EuropeOffshore

Island Offshore delays delivery of five OSVs

Oslo: Despite a commendable utilisation rate among its offshore service vessels, the nosediving oil prices have clearly spooked Oslo-listed Island  Offshore, which has decided to delay a number of newbuilds. The company, which has 28 ships trading at present, said it has delayed delivery of five OSVs by six months. The ships were initially scheduled to be delivered from July this year through to June 2016.

Island explained in its annual report: “We still consider the spot market for PSV and AHTS vessels to be imbalanced and expect average lower day rates going forward, especially for the PSVs.”

The firm’s utilisation rate for its mixed OSV fleet stood at 91% last year.

 

 

Hans Thaulow

Hans Henrik Thaulow is an Oslo-based journalist who has been covering the shipping industry for the last 15 years. As well as some work for the Informa Group, Hans was the China correspondent for TradeWinds. He also contributes to Maritime CEO magazine. Hans’ shipping background extends to working as a shipbroker trainee with Simpson, Spence & Young in Hong Kong.
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