Derrick Offshore Blog

As we all return to work after the Christmas and New Year period there are a number of subsea contracts that were concluded before the holiday period which, after this short break, we are now able to look back on with a more refreshed perspective. Olympic Shipping, Rem Offshore, Island Offshore and Siem Offshore all announced major contracts, totaling over USD 500 million just prior to Christmas which has brought a fitting end to an interesting year for the subsea market.

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In previous posts on this blog we have talked about the number of subsea vessel orders placed this year and the improving perceptions of this market that has led up to this succession of orders and yesterday there had been another flurry of orders, all from the same owner. Siem Offshore has ordered a further 3 vessels with an option for another vessel. In the morning Siem Offshore revealed the details of an order placed at Fjellstrand for an Ulstein SX163 design vessel with a build cost of USD 55 million. The vessel is actually of a smaller design than many other vessel orders recently placed with a length of 74m and a beam of 17m. The vessel is being targeted at the offshore renewables industry as well as Oil & Gas with the inclusion of an active heave compensated (AHC) gangway that can be used to transfer personnel between fixed or floating structures without the use of a man-riding basket. The inclusion of subsea cranes and 60 man accommodations will also make it suitable for ROV operations.

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