Island Offshore has recently secured new contracts, including the expansion of already existing contracts, with a worth of around 167 million US dollars. The company has announced they are to invest in several contracts regarding five vessels, three of which are already under an existing contract.
The company have been given a five month long contract regarding their Island Pride vessel, which is expected for delivery by the end of March. The contract will see Island Offshore collaborate with company Maersk Oil, a new customer to the shipping company, whose vessel is expected to perform walk-to-work duties, allowing staff to walk safely between the vessel itself and the platform.
Similarly to this, their Island Crown vessel has also signed up to a contract of the same nature with company Trianel Windkraft Borkum Gmbh and Co. KG. This particular contract is for a shorter period of two months; however the company have existing experience in dealing with them. Previous to the aforementioned contract, Island Offshore had initially invested in a vast offshore test which proved massively successful.
Further to this, company Stimwell has extended their current contract with Island Patriot for an additional two more years. The decision to extend was derived from the performance they have shown so far.
Expected for delivery in June, new build Island Dragon has entered into a contract with Lundin Norway. Lundin currently already have Island Offshore’s rig, Island Innovator, on contract, in addition to two gas powered platform supply vessels, known as Island Contender and Island Crusader. One of Island Dragon’s sister vessels, Island Duke has also recently undertaken a three month agreement within Morocco for company Kosmos Energy.
Island Offshore is expected to see even more vessels tie into contracts, taking their potential even further.