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Floatel secures contracts, sells accommodation vessel
An Oslo-listed owner of accommodation vessels has won several contracts and extensions and sold one of its idle units to concentrate on raising fleet utiilisation
Floatel International has won contracts for its semi-submersible accommodation vessels and sold one to new owners in recent weeks, increasing its fleet utilisation over the rest of this year.
The Norwegian owner said its 2010-built accommodation semi-submersible Floatel Reliance was sold and would be transferred to its new owner by the end of May 2025. According to automatic identification system data, Bermuda-flagged Floatel Reliance was in the port of Santa Cruz de Tenerife, in the Canary Islands, in May.
Its other four accommodation vessels that support offshore oilfield developments and maintenance activities, were active on contracts in northern Europe, Brazil and Australia.
Floatel International also said three letters of intent it had from energy companies for chartering its semi-submersibles Floatel Endurance, Floatel Superior and Floatel Triumph had been converted into firm contracts.
The Oslo, Norway-listed owner’s firm contract backlog (excluding options) was around US$391M at the end of March 2025. On top of these contracts, Japanese energy group Inpex has extended its charter for 2016-built Floatel Triumph from 210 to 225 firm days, and opted for an additional 65 option days. This assignment on the Ichthys gas-condensate floating production facility in northwest Australia started on 16 March 2025.
Norwegian state-backed energy group Equinor has extended its contract with 2013-built Floatel Victory, while it supports the Peregrino floating production storage and offloading (FPSO) vessel, until the end of 2025. Equinor has a further option to extend the charter period by an additional two months if required.
“Looking ahead, 2025 appears promising with the active fleet on assignment,” said Floatel International chief executive Peter Jacobsson.
“We have a solid orderbook of around US$535M including options after all letters of intent have been converted to contracts, which positions us well for the future.”
In Norway, Equinor started chartering Floatel Superior on the Åsgard floating production system in the Norwegian Sea on 1 April 2025. This 2010-built semi-submersible was moored in Ågotnes in Norway during Q1 2025 where it underwent special class surveys, repairs and preparation for the upcoming six-month charter with Equinor.
Floatel Endurance went on hire at Vår Energi’s Jotun project in the Norwegian sector of the North Sea in March 2025.
“Notably, 40% of our contract backlog is slated for execution in the remaining quarters of 2025,” said Mr Jacobsson. “The fleet has limited availability until H2 2026, when Floatel Victory is currently available, although several promising leads and tenders are in progress.”
Floatel Victory would be busy in Brazil through Q1 2026 if Equinor takes the contract-extension options and Floatel Triumph only has availability in Australia after it completes a three-month charter with Shell for supporting maintenance on the Prelude LNG FPSO.
Floatel Superior is busy until the end of 2027 in Norway on Åsgard, on AkerBP’s Yggdrasil project and another assignment with an unnamed client.
Floatel Endurance is employed into 2028 with an assignment with Cenovus on the White Rose field offshore Canada later this year and then two contracts with AkerBP in Norway on the Skarv FPSO and Yggdrasil project.
“The North Sea remains the cornerstone of our operations, with commitments extending through to late 2027 or early 2028,” said Mr Jacobsson. “We are seeing increased demand for offshore accommodation services.”
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