Viking Supply Ships News

Since our last market update in the subsea space about a year ago both our current market view and forecasts have strengthened significantly.While the demand picture is looking solid and arguing for a strong multi-year upcycle, the supply side has also started to wake from its slumber albeit ever so slightly at the time of writing. Moreover, we register an interesting dynamic on the shipowner side, where everyone is trying to position themselves for the impeding market boom.Please note that vessel definitions and abbreviations in this part of our industry can vary…

Swedish offshore vessel owner Viking Supply Ships has taken delivery of the Andreas Viking AHTS, previously known as the Far Senator.In March 2023, Viking Supply Ships said it would take two Ocean Yield-owned AHTS vessels, Far Senator and Normand Statesman, on bareboat charters for a period of five years, with purchase options during the charter period, and an obligation to purchase the vessels at the end of the charter period if requested by Ocean Yield AS. The company, that owns and operates a fleet of offshore supply and icebreaking vessels…

Offshore anchor handling company Viking Supply Ships announced it has signed a contract for Far Senator (to be named Andreas Viking) for operations offshore Australia.With operations performed by Go Offshore, the vessel will be operated under a time-charter with an unspecified international oil company.The contract length for the fixed period is 412 days, with commencement during first quarter of 2024.

Norwegian offshore vessel owner Solstad Offshore has sold the anchor-handling tug supply vessel Far Sabre for an undisclosed fee.The 2008-built vessel has been in layup since 2019. Delivery of the vessel to the new owner took place on Tuesday. Solstad did not say who the buyer was."The sale of the vessel will result in a minor positive accounting effect to be reflected in 1Q 2023," Solstad Offshore said.Earlier on Tuesday, Solstad said it would redeliver two anchor handlers to owner Ocean Yield upon the expiration of their current contracts.

Anchor handling specialist Viking Supply Ships will take two Ocean Yield-owned AHTS vessels, Far Senator and Normand Statesman, on bareboat charters for a period of five years. The vessels have since October 2020 been on a charter with Normand Chartering, a subsidiary of the Norwegian offshore vessel firm Solstad Offshore ASA. Solstad said it would redeliver the vessels to Ocean Yield at the end of their current commitments. Viking Supply Ships said in a separate statement that it would…

Swedish offshore vessel operator Viking Supply Ships has informed that a previously announced contract in Russia for four of its anchor handling tug supply (AHTS) vessels has now been canceled.Viking Supply Ships had early on February 8 said it had secured a multi-season contract worth 18.5 million euros for its four ice-classed anchor handling tug supply (AHTS) vessels, but it at the time didn't share details on the client or the project location.Following Russia's invasion of Ukraine…

Swedish offshore vessel operator Viking Supply Ships said Friday its contract for four anchor handling tug supply (AHTS) vessels announced earlier this month could be postponed or canceled due to the Russian invasion in Ukraine. Viking Supply Ships had earlier this month said it had secured a multi-season contract for its four ice-classed anchor handling tug supply (AHTS) vessels, without sharing details on who the client was.On Friday Viking Supply Ships said: "Due to the Russian attack on Ukraine the EU and several other countries have imposed several new sanctions on Russia, and Viking would like to give further details of the contractual status.

Swedish company Viking Supply Ships said Thursday that its Chief Financial Officer Morten G. Aggvin would step down.He has informed the offshore vessel operator that he will resign from his position to pursue challenges outside Viking Supply Ships."He will remain in the position until March 1, 2022. The company has initiated a recruitment process to identify Mr. Aggvin’s successor," Viking Supply Ships said.Morten G. Aggvin has been employed in Viking Supply Ships A/S since 2012. He has previous experience from several positions within finance and analysis, and holds a Siviløkonom degree from the University of Agder.Viking Supply Ships specializes in the provision of offshore support and ice-breaking services, with activities primarily in Arctic and subarctic areas.

