HOME MEDIA LOG IN CONTACT US HOME|MEDIA|LOG IN|SEARCH OUR COMPANY FLEET SERVICES QHSE PEOPLE CHARTERING INVESTOR RELATIONS MEDIA Latest news News archive Logo Design manual NEWS Q2 FINANCIAL REPORT ISLAND OFFSHORE SHIPHOLDING LP The Q2 financial report for Island Offshore Shipholding LP is now available. For more information, please contact: Mr. Henning Sundet, Chief Financial Officer: hsundet@borgstein.no, +47 913 65 735 31.08.15 SUBJECTS LIFTED FOR ISLAND NAVIGATOR CONTRACT Island Offshore has today lifted the remaining subjects in the shipbuilding contract with Kawasaki Heavy Industries for delivery of the Island Navigator. The vessel is a combined well intervention- and tophole drilling vessel with equipment and capacity to perform a series of complicated subsea- and well operations.“This is yet another milestone for Island Offshore. We have worked on the design of this vessel for three years; a project that benefit from our experience and competence within well intervention operations through the last nine years,” says Managing Director of Island Offshore Management AS Håvard Ulstein. Island Navigator will be 169 metres long, with significant operational regularity due to the specific design of the vessel. The helicopter deck is moved towards the middle of the vessel to secure optimal landing conditions in rough weather, in such a way that crew changes are performed as planned and the operation is continued. Island Navigator will also be equipped with a built-in handling tower which secures a safe working environment during operations in harsh conditions. In addition the vessels holds the highest dynamic positioning class, ice class (ICE-1B) as well as the highest possible comfort class. “This vessel will be a significant contribution to our service range and to Island Offshore as a company. We have great confidence in this project,” says Ulstein. Island Navigator is designed by Rolls-Royce and is of design type UT 777. It will be built according to Mobile Offshore Unit regulations and is per definition a mobile installation. The vessel is fully financed through Japanese finance institutions, with expected delivery in 2018/2019. For more information please contact Island Offshore Management AS: Tommy Walaunet, Deputy Managing Director Email: tommy@islandoffshore.com +47 70400022 Marianne Hovden, Communications Manager Email: marianneh@islandoffshore.com +47 70400060 30.06.15 REDUCED WORKING HOURS FOR LAND BASED EMPLOYEES IN ISLAND OFFSHORE As a contribution to reducing costs, Island Offshore is introducing reduced working hours for all office employees in Ulsteinvik, with effect from 1st of August 2015. This is done to mitigate the implications of the weak offshore market, lay up of vessels as well as postponed new building deliveries. Island Offshore has chosen a collective solution to avoid lay- offs and dismissals. “It is important to us to stand together in this. This way we also retain the significant competence we have built up over time. We know that we are asking for a lot of our employees, hence it is very nice to see that everyone support this solution,” says Håvard Ulstein, managing director of Island Offshore Management AS. The working hours will be reduced with 10%, and the arrangement will be continuously assessed in light of the market situation. Arbeidstidsreduksjon for dei landtilsette i Island Offshore Som eit ledd i å få ned kostnadane for reiarlaget, innfører Island Offshore redusert arbeidstid for alle kontortilsette i Ulsteinvik med virkning frå 01. august 2015. Bakgrunnen for reduksjonen er den svake marknadssituasjonen, opplag av fartøy samt utsatt byggeprogram. Reiarlaget har valt ei kollektiv løysing for å unngå permitteringar og oppseiingar av tilsette. Det er viktig for oss å stå samla i dette, og det er også ein måte å halde på den gode kompetansen vi har bygd opp over tid. Vi veit at vi krev mykje av dei tilsette, difor er det ekstra godt å sjå at alle stiller seg bak denne kollektive løysinga, seier Håvard Ulstein, administrerande direktør i Island Offshore Management AS. Arbeidstida vil verte redusert med 10%, og ordninga vert fortløpande vurdert i forhold til marknadssituasjonen. For more information please contact Island Offshore Management: Håvard Ulstein, Managing Director Tel. (47) 70 00 86 21/ 99235039 E-mail: havard@islandoffshore.com 19.06.15 EXTENDED CHARTER PERIOD FOR ISLAND ENDEAVOUR AND ISLAND EARL The two offshore supply vessels Island Endeavour and Island Earl have been awarded contract extensions with their existing charterer.Based in Den Helder in the Netherlands, the two vessels have been on time charter to Peterson supporting the SNS Pool in the southern sector respectively since August 2008 and January 2009. The extensions cover a firm charter period throughout January 2017 for both vessels. “This contract extension is important to Island Offshore in such challenging times. We are very pleased to see that our vessels are preferred, and we look forward to future co-operations with Peterson and the SNS Pool,” says managing director of Island Offshore