Island Offshore delays newbuild deliveries, orders another vessel

March 11, 2015

Offshore staff

ULSTEINVIK, Norway –Island Offshore has agreed with Vard Brevik to delay delivery of all newbuild vessels for an average of six months, except for Island Clipper. The platform supply vessel will be delivered in April 2015.

Island Offshore has four vessel on order at Vard yard, three platform supply vessels and one well intervention vessel, not counting the Island Clipper.

The company has explained that the deal will help mitigate the negative implications of a weaker market and will improve the short-term cash flow.

Furthermore,Island Offshore has said it has signed a shipbuilding contract with Kawasaki Heavy Industries for delivery of the top-hole drilling vessel Island Navigatorin March 2017. The contract is subject to firm financing.