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BRAEMAR SEASCOPE OFFSHORE Vessel Magazine First Quarter 2012

©Braemar Seascope Offshore

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New Broker on team

Welcome to the latest edition of the Braemar Seascope Offshore Asia & Australia Vessel Report. The offshore market has been particularly active in the past few months and weeks with a number of major oil companies positioning themselves to take advantage of a potential surge in activity.

Amongst a number of interesting deals is Perenco’s purchase of ConocPhillips’ Vietnam assets. Under the terms stakes in two offshore blocks and an interest in the Nam Con Son pipeline will change hands. Anadarko Petroleum has also begun the process of marketing its Indonesian offshore assets for sale.

Infrastructure will play a key role in de-

velopment of the offshore markets and Australia’s plans for the new marine supply base in Darwin are a necessary step to gear-up for future increased demand driven by the Ichthys and work in the Timor Sea. Meanwhile, there have also been a number of newbuild vessel orders and sales and we are expecting an active few weeks on the chartering market going forwards.

We hope you enjoy. Please get in touch with your questions and comments.

Best regards, Sean Bate Market Analysis Manager

Braemar Seascope Offshore is pleased to announce that George Delamain has joined our team of brokers in our office in Singapore. George along with any of our other Singapore staff can be contacted on: Tel: +65 6410 9013 offshore@seascope.com.sg

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Click here to email our Singapore office.

New Arrivals

T

here has been a recent flood of newbuild ordering taking place at yards in Southeast Asia.

Although there remains a certain degree of difficulty obtaining credit owners have been keen to make sure they are in a position to take advantage of what they feel will be a surge in demand in the coming months and years.

Swire Pacific Offshore has ordered two 92m AHTS vessels from Singapore Technologies Engineering. These will join the four IMT-997 PSVs ordered by the firm at the end of last year from Universal Shipbuilding Corporation in Japan and the four PSVs to be built in EISA shipyard Brazil. Meanwhile, the Shipping Corporation of India has ordered six AHTS vessels with ABG Shipyard in India which will deliver in 2013 and 2014.

Newbuilds set to arrive on the Southeast Asian market in the near-term include the first of Sealion Shipping’s VS-4616 designed AHTS vessels the Toisa Elan due at the end of May. Greatship Global Offshore has taken delivery of the newbuild AHTS Greatship Vimla. The vessel, which has a bollard pull of around 160t, was delivered in early February from Drydocks World Singapore. The Conan-Wu

AHTS designed vessel is also equipped with a total BHP of 6120, DP2 and has been built in compliance with the new SPS Code 2008. Greatship now has a total of four PSVs, nine AHTS, three MPSVs and three ROV support vessels in operation and a further three ROV support vessels on order in Sri Lanka.

Meanwhile, the STX–09 PSV Brage Trader has recently been delivered from the Cochin shipyard in India and is to head for the UK North Sea shortly.

SPEC BOX Greatship Vimla Design: Conan-Wu AHTS Builder: Drydocks World, SG BHP: 6120 Bollard Pull: 160t min continuous Max Deck: 600 square metres DP: 2 Fresh Water: 720m³ Fuel Oil: 1050m³ Accommodation: 46 For full spec click here

Greatship Vimla

CH Offshore’s Coral Secures Charter with JV CH Offshore has announced that it will go ahead with the disposal of the AHTS Coral to a joint venture in which it holds a 49% stake. Following the deal the 12,240 BHP vessel will be owned by PT Bahtera Nusantara Indonesia. The other 51% of the joint venture is PT Bahtera Niaga Internasional (BNI) which has secured a charter for the vessel.

The Coral is a 2008-built AHTS equipped with DP2 and a bollard pull of around 150t.

Africa Considered for Topaz Caspian Boats Market reports indicate that Topaz is considering whether to reposition a pair of Caspian-based vessels to the Middle East or West Africa. The owner currently has the Topaz Johor and Topaz Jurong on a 12-month charter with Axxis off Nigeria and feels there could be potential for further financially rewarding work for its boats in the region. Topaz has a total of 100 vessels including AHTS, PSVs, Standby Vessels, Pipelay and Tugs under its operatorship.