Offshore vessel operator Viking Supply Ships said Tuesday it had secured a seasonal contract with "a major construction company" for its four anchor handling tug supply (AHTS) vessels of 1A and 1A Super ice classes. "The vessels will assist in a major industrial project in a harsh environment region in the summer of 2022 and 2023, with an option to extend operation for 2024," the company said, without sharing details on the location of the project.The contract covers 240 fixed days and up to 660 optional days. The estimated contract value for the fixed days, including mobilization and demobilization fees, is 18.5 million euros.Viking Supply Ships owns four AHTS vessels.

Viking Supply Ships, a Swedish offshore vessel operator, said on Friday that activity in the offshore support vessel market remained sluggish in the first quarter of the year due to lower investment levels in the offshore oil and gas industry, as well as seasonally low demand. The company, however, expects higher activity and somewhat higher rates and utilization during the summer season, as well as to benefit from the recent addition of two dual-fuel platform supply vessels to its fleet."The first quarter of the year is usually impacted by seasonal low activity in the North Sea…

Swedish-based Viking Supply Ships (VSS) in partnership with funds managed by Borealis Maritime, has entered into a contract to purchase two platform supply vessels (PSV) currently under construction. In addition to the partial ownership, VSS has been awarded full operational and commercial management of the vessels, the company said.VSS did not reveal specific transaction details, but said the pair has been acquired at a significant discount compared to original contract price…

The North Sea spot market has improved during the second quarter of 2019, as a result of increased rig activity, said Viking Supply Ships.However, the Norway-based supply shipping company expects that the overall market conditions will likely remain somewhat challenging.According to Trond Myklebust, CEO and President of Viking Supply Ships, the rig activity in the North Sea is expected to see a modest increase during Q3, before softening slightly during the winter season.The long-term trend within the offshore market is however positive, with a gradual recovery of the rig activity in the region. It is therefore expected that also the OSV segment will gradually improve.The North Sea market has seen increased activity levels during the second quarter.

Swedish OSV owner Viking Supply Ships (VSS) has signed a final agreement to complete the restructuring of its finances as credit committees of all its senior lenders have approved the completed programme. According to the agreed and approved restructuring, VSS loan facilities will carry significant less cash interest and instalments until maturity on 31 March 2020. Limited cash interest and instalments will be paid until Q4 2018. Financial covenants on the loan facilities are amended to provide Viking Supply Ships A/S with ample room to operate under the present challenging market conditions. Cash at hand exceeding a certain level will through a cash sweep mechanism be distributed as repayment of the bank facilities.

As previously communicated, The Board of Directors of Viking Supply Ships AB in December 2016 appointed Mr. Trond Myklebust as Chief Executive Officer (CEO). Mr. Myklebust has now taken on the responsibilities as CEO of Viking Supply Ships AB, as well as the subsidiary Viking Supply Ships A/S. As intended, Mr. Bengt A. Rem has been reinstated as Chairman of the Board of Viking Supply Ships AB. Mr. Folke Patriksson has returned to his previous position as Deputy Chairman.

To further explore opportunities and strengthen its footprint in Russia, Viking Supply Ships (VSS) has entered into a strategic cooperation with Sevnor Ltd, a shipping and offshore company with extensive presence in the Russian offshore market.    VSS said it considers Russia to be a core region for its service offerings, and of significant importance for the company in the future. Russia holds significant oil and gas resources in its Arctic and Subarctic regions and has shown determination to pursue these in the years to come.   As a consequence, VSS has decided to close down its own offices in Moscow and Sakhalin, as future operations will be run in cooperation between the company and Sevnor Ltd.

