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.