Six vessels joining Norwegian shipping player’s managed fleet

Norwegian vessel operator Sea1 Offshore, former Siem Offshore, is putting the wheels into motion to take over the management operations of six anchor handling tug supply (AHTS) vessels, which are owned by Viking Supply Ships.

Sea1 Offshore, which recently disclosed its intention to sign management agreements for six Viking Supply Ships-owned AHTS vessels, anticipates the completion of the vessel management transfer during October 2024. While this is subject to final documentation, the company expects the move to bring substantial cost-optimizing effects to the benefit of all shareholders.

The list of six vessels, which will now become part of the AHTS fleet managed by the Norwegian shipping firm, encompasses the 2011-built Magne Viking, the 2013-built Odin Viking, the 2011-built Loke Viking, Njord Viking chartered to TotalEnergies, the 2012-built Brage Viking on a contract with TBA, and the 2013-built Andreas Viking working for Shell Australia.

Viking Supply Ships also confirmed plans to outsource the management of six AHTS vessels to Sea1 Offshore, explaining: “The initiative is expected to result in substantial cost savings effective from 1Q 2025 to the benefit of all shareholders. Viking Supply Ships will retain its world-class ice-competence and the shares of the company will remain listed on Nasdaq First North.”

Siem Offshore, which changed its name to Sea1 Offshore following the exit of Kristian Siem, sold nine vessels to Siem Sustainable Energy and related companies, including three AHTS, four platform supply vessels (PSVs), and two offshore subsea construction vessels (OSCVs).

Recently, the Norwegian player secured a medium-term contract for 200 days firm plus options for one of the AHTS vessels in its fleet. The new assignment is in South America with an unnamed offshore construction company.

In addition, Sea1 Offshore won a contract extension for a 2009-built diesel-electric driven multipurpose support vessel (MPSV) a few months ago.