Norwegian shipowner Island Offshore has agreed to delay deliveries of all of its under-construction vessels at Vard, except one.

In its quarterly statement, the company has said it has agreed with Vard Brevik to delay delivery of all the new building vessels with an average delay of six months, except for Island Clipper platform supply vessel which will be delivered in April 2015.

Excluding the Island Clipper, Island Offshore has four vessel on order at Vard yard, three platform supply vessels and one well intervention vessel.

The company has explained that the deal will help mitigate the negative implications of a weaker market and will improve the short term cash flow for the Group.

Furthermore, Island Offshore has said it has signed a shipbuilding contract with Kawasaki Heavy Industries for delivery of the Top Hole Drilling vessel Island Navigator in March 2017. The contract is subject to firm financing and these negotiations are progressing according to plan, Island Offshore has said.

Source - www.offshoreenergytoday.com

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