Island Offshore has secured contracts for over half a billion NOK

Island Offshore has secured several contracts recently for over half a billion NOK spread over work over two years. The terms are at a market level, confirming better prospects for all ships. These latest contracts concern the AHTS and supply segments and will employ several vessels in the coming years. The order backlog now amounts to more than NOK 2.5 billion, and it is a goal that it should continue to increase.

The progress continues!

“The contracts give us better visibility and confirm the positive market image. In addition, the awards are significant for the employment in the company, and we are grateful that we have loyal and competent employees who deliver high-quality and safe work every day,” says a satisfied managing director, Tommy Walaunet, of Island Offshore Management AS.

“ After many difficult years, they deserve better predictability and stability. In addition, we are happy that the customers show us their trust. Congratulations to everyone,”

Island Offshore’s fleet now numbers 21 ships, which overall have had an excellent start to 2023. Fleet utilization has not been this high for several years, and there is little available capacity in 2023. 2024 has also started to fill up. In periods there are too few vessels available in the North Sea, and this sharpens the market:

“There are still seasonal fluctuations, but activity is rising, and the market is more balanced. Utilization so far in 2023 is even better than last year, and we hope this will continue.”

“It is also pleasing to see more work across segments and vessels, including the renewables market. We expect more work in this sector in the coming years for the existing ships. However, no ride is without worries or clouds in the sky. We must remain focused on delivering a safe operation and high quality regardless of external factors,” concludes Walaunet.