Latest GEOSHIPS vessel secures multimillion pounds contracts

Vessel & ROV News - August 22, 2012

Loch Roag is to work for Bluestream and ISS.

GEOSHIPS Group in the UK has secured two contracts worth a combined £3 million for the company’s latest vessel.

Following an open day on-board the Loch Roag for potential clients, the vessel secured work in the North Sea with two new customers. The forecast revenue for the DP2 multipurpose support vessel for the next 12 months is nearly £10 million.

The Westhill-based company, which was formed in 2003, took delivery of Loch Roag in April on a contract valued at over £30 million. It resulted in the employment of 40 new offshore staff.

The first scope of work was to support Bluestream in air diving and ROV operations on the Borwind 2 Project in the southern North Sea. The contract agreement was for 45 days plus options.

The second contract is with Integrated Subsea Services (ISS) and is also in support of air diving operations, for 30 days plus options to extend further dive inspection on various North Sea installations.

Ahead of being mobilised on these contracts, the vessel has undergone upgrades, including the fitting of a tautwire, which provides a further reference point for the vessel during operations.

The company recently expanded its operations into South East Asia by opening an office in Singapore. The new office is strategically located on Temasek Boulevard within the city’s central business district. Plans are in place to open a further office in Australia by the end of this year.

GEOSHIPS took Loch Roag on a five-year fixed bareboat charter basis from Singapore based Otto Marine Ltd with an option to extend the contract for two further years. As part of the bareboat charter for Loch Roag, GEOSHIPS has the option to buy the vessel at various stages during the agreement.

The vessel can accommodate 66 people in one and two man berths. It is 80m in length, has a deck area of approximately 506m2 and deadweight of 2,800 tonnes. It is a Marin Teknikk (MT) 6009L MkII vessel, built by Otto Marine Ltd at its Batamec shipyard.

In the first quarter of 2013 GEOSHIPS will expand its fleet further, with a new multipurpose offshore vessel of Vik & Sandvik VS470 design. This vessel is certified to carry 60 people and has an overall length of 76m.

Further additions to the company's fleet are also expected this year.