STX OSV Holdings Limited (“STX OSV”), one of the major global designers and shipbuilders of offshore and specialized vessels, announces that it is strengthening its technology and engineering competence through two separate transactions.
Seaonics AS (“Seaonics”), a subsidiary of STX OSV, is in the process of acquiring a shareholding interest in Castor Drilling Solution AS (“CDS”). Based in Kristiansand, Norway, CDS is a newly established company with specialist competence in offshore drilling technology.
The investment is expected to give STX OSV new insight into this segment of the offshore market, and give opportunities for development of integrated solutions primarily related to the growing market of Offshore Subsea Construction Vessels (“OSCV”). The investment, to be completed in two tranches by the end of the year, will give Seaonics a 34% stake in CDS.
Separately, STX OSV has entered into an agreement to acquire 70% shareholding interest in Brevik Partners AS (“Brevik Partners”). Established in 2010, Brevik Partners is an engineering company specializing in offshore technology and equipment. The investment in the company, to be renamed STX OSV Engineering Brevik, is expected to strengthen STX OSV’s ability to develop new concepts and integrated solutions for offshore and specialized vessels. The proposed transaction is expected to be closed by the end of May.
Both investments are in line with STX OSV’s strategy of increasing its technology and engineering competence in select parts of the offshore value chain. Through focused investments, STX OSV aims to strengthen its ability to develop and introduce vessels equipped with cutting-edge innovation and technology.
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On Thursday the 16th of February, Island Offshore (IO) took delivery of the MV Island Captain, the newest addition the growing IO fleet. The godmother for the vessel is Mrs. Tonje Tiley from ConocoPhillips.
The MV Island Captain’s sister vessel, the MV Island Centurion was delivered in October 2011. The two vessels are number 5 and 6 in the series of UT 776 CD design vessels built at STX OSV Brevik.
The two vessels will commence a 7 year firm contract plus options with Schlumberger as well stimulation vessels in 2013, and will undertake a major mobilization prior to this. Island Patriot and Island Commander are currently engaged as well stimulation vessels.
- Type: PSV – DP 2
- Design: UT 776 CD
- Yard: STX OSV Brevik AS
Class: DNV +1A1, E0, SF, Supply Vessel Basic, DK(+), HL(+), LFL*, DYNPOS AUTR, CLEAN DESIGN, COMF-V(3), ICE-C, OILREC, NAUT-OSV(A)
- L.O.A.: 93,0 m
- Width: 20,0 m
- DW: 4.000t
- Deck area: 1.000 m2
- Accommodation: 39 persons
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Island Offshore, a provider of high quality solutions for the offshore oil industry based on a fleet of advanced high quality service and subsea service vessels, recently secured a 7 year contract from Schlumberger.
The contract is for two of its recently christened vessels, Island Centurion and Island Captain (UT 776 CD ) that Island Offshore had built at STX OSV Brevik. Schlumberger intends to use the vessels for well stimulation and also has the option to extend the current contract for 4 more years.
“We are extremely happy with this award which is a result of our focus towards specialized segments.” says Island Offshore on its website.
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