Island Offshore

Name

Island Offshore

Legal name

Island Offshore Management AS

Website

https://islandoffshore.com

Company type

Private

Founded year

2004

Operating status

Operating

Headcount range

501–1,000 employees

Ownership category

akta.pro rank

Product category

Offshore Marine Services

NAICS

Support Activities for Water Transportation (4883)

SIC

Oil & Gas Field Services, Nec (1389), Water Transportation (4400)

akta.pro primary industry

Offshore Marine & Aviation Support (PSVs, AHTS, Crew Boats, Helicopters) (EUALABAJ)

akta.pro secondary industry

Offshore Support & Marine Logistics Vessel Operators (PSV/AHTS) (TLADABAL)

Keywords

• Offshore service vessels
• Platform supply vessels
• Anchor handling vessels
• Subsea construction support
• Walk-to-work services

Headquarters

HQ city

Ulsteinvik

HQ country

Norway

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Infrastructure, Operations, Supply Chain, Marketing or Sales, Technology or R&D

Revenue model

1. Vessel Chartering: Chartering of offshore service vessels to oil and gas companies for subsea operations, well plug and abandonment, inspection repair and maintenance, and offshore wind support. Revenue generated through time charters (multi-year contracts) and spot market deployments.
2. Offshore Wind Services: Service operation vessel (SOV) and walk-to-work vessel services for offshore wind farm operations including turbine maintenance, crew transfer, and accommodation services.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Island Offshore charters a fleet of 18 offshore service vessels to oil and gas operators and offshore wind developers. Services include Platform Supply, Walk-to-Work (W2W), Anchor Handling, subsea construction, inspection/maintenance/repair (IMR), pipe laying, well intervention, and decommissioning support. Vessels are equipped with DP 2 dynamic positioning, hybrid propulsion, and heave compensated cranes, with contracts structured as multi-year time charters or spot deployments.

Product overview

Island Offshore operates a fleet of 18 vessels providing offshore energy services. The portfolio consists of Offshore Energy Construction Vessels (OECV/Hybrid Ocean Energy Construction Vessels), Deep Water Installation Vessels, Service Operation Vessels (SOV)/Walk-to-Work vessels, Platform Supply Vessels (PSV), Subsea Support Vessels, Anchor Handling Tug Supply (AHTS) Vessels, and Supply Vessels. The company also provides Light Well Intervention (LWI) services. Vessels are equipped with features including DP 2 capabilities, heave compensated cranes up to 250 tons, hybrid propulsion with energy storage systems, and walk-to-work gangways. The fleet supports offshore oil & gas operations as well as the growing offshore wind segment. Newbuilds Island Evolution and Island Explorer are under construction at VARD shipyards.

Differentiator

Problem solved

Functional benefit

Products and services

• Offshore Energy Construction Vessels (OECV) Hybrid Ocean Energy Construction Vessels of VARD 3 25 design developed in collaboration with VARD, designed for station-keeping, maneuverability, and sea-keeping across IMR, pipe laying, underwater infrastructure installation, and diver support operations.
• Deep Water Installation Vessels Deep water installation vessels capable of heavy lift, anchor deployment, and subsea construction, including Island Victory which set a 477-tonne bollard pull record and a 175.2-tonne heaviest lift.
• Service Operation Vessels (SOV) / Walk-to-Work Vessels Walk-to-work (W2W) and service operation vessels providing accommodation and gangway transfer of technicians to offshore wind turbines and oil and gas platforms; Island Diligence serves the offshore wind segment including Hywind Tampen.
• Platform Supply Vessels (PSV) Platform supply vessels for transport of liquid and dry cargo, containers, and pipes; LNG-fuelled PSVs include Island Crusader, Island Contender, and Island Commander, some with batteries and shore connection for reduced emissions.
• Subsea Support Vessels Subsea support vessels for well plug and abandonment and inspection, repair and maintenance (IMR) campaigns; the 93-meter Island Valiant operates in the North Sea decommissioning market.
• Anchor Handling Tug Supply (AHTS) Vessels AHTS vessels for anchor handling and supply operations in offshore oil and gas sectors.
• Light Well Intervention (LWI) Services Light well intervention services provided via Island Wellserver on the Norwegian continental shelf.

