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How to build a green offshore subsea vessel fleet
Norwegian enterprise Agalas has ordered new subsea support vessels, bringing in bank finance and a shipowner partner into the venture
Banks are hindering the green shift in the offshore support vessel sector by not providing sufficient finance to support newbuiding campaigns, but one company is bucking the trend.
Agalas chief commercial officer Mads Malling explained how the company was able to secure finance for a new fleet of subsea support vessels under construction in Turkey.
He said the first is under construction for completion in Q1 2026 to go on long-term charter, during Riviera Maritime Media’s Offshore Support Journal Subsea Conference, in London, UK, in February.
This vessel will be outfitted for laying fibre optic cable and walk-to-work activities in the offshore energy sector.
Mr Malling said construction will start on a second vessel in 2024 for delivery in Q1 2027 and others will follow. “We aim to have four newbuilds on order and under construction in 2030, backed by long-term charters, he said.
These will have dual-fuel engines to combust methanol and diesel, and batteries to reduce fuel consumption and emissions by 70%. Norwegian banks are financing these newbuilds and backing the company.
After this interview, Eidesvik Offshore joined forces with Agalas to build a fleet of construction support vessels for the subsea and offshore renewables sectors, based on the shipyard slots already reserved.
The first of these vessels will be owned by Eidsvik Agalas, of which Eidesvik retains a majority stake of 50.1% with 49.9% owned by Aglas, which has financial backing from northern Norway banks for the newbuildings.
This 100-m vessel is set to be built at Sefine Shipyard in Turkey with delivery in Q1 2026, when it will enter a 3-5-year time charter with Reach Subsea. Full management of the vessel, including crewing, will be provided by Eidesvik.
Riviera Maritime Media’s Offshore Support Journal Conference, Americas will be held in Houston, Texas, 11-12 June 2024, click here for more information on this industry-leading event
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