Strategic fleet renewal

Østensjø Rederi has recently sold a number of vessels as a natural part of an essential fleet renewal strategy.

BY BJARNE LAASTAD // PYX

The Solent Towage fleet was sold to the company Svitzer, accompanied by sales of the vessels Silex and Vortex. According to CEO Kristian Helland Vea, the reason for these sales is two-fold.

“We received a commercial offer that we found difficult to refuse”, he says. “We also thought that these vessels would probably not be the tools we wanted in the coming decades. The vessels are on contract with Exxon until the summer of 2023, and we’ve leased them back in order to be able to meet the contract up to that date. After that the contract will be up for tender again, and we’ve been clear in our discussions with Exxon that a new fleet should have a greener profile. This will enable us to reposition the company, and this move is a part of our fleet renewal strategy”, says Vea.

STILL A HEART IN THE FLEET

Many of the vessels have been with Østensjø Rederi for a long time – some all the way back to 1993-1994.

“Selling some of our vessels now will release funds that will make it easier for us to renew the company and invest in vessels of the future”, says Vea. During a transition period, these sales will result in fewer coastal traffic spot contracts.

“However, if we really want to renew the company and position ourselves for new and progressive investment, we must dispose of our older vessels. The right fleet is more important than a big fleet”, says Vea.

A key reason why Østensjø Rederi has survived the industry downturn is that it has succeeded in maintaining diversity in its range of services, offering a towage fleet, subsea vessels, as well as other vessels serving the renewables and accommodation sectors. All these sectors have been affected, but in different ways and at different times.

“There’s no point in expanding the fleet just for the sake of it, and very few speculative newbuilds will be emerging in the oil and gas sector”, says Vea. “For the most part, we’ll be limiting the use of newbuilds for specific contracts. Things are different in the offshore wind sector where we are delighted to be supervising and coordinating construction operations for Edda Wind’s six newbuilds in Spain. These are fine, complex and advanced vessels, and we’re looking forward to delivery of the first vessel as early as the spring of 2022”, he says.