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Beefing Up FaroeYard |
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Written by B. Tyril
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Saturday, 12 April 2008 |
With one newbuilding completed and a second soon to follow, FaroeYard is ready to take on more orders for offshore support vessels built to international standards, while investing in a new slipway to ramp up repairs and services.
When FaroeYard on 1st February hired Eyðfinn Egholm as new chief executive, there could be little doubt that the intention was to signal change. After all, founder Kjartan Mohr and his successors had been running the business since 1936, and sold the company in 2004 to venture capital fund Notio. Meanwhile Runavík-based FJM, a mechanical workshop and leading manufacturer of seafood processing lines made of stainless steel, was acquired to become a vital link in FaroeYard’s integrated service offering.
Combined, their three yards at Tórshavn, Skála and Vestmanna had delivered more than a hundred vessels of various sizes, and thousands of repairs and overhauls, mainly to the domestic fishing industry but also to foreign clients. Moving with the changing times, the company refocused its business through the 1980s and 1990s, betting on services rather than newbuilding.
As a recent non-executive chairman of FaroeYard, and former managing partner of a Tórshavn consulting firm specializing in ship design, Mr Egholm looks well fit for his new job.
The first thing he did as head of FaroeYard was to deliver the completed Thor Alpha to its proud owners, Thor Offshore. This was the first vessel built at Skála since 1987, with a second order from Thor currently under construction, and a third possibly underway.
Next thing in line for Skála: a new 2,000-tonne slipway to replace the old one, which could tow 1,200 tonnes. “This is a major upgrade and it’s going to improve our logistics,” Mr Egholm commented. “It means we’ll be able to make more effective use of this yard and to free up capacity for the dry dock — after all, it can take vessels up to 115 meters long.”
By comparison, the yard in Tórshavn is equipped with two slipways, one with a capacity of 2,500 tonnes, the other towing 1,000 tonnes, whereas the Vestmanna yard has one 800-tonne slipway.
Leaving his position as chief engineer at Denmark’s food and beverage giant Danisco, Mr Egholm a few weeks after taking office made it clear that FaroeYard will be looking to offer its shipbuilding expertise to international operators in need of new steel hulled vessels up to 60 m in length.
The basis for his optimism is partly anchored in the booming oil industry and the related business generated for Norwegian shipyards, many of them reportedly receiving more orders than they can handle. What’s more, the construction of the Thor Alpha proved a resounding success — a vessel built to the latest international standards and a first reference for clients in the offshore business.
“I knew we had what it takes to be competitive within the 60 m range,” Mr Egholm said. “Now we’ve had it demonstrated as well, and I believe this is a niche for FaroeYard to pursue. It’s surely a different type of shipbuilding than what we’ve been used to but we have a very skilled workforce.”
He added a word of caution: Since many suppliers in the maritime industry are being pushed to the limit, the time factor has become exceedingly important.
“Be well-prepared and place orders well ahead of time — that’s the best piece of advice we can give these days, as anything from a ship’s propeller to spare parts can take months to get hold of. For those who consider building a new vessel, or even revamping an existing one, it’s crucial to enter into a dialogue as early in the decision process as possible.”
Catering to the needs of the numerous fishing vessels based in the Faroes remains on the top of FaroeYard’s agenda, Mr Egholm added. Among the services offered: repairs, conversions, upgrades, blasting and painting, to name some.
“My predecessors built a strong service platform and we’re going to continue the process of developing that platform. Our main client base consists of Faroese trawlers and longliners together with a few other vessels, as well as foreign ships visiting Faroese waters.”
An effort will be made to streamline the entire organization, Mr Egholm said.
“Although international standards in certain areas differ from our national standard for fishing vessels, the level of quality that we put into our work is the same. But we’ll be placing more overall emphasis on health, safety and the environment. And we want people to be happy working for us, wherever they are in the organization. So we will also make a fresh effort to integrate our units into a single entity.”
Link to pdf presentation...
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Maritime & Related