Island Offshore Group News

TechnipFMC said it has signed an agreement with the Island Offshore group to acquire a 51 percent stake in Island Offshore’s wholly owned subsidiary, Island Offshore Subsea AS. Island Offshore Subsea AS provides Riserless Light Well Intervention (RLWI) project management and engineering services for plug and abandonment (P&A), riserless coiled tubing and well completion operations. Island Offshore Subsea AS employs approximately 80 staff. Island Offshore Subsea AS has developed proprietary designs related to subsea P&A and riserless coiled tubing.

Kawasaki Heavy Industries (KHI) has decided to terminate, by agreement with Island Navigator In KS, its shipbuilding contract for the top hole drilling/light well intervention vessel, Island Navigator. The yard state that is has been facing difficulties in its engineering process as well as with increases of material costs since the contract was signed. Combined with a common understanding that the environment surrounding the offshore development industry is, and will be, severe and unpredictable in the period of the Vessel’s remaining construction, and the ongoing financial restructuring of the Island Offshore Group, KHI and Island Offshore reached a mutual agreement to terminate the shipbuilding contract for the Vessel. “The Island Navigator would have been a fantastic vessel.

Ongoing uncertainty in the global offshore energy sector has claimed another casualty, as Kawasaki Heavy Industries announced that it has terminated -- in agreement with Island Navigator I KS -- the shipbuilding contract for the top hole drilling/light well intervention vessel, Island Navigator. A number of factors were cited in the decision to cease the construction, including difficulties in the engineering process and increased material costs since the signing of the contract…

Kawasaki Heavy Industries, Ltd. (KHI) announced today that the company has decided to terminate, by agreement with Island Navigator I KS, its shipbuilding contract for the top hole drilling/light well intervention vessel, Island Navigator. The yard state that is has been facing difficulties in its engineering process as well as with increases of material costs since the contract was signed. Combined with a common understanding that the environment surrounding the offshore development industry is, and will be, severe and unpredictable in the period of the Vessel’s remaining construction, and the ongoing financial restructuring of the Island Offshore Group, KHI and Island Offshore reached a mutual agreement to terminate the shipbuilding contract for the Vessel.

Offshore service vessel owner Island Offshore Shipholding said on Tuesday that it had initiated discussions with its finance providers to address the group's long term financing. Has decided with effect from Nov.

Global designer and shipbuilder of offshore and specialized vessels, Vard Holdings Limited, announced it has secured a new contract with Island Offshore for the construction of one offshore support vessel (OSV). The vessel is scheduled for delivery from Vard Brevik in Norway in 1Q 2016. The hull of the vessel will be delivered from Vard Braila in Romania. In addition to this latest contract, the Island Offshore Group, which provides services to the offshore industry through a fleet of 27 vessels currently operating in Brazil, West Africa and in the North Sea, already has five vessels under construction presently at Vard.

Vard Holdings Limited, a global designer and shipbuilder of offshore and specialized vessels, has secured a contract with Island Offshore for the construction of one Rolls-Royce designed offshore support vessel (OSV). Vard reports the value of the contract exceeds NOK 1 billion. Delivery is scheduled from Vard Brevik in Norway in 2Q 2016. The hull of the vessel will be delivered from Vard Tulcea in Romania. VARD has already delivered more than 30 vessels to Island Offshore, in addition to five vessels currently under construction.

Island Offshore took delivery of M/V Island Duchess from the Vard Brevik yard in Norway. This is the second vessel in a series of four platform supply vessels of Rolls-Royce UT 717 CD design to be delivered from Vard Brevik in 2013 and 2014. M/V Island Duchess was christened together with her sister vessel M/V Island Duke during a naming ceremony earlier this summer, and is heading for the spot market as soon as she leaves the yard. The vessel has an overall length of 84.45 meters and a breadth of 17 meters with a deadweight of 3,800 metric tons and a deck capacity of 800m2.

Vard contracted by Island Offshore for the construction of an advanced offshore support vessel (OSV) of Rolls-Royce design. The value of the contract amounts to approximately NOK 400 million and delivery is scheduled from Vard Brevik in Norway in Q3-2014. The hull of the vessel will be delivered from Vard Braila's shipyard in Romania. The Island Offshore Group is a leading provider of services to the offshore industry managing a fleet of 23 high quality vessels with an average age of less than four years, currently operating in Brazil, Mexico, USA and in the North Sea.

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. until April 2005. as the contract between Island Offshore IX KS and Ulstein Verft was signed. P105 design series, with the option for a second one. Bakkely and the Ulstein Loen family. Mekaniske Verksted Holding ASA. has operated one vessel. operating the new vessel from Ulstein Verft. exciting and important new partner for the shipyard. "The Island Offshore Group has local roots and has now chosen to invest locally. name.

Aker Yards, via its wholly owned subsidiary, Aker Brevik, has entered into a contract with Island Offshore VIII KS in Ulsteinvik, Norway, to deliver a UT 755LN platform supply vessel. The value of the contract is approximately NOK 130 million. This is the fourteenth contract between the shipowner, Island Offshore Group in Ulsteinvik and Aker Yards and the third for delivery in 2005 between Aker Brevik AS and the Island Offshore Group. The hull for the PSV will be built at Vyborg Shipyard in Russia, and will arrive in Brevik in August this year. Delivery of the vessel is scheduled for medio December 2005. The platform supply vessel for Island Offshore is designated newbuilding number 41 at Brevik Construction AS.

Aker Yards has signed a contract with Sneingen AS, a company within the Island Offshore Group in Ulsteinvik, Norway, to deliver two UT 755 LN platform supply vessels. The value of the contract is approximately $51.3m. This is the 19th contract between the shipowner, Island Offshore in Ulsteinvik and Aker Yards. The hulls for the platform supply vessels will be built in Romania and the vessels will be outfitted in Brevik. Delivery is scheduled for primo May and primo July 2008.

Aker Yards has signed a contract with Island Offshore VIII KS, a company within the Island Offshore Group in Ulsteinvik, Norway, to deliver a UT 755 LN platform supply vessel. The value of the contract is approximately NOK 150 million. This is the 18th contract between the shipowner, Island Offshore in Ulsteinvik and Aker Yards. The hull for the platform supply vessel will be built in Romania and the vessel will be outfitted in Brevik. Delivery is scheduled for primo November 2007.

Aker Yards has signed a contract with Island Offshore VIII KS, a company within the Island Offshore Group in Ulsteinvik, Norway, to deliver a UT 755 LN platform supply vessel. The value of the contract is approximately NOK 150 million. This is the 18th contract between the shipowner, Island Offshore in Ulsteinvik and Aker Yards. The hull for the platform supply vessel will be built in Romania and the vessel will be outfitted in Brevik. Delivery is scheduled for primo November 2007.

Aker Yards has signed a contract with Island Offshore VIII KS, a company within the Island Offshore Group in Ulsteinvik, Norway, to deliver a UT 755 LN platform supply vessel. This is the 17th contract between the shipowner, Island Offshore in Ulsteinvik and Aker Yards. The hull for the platform supply vessel will be built in Romania and the vessel will be outfitted in Brevik. Delivery is scheduled for September 2007.

Aker Yards has signed a contract with Island Offshore VI K/S, a company within the Island Offshore Group in Ulsteinvik, Norway, to deliver a UT 776 E platform supply vessel. The value of the contract is NOK 235 million. This is the 16th contract between the shipowner, Island Offshore Group in Ulsteinvik and Aker Yards. The hull for the PSV will be built in Romania. Delivery of the vessel is scheduled for March 2007.