Recently, due to the continued downturn in the North Sea market, the Norwegian offshore shipowner Island Offshore has idled a platform supply vessel (PSV) "Island Commander".

Island Offshore said that the "Island Commander" has not been leased in the North Sea spot market and is currently idle in Ulsteinvik; however, once the PSV is able to obtain a long-term charter contract, it will no longer be idle.

Currently, Island Offshore's fleet operates a total of 28 offshore vessels, 7 of which are idle. Most of the Island Offshore fleet is PSV, in addition to the three-purpose workboat (AHTS), the wellhead intervention vessel and the underwater construction vessel, and six new vessels under construction.

With the oil price going down and the oil and gas industry cutting costs, the Beihai market is facing a serious problem of oversupply. The daily rent of the offshore ship is declining and the number of idle ships continues to rise.

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