Management AS Håvard Ulstein. For further information, please contact Island Offshore Management: Håvard Ulstein, Managing Director Tel. (47) 70 40 00 21 E-mail: havard@islandoffshore.com or Hallgeir Reitan, Chartering Manager Tel. (47) 70 40 00 23 E-mail: hallgeir@islandoffshore.com 11.06.15 Q1 FINANCIAL REPORT ISLAND OFFSHORE SHIPHOLDING LP The Q1 financial report for Island Offshore Shipholding LP is now available. For more information, please contact: Mr. Henning Sundet, Chief Financial Officer: hsundet@borgstein.no, +47 913 65 735 01.06.15 EXTENDED CHARTER PERIOD FOR OCEAN INTERVENTION III Island Offshore is pleased to announce that Oceaneering International GmbH has extended the charter period for Ocean Intervention III with one year. Options for further extensions are included in the contract. Ocean Intervention III is performing subsea IMR work in Angola, and has been in service for Oceaneering since 2007. “We are very pleased with this extension and look forward to continue the good cooperation with Oceaneering in the year to come,” says Managing Director in Island Offshore, Håvard Ulstein. For more information, please contact: Håvard Ulstein, Managing Director Tel. (47) 70 00 86 21, E-mail: havard@islandoffshore.com or Hallgeir Reitan, Chartering Manager Tel. (47) 70 00 86 23, E-mail: hallgeir@islandoffshore.com 01.06.15 ISLAND VALIANT HAS SECURED P&A JOB Island Valiant has secured a contract with Offshore Installation Services Ltd performing plug and abandonment; a long-term priority area for Island Offshore. The job is on the UK sector, commencing between 10th of June and 12th of July, and is 28 days firm with an option on 28 more days. 27.04.15 ISLAND CLIPPER’S FIRST CONTRACT SECURED Despite a challenging spot and term market, Island Offshore is pleased to announce a 3 month contract for Island Clipper. This will be Island Clipper’s first job since Island Offshore took delivery of the vessel earlier this month. The work period will commence 10th of May and the work mode is well stimulation in the UK sector. Charterer has the option to extend the work period with 3x1 wells, each with an estimated work period of 2-3 months. Contact information: Håvard Ulstein, Managing Director, +47 99 23 50 39 24.04.15 ISLAND OFFSHORE WITH TOP SCORE ON ENVIRONMENTAL SHIP INDEX In the World Port Climate Initiative, the world’s key ports have committed themselves to reducing their air pollutant and greenhouse gas emissions whilst continuing their role as transportation and economic centres. In order to effectuate one of the missions of the WPCI, some leading ports have started to provide discounts on harbour dues to the cleanest ships calling at their port, on the basis of the Environmental Ship Index (ESI). With seven vessels among top 15 of 3484 ships (April 2015), Island Offshore stands out compared to other ship owners. Due to large investments in purification plants Island Chieftain and Island Condor top the list and the five other registered vessels are right behind. It is particularly the low NOx emissions that make Island Offshore exceptional as this depends on either good purification plants or LNG as fuel. Even the powerful anchor handlers Island Vanguard and Island Valiant enter the list with great results. Island Offshore’s emission of SOx is more equal to the emission of other similar vessels close to the top of the ESI index as this depends on the amount of sulphur in the fuel the vessels use. This is regulated and the same regulations apply for our competitors as well. An important contributor in the fight against NOx emissions is the Norwegian NOx-fund. This is a Dutch treat where companies pay a voluntary NOx fee to the fund, and in return the companies can apply the fund for subsidiaries when introducing measures to reduce NOx emissions. Island Offshore has a continuous focus on the environment and are currently testing new systems to improve even more. Link to ESI: http://www.environmentalshipindex.org/Public/Ships 10.04.15 ISLAND OFFSHORE HAS TAKEN DELIVERY OF ISLAND CLIPPER On Thursday 09.04.15 at 13.05 Island Offshore took delivery of Island Clipper from Vard Brevik.Island Clipper is a platform supply vessel which will perform duties such as carriage of general cargo, pipe cargo on deck, cement/barrite and liquid cargo to and from offshore installations. In addition Island Clipper is equipped with special product tanks for chemicals. The vessel is also prepared for oil recovery and stand-by duties, and is winterized with a "deice" class notation. Island Clipper is 97 metres long, with a width of 20 meters and a cargo deck area of 1000m2.The vessel's accomodation area is extra isolated to reduce noice and is arranged with 41 single cabins. 10.04.15 ISLAND OFFSHORE MANAGEMENT STÅLHAUGEN 12 N-6065 ULSTEINVIK POSTBOX 370, 6067 ULSTEINVIK, NORWAY TEL: +47 70 40 00 00 | FAX: +47 70 40 00 01 POST@ISLANDOFFSHORE.COM ISLAND OFFSHORE SUBSEA LAGERVEIEN 23 N-4033 STAVANGER TEL: +47 51 81 71 00 | FAX: +47 51 81 71 01 SUBSEA@ISLANDOFFSHORE.COM Copyright Island Offshore 2012 | Design and layout Osberget CMS