Axis Offshore’s flotel to dry dock after Petrobras contract expiry

Axis Offshore, a provider of flotels for the offshore oil & gas industry, will dry dock its only operational flotel following Petrobras contract expiry in July 2016. 

Axis Offshore, a 50/50 joint venture between J. Lauritzen and HitecVision, said in its first quarter 2016 report on Thursday that ordinary contract for the mono-hull flotel Dan Swift is expiring in July after which the company is planning to dry dock the unit.

The vessel’s five-year contract with the Brazilian oil company started in 2011 when it was still under Lauritzen Offshore’s ownership, and before Axis Offshore’s incorporation in July 2012.

The flotel is equipped with DP2 system, two offshore telescopic gangways, large cranes, a helideck and flexible workshop and storage areas. With a capacity for around 300 POB, the Dan Swift is meant for installation, services and maintenance, and decommissioning offshore. Dan Swift has previously worked for Statoil and Shell.

Two newbuilds

In addition to Dan Swift, the company has two semi-submersible flotels under construction at Cosco Shipyard, Axis Nova and Axis Vega.

Axis Nova was originally scheduled for delivery in 1Q 2015, and later postponed for July 15, 2016. Axis Vega on the other hand was previously expected to be delivered by the end of 2015.

The company reported on Thursday that during the quarter Axis Nova continued construction, commissioning and mechanical completion, and Axis Vega continued construction and started commissioning. In addition, all six main engines were started up by the end of the period.

Axis Offshore’s profit for the first quarter of 2016 increased to $4.7 million against a profit of $0.8 million in the same period last year.

Revenue for the period was $11.3 million, in line with the revenue in the year-ago quarter that totalled $11.2 million.

Capitalized expenditures for the new-buildings under construction increased by $0.7 million to $68.1 million during the quarter.

Offshore Energy Today Staff