Braemar Seascope Offshore - International Vessel Report International Vessel Report - October 2013
MARKET NEWS & ANALYSIS VESSEL DAYRATE CHARTS
October 2013
MARKET COMMENTARY
Dry Cargo
Tankers
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Subsea Market Report
Welcome to the latest edition of the Braemar Seascope Offshore International Vessel Report. With oil prices still strong, the activity in the Offshore Market continues to rise. Globally a high activity in newbuilds are being seen and explorations continue with new gas discoveries this month. Also this month a series of updates on well campaigns and development approvals have been made. Please ensure that you have our new contact details. Aberdeen: offshore.aberdeen@braemar.com
London: offshore.london@braemar.com Singapore: offshore.singapore@braemar.com Perth: offshore.perth@braemar.com Sale & Purchase offshore.snp@braemar.com Research: offshore.research@braemar.com We hope you find the latest edition of our report useful and look forward to hearing your feedback and comments. Ani Bablanian Researcher offshore.research@braemar.com
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For the latest on the subsea construction and survey vessel availabilities please contact us for a copy of our Subsea Vessel Market Summary. We are constantly monitoring the requirements, fixtures and availability of the North Sea fleet. For more information please
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Market Commentary
T
his month the Offshore Support Malaysia and Pan Pacific Petroleum has Market has seen high activity provided an update drilling on Block 07/03 globally especially for offshore Vietnam. Salamander “Rolls-Royce has newbuilds, while there has Energy has extended its conbeen significant new discoveries in supplied design tracts for the Pacific Valkyrie both Brazil and Cyprus. The and POSH Virtue. systems for Cosco” Mexican Gulf has seen Keppel secure a contract to build a B-classjack-up. In South America Reliance has signed a joint This month Noble Energy has discovered Study of Agreement with Petroleos Venezuela gas in Block 12 offshore Cyprus and MOG whilst in the Falkland Islands FOGL and has extended their contract for the Maersk Frontier. Desire have merged and agreed Farm-outs. In Africa Ophir secures a rig for a West Africa campaign and CGG receives a Letter of Award for a Seismic Acquisition.
Petrobras has a new discovery offshore Brazil, of hydrocarbons in their ultra-deep waters and two Ulstein PSV designs have been chosen by Oceana Offshore. USA has seen Oceaneering announce the construction of a newbuild Ultra-deepwater Support vessel and Transocean has been awarded a contract to build a Drillship. Australia and New Zealand has seen a high activity in well progress reports as MEO Australia has provided an update on their next well the Blackwood-2. Whereas in New Zealand's OMV, the operator of the Manaia-2 well has drilled to 2005m deep. Southeast Asia on the other hand has had high activity with Lundins' Bertam Field receiving field development approval in
©Copyright Braemar Seascope Offshore 2013
Recently Rolls-Royce has supplied design systems for Cosco and Jaya Holdings has received a newbuild Jaya Vigilant. Other Newbuilds are seen as Vroon has added two new vessels to its construction list making a total of ten PSVs under construction. Also Carlotta Offshore has ordered a VARD PSV vessel from Vard Vung Tau yard in Vietnam and Bourbon has announced a sale of three of their vessels. Lastly, Siem Offshore recently announced their purchase of 50 percent ownership of Secunda Canada and Topaz Energy & Marine has announced the appointment of a new Chief Financial Officer.
Mexico
Contract Secured for a B Class Jack-up Keppel
A Subsidiary of Keppel Offshore & Marine (Keppel AmFELS LLC) has secured a contract with Central Panuco S.A De C.V. (a subsidiary of Perfordora Central). The contract is worth USD 240 million for the building of the KFELS B Class design jack-up rig including owner furnished equipment. Once the rig is delivered, which is expected to be in the first quarter of 2015, she is planned to pursue the Mexican market.
Maersk Secures Contracts for Two NB Drillships Maersk Drilling has named its first ultra deepwater drillship the Maersk Viking at Samsung Heavy Industries shipyard in South Korea. She is the first of four drillships of this type entering the Maersk fleet, with the following three due for delivery between now and the end of 2014. Once delivered to Maersk she will head to the Gulf of Mexico to begin a three year contract with Exxonmobill valued at USD 610 million. Also Maersk Deepwater 2, the second in the series has secured a contract in the Gulf of Mexico with ConocoPhillips/Marathon Oil for a three year charter starting mid 2014, whilst the remaining two units are as yet uncommitted.
South America
Reliance Signs Joint Study of Agreement
Reliance Industries have signed a joint study agreement with Petroleos de Venezuela SA for the Ayacucho Block 8 in Orinoco Oil Belt. The term of the Memorandum of Understanding has been extended by one year for continued cooperation.
