Third LWI vessel secured
Island Offshore has been booked by Statoil to supply a third light well intervention vessel to tackle a growing tally of subsea wells on the Norwegian Continental Shelf.
Statoil has committed to a three-year framework agreement with Island Offshore to use the Island Constructor for LWI operations – saving 50% to 70% on conventional rig costs by using a more mobile unit – for workovers and other well maintenance work.
Øystein Arvid Håland, Statoil’s senior vice-president of drilling explained why the LWI vessels are cost-competitive: “We already have two similar vessels in our NCS portfolio operating year-around, and it is of high value to us, both in terms of efficiency and cost-reduction,” he said. “Compared with conventional drilling units these LWI vessels reduce the cost of well interventions by 50 to 70 per cent.”
First work with the Island Constructor is due to commence in November and a first call-off contract under the framework deal for 168 days has been made worth NOK 320 million (US $53 m).