Sealion’s Southeast Asian Fleet to Expand Sealion Shipping is expecting the first of its E-Class newbuid AHTS vessels to be delivered and available for charter in China at around the end of May. The DP2 Toisa Elan is the first of a series of three VS-4616 designed 220t bollard pull vessels due to deliver from China this year.

Meanwhile, the owner also has the PSV Toisa Serenade, DSV Toisa Paladin and AHTS Toisa Dauntless available for work in Singapore around the mid to end of March.

Swiber Secures Vietnam Work Singapore-based Swiber has secured an offshore support vessel contract in the Middle East worth USD 38 million through a joint venture. The charter, which is for an as yet unnamed major oil producer, is for a firm period of three years plus two optional years. In addition the company has secured a number of Offshore Construction Projects which are expected to see the deployment of construction vessels and work barges in the Southeast Asian region. ©Copyright Braemar Seascope Offshore 2011

Chartering

Beluga 1 On Three Year Charter

Otto Marine has secured a three-year charter for the 7,200 BHP AHTS Beluga 1. The vessel will be operated by Global Workboats and will be deployed off the coast of Nigeria. Including the Beluga 1, Global Workboats will have a total of four offshore support vessels deployed in African waters. The value of the firm period of the time charter is expected to be around USD 20.8 million over the three years with two one yearly options potentially taking the value to around USD 35 million.

Aquamarine On Two-Year Bareboat Deal CH Offshore has announced that its subsidiary Offshore Gold Shipping has entered into a two-year bareboat charter of the AHTS Aquamarine with a third party. The deal also includes a purchase option for the charterer at the end of the period at a price to be mutually agreed between the parties.

Global Considering Newbuild Options Market reports suggest that Global Offshore may sell a 40 per cent stake in its upcoming newbuild PSV in order to finance an additional optional PSV. The first vessel is set to deliver from a Norwegian shipyard in March next year and the option for the second has to be declared by May. Term contracts for four Global Offshore vessels, including two with ONGC, are set to end this year. However ONGC is currently out with a PSV tender with a second PSV tender expected in June.

Armada Tuah 102 Secures 4-Year Term Work Bumi Armada has been awarded a four-year charter for its AHTS Armada Tuah 102 with Petrobras in Brazil. The Malaysian-based shipowner expects the vessel to be formally accepted for delivery in the first quarter of 2012. The total value of the contract, which include four-years worth of options, is circa RM 150 million. The Armada Tuah 102 is a 72.5m AHTS with DP2 and a bollard pull of around 150t.

Bumi already has the Armada Tuah 104 working in Brazil.

It has been with Petrobras since mid-2011. ŠCopyright Braemar Seascope Offshore 2011

Australia/New Zealand

Skandi Falcon Secures Oz Charter

The Large PSV Skandi Falcon is expected to head to Australia within the next few days to commence a long-term charter. The vessel has been fixed for 490 days firm plus an additional 190 days of options with an un-named major Australian company. The UT-705 designed Skandi Falcon has previously been working in the UK North Sea. The 1990-built vessel is equipped with a deck area of around 844 square metres and total accommodation for 23.

New Marine Supply Base for Darwin A new marine supply base in Darwin has been given the go ahead by the government of Australia’s Northern Territory. The deal will see the construction start in April 2012 with completion expected by the end of 2013. Macmahon will build the base which will be operated by ShoreASCO for up to 20 years. ConocoPhillips has agreed to use the supply base for its existing operations in the Timor Sea and it is also expected that Inpex and Shell will utilise it.

Woodside Fixes Far Grip for 9 Months Australian operator Woodside has chartered the AHTS Far Grip for nine months from the beginning of March. The Far Grip is a 1993-built Ulstein UT-722 AHTS equipped with a bollard pull of around 150t and a deck area of 560 square metres. Woodside also currently has the following Farstad AHTS vessels on charter: Far Stream, Far Strait, Far Saltire and Lady Caroline as well as the PSVs Lady Grace and Far Spirit.

