Toisa Ltd News

The offshore supply vessel (OSV) industry has emerged from its 2017 trough, thanks in large part to a slight shrinkage of the active fleet, a string of debt restructurings, improved cost management, and an uptick in drilling activity in a few regions. The industry is far from healthy, though, and the climb back to financial well-being will likely be long and unsteady. Not every operator will survive. And even though we’ve seen some improvement from 2017 levels, leverage ratios remain sky-high, the supply of vessels far outstrips demand, and—most crucially—the price of oil remains volatile.

Shipping company Toisa Ltd filed for U.S. Chapter 11 bankruptcy as falling demand for the Bermuda-chartered company's oil-and-gas supply vessels left it running short of cash, according to court documents. Toisa, owned by Greek shipping magnate Gregory Callimanopulos, has a global fleet of 26 offshore oil service vessels, 13 tankers and seven bulk ships, according to documents filed with the U.S. Bankruptcy Court in Manhattan. The ship operator said it had more than $1 billion in debt in court documents.

Shanghai Zhenhua Heavy Industries Co. Ltd (ZPMC) has commissioned Siemens to equip the latest diving support vessel being built for Toisa Ltd. with complete drive and power systems. According to Siemens, the solution is designed to improve the vessel’s reliability and maneuverability, as well as reduce fuel consumption, so lowering overall operating costs. The integrated drive system (IDS) used in the vessel, with a length of approximately 146 meters, conforms with the international certification standards of DNV GL.

Romica Engineering Ltd (REL) has signed a contract with Shanghai Zhenhua Heavy Industries Co. Ltd. (ZPMC) to provide a triple drum winch and tooling deployment A-Frame system. This will support the overboard deployment and recovery of diver tools supporting subsea work. The equipment will be fitted on the current diver support vessel in build for Sealion Shipping Ltd, on behalf of Toisa Ltd, this DP3 Multi-Purpose Saturation Diving Support/Offshore Construction Vessel (DSV/OCV) demonstrates Toisa’s continuing commitment to the future of front-rank Saturation Diving/Construction vessels.

When times are tough, it is still possible to nurture and grow good ideas, says Ulstein, an provider of ship design, shipbuilding and system solutions for ships. That’s the story behind the ULSTEIN X-BOW hull line design, which upon its introduction 10 years ago turned the image of the ship’s bow upside down. Now in its 10th year, the 100th X-BOW shipbuilding contract was signed, and the X-BOW’s derivative, the X-STERN – a similar solution for the ship’s stern – has been contracted on its first two vessels.

Cargotec's MacGregor received €22 million order to deliver a 900-ton active heave-compensated (AHC) MacGregor subsea crane to the South Korean shipyard, Hyundai Heavy Industries Co Ltd. The crane will be installed on a 150m multi-purpose offshore construction vessel (MOCV) ordered by Sealion Shipping, on behalf of Toisa Ltd. "This is the largest active heave-compensated MacGregor offshore crane that has been ordered," said Frode Grøvan, Director, Sales and Marketing for Advanced Load Handling. Sealion Shipping, a U.K.-based offshore support company that manages and operates offshore support vessels for Toisa, describes the MOCV as a customised version of an Ulstein Deepwater Enabler design.

Hyundai Heavy Industries, the world’s largest shipbuilder, has announced it won an order to build a multipurpose offshore construction vessel (MOCV) from Toisa Ltd. The contract includes an option exercisable by the owner for an additional same class MOCV. With a 900 tonne and a 200 tonne offshore crane, the vessel will be capable of undertaking ultra deepwater installation and construction activities including subsea pipeline and cable laying, and topside construction support work for FPSO and drilling rigs.

Toisa Ltd. signed a contract with Hyundai Heavy Industries (HHI for the construction of a Multipurpose Offshore Construction Vessel (MOCV) designed by Ulstein. The vessel, with X-BOW hull line design was built in Korea with a customized version of Ulstein's Deepwater Enabler design. The DP3 vessel is designed for worldwide operations in the oil and gas sector, ultra deepwater installation and construction, flexible lay, pipelay, cable lay and topside construction support. As such…

's ABG Shipyard Ltd. said it has won an order worth about $136.6m from UK-based Sealion Shipping. Ltd. to build 3 subsea multipurpose vessels for Toisa Ltd.

Bermuda-based Toisa Limited. The launch will took place on November 24 at Merwede Shipyard and was performed by Lorena Vázquez de Hernández, wife of José Hernández Cantarell, President CICSA. In March 2006 Merwede Shipyard won the order, which included the integration of the complete owner furnished dive spread and cranes within the required short delivery time. The vessel has been built under yard No 712. Sealion Shipping Ltd (Managers). Support Vessel, suitable for worldwide operation. Diving System, the vessel can, and will, support a wide variety of subsea operations worldwide.

Harland and Wolff Technical Services Limited, the design engineering consultancy of Harland and Wolff Group PLC, has won additional major contracts from the NASSCO. The Company has been contracted to provide both Detail Modelling and Production Information within the Cargo Zone areas for a series of newbuild Alaska-class tankers to be built for BP. Commencing immediately, the contracts will run until May 2002. Don Wright, Managing Director of Harland and Wolff Technical Services Ltd said, “We are delighted to have secured these latest contracts from NASSCO and to have the opportunity to further develop our relationship with them. Harland…

The coastal tanker industry has been one of MMS Shiprepair’s (Hull) largest contributors during recent weeks, ships including Everard’s 3,778 dwt Asperity, and 3,778 dwt Audacity. The offshore industry has also been a contributor - the 3,115 dwt Safe Truck, this is owned by Sea Truck Ltd, Sutton UK and the 1,336 dwt Toisa Crest, owned by Toisa Ltd, in Hamilton. Also recently at the yard is the 1,308 dwt salvage tug Anglian Monarch this vessel is owned by Klyne Marine Services Ltd, Lowestoft and two dredgers - the 5,872 dwt Arco Beck, owned by Hanson Civil & Marine Ltd, Southampton and the 197 grt Sea Horse, which is owned by Crowley Marine Services Inc, Seattle. Recent projects have involved the 1,370 dwt Trobo, which is owned by Paul Wilson & Co.

Harland and Wolff Technical Services Limited, the stand alone design and engineering consultancy of Harland and Wolff Group PLC, has secured a number of international contracts. Following extensive sales and marketing activity to introduce the company's capability to the market, contracts have been obtained from the NASSCO shipyard in San Diego and Van Der Giessen De Noord of the Netherlands. Led by Managing Director James MacGregor, the majority of the 60 staff are broadly equally distributed among four key disciplines, embracing project management, basic design, steel production engineering and outfit production engineering. "The resources available within Technical Services have significant design experience of challenging and innovative vessels embracing the merchant…