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

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