Quantifiable outcome

• 8822 gangway crossings and 1800 wind turbine connections completed for offshore wind operations
• +3 more outcomes

Named customers7 records

Segments2 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration2 records

Feature5 records

Partnerships

Three partnerships are on record, tiered core.

• VARD GroupcoreStrategic or Co-development Partner · 28 August 2024VARD Group is the shipbuilder partner for Island Offshore's newbuild program including Island Evolution and Island Explorer. The vessel design (VARD 3 25) was developed in close collaboration between Island Offshore and VARD. Hull construction takes place at VARD's Romanian shipyards with final outfitting at Norwegian facilities.
• Lundin Energy NorwaycoreStrategic or Co-development Partner · 28 October 2021Long-term vessel charter relationship including pilot projects for biofuel usage and emissions reduction. Lundin operates as the charterer for LNG-fuelled PSVs including Island Crusader, Island Contender, and Island Commander with battery packs.
• Kongsberg DigitalcoreTechnology or Integration · 16 September 2021Contract for Vessel Insight infrastructure solution deployed across Island Offshore's entire fleet of 26 vessels. Enables data collection for operational monitoring, fuel optimization, and automated emissions reporting through integration with Kongsberg Maritime systems.

Scale indicators4 records

Recent moves10 records

Expansion highlights5 records

Direct peers

• Solstad Offshore: Solstad operates one of the world's largest OSV fleets with AHTS, PSV, and subsea construction vessels. A Norwegian-headquartered direct peer to Island Offshore with overlapping customer base (Equinor, Aker BP, Subsea7) and comparable vessel capabilities.
• Siem Offshore: Siem Offshore operates subsea construction, AHTS, and offshore service vessels with Norwegian heritage. Direct peer with similar vessel portfolio and chartering model targeting oil & gas operators and offshore wind developers.
• Havfram: Havfram is a Norwegian offshore wind installation and subsea construction vessel operator. Direct peer with similar heavy-lift subsea capabilities and walk-to-work operations, competing for the same North Sea and offshore wind projects.
• DOF Group: DOF is a Norway-based offshore service vessel operator with PSV, AHTS, and subsea construction vessels serving North Sea, Mediterranean, and Brazilian customers. Highly comparable direct competitor to Island Offshore given similar vessel mix, North Sea focus, and oil & gas operator relationships.
• Vroon Offshore: Dutch-based offshore service vessel operator with PSV, AHTS, and SOV fleet. Comparable vessel mix and multi-regional oil & gas and offshore wind footprint, making it a direct peer in the OSV market.

Broad incumbents

• Bourbon Offshore: French-headquartered global OSV operator with large PSV/AHTS fleet serving oil & gas customers worldwide. Broader incumbent competitor with deeper global footprint than Island Offshore but comparable vessel categories.
• Tidewater Inc. One of the largest global OSV operators headquartered in the US with 200+ vessels across PSV, AHTS, and crew boat segments. A broad incumbent comparable in vessel type and customer base, though more diversified globally than Island Offshore.
• Maersk Supply Service: Major Danish-headquartered OSV operator with global fleet of AHTS, PSV, and subsea vessels. Broader incumbent competitor to Island Offshore globally, with deeper resource pool and more geographic diversification.

Emerging players

• Edda Wind: Pure-play SOV/W2W operator focused exclusively on offshore wind service vessels. Competes directly with Island Offshore's walk-to-work and SOV offering for the offshore wind segment (Vattenfall, Equinor floating wind).

Regional players

• Eidesvik Offshore: Norwegian OSV operator specializing in PSV, AHTS, and offshore wind vessels with strong North Sea focus. Regional peer with comparable vessel capabilities and Norwegian customer base to Island Offshore.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/Island-Offshore-109718187488872

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Island Offshore