Island Offshore, Bygg nr. 1724 ved Kawasaki Heavy Industries, UT 777 "Island Navigator"

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ISLAND OFFSHORE ORDERS HIGH END OFFSHORE SERVICE VESSEL

Island Offshore announced today that it has signed a contract with Kawasaki Heavy Industries in Japan for the construction of a large offshore vessel to be built according to Mobile Offshore Unit (“MOU”) regulations.

The vessel is of Rolls-Royce UT 777 design, developed in close cooperation with Island Offshore. Emphasis has been placed on designing and outfitting the vessel for optimal subsea operations, such as Tophole Drilling, Light Well Intervention, Subsea Construction and Inspection, Maintenance and Repair work. The vessel is due for delivery in 2017.

UT 777 "Island Navigator"

Illustrasjon: Rolls-Royce Marine

 

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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.

 

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Kawasaki Heavy Industries issues statement on Island Offshore vessel

Island Offshore's UT 777 was originally due to be delivered this year
Kawasaki Heavy Industries in Japan has issued a statement about the UT 777 tophole drilling/well intervention vessel it is building for Norway's Island Offshore LP.

In the statement, the Japanese yard said: "Currently, many offshore players are suffering from a downturn in the market arising from the stagnation of oil prices. As a consequence of this, Island Offshore has announced that they have initiated negotiations with their finance providers for a standstill and deferral agreement.

“In the course of such negotiation they decided in November 2016 to temporarily halt all payments of amortisation to their secured finance providers. The target closing date for the negotiations is 30 June 2017. In the meantime, Island Offshore is operating normally in all other respects. Kawasaki will continue to pay close attention to any developments, and make further announcements when any significant changes are observed.”

The order for the UT 777 was placed at Kawasaki Heavy Industries several years ago, before the downturn in the offshore oil and gas industry. The vessel, which was designed according to the rules and regulations for mobile offshore units, was originally due to be delivered in 2017 and would have been one of only a very few monohull tophole drilling units in the world. The highly innovative offshore vessel for the Norwegian shipowner was to be used in drilling operations in harsh environments.

In addition to top-hole drilling the UT 777 CD was to be able to undertake a variety of subsea tasks, including construction and inspection, maintenance and repair work in deep waters. It can also be adapted to undertake light well intervention

Kilde: OSJ Online

UT 777 "Island Navigator"

Illustrasjon: Rolls-Royce Marine

 

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TERMINATION OF ISLAND NAVIGATOR CONTRACT

Kawasaki Heavy Industries, Ltd. (KHI) announced today that the company has decided to terminate, by agreement with Island Navigator I KS, its shipbuilding contract for the top hole drilling/light well intervention vessel, Island Navigator.

The yard state that is has been facing difficulties in its engineering process as well as with increases of material costs since the contract was signed. Combined with a common understanding that the environment surrounding the offshore development industry is, and will be, severe and unpredictable in the period of the Vessel’s remaining construction, and the ongoing financial restructuring of the Island Offshore Group, KHI and Island Offshore reached a mutual agreement to terminate the shipbuilding contract for the Vessel.

“The Island Navigator would have been a fantastic vessel. Going forward we choose to develop our existing Light Well Intervention vessels which still is the leading and most modern vessels within its niche,” says Håvard Ulstein, Managing Director of Island Offshore Management AS.

The termination will not have any negative economical consequence for Island Offshore. Provided that the banks which finance the project consent, the termination will be implemented in January 2018.