New Zealand Publishes 25 Block Offer The New Zealand department of Petroleum and Minerals has proposed to offer 25 onshore and offshore blocks for competitive tender from April 2012. The proposed blocks for 2012 cover approximately 40,285 square kilometres of offshore seabed. The New Zealand authorities are hoping that the new blocks together with its new strategy for marketing the blocks in an “annual block offer” will attract significant inward investment from the international market. ©Copyright Braemar Seascope Offshore 2012

Newbuilds & Sales

Swire Pacific Offshore Expands Fleet

Swire Pacific Offshore has acquired Bergen-based Seabed AS and has also placed an order for a further two newbuild AHTS vessels. As part of the acquisition, Seabed AS will be renamed Swire Seabed AS and they will take ownership of the MPSV Seabed Worker and high-spec ROVs. Meanwhile, ST Engineering has been awarded a SGD 75m contract for two 92m AHTS that will be SPS 2008 compliant. Construction of the vessels will begin in 2013 and is in addition to four AHTS newbuilds announced in June 2011.

SCI Orders Six AHTS Vessels From ABG The Shipping Corporation of India (SCI) has placed an order for six AHTS vessels with ABG Shipyard. The vessels, which will be delivered in a phased manner between 2013 and 2014, will be equipped with an 80t bollard pull. The SCI currently has a fleet of 12 vessels with nine of these acquired in the mid-eighties. The new vessels will act as replacements for some of the older existing tonnage on the SCI books. The order is worth circa USD 101.40M.

Swire Pacific Ariki Sold Market reports suggest that the Swire Pacific Ariki has been sold to an un-named buyer and renamed Northern Light. The 8,000 BHP 1986-built AHTS is equipped with DP1 and a bollard pull of around 102t. The vessel also has a clear deck of around 396 square metres and is equipped to deal with 100 survivors with the corresponding equipment and capacities to UK DOT recommendations.

MarSol Pride Goes to Tidewater The 2005-built diving support vessel MarSol Pride has reportedly been sold to Tidewater for an undisclosed amount. It is understood the vessel, which has previously been working offshore New Zealand for Unimar, will be renamed Collard Tide. The vessel is a DP1 5,440 BHP vessel equipped with a bollard pull of 68t, 4-point mooring and accommodation for 66 personnel.

ŠCopyright Braemar Seascope Offshore 2011

Subsea

Woodside Work for Technip

Technip has been awarded a pipeline contract by Woodside Energy for work on the Greater Western Flank Phase 1 project 130km North West of Karratha in Western Australia. The project will see offshore installation carried out by the Global 1200 or Global 1201 vessels which recently joined Technip following the company’s acquisition of Global Industries. The pipeline will link the Goodwyn GH and Tidepole field via a subsea tieback to the existing Goodwyn platform.

Havila Harmony Extended with FugroTSM Havila Shipping has had its contract for the subsea vessel Havila Harmony with Fugro TSM extended by two years.

The vessel is now expected to continue working in Australia until around March 2014 with two optional one years options that could potentially take the charter through to March 2016. The Havila Harmony is an MT6010 designed vessel equipped with a 150t crane, moonpool, helideck and accommodation for around 80.

Ichthys Work for North Ocean 102 McDermott has announced that its Australian subsidiary has been awarded a subsea field development contract for Inpex’s Ichthys project. The contract value is understood to be around USD 2 billion and represents the largest subsea contract that McDermott has been awarded.

The susbsea vessel North Ocean 102 wil be used to carry out the work along with the Emerald Sea. Heerema’s newbuild heavy lift and pipelay vessel Aegir will also be utilised for part of the workscope.

Extension for CSV Southern Ocean Oceanteam’s large construction support vessel CSV Southern Ocean is now expected to continue its existing bareboat charter with Fugro TSM Australia until the end of 2015. Under the original contract the vessel’s charter was set to expire at the end of 2013. The CSV Southern Ocean is jointly owned between Bourbon Offshore Norway AS and Oceanteam Shipping ASA. The 2010-built vessel is equipped with a 250t crane, moonpool and has accommodation for up to 120 personnel. ©Copyright Braemar Seascope Offshore 2011

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Oil Price Oil Price Jan 2011 2011–– Jan 2012

