Ocean Installer and North Sea Shipping extend their Charter Agreement
Published:
Feb 12, 2025
In order to meet contractual obligations and continued strong demand for offshore construction capacity, Ocean Installer, a subsidiary of Moreld AS has executed an 18-month option, extending the charter-party for the advanced multi-purpose offshore construction vessels “North Sea Giant” to the end of Q1 2027.
The option agreed with ship owner North Sea Shipping covers an 18-month period from Q4 2025. The agreement includes another existing option for 1 year and in addition the parties have agreed a new 18-month option at the end of the charter-party, extending the charter-party options to Q4 2029.
– The new agreement ensures continuity and support for ongoing operations, as well as future projects, enhancing Ocean Installer’s operational capabilities and flexibility across various regions.
North Sea Giant will be employed on secured work and new prospects in both the North Sea and international waters, says Kevin Murphy, Ocean Installer CEO.
North Sea Giant is a modern advanced multi-purpose offshore construction vessel. The vessel is DP3 and equipped with a hybrid battery system and has a fuel-efficient power and propulsion system. The vessel’s large deck, 400Te active heave compensated crane and two work class ROVS make her well suited for global construction operations.
In 2024, an Ocean Installer owned 150te VLS (Vertical Lay Spread) was mobilized on the vessel to also allow for flexible pipe and umbilical lay operation in deeper waters.
We are very pleased with the performance of the North Sea Giant and the ongoing co-operation with North Sea Shipping. The vessel has been continuously working since we took her on charter in early 2024. Numerous projects have been safely completed on a global basis and we have consistently received positive feedback from our clients. This charter-party extension reflects our shared commitment to deliver high-quality services in the years to come and we look forward to building an even stronger relationship with North Sea Shipping
Kevin Murphy
Geir Klepsvik, CEO at North Sea Shipping, adds:
– We value our partnership with Ocean Installer, and we are confident that this revised charter arrangement will continue to foster growth and further strengthening our collaboration. By building on our shared values and high focus on safety, we’ve managed to build a strong service that can meet the demands of the market for years to come.
