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Supply Service's Triple Splash |
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Written by B. Tyril
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Wednesday, 16 April 2008 |
Aided by a board of directors that boasts several well-known industry veterans, Supply Service has been awarded a five-year offshore contract well ahead of receiving three state-of-the art PSVs fresh from the shipyards.
As Leirvík-based Supply Service is set to receive a trio of brand new platform supply vessels in the course of this year and next (2008-2009), the Faroese will be marking another milestone in their effort to secure a position in the international arena of maritime services.
A quick look at the deal — a bargain investment worth more than a whopping 650 million dkk (87m eur) — reveals that the three newbuildings are made to comply with the strictest standards of environmental responsibility.
Supply Service meanwhile, as the first Faroese vessel operator, has been certified according to the ISO 14001 environmental standard.
According to managing director Jens Meinhard Rasmussen, all of the PSVs have been fitted for maximum hazard safety and packed with the latest in marine technology for working efficiency.
Mr Rasmussen said: “In the offshore business, competition is fierce on multiple levels; but new technology and care for health, safety and the environment have become very prominent factors, and these vessels are designed with that in mind.”
At the same time, it’s becoming increasingly difficult for companies to recruit qualified personnel, and the design of Supply Service’s new vessels should also be viewed as part of the competitive picture, according to Mr Rasmussen. “We’ve taken great care to make sure we’ll be able to attract some of the most competent people,” he said, “and we do realize that we have to make a commitment toward that end. For instance, crew comfort was a major consideration already at the design stage and it will of course remain a top priority.” Some of that may already have paid off. According to information from Supply Service, a five-year contract has newly been secured for one of the vessels.
As a master mariner with a Masters degree in law, Mr Rasmussen has a unique combination of maritime and legal knowledge — doubtlessly a major reason why the Justinussens hired him shortly after Supply Service was formed in 2006.
On its board of non-executive directors, the company has several persons with extensive maritime industry experience: principal partner Osmundur Justinussen, a longtime trawler skipper and founder of fishing company Sjóborg; Mr Justinussen’s longtime friend and associate Per Sævik, a Norwegian maritime industry magnate who pioneered the offshore business there in the early 1980s; and Tage Bundgaard, a Dane who recently quit A. P. Møller-Mærsk after a stellar 35-year career that included the position of President at Maersk Supply Service & Maersk Contractors (2001-2005), and CEO at Maersk Tankers (1999-2001).
“Having access to the knowledge of persons with such experience is a tremendous advantage,” Rasmussen added. He referred to the three experienced seniors as well as Mr Justinussen’s son, Tummas Justinussen — a former trawler skipper who has played a key part in building a diversified family business that encompasses commercial fishing, seafood processing, car dealerships, tyre services, and a hotel. As a key partner and manager in both the family business and Supply Service, Mr Justinussen junior works closely with Mr Rasmussen.
North Sea operations: As to the three PSVs, all of them are double hulls with engines equipped with the NOx reduction catalyst system. “This industry has had some very good years in result of the recent boom in the oil and gas sector,” Mr Rasmussen said. “However our optimism is cautious.”
He acknowledged that some insiders fear the offshore service industry is in for a period of downward adjustment.
“I think it’s clear by now that we’re in a period of uncertainty. We are aware of the risks involved but we are prepared, and we believe we’ve made a sound investment. We are in this business with a long-term perspective as opposed to the mere intention of making a quick profit.
“This means we aim to secure our long-term success with a conservative risk profile and with limited exposure to the spot market. I’m pleased to say we have a five-year term contract in place for one of the new vessels. And I think such a contract signed before becoming operational is a good start for us.”
The vessels are built to operate worldwide however they’ve been specially designed for the North Sea. The three vessels — all 78.6 meter Havyard 832 CD designs — are being built in Norway, one at Solstrand Yard and two at Fjellstrand Yard. Solstrand is having the hull built in Portugal while Fjellstrand has the two hulls built in Turkey.
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Maritime & Related