Ocean Installer Extends Charter for North Sea Giant Subsea Construction Vessel
February 12, 2025
Ocean Installer, a subsidiary of Moreld, has executed an 18-month option, extending the charter-party with ship owner North Sea Shipping for the advanced multi-purpose offshore construction vessel North Sea Giant.
The charter has been extended to the end of the first quarter of 2027 in order for Ocean Installer to meet contractual obligations and continued strong demand for offshore construction capacity, the company said.
The option agreed North Sea Shipping covers an 18-month period from the fourth quarter of 2025.
The agreement includes another existing option for one year and in addition the parties have agreed a new 18-month option at the end of the charterparty, extending the charter-party options to the fourth quarter of 2029.
“The new agreement ensures continuity and support for ongoing operations, as well as future projects, enhancing Ocean Installer’s operational capabilities and flexibility across various regions. North Sea Giant will be employed on secured work and new prospects in both the North Sea and international waters,” said Kevin Murphy, Ocean Installer CEO.
North Sea Giant is a modern advanced multi-purpose offshore construction vessel. The vessel is DP3 and equipped with a hybrid battery system and has a fuel-efficient power and propulsion system.
The vessel’s large deck, 400Te active heave compensated crane and two work class ROVS make her well suited for global construction operations. In 2024, an Ocean Installer owned 150te VLS (Vertical Lay Spread) was mobilized on the vessel to also allow for flexible pipe and umbilical lay operation in deeper waters.
“We are very pleased with the performance of the North Sea Giant and the ongoing co-operation with North Sea Shipping. The vessel has been continuously working since we took her on charter in early 2024.
“This charter-party extension reflects our shared commitment to deliver high-quality services in the years to come and we look forward to building an even stronger relationship with North Sea Shipping,” added Murphy.