Farm-in Agreement Offshore Falkland Islands
Falkland Islands
Falkland Oil and Gas Limited (FOGL) has combined with Desire Petroleum where FOGL shareholders will retain 60 percent of the merger and Desire will receive 40 percent. The combined group have Farmed-out with Premier Oil and Rockhopper Exploration and have signed a Heads of Agreement for the licences PL004a and PL004c which are adjacent to the Sea lion oil discovery. The aim is to begin the exploration drilling in 2014 and 2015, which depends on the finalised rig contract. ŠCopyright Braemar Seascope Offshore 2013
Brazil
Petrobras New Discovery of Hydrocarbons
Petrobras has reported a new discovery of hydrocarbons in the Ultra-deep waters of Sergipe-Alagoas Basin, Brazil. The discovery was made in Block SEAL-M-426, during the drilling of well 1-BRSA-1083-SES (1-SES-167) which is 2,720 metres deep. The drilling will continue to a depth of 6,000 metres where the analysis of rocks and fluids will be used for the aim of submitting an Appraisal Plan to the National Petroleum, Natural Gas and Biofuels Agency (ANP).
Two Ulstein Designed PSV for Oceana Offshore The Ulstein PX-105 design was chosen by Oceana Offshore for their two new PSV’s which will be built at Oceana Shipyard in Itajai, Brazil. The vessels are expected to be delivered by April and May 2016. Oceana Offshores’ contract with Ulstein includes designs, an extended main equipment package as well as engineering and purchase support.
USA / Canada
Oceaneering Announced Construction of NB
Oceaneering announced the construction of a subsea support vessel from BAE systems. The newbuild will be expected to provide services in the Gulf of Mexico, therefore the vessel is understood to be U.S flagged and documented with a coastwise endorsement by the US coast Guard. Delivery of the vessel is intended for early 2016. She will be supplied with DP2, a 250t active heave compensated crane, moonpool, helideck and two 13,000 foot-rated oceaneering work class ROV’s.
Transocean Awarded Contract to Build Drillship Transocean has been awarded a five year contract by Chevron U.S.A for a newbuild ultra-deepwater drillship. The construction of the drillship is expected to commence in the fourth quarter of 2014 at Daewoo Shipbuilding and Marine Engineering in Okpo, South Korea. The newbuild is understood to be designed to operate in water depths of 12,000 feet and drill wells to 40,000 feet. ©Copyright Braemar Seascope Offshore 2013
Australia / New Zealand
First Charter for Mermaid Inscription
The Mermaid Inscription has secured her first charter with Allseas. The Mermaid Inscription is a 2013 PSV built at the Fujian Mawei yard in March and is currently working offshore Australia on a 15 month charter with Allseas. The charter is expected to be completed in the middle of 2014.
Manaia-2 Well Update Cue Energy has reported that the Manaia-2 well located offshore Taranaki Basin New Zealand has been drilled at a depth of 2005 metres and has gone through the Moki Formation. The well is being operated by OMV New Zealand and the drilling has been done by Kan Tan IV a semi submersible drilling rig.
Farstad Secures Series of Australian Charters Farstad has announced a series of fixtures offshore Australia. The AHTS vessels Far Sky and Far Grip have been fixed to ENI Australia for 5 months firm plus 5 months of options to support the Ensco 104 rig at the Evans Shoal gas field. In addition the AHTS vessels Far Sword and Far Sound are set to support the Jack Bates semi-submersible rig for three wells firm. Furthermore the AHTS Far Sabre and Far Scimitar are working for Woodside off North Western Australia.
MEO Australia update for Blackwood-2 Well MEO Australia has announced that the Blackwood-2 well will begin drilling by the ENSCO 104 drilling rig during early to mid November. The drilling of Blackwood-2 is an obligation under the NT/P68 Farm-in Agreement between Eni Australia and MEO where MEO has a 50 percent stake.
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Southeast Asia
Lundin Bertam Field Development Approval
A wholly owned subsidiary of Lundin Petroleum Lundin Malaysia has received approval for their first development plan from Petronas where Lundin Malaysia holds 75% working interest and Petronas Carigali holds 25%. The Bertam field is reportedly using an FPSO and 14 horizontal wells with electronic submersible pumps (ESP’s). The total gross capital investment is estimated to produce approximately USD 400 million excluding FPSO related costs.
CNOOC Announces 25 Blocks Review Available
Recently CNOOC has announced 25 blocks offshore China that are available for foreign cooperation. The blocks cover an area of 102,577 square kilometres. All blocks have had seismic data collected and many already have had wells drilled.
