Island Offshore lays up another vessel?

Island Offshore, a Norway-based offshore shipowner, will lay up another platform supply vessel. At least it will, according to a Norwegian energy website, Offshore.no.

The news website has cited Island Offshore’s CEO Håvard Ulstein who reportedly said that the PSV market has developed negatively during the quarter and that the 93 meters long Island Commander PSV will be stacked.

“It is sad to see this wonderful vessel not get assignments,” he reportedly said. He said the company saw no other alternatives but to take the vessel out of service.

Offshore Energy Today has sent an e-mail to Island Offshore, seeking more info. We will update the article if we get a response.

Island Offshore has, not including the Island Commander, currently has six vessels laid up. There is probably no owner of offshore vessels in the North Sea market who hasn’t felt the impact of oil companies’ cuts in spending due to low oil prices. Olympic Shipping, for example, today said it stacked three vessels.

Low oil prices and market oversupply have led to lower dayrates for offshore vessels, even to below breakeven levels, and/or to lay-up of vessels, and cutting of crews. Furthermore, the owners are negotiating with shipyards to defer newbuild deliveries as they are struggling to find work for their existing fleets.

According to data found on Westshore.no, there are currently around one hundred offshore support vessels, both PSVs and anchor handlers, laid up in the North Sea sector – UK and Norway combined.

Offshore Energy Today Staff

Share this article

Follow Offshore Energy Today

Events>

<< Jul 2018 >>
MTWTFSS
25 26 27 28 29 30 1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 31 1 2 3 4 5

FPSO World Congress 2018

This year’s FPSO World Congress will tap on this green shoots of recovery and will focus on practical strategies to address key project…

read more >

ONS 2018

Offshore Northern Seas (ONS) provides a platform for the presentation of the political, economic and technological issues involving…

read more >

FPSO World Congress 2018

The Congress will continue its global focus and will feature the biggest and most important names in the FPSO industry…

read more >

SPE Asia Pacific Oil & Gas Conference and Exhibition 2018

As the energy industry adapts to a new status quo operating under sustained low oil prices, there continues to be a need for the industry…

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply