And Now For Something IntellegentNo, not from me. Ha. Like whatever!!!! (Valley Girl voice) This comes from NormalBias on the London Board:
Hi 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.
NOTES FROM OFFSHORE ENERGY
Boa’s two vessels will be assigned to complete the move of the Borgland Dolphin semi-submersible drilling rig currently working offshore Norway.
The vessels involved will be two anchor handling tug and supply (AHTS) vessels, the Boa Bison and Boa Jarl. The company added that the Boa Bison will also provide ROV-services.
The rig-move contract, according to Boa, will begin on June 18 but the duration of the contract was undisclosed.
The Borgland Dolphin semi-submersible, built in 1977, is an Aker H-3 type rig which underwent an extensive upgrade in 1999 and received the Acknowledgement of Compliance (AoC) in September 2004.
The two AHTS vessels recently completed rig-move work for Statoil. The Boa Jarl completed a rig-move contract for the Songa Dee semi-submersible rig from June 4 – 10 while the Boa Bison moved the Deepsea Bergen semi-submersible from June 5 R