Contracted OSV days up 10% for Australian owner

With the OSV market showing increasing levels of activity and a tightening availability of high-specification vessels, Australia-based MMA Offshore Limited has reported a 10% increase in firm contracted days in 2019.

The positive news is due to vessel contract extensions, said MMA Offshore, resulting in firm contracted days for 2019 increasing from 39% to 49%. Vessel utilisation for the first half of FY2019 was 73%.

The Australian OSV owner confirmed its previous earnings guidance for full year FY2019 operating EBITDA in the region of A$27M (US$19M). On this basis, MMA said it will be within the terms of its banking covenants .

MMA Offshore vessels operate globally, with MMA Privilege fitted as an accommodation and walk-to-work (W2W) vessel supporting floating production storage and offloading maintenance in Ivory Coast in West Africa. The multi-purpose support vessel (MPSV) has had its contract extended by six months through to 31 December 2019 with client options to extend to 31 March 2020.

MPSV MMA Pride, operating as a W2W vessel in Brunei in southeast Asia, has also had its contract extended by nine months through to 31 December 2019.

MPSV MMA Pinnacle has completed the first phase of its W2W contract for Woodside supporting platform maintenance in the North West Shelf in Australia. In a statement, MMA Offshore said the project “paves the way for an innovative, safer and more efficient approach to platform maintenance logistics in the region.”

MMA Pinnacle is contracted in short-term inspection, maintenance and repair scopes within Australia – with the second phase of the Woodside project due to commence in September 2019.

MMA is also supporting Santos’ drilling programme in Australia through to August 2019 with options to extend the charter, as well as drilling support activities in Malaysia, further adding to its contract coverage for the calendar year.