Iceland Likely to Order More PSV's

Iceland, which issued its first offshore oil and gas exploration licenses this year, seeks to become a hub for subsea explorers from Greenland to Jan Mayen.

Foreign Minister Ossur Skarphedinsson announced that Icelandic companies will probably follow oil-service provider Fafnir Offshore’s 7.3 billion kronur ($59 million) purchase of the country’s first platform supply vessel (PSV) from Norway’s Havyard Group reports Bloomberg.

Iceland will seek to become an oil-service hub for exploration in its northern waters, off Norway’s Arctic Jan Mayen island and offshore Greenland, as the island recovers from the 2008 banking meltdown that led to its worst recession in six decades.

Source: Bloomberg