Equinor Extends Island Offshore Contract

March 20, 2019

Norwegian offshore shipping company Island Offshore and TIOS (former Island Offshore Subsea, jointly owned by TechnipFMC and Island Offshore) will continue as suppliers of light well intervention services (LWI) for Equinor, with a new agreement signed for the use of Island Wellserver vessel.

The vessel has been working for Equinor, former Statoil, since April 2009, and by commencement of the new contract in 2020 Island Wellserver will be into its twelfth year for the same client.

The new agreement implies that Equinor extends the existing contract with one year, with options for 3x1 additional years.This will give Island Wellserver continuous work for a minimum of 200 days a year, equivalent to today’s contract.

“The last few years have really put us to the test, but as owner and operator within light well intervention we have asserted that this segment is viable. This contract proves that our services are needed,” states Managing Director of Island Offshore Management AS, Håvard Ulstein.

“We are very pleased to obtain renewed trust with Equinor, and we are confident that we will keep the vessel in operation for more than 200 days a year on the Norwegian continental shelf.”

In 2018 Island Offshore and TechnipFMC entered into a strategic collaboration agreement to deliver RLWI services on a worldwide basis. At the same time TechnipFMC acquired a 51% stake in Island Offshore’s wholly owned subsidiary, Island Offshore Subsea AS. This company is now named TIOS AS and is the contracting party with Equinor, while Island Offshore is the supplier of vessel with maritime crew.

Vessels for light well intervention, also called mobile offshore units (MOU), are important tools to increase the recovery from oil wells in service. Not only are they safer, but they are also more efficient and cost-effective than conventional rigs. Since the start-up Island Wellserver has carried out more than 250 well interventions.

Island Offshore also owns and operates the two MOUs Island Frontier and Island Constructor.



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