Wednesday, April 18, 2012

Edda to build more flotels

Flotel contractor Edda Accommodation is defying fears of overcapacity in the market for accommodation units by pressing ahead with orders for a pair of newbuilds.

The two new monohull accommodation vessels, being designed by Salt Ship Design, will expand to three units the fleet of the aspiring player, a subsidiary of Norwegian offshore vessel owner Ostensjo Rederi.

The newbuilds come on the back of contracts worth a total of $150 million covering general construction, transport and accommodation support on new offshore oil and gas facilities that will secure employment for the company’s sole existing unit, Edda Fides, until the end of 2013.

The units will have 800 berths with 400 single cabins and 2000 square metres of free deck space, with delivery of the first vessel targeted in 2015. No value was given for the newbuild contracts.

Despite the current tight North Sea market, industry-watchers have warned of a glut of flotel newbuildings post 2015 if fresh units are ordered in addition to newbuilds already set for delivery over the next few years for established players Prosafe and Floatel International.

Edda has not disclosed the yard at which the planned newbuilds would be built, with the Edda Fides – delivered in the first quarter of 2011, constructed at Spanish builder Astillero HJ Barreras yard.

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