Island Offshore Orders PSV

Thursday, July 01, 2004
Ulstein Verft AS has signed a contract with Island Offshore IX KS regarding the construction of an ULSTEIN P105 platform supply vessel, with an option for a further vessel of the same type. The vessel in order is worth around NOK 200 million. The work can start immediately and will guarantee the shipyard work until April 2005.

At an internal meeting in Ulsteinvik the Ulstein Group's employees watched as the contract between Island Offshore IX KS and Ulstein Verft was signed. The contract involves the construction of a platform supply vessel in the ULSTEIN P105 design series, with the option for a second one.

Island Offshore IX KS is owned by the vessel investment company Island Offshore Shipholding L.P., together with the investment companies Naustneset, Dalseth, Bakkely and the Ulstein Loen family. All are also shareholders in Ulstein Mekaniske Verksted Holding ASA. Earlier this year, Island Offshore Shipholding established an operating company, Island Offshore Management AS, which until now has operated one vessel. The company will also take over responsibility for operating the new vessel from Ulstein Verft. The Island Offshore group is an exciting and important new partner for the shipyard.

"The Island Offshore Group has local roots and has now chosen to invest locally. Similarly the new vessel will be named "Island Patriot", an almost symbolic name. This is very important for employment and will greatly contribute to wealth creation, both locally and in the region," says the managing director of Ulstein Verft, Tore Ulstein. Tore Ulstein is also the managing director of the vessel design company, Ulstein Design AS:

"Island Patriot will be the fourth vessel realized in the ULSTEIN P series (platform supply vessels) and the ninth of our own design since the establishment of Ulstein Design in 2000. The fact that we have managed to gain a foothold in vessel design in such a short time shows that we are competitive. We are receiving positive feedback from the shipowners that have vessels of our design in operation," says Ulstein.

ULSTEIN P105

The ULSTEIN P105 is a large, flexible platform for supply operations. The design has a large load capacity and can carry almost 5,000 tons of cargo, 2,840 tons of this as deck cargo. It has a diesel electric propulsion system, low fuel consumption and noise levels, and good seakeeping abilities. The vessel is 86.2 meters long and 19 meters wide. "An ULSTEIN P105 is a high quality platform supply vessel, designed to meet most of the requirements made of a modern supply vessel. The good below deck capacity means that it is well suited for gaining long-term contracts," confirms the managing director of Island Offshore Management, Håvard Ulstein.

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