Braemar Seascope Offshore - International Vessel Report International Vessel Report - April 2013
MARKET NEWS & ANALYSIS April 2013
ISSUE: 61
VESSEL DAYRATE CHARTS RIG NEWS MARKET COMMENTARY
Dry Cargo
Tankers
Email: offshore.aberdeen@braemar.com
Containers
Tel: London +44 (0)20 7903 2700
Offshore
Aberdeen: +44 (0)1224 628 470
LNG - Specialist - LPG
Sale & Purchase
Singapore: +65 6410 9013 www.braemarseascope.com
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New Email Details
Welcome to the latest edition of the Braemar Seascope Offshore International Vessel Report. The strong oil price has continued to see rig demand maintain its strength over the past few months and the amount of offshore activity shows no sign of slowing down. However, the active newbuild market of previous years is beginning to see a certain degree of oversupply that is anchoring vessel dayrates for all but the most specialised of vessels. The average North Sea dayrates for spot AHTS fixtures in March were GBP 26,513 and GBP 16,120 for large and medium vessels respectively. Meanwhile, PSV rates were GBP 13,235 and GBP 10,088.
Please ensure that you have our new email addresses as follows. Our new contact details are: Aberdeen: offshore.aberdeen@braemar.com London: offshore.london@braemar.com Singapore: offshore.singapore@braemar.com Perth: offshore.perth@braemar.com Research: offshore.research@braemar.com We look forward to hearing your feedback and comments. Sean Bate Market Analysis Manager offshore.research@braemar.com
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Please take note we have changed email addresses and update your contact directories as appropriate. For your records the new email addresses can be found opposite and on the back page of this report. Please note our old email addresses will go offline in the next few weeks. We will also be emailing our new details.
Brazil
Subsea 7 Picks up USD 350M Pipelay Deal
Petrobras has awarded Subsea 7 a USD350M contract for the charter of the Kommandor 3000 pipelay support vessel for five years offshore Brazil. The deal will see the vessel commence operations later this year although it will have to undergo around 90 days in dry-dock for maintenance at some point in 2013. The vessel will be installing flexible lines, umbilicals and equipment in up to 2,000 metres of water on a dayrate basis.
Quartet of Newbuild PSVs Fixed to Petrobras Four World Wide Supply newbuild vessels have been fixed to Petrobras for four years plus four one-year options. The vessels, which were ordered with Damen shipyard in December 2011, are each of PSV 3300 CD design. They will be equipped with 720 square metre decks. All four of the vessels are due to be delivered throughout 2013 and will commence work in Brazil.
Far Strider to Work in Brazil for 4 Years The Far Strider has been fixed to Petrobras for four years firm plus four one-year options. The vessel is currently working for Taqa and will go briefly into drydock in midMay to upgrade to DP1 before heading off. In addition, Solstad Offshore has been awarded extensions to a pair of term contracts with Petrobras in Brazil. The Normand Vibran and the Normand Trym have been fixed for the same duration. In addition, the present contracts the vessels have with Petrobras will be extended by around 120 days.
CSS Olympia Launched & 4 More Ordered MAC Offshore has announced the launch of the CSS Olympia hull at the Liya Pingtan Shipyard. The vessel, which is the first Compact Semi Sub (CSS) accommodation variant, is due for delivery to its new owners Graal Invest of Brazil in November 2013. The launching ceremony also came with the announcement of four further CSS vessels, due for delivery between August 2014 and October 2015 worth around USD 500m in total. ŠCopyright Braemar Seascope Offshore 2013
South America & Falkland Islands
11th Brazilian Licensing Round
A total of 71 companies from 18 different countries have been involved in the 11th Brazilian Licensing round. The companies include Sonangol, BHP, Woodside, Maersk, Hess, Murphy, GDF Suez, Chariot Oil, Synergy Group, Premier Oil, and PTTEP. The 11th round covers 289 blocks in 23 sectors over 155,800 square kilometres.
