From LSE - FYIHi all - have been reading comments with interest these past few months having bought in February (lucky me).
Here's my take on the current situation - having carried out a tilt test the rig is back in dock taking on supplies prior to final deep water test and tow (assuming all well in deep water). I'm led to believe this because as things stand today Ithaca has contracted 4 AHST vessels (Anchor Handling, Tug and Supply vessels). These boats are designed to move oil rigs among other things.
The Balder Viking (Anchor Handling, Tug and Supply vessel) is now contracted to Ithaca from 27th July. Likewise the Olympic Octopus and the Tor Viking. nb all 3 of these vessels have recently been used for Rig moves and all 3 currently based in Aberdeen. The fourth vessel, the Boa Jarl is contracted to Ithaca from 1st August and is currently based near Bergen (presumably carrying out duties for another contractor). The Boa Jarl was hired to move a rig that looks of similar size/stature to the FPF1 during the past couple of weeks (see notes below from the Offshore Energy website regarding the Borgland Dolphin).
I understand that the oil price will impact IAE due to sentiment but as many have already posted the hedging IAE have in place offers protection from a dip in POO until mid 2017. The fundamental plan outlined by IAE mgmt remains the same - move FPF1 to Stella, hook up and pump. Deliver more cheaply than thought via the recent pipeline deal (rather than using offshore vessels which have to return to port in bad weather). My only issue beyond the irritating delays is that I'd like to hear from IAE mgmt about 2017+ plans for further expansion to demonstrate an ongoing commitment to sustained/additional production in the North Sea. Maybe we'll hear something soon when FPF1 sails into deep water which from memory is when Les Thomas promised a further update. It's an interesting time whatever happens, and I like some others am happy to hold right now during this dip as I believe the next several months offer huge upside potential. GLA.