterly_financial_.pdf

island offshore Investor presentation

Please find attached a copy of the investor presentation held today

 

 

investor_presentation_island_offshore__februa.pdf
Contract extension for Island Commander
Island Commander has been awarded a one year contract extension with ConocoPhillips.
Island Commander has been awarded a one year contract extension with ConocoPhillips.

Island Offshore is pleased to announce that Island Commander has been awarded a contract extension from ConocoPhillips for a period of one year. This means that the vessel will be on a firm contract until June 2015, with further options until 2018.

Island Commander was delivered from Vard Brevik in 2009 and went directly on contract with ConocoPhillips. In 2010 the vessel was converted to a well stimulation vessel, as the first well stimulation vessel with clean design. After this the well stimulation segment has become one of Island Offshores’ focus areas, and the company has today four vessels in this segment.

Island Offshore is very pleased with the contract extension and look forward to continue the great cooperation with ConocoPhillips.

 

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

 

23.05.14 Island Offshore has ordered deep water installation vessel
Our newly ordered deep water installation vessel: Island Victory!
Our newly ordered deep water installation vessel: Island Victory!

Island Offshore has signed a contract with the Vard Brevik yard for the construction of a large installation vessel designed by Rolls-Royce. This will be a multipurpose vessel with a wide range of applications.

The new vessel will be named Island Victory and will be equipped with a 250 tons offshore crane, two ROV’s and a large moon pool, enabling it to perform deep water subsea installation work. With a bollard pull in excess of 400 tons the vessel can also be used for heavy anchor handling duties.


A breadth of about 25 metres and a length of about 123 metres gives Island Victory a deck capacity of 1100 square metres. Thus the vessel will be able to load whole anchor sets on deck which will make it ideal for pre laying anchors.  


With room for a crew of 110 persons the vessel is also suitable for accommodation services offshore.


Planned delivery of the vessel is June 2016.


In addition to this latest contract Island Offshore recently ordered two offshore supply vessels of Rolls-Royce UT 717 CDX design which are to be completed by Vard Brevik in Q3 and Q4 2015.

30.05.2014 q1 2014 financial report

Please find attached the financial report for the 1st quarter of 2014.

 

For more information, please contact:

Chief Financial Officer Henning Sundet: hsundet@borgstein.no

Tel: +47 913 65 735

 

quarterly_financial_report_iosh_q1_2014.pdf
19.06.14 Island Offshore has taken delivery of Island Dragon today
Island Dragon- The fourth PSV delivered to Island Offshore in less than a year!
Island Dragon- The fourth PSV delivered to Island Offshore in less than a year!

Island Offshore has taken delivery of Island Dragon today.This is the fourth Platform Supply Vessel in under a year, delivered to Island Offshore from the Vard Brevik yard.

The vessel is a UT 717 CD, designed by Rolls-Royce and equipped for firefighting and Standby Rescue. The overall length is 84.65 metres, with a breadth of 17 metres and a deck area of 800m2.


The vessel has been awarded a contract with Lundin Norway for operation in the Edvard Grieg field, more specifically 12 wells in total, starting this autumn.

For more information please contact:


Håvard Ulstein Managing Director Island Offshore Management AS
Email: havard@islandoffshore.com +47 99235039

Marianne Hovden Communications Manager Island Offshore Management AS
Email: marianneh@islandoffshore.com +47 95143930

27.01.2014 Island Offshore orders high end offshore service vessel
Island Navigator- to be delivered in 2017
Island Navigator- to be delivered in 2017

Island Offshore announced today that it has signed a contract with Kawasaki Heavy Industries in Japan for the construction of a large offshore vessel to be built according to Mobile Offshore Unit (“MOU”) regulations.

The vessel is of Rolls-Royce UT 777 design, developed in close cooperation with Island Offshore. Emphasis has been placed on designing and outfitting the vessel for optimal subsea operations, such as Tophole Drilling, Light Well Intervention, Subsea Construction and Inspection, Maintenance and Repair work. The vessel is due for delivery in 2017.

For more information please contact:

Håvard Ulstein Managing Director Island Offshore Management AS

Email: havard@islandoffshore.com +47 99235039

Marianne Hovden Communications Manager Island Offshore Management AS

Email: marianneh@islandoffshore.com +47 95143930

21.01.2014 M/V ISLAND DAWN DELIVERED TO ISLAND OFFSHORE TODAY
M/V Island Dawn delivered from Vard Brevik today.
M/V Island Dawn delivered from Vard Brevik today.

Island Offshore has taken delivery of M/V Island Dawn from the Vard Brevik shipyard in Norway. This is the third platform supply vessel in a series of four Rolls-Royce UT 717 CD designs, delivered from Vard Brevik.

Managing Director of Island Offshore, Håvard Ulstein said: “It is always a pleasure to welcome another vessel to our fleet, and with this being the third in a row we know that we receive quality. We look forward to further strengthen our fleet as we complete the series later this year.”

As her sister vessels, M/V Island Dawn has an overall length of 84.45 metres and a breadth of 17 metres with a dead weight of 3.800 tonnes and a deck capacity of 800m2. M/V Island Dawn will be transporting pipes and general deck load, liquid cargo as well as cement and barite to drilling rigs in the North Sea.  She is also equipped for duties as standby/rescue vessel.

M/V Island Dawn was christened during a ceremony at the yard in November 2013, with Mimmi Ulstein as a godmother.

The Island Offshore group comprises 25 vessels in operation including the vessel segments PSV, AHTS, Well stimulation, Subsea Construction and Light Well Intervention. The new building program includes an additional five vessels to be added to the fleet in 2014 and 2015. 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 contact:

Håvard Ulstein Managing Director Island Offshore Management AS

Email: havard@islandoffshore.com +47 99235039

Marianne Hovden Communications Manager Island Offshore Management AS

Email: marianneh@islandoffshore.com +47 95143930

30.06.2014 Island Endeavour – Contract extension

We are pleased to announce that Peterson Den Helder B.V has declared another year with Island Endeavour making her firm until end of August 2015.

The Island Endeavour has successfully performed pool support duties for the SNS Pool under the contract with Peterson Den Helder B. V since 2008.

“We would like to thank Peterson for this extension and look forward to work with Peterson for another year,” says Chartering Manager in Island Offshore, Hallgeir L. Reitan.

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




10.07.14 annual financial report 2013
island_offshore_logo.png

The 2013 Annual Report for Island Offshore Shipholding LP is available on NewsWeb, www.newsweb.no.

 

Link to announcement (message id 357115): here

 

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