The Board of Directors of Viking Supply Ships AB has appointed Trond Myklebust as Chief Executive Officer (CEO). Myklebust will also act as CEO in Viking Supply Ships A/S, and will take over the responsibilities as CEO in both companies ultimo January. Myklebust is currently employed as CEO of Fjord Shipping AS. A Master Mariner from Aalesund University College, he has extensive experience from the Offshore industry, most notably from his position as Managing Director of Bourbon Norway and ship broker and General Manager within Seabrokers. He has also been Managing Director of Kongsberg Evotec and has a long career as Chief Officer and Master within the Norwegian Coastguard and Remøy/Havila. With effect as of the same date, Bengt A.

A group of industry stakeholders have signed a Memorandum of Understanding (MoU) for academic exchange and cooperation within the framework of the Kalmar Ice Academy, with a focus on collaboratively helping the offshore and shipping industries to increase operational safety and efficiency while reducing environmental impact, through furthering understanding of maritime operations in ice. The parties, which included Kongsberg Digital, Viking Supply Ships, the Swedish Maritime Administration and the Kalmar Maritime Academy at the Faculty of Technology…

Viking Supply Ships A/S (VSS) has received an early termination notice of the contract for the Ice-class 1A AHTS “Njord Viking”. The vessel has been working for Eni Norge in the Barents Sea and has also been part of the extended towing-preparedness in the area on behalf of the Norwegian Coastal Administration. The vessel was according to the contract with Eni Norge firm until the end of 2016, with optional periods of 2 x 6 months thereafter. According to the contract VSS will be entitled to a termination fee of approximately USD 13.300/day for the remainder of the firm period. The termination represents a loss of income during the remaining firm period of the contract of MUSD 3.3 in 2016.

AHTS Magne Viking, owned by Viking Supply Ships, is in compliance with the new IMO Polar Code, confirms DNV GL and the Danish Maritime Authority following a successful survey. “Having followed the development of the Polar Code for some years, it is a great achievement to finally survey the first vessel to comply with the Code,” said Morten Mejlænder-Larsen, responsible for Arctic and Polar activities at DNV GL - Maritime. Viking Supply Ships possesses long experience from Arctic operations in low temperatures and ice covered waters…

Due to a continued weak PSV market, Viking Supply Ships A/S has decided to lay up the PSV vessels Sol Viking and Freyja Viking with immediate effect. The decision will reduce the company’s operational costs going forward and will give a positive impact on the results from second quarter 2016.

Viking Supply Ships A/S has extended the contract with Eni Norge for the Ice-classed AHTS “Njord Viking”. The vessel is now firm with Eni Norge till 31st December 2016. Further, the charterer has the option to extend the charter period with 2 x 6 months. The initial firm period lasted till 29th July 2015. Njord Viking is supporting the Goliat project in the Norwegian Barents Sea, where production is scheduled to commence later this year. Viking Supply Ships has had a good relationship with Eni Norge over several years and the company is pleased to extend the contract with what we consider to be a key client. In exchange for a longer firm period than originally agreed, the rate has been reduced. The total value of the extended firm period of the contract is about NOK 150 million.

Viking Supply Ships AB has today appointed Ulrik Hegelund as Chief Financial Officer (CFO). Mr. Hegelund will also act as CFO in Viking Supply Ships A/S, and will take over the responsibilities as CFO in both companies as of 1st September. Mr. Hegelund has been employed in Viking Supply Ships A/S as Accounting & Controlling Director since 2012. He has previously long experience from several management positions within finance, and holds a Masters Degree in Accounting and Controlling from Århus International School of Business. The interim CFO, Niels J. Kindberg, will remain available for the company during a transitional period.

Due to a continued weak PSV market, Viking Supply Ships A/S has decided to lay up the PSV vessels Idun Viking, Frigg Viking and Nanna Viking. The vessels’ crew is provided by an external ship manager and the decision will consequently not have any impact for crew employed in Viking Supply Ships A/S. Viking Supply Ships A/S will support the ship manager in finding alternative vessels for the crew members on the three vessels. The decision will reduce the company’s operational costs going forward and will give a positive impact on the results from fourth quarter 2015, with full effect expected from first quarter 2016.