Ithaca in early return of Eidesvik Offshore vessel

Norwegian shipping company Eidesvik Offshore has received notice of early redelivery from Ithaca Oil and Gas for one of its platform supply vessels (PSVs).

Eidesvik said on Sunday that the redelivery notice was for the world’s first hybrid-powered offshore vessel, the Viking Princess.

According to Eidesvik, the vessel will be redelivered to the company at the end of April due to the current market situation.

To remind, the Viking Princess has been under contract with Chevron in the North Sea since January 2018. In June 2019, Chevron exercised its option to extend the contract for the Viking Princess by six months.

Later that year, Ithaca entered into an agreement with Chevron to acquire Chevron’s North Sea business for $2 billion. The deal was completed in November 2019, resulting in Ithaca taking over Chevron’s North Sea fields as well as the contract for the Viking Princess.

Ithaca then awarded a one-year contract extension to the vessel back in late December. The beginning of the extension was in direct continuation of the current contract which expired in early January 2020.

Offshore Energy Today Staff

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