Grupo R Orders Four More Jack-Ups Mexican drilling company Grupo R has ordered four more jack-up rigs from Keppel Offshore & Marine. The units, which are worth a total USD 820 million, are scheduled for delivery between Q2 2015 and Q4 2015. When completed, Keppel FELS will have built ten KFELS B class jackup rigs for Mexican customers since 2012 including two for Pemex.
Ramform Challenger Completes 3D Seismic The seismic vessel Ramform Challenger has completed a programme of work in the South Falkland Basin. The 3Dseismic vessel has acquired 1,025 square kilometres of full fold seismic data which will now be processed by PGS. The work was carried out on behalf of Falkland Island oil and gas exploration company Borders and Southern. The final depth processed data will take around nine months to be delivered although fast track data will be available in three months.
Boskalis & SAAM Sign MOU Royal Boskalis Westminster has announced it has signed a Memorandum of Understanding with Sudamericana Agencias Aereas y Maritimas SA (SAAM) for joint harbour towage operation with the American Continent. As part of the deal there will be two joint ventures; one covering the Brazilian tow market with a total of 41 tugs, the second will cover towage activities in Panama, Canada and Mexico with a combination of 55 tugs. ŠCopyright Braemar Seascope Offshore 2013
USA
Jackson Offshore Declares 2 PSV Options
Jackson Offshore Operators has declared options for two further PSVs with BAE Systems adding to the original two vessel firm order placed in December last year. The first of the GPA-675J designed 252 feet class ships recently commenced construction at the BAE yard in Jacksonville. The initial pair of vessels, ordered at the end of 2012, are set to be completed in 2015. All of the vessels are expected to commence multi-year charters in the Gulf of Mexico once delivered.
Helix Strikes 5-Year US Deal with BP Helix has announced a five-year contract with BP for well intervention services in the US Gulf of Mexico. The contract includes the use of the newbuild vessel Q5000 which is currently under construction in Singapore. The deal includes a minimum of 270 days cover each year and is expected to commence between April and August 2015. The contract also includes a first right of refusal for additional days each year and an option to extend the deal for two years.
VT Halter Marine Launches HOS Commander The offshore supply ship HOS Commander has been launched by VT Halter Marine. The HOS Commander is part of a USD 353M contract for eight vessels ordered in late 2011. The 320 Class vessels are a larger version of the HOS Coral (pictured) which was delivered in 2009. The first HOS Commander is the first vessel in the series and is expected to be delivered in October 2013.
Tidewater Orders 2+2 PSVs Tidewater Marine has signed a deal with Leevac Shipyards for two PSVs and options for a further two vessels. The units, which will be 300 ft by 62 ft will have a dwt of 5,400 and will be capable of carrying over 17,600 barrels of liquid mud. The vessels will be the first PSVs built in the US outfitted with Siemens’ Bluedrive Plus C systems. The vessels will be equipped with DP2 and will have FFV-1 notation for offship fire fighting capabilities. ŠCopyright Braemar Seascope Offshore 2013
Australia/New Zealand
GO Canopus Fixed to McDermott
McDermott Australia has secured the GO Canopus on a fixed term charter to tow the Derrick Barge (DB30) from Singapore to Dampier in Australia. Once it reaches the location the unit will carry out the installation of manifolds, pipeline and umbilicals for the Macedon gas field. The DB30 is a 1975-built 128m barge equipped with a 2,794 MT crane, accommodation for 303 and is capable of 60-inch pipelay.
Woodside to Consider FLNG at Browse Woodside is understood to be considering a floating liquefied natural gas (FLNG) unit at its Browse project offshore Western Australia. The operator has shelved plans for an onshore solution over economics with figures indicating an FLNG option could save around 20 per cent on the project’s capex. There were also environmental and indigenous objections to James Price Point, which was to be the original site for onshore plans.
New Vessel to Replace Ashmore Guardian The Australian arm of Guardline has ordered a new 40 metre vessel with Strategic Marine which will be deployed in its long term contract with the Australian Government. Once delivered the vessel will be deployed at Ashmore Island and will replace the incumbent smaller vessel Ashmore Guardian. The Ashmore Guardian has been working in the remote areas off North-Western Australia carrying out environmental protection and preventing smuggling and illegal fishing.
