Contracts Totalling £17 million Demonstrate Confident Future for Sentinel Marine
Sentinel Marine, Aberdeen-headquartered provider of offshore support vessels, has secured new contracts and extended existing contracts to the combined value of £17m in the first months of 2017.
This suite of awards includes a new contract with Nexen Petroleum U.K. Limited for the provision of rescue and recovery services for the Nexen-operated Golden Eagle and Buzzard fields over a four year period. This work will be carried out by the multi-role emergency response and rescue vessel (ERRV) Fastnet Sentinel. The contract also includes options to extend.
Fastnet Sentinel is one of five new ERRV vessels built for Sentinel Marine since 2015. It forms part of the modern generation of ERRVs which provide a wider scope of value added services including dynamic positioning and cargo facilities than previous ships, many of which were converted from fishing vessels and older supply vessels to operate as ERRVs. It is estimated that over 30% of all of the vessels operating in the sector are at least 30 years old.
“These are significant contracts for Sentinel Marine. There are clear advantages for operators contracting with a young fleet,” says Rory Deans, chief executive of Sentinel Marine. “A multi role vessel like Fastnet Sentinel is built for purpose, is more technically advanced and is more fuel efficient than an aging asset which is far more expensive to operate. For example, an older vessel may burn three to four tonnes of fuel a day compared to one tonne for a new ship.
“Sentinel Marine has the youngest fleet in the sector and it’s a growing fleet. We have four further vessels to be delivered through 2017 and 2018 representing a total investment in excess of £110M. We have confidence in the future of the sector and plan to continue our investment in a modern, efficient fleet.”
Sentinel Marine has offices in Aberdeen and Singapore and owns a fleet of six vessels, with four new builds on order, providing reliable, disruption-free and safe services to the oil and gas marine industry.