Update on Block 07/03 Off Vietnam Talisman Energy the operators of the Vietnam Block 07/03 has advised Pan Pacific Petroleum that the CRD-3X appraisal well, being drilled by the rig Ocean Drilling, has reached its total depth of 3,658 metres. As no hydrocarbons were encountered a test to the south of the CRD-3X well is being considered to evaluate the potential of the additional reservoirs.
AHTS Extensions for Salamander Energy Salamander Energy has extended Swire Pacific’s 8,000 BHP AHTS Pacific Valkyrie and POSH Semco’s 8,000 BHP AHTS the POSH Virtue for a further 12 months. Both vessels are to continue supporting Atwood Oceanics’ Drilling Rig the Atwood Mako in Thailand.
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Europe
Noble Energy Finds Gas in Block 12 Off Cyprus
Noble Energy has announced the successful discovery of natural gas at the A-2 appraisal well drilled on Block 12 offshore Cyprus, approximately 120 feet of net natural gas pay. The wells in the reservoir are understood to have the capacity to produce from 3.6 trillion cubic feet to 6 trillion cubic feet. Currently the A structure represents the largest field to be discovered within the Deepwater Levant Basin.
MOG Extends Contract of Maersk Frontier The Maersk Frontier has been extended with MOG for another 3 years plus options for pool support in the Danish sector. The PSV is Maersk's own F-type design based on the popular UT-745 model that has a 907 square metres deck and 7,200 BHP.
Far Senator Leaves the North Sea Shell Brasil has sealed a 6 month contract with two months options for Far Senator. The vessel is a UT-731 CD design that has built up a good track record in the North Sea spot market since entering service in April this year. Farstad have also secured another two contracts in South America including the Far Swift which has been chartered by Total E&P for 6 months drilling support for the Noble Clyde Smith. Lastly Petrobras has taken the five month option for the AHTS Far Sailor in October. All three contracts are valued at a combined total of NOK 150 million, excluding options.
Toisa Invincible works for ADTI The Toisa Invincible has commenced a one well charter with ADTI during October having spent the last two months on the spot market. The vessel has been chartered to support the Ensco 92 in the Dutch sector and is expected to last around 90 days. The VS-483 design was built in 1998 with DP2 and a deck area of 986 square metres.
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Africa
Ophir Secures Rig for West Africa Campaign
A rig has been secured by Ophir Energy for their West Africa drilling campaign which will commence in the first quarter of 2014. Ophir has reported an agreed heads of agreement for a deepwater drill ship for the program, where the first well is said to be drilled in Gabon early February 2014 on the Ntsina Block. Two other wells will follow, in the Affanga Deep prospect on the Gnondo Block and the Okala prospect on the Mbeli Block.
CGG Receives LoA for Seismic Acquisition CGG has received a Letter of Award (LoA) for a seismic acquisition program offshore West Africa. Three vessels will conduct the survey and are named the Geo Coral, Geo Barents and the Pacific Finder. Commencement for the program is understood to begin in the middle of October and will last nine months.
Panoro Energy Starts 3D Survey Off Gabon Panoro Energy has reported a 3D seismic survey to commence in the Dussafu Block offshore Gabon. This acquisition is said to be carried out by Polarcus and will be reshooting a portion of an existing 3D seismic data produced in 1994, but will cover an area of 1260 square kilometres whereas the 1994 survey only covered 335 square kilometres.
Two DOF Vessels Leave North Sea for Egypt The Skandi Stord and the Skandi Saigon left the North Sea in September for a fixture with Total Egypt. The two DOF vessels will be supporting the Noble Paul Romano rig for 80 days firm and 40 daily options. They are expected to be back on the spot market in January. The Skandi Stord vessel built in 1999 is a KMAR 404 design with a 184t bollard pull. Whereas, the Skandi Saigon was built in 2011 and is a STX-AH 08 design with a bollard pull of 196t. ŠCopyright Braemar Seascope Offshore 2013
Newbuilds
Rolls-Royce Supplies Design Systems to COSCO
Rolls-Royce will provide COSCO (Guangdong) Shipyard with design and integrated systems packages for two vessels being built at the Shipyard. Both vessels will be Rolls-Royce UT-771 WP designed and are scheduled for delivery in 2015. Currently there is 22 Rolls-Royce UT-vessels being built in China, four of which are being constructed at the COSCO Guangdong and four at COSCO Zhoushan Shipyard.
