North Sea Shipping’s construction vessel gets more time with Ocean Installer

Marine construction contractor Ocean Installer has exercised an option to extend the charter party of the North Sea Giant subsea construction vessel.

Ocean Installer, a wholly-owned subsidiary of Moreld, revealed in an Oslo Bors filing that the 2011-built vessel would remain with the company until the end of the first quarter of 2027.

In addition to an existing one-year extension option, Ocean Installer and the vessel’s owner, North Sea Shipping, agreed to a new 18-month extension option.

If exercised, the option would allow the company to extend the charter until the fourth quarter of 2029.