Statoil secures third intervention vessel

Statoil has contracted Island Offshore to deploy a new light well intervention (LWI) vessel on fields offshore Norway.

Offshore staff

STAVANGER, Norway -- Statoil has contracted Island Offshore to deploy a new light well intervention (LWI) vessel on fields offshore Norway.

The Island Constructor is designed to operate in water depths of up to 600 m (1,968 ft), and should start operations for Statoil in November. The duration of the framework agreement is three years, with extendable by a further year. A first call-off of 168 days is valued at around $60 million, all services included.

Statoil currently has two similar LWI vessels operating year round on its Norwegian fields. “Compared with conventional drilling units these LWI vessels reduce the cost of well interventions by 50-70%,” said Statoil Senior VP of Drilling and Wells Øystein Arvid Håland.

04/27/2011

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