Subsea installation and services company Bibby Offshore, has committed to the long-term extension to the charter of its dive-support vessel (DSV) Bibby Topaz, owned by Volstad Maritime.
The terms and conditions of the extended charter arrangement have been adjusted to reflect the current market environment and are now based on a more mutual sharing of risk and reward.
This charter extension allows Bibby Offshore to maintain and grow the Group’s market share in the North Sea DSV market. As one of the premier DSVs in the North Sea, the Bibby Topaz has been a core part of Bibby Offshore’s fleet since its delivery in 2008, and has been identified as the best technical and commercial option for the Group.
The new contract sees Bibby Offshore secure exclusive and uninterrupted access to this asset until 31 December 2019, with flexible options to further extend the charter to the end of 2024.
Bibby Topaz has a proven track record in the North Sea and has continued to win and execute major scopes of work with existing and new clients to date, and as a result of this extension, Bibby Offshore’s clients will benefit from having continued access to this vessel.
Howard Woodcock, CEO at Bibby Offshore, commented: “The Bibby Topaz has built a strong reputation with clients and is well-established as our premier DSV in the North Sea. We are delighted to have secured an extension to the charter, which will maintain our capacity in the North Sea over the next two and half years, and allow us to continue to deliver comprehensive support for clients in this region.”