$140

$120

$100

$80

$60

$40

$20

$0 Jan-12

Oil Price 2005 2005--2012

$140

$120

$100

$80

$60

$40

$20

AHTS Dayrates

Average North Sea Spot AHTS Rates 2010/2011 By Quarter

Average North Sea AHTS Spot Rates by Quarter £45,000 £41,273

£42,534

£40,000

£40,070

SPECS BOX

£35,000 £30,000

£28,265

£28,017

£28,429

£26,189

£25,000

£20,000 £15,000 £10,000

£20,029

£18,667 £15,833

£8,164

£10,436 £8,434

£8,392 £7,250

£7,187

£5,000 £0

Q1-2010

Q2-2010

Q3-2010

Q4-2010

Large - AHTS (16,000+ BHP)

Q1-2011

Q2-2011

Q3-2011

Q4-2011

Medium - AHTS (12-15,999 BHP)

PSV Dayrates

Average North Sea Spot PSV Rates 2010/2011 By Quarter

Average North Sea PSV Spot Rates by Quarter £30,000

£25,000

£24,375 £23,008 £20,701

£20,000

£18,314

£15,000

£15,833

£15,406

£15,218

£14,070

£11,743

£10,000

£10,335 £8,852

£8,465 £6,950

£6,764

£5,000

£0

Q1-2010

Q2-2010

Q3-2010

Q4-2010

Large PSVs (700m2+ Clear Deck)

£6,941 £5,980

Q1-2011

Q2-2011

Q3-2011

Medium PSVs (500-700m2 Clear Deck)

Q4-2011

AHTS Dayrates

Average North Sea Spot AHTS Rates 2010/11

£90,000

£80,000

£70,000

£60,000

£50,000

£40,000

Large - AHTS (16,000+ BHP) 2010 Medium - AHTS (12-15,999 BHP) 2010

Large - AHTS (16,000+ BHP) 2011 £30,000

£20,000

Medium - AHTS (12-15,999 BHP) 2011

£10,000

£0

PSV Dayrates

Average North Sea Spot PSV Rates 2010/11

£35,000

£30,000

£25,000

£20,000

£15,000

£10,000

£5,000

£0

Large PSVs (700m2+ Clear Deck) 2010 Medium PSVs (500-700m2 Clear Deck) 2010

Large PSVs (700m2+ Clear Deck) 2011 Medium PSVs (500-700m2 Clear Deck) 2011

£0

Jan-04

Large PSVs (700m2+ Clear Deck)

Medium PSVs (500-700m2 Clear Deck)

Nov-11

Sep-11

Jul-11

May-11

Mar-11

Jan-11

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Sep-10

Jul-10

May-10

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PSV Dayrates

Sep-08

Jul-08

Nov-11

Sep-11

Jul-11

May-11

Mar-11

Jan-11

Nov-10

Sep-10

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May-10

Mar-10

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Mar-06

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Sep-05

Jul-05

May-05

Mar-05

Jan-05

Nov-04

Sep-04

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May-04

£60,000

May-08

Jan-04

Mar-04

£80,000

Mar-08

Large - AHTS (16,000+ BHP)

Jan-08

Nov-07

Sep-07

Jul-07

May-07

Mar-07

Jan-07

Nov-06

Sep-06

Jul-06

May-06

Mar-06

Jan-06

Nov-05

Sep-05

Jul-05

May-05

Mar-05

Jan-05

Nov-04

Sep-04

Jul-04

May-04

£0

Mar-04

AHTS Dayrates Average North Sea Spot AHTS Rates 2004 2004--2011

£140,000

£120,000

£100,000

SPECS BOX

£40,000

£20,000

Medium - AHTS (12-15,999 BHP)

Average North Sea Spot PSV Rates 2004 2004--2011

£40,000

£35,000

£30,000

£25,000

£20,000

£15,000

£10,000

£5,000

The Renewables Vessels Newsletter

Contact Us Braemar Seascope Offshore is a division of Braemar Shipping Services PLC, a leading integrated provider of brokering and consultancy services to the shipping industry.

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Sean Bate Market Analysis Manager 25 Carden Place Aberdeen AB10 1UQ UK Phone: +44 (0)1224 628470 Fax: +44 (0)1224 621444 E-mail: research @seascope.co.uk

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