Norwegian shipping group Island Offshore has signed a contract with VARD for the delivery of an additional hybrid power Offshore Energy Construction Vessel (OECV).
The new vessel will be a sister ship to the Island Evolution, which is scheduled for delivery in the first quarter of 2027.
The new vessel is also scheduled for delivery in the first quarter of 2027 and will contribute significantly to the renewal of Island Offshore’s fleet. The contract confirms the first option from a previous agreement signed in May, which included one firm OECV with options for two sister vessels.
“I am proud and happy that we are making this happen! A better market allows us to invest,” said Tommy Walaunet, Managing Director of Island Offshore Management AS. “These are significant and important investments for Island Offshore, and we are fortunate to have ambitious owners who choose to invest”.
The new OECV, based on the VARD 3 25 design, has been developed in collaboration between Island Offshore and the designer. It is equipped for a range of subsea operations, including inspection, maintenance, and repair (IMR), pipe laying, installation of underwater infrastructure, and diver support. The vessel is also prepared for various maritime operations in the renewable energy market.
Construction of the hull will take place at one of VARD’s shipyards in Romania, with final outfitting to be completed at a VARD shipyard in Norway.
Island Offshore currently operates a fleet of 19 vessels and is majority-owned by the Norwegian shipbuilding group Ulstein and US-based Edison Chouest Offshore.
“We are happy to confirm this order, demonstrating our faith in the market outlook and our commitment to continue renewing our fleet. The vessel will further strengthen Island Offshore’s positioning in attractive market segments based on a fleet of versatile advanced offshore vessels,” said Chairman Morten Ulstein.
Join the gCaptain Club for curated content, insider opinions, and vibrant community discussions.
Join the 109,811 members that receive our newsletter.
Have a news tip? Let us know.
South Korean conglomerate Hanwha Group has completed its $100 million acquisition of Philly Shipyard through its subsidiaries Hanwha Systems and Hanwha Ocean, marking a historic moment as the first Korean...
The biggest vessel-ordering program since the eve of the global financial crisis is putting a squeeze on the shipbuilding industry’s capacity to construct new vessels.
Spanish state-held shipbuilder Navantia will acquire the shipyards of Britain's Harland & Wolff, the Belfast-based company best known for building the Titanic, the British government said on Thursday.
Maritime and offshore news trusted by our 109,811 members delivered daily straight to your inbox.
Essential news coupled with the finest maritime content sourced from across the globe.
Sign Up
Join The Club
