Nordic American Offshore delays PSV deliveries

Nordic American Offshore delays PSV deliveries

London: Nordic American Offshore (NAO) has delayed delivery of its two platform supply vessels being built at the Vard Aukra shipyard, Norway.

The two PSVs were originally due for delivery in the middle of this year, but are now scheduled to arrive during the first quarter of 2016.

NAO says the vessels are fully financed and the manufacturing process is developing “satisfactorily”.

At the end of March, Herbjørn Hansson, NAO’s executive chairman, commented that demand for PSVs in the North Sea had be hit hard by the decline in oil price and the lower number of working oil rigs in the region.

Spot rates in the North Sea this week dipped as low as £2,500 for cargo runs due to persistent overtonnage, according to offshore broker Westshore.

Nine Norwegian PSVs are known to be laid up in the region; several UK-owned vessels also in warm or cold lay-up, the broker says.

Five of NAO’s eight vessels are currently employed on contracts. Three vessels operate in the spot market; another two PSVs are due to conclude four-month employment contracts in June and July this year.

Two new 4,200-dwt offshore supply vessels, built by Ulstein in Norway, were delivered in January this year.

Holly Birkett

Holly is Splash's Online Editor and correspondent for the UK and Mediterranean. She has been a maritime journalist since 2010, and has written for and edited several trade publications. She is currently studying for membership of the Institute of Chartered Shipbrokers. In 2013, Holly won the Seahorse Club's Social Media Journalist of the Year award. She is currently based in London.

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