Shipyard Contract Cancelled

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Ongoing uncertainty in the global offshore energy sector has claimed another casualty, as Kawasaki Heavy Industries announced that it has terminated -- in agreement with Island Navigator I KS -- the shipbuilding contract for the top hole drilling/light well intervention vessel, Island Navigator.

A number of factors were cited in the decision to cease the construction, including difficulties in the engineering process and increased material costs since the signing of the contract, and ultimately uncertainty surrounding the volatile offshore energy market and the ongoing financial restructuring of the Island Offshore Group.

“The Island Navigator would have been a fantastic vessel. Going forward we choose to develop our existing Light Well Intervention vessels which still is the leading and most modern vessels within its niche,” said Håvard Ulstein, Managing Director of Island Offshore Management AS, in a relase. The termination will not have any negative economical consequence for Island Offshore. Provided that the banks which finance the project consent, the termination will be implemented in January 2018.

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