STX OSV to build PSV quartet for Island Offshore

STX OSV Holdings Limited reports that it has secured new contracts for the construction of four Platform Supply Vessels (PSV) for Island Offshore. 

The combined value of all four contracts exceeds NOK 1 billion (about $184 million). The first two contracts are expected to become effective in November 2011, and the remaining two in January 2012. All four contracts are subject to financing approvals. 

The vessels will be of Rolls Royce’s UT 717 CD design. The overall length of each vessel will be 84.3 meters with a beam of 17 meters, and the deadweight will be approximately 3,800 DWT.

Deliveries are scheduled from STX OSV’s Brevik shipyard in Norway in the third and fourth quarter 2013 respectively for the first two vessels, and in the first quarter 2014 for the other two vessels. The hulls of the vessels will be delivered from STX OSV’s Braila shipyard in Romania. 

The Island Offshore Group is a leading provider of services to the offshore industry managing a fleet of 20 high quality vessels with an average age of less than four years, currently operating in Brazil, Mexico, USA and in the North Sea. STX OSV has delivered more than 25 vessels to Island Offshore over the past ten years, and already has four vessels under construction for this long-standing client prior to securing the new contracts. 

The Island Offshore Group is privately owned and the majority shareholder is Island Offshore Shipholding LP.

Island Offshore Shipholding LP is jointly owned by the Ulstein and Chouest families on a 50/50 basis.

October 31, 2011