Island Offshore books major LWI contractWritten by Nick Blenkey
Island Offshore, which is majority owned by the Chouest and Ulstein families, has secured two new years of LWI (light well intervention) work for Island Wellserver on the Norwegian continental shelf, with options for extension.
The contract, with end customer Equinor has been entered into by Technip FMC subsidiary TIOS AS – Island Offshore’s cooperation partner for this service for many years.
The contract has “considerable value” for it, says Island Offshore, and ensures “significantly better prospects” for the special-purpose vessel Island Wellserver, which performs light well intervention on existing subsea wells to stimulate, increase or log production.
Island Offshore collaborates with TechnipFMC, Altus and Oceaneering on delivering this service. The new contract covers 290 days of work annually in 2024 and 2025.
Delivered in 2011 by the Aker Yards Langsten shipyard in Norway, the 116 meters long by 25 meters beam Island Wellserver is a UT 767 design multipurpose offshore vessel (read the vessel specs here).
“This service is essential for the security of the energy supply from the Norwegian continental shelf and especially for value creation for the operators,” says Tommy Walaunet, managing director of Island Offshore Management.
“Requirements for efficiency are high and enormous progress has been made since the start. We have a similar arrangement for Island Constructor but with different operators in Norway and internationally. The interest in the service is increasing, especially in Norway,” says Walaunet. “We expect more than 600 days a year for these vessels on the Norwegian continental shelf. In addition, Island Constructor has approvals to work internationally,”
Island Offshore Management says that, with this LWI contract, it has a total order book worth NOK 3 billion, about $275 million.