Jaya Holdings Receives Newbuild Jaya Vigilant Jaya Holdings has received the delivery of a new Multi-Purpose Platform Supply Vessel the Jaya Vigilant, that has already secured its first term fixture with Anadarko in Mozambique. The contract is for two years with options and is worth over USD 20 million. The new vessel includes a 50t subsea crane, 1,000 square metres of deck space and accommodation available for 60 people.
Total of Ten PSVs on Order for Vroon Vroon has ordered a further two platform supply vessels, which will be built at the COSCO Guangdong Shipyard in China. A total of ten vessels are under construction, four PX-121 design PSVs are being built at Guangdong, whereas the remaining six KCM design vessels will be built at Fujian Southeast Shipyard. All the ships are scheduled to be delivered during 2015.
Carlotta Offshore Order a VARD PSV Vessel
Carlotta Offshore has ordered a 4,000 DWT PSV from the Vard Vung Tau yard in Vietnam. The vessel ordered is a VARD 1 08 design and is expected to be delivered late 2014.
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Sale & Purchase
Bourbon Offshore Sold Three Vessels
Bourbon Offshore has announced that it has sold three vessels, which include a tug, a Multi-Purpose Vessel and a PSV for USD 38 million. The vessels are understood to be the tug Kakulo, the PSV Bourbon Eko and the MPSV the Blue Angel all of which are respectively 10, 14 and 21 years old.
Jaya Scout Renamed Scout by Trelco Marine The Jaya Scout has been renamed by the new owners Trelco Marine Services to Scout. The 4,750 BHP AHTS vessel is reportedly fixed with Oxy in Qatar until 2017. The Scout was built in 2005 and was previously owned by Jaya Holdings.
Sea Exploration could Purchase Hawk Explorer Sea Exploration plc will exercise a purchase option under the charter arrangement for the vessel Hawk Explorer. The option covers the ship and equipment for a value of USD 6.5 million and is expected to be delivered by the end of the lease term on the 31 August 2014.
GC Rieber Sells Second Vessel to MoD GC Rieber Shipping has sold the HMS Protector to the UK Ministry of Defence (MoD), providing GC Rieber with an accounting gain of approximately NOK 370 million. The vessel has been on bareboat charter to the Ministry of Defence since spring 2011. HMS Protector is the second vessel the MoD has chartered and later purchased from GC Rieber Shipping where the first vessel was the HMS Endurance. ŠCopyright Braemar Seascope Offshore 2013
Renewables
Xodus Acquires Development Permission
Xodus has acquired development consent for the MeyGen Tidal Energy project in the Pentland Firth. Europe's largest tidal energy project will begin phase one, where 61 tidal turbines will be built. Phase one alone will produce 86MW initially but could eventually yield up to 398MW.
South Boats and Seacat GBP10 Million Deal South Boats and Seacat Services signed a GBP 10 million deal for next generation Windboat orders on September 17th. According to Seacat Services this agreement will introduce the next generation of European workboats. South Boats will commit to deliver one 24-metre and two 26-metre vessels over the next 18-24 months. The first order is the 24 metre Seacat Ranger, then the following two on order are still to be named. The 26 metre vessels represent some of the largest vessels yet built by the Isle of Wight Yard.
Corporate
Topaz Appoints New Chief Financial Officer
Topaz Energy & Marine has announced the appointment of a new Chief Financial Officer Pernille Fabricius. Ms Fabricius’ previous career was at the TMF group, she was educated at Can.Merc.Aud from Copenhagen Business School and has achieved an MBA and an MSc in Finance as well as an LLM in European Union Law.
Siem Offshore Acquires 50% of Secunda Canada Siem Offshore recently announced the purchase of 50% ownership of Secunda Canada at a price of CAD 16.25 million cash. The fifty percent ownership in Secunda will give Siem Offshore a strategic position in Canada’s offshore east coast sector.
Video Launch of Jumbo Kinetic
J.J. Ugland Launches Newbuild Juanita
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Bunker Price GBP/MT
700
Bunker Price in Aberdeen 2011 to Present
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Price courtesy of Scandinavian Bunkering, subject to supply method, volume and market fluctuations.
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Contact Us Braemar Seascope Offshore is a division of Our services include: Braemar Shipping Services PLC, a leading Spot and period chartering integrated provider of brokering and consultancy services to the shipping industry. Short sea and ocean towage At Braemar Seascope Offshore our aim is Newbuild and second hand sale & to provide cost effective solutions to our purchase clients' offshore programmes. Regular advances in technology mean our Bespoke research and reports work is a direct response to constantly Corporate mergers, acquisitions & changing market needs.
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Ani Bablanian Researcher 35 Cosway Street London NW1 5BT UK Phone: +44 (0)20 7903 2628 E-mail: offshore.research @braemar.com
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