Axis Offshore puts off flotel delivery

Axis Offshore, a Singapore-based owner of accommodation units for the offshore oil and gas industry, has informed today it will postpone the delivery of the Axis Nova unit.

According to a statement by the company, the shipyard where the rig is being built, has agreed to postpone the delivery until July 15, 2016. In exchange, Axis Offshore will partially waive any accrued liquidated damages due to delay. The rig, originally scheduled for delivery in 1Q 2015, is being built by  Cosco Qidong yard in China. The construction of the rig is ongoing.

The new arrangement between the companies, also stipulates that upon completion of construction of the vessel, Axis Offshore is entitled to take delivery of the vessel at any time by giving 30 days prior notice. Furthermore, it also provides that if any cancellation rights arise due to delay, then Axis Offshore will not exercise them prior to June 30, 2016.

Offshore Energy Today has reached out to Axis Offshore’s CEO Jesper Kragh Andresen, seeking more info on the rationale behind the decision to delay the delivery. We will update the article should we get a response.

As for the Axis Nova, once completed it will have the 11.5 meter operational air-gap, dynamic positioning systems (DP3) as well as mooring to enable year-round operability in the North Sea. The Axis Nova is the first of two units of the same type ordered by Axis Offshore at Cosco yard. The second unit, the Axis Vega, is expected to be delivered at the end of 2015.

Neither Axis Offshore, nor Cosco said if the Axis Nova delay would have any impact on the delivery schedule of the Axis Vega.

In one of Axis Offshore’s previous statements, the company said the units were targeted for the strong demand for modern flotels to operate in the harsh environment of the North Sea, especially in the Norwegian and UK sector with emphasis on high safety standards and comfortable solutions for offshore accommodation for up to 500 crew and guests.

Offshore Energy Today Staff

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