Farstad Newbuild Heads to Australia The medium sized PSV Far Sitella has been delivered to Farstad after being built at STX OSV Vung Tau in Vietnam. Upon delivery the vessel headed for Australia where it has commenced a long-term charter with Shell on the company’s Prelude drilling campaign. The STX PSV 08 CD designed vessel is equipped with DP2, a deck area of around 810 square metres and has Clean Deisgn and Oilrec. ©Copyright Braemar Seascope Offshore 2013
Southeast Asia
Setia Gigih Secures Malaysian Term Work
The Setia Gigih has been fixed by Petronas Carigali for five years firm plus an additional option for a further year. The 2009-built vessel will be working offshore Malaysia. The Setia Gigih has 5,520 BHP and a bollard pull of around 66t. In addition, the Setia Gagah is understood to have also been chartered by Petronas Carigali on a short term contract that will see it working in Malaysia until around the end of April. The Setia Gagah is a 2003-built 4,750 BHP AHTS with a bollard pull of around 47t.
SMS Endeavour Delivered to Martens Marine Martens Marine has taken delivery of the third in a series of vessels from Guangdong Yuexin Ocean Engineering. The SMS Endeavour is an AHTS vessel designed for operations in shallow waters around Asia, West Africa and the Middle East. The E 65T Series vessel has DP1 and has 5,150 BHP. The vessel also features a bridge area with a larger working space to conventional 5150s. The vessel is currently heading for Southeast Asia.
POSH Shearwater Named Ahead of Contract The latest addition to the POSH fleet was named in the middle of April. The POSH Shearwater is the first of four sister vessels which are being built by PaxOcean Engineering Zhuhai shipyard in Guangdong, China. The vessel is expected to shortly commence a two year term contract in Southeast Asia. The UT-755 designed vessel is equipped with DP2, a deck area of around 670 square metres and accommodation for 26 personnel.
Myanmar Opens Bidding on Offshore Blocks The Myanmar Ministry of Energy has opened bidding on 30 offshore blocks on a production sharing basis. The areas cover shallow and deepwater blocks. Letters of Expression of Interest may be submitted by June 14th. The potential bidders must cooperate with a minimum of one Myanmar national owned company registered at the Envery Planning Department, Ministry of Energy.
ŠCopyright Braemar Seascope Offshore 2013
North Sea
Statoil Secures 15 Term Vessels
Statoil came to the market in the middle of March and concluded a series of fixtures and six charter extensions that will see 15 vessels start or continue work with the Norwegian oil company. The vessels included the Havila Crusader, Viking Fighter, Rem Supporter, Bourbon Front, Sjoborg, Havila Clipper, Far Solitaire, Troms Artemis, Troms Sirius, Volstad Princess, North Purpose, Sayan Princess, Skandi Sotra, Ocean Pride and Blue Thunder. Rates for the vessels were between GBP 17,000 and 21,000.
Far Senator Naming Ceremony Soon The newbuild large AHTS Far Senator has had its naming ceremony in the middle of April. The vessel has already been introduced to the North Sea by undertaking a rig move of the Borgland Dolphin for MLS. The UT-731 CD designed vessel is equipped with a bollard pull of 258t and has a deck area of 680 square metres. As part of a sale and lease back plan it was sold to Ocean Yield and rented back by Farstad on a 12-year bareboat deal.
Lundstrom Tide Fixed for 4 Months Firm The large PSV Lundstrom Tide has been fixed to ConocoPhillips UK for four months firm plus three one monthly options. The vessel had been working for Enquest since arriving on the North Sea spot market earlier this year. The STX PSV 09 CD designed vessel is understood to have been chartered at a dayrate of around GBP 18,000. The Lundstrom Tide is equipped with DP2, 9440 BHP and a clear deck area of around 1000 square metres.
Sentinel Marine Orders 4+4 ERRVs for UK There will be a new player in the UK ERRV market by the third quarter of 2014. Sentinel Marine, majority owned by Rory Deans has ordered 4 (plus 4 options) multi-role vessels from the Fujian shipyard in China. The 61m vessels will be equipped with 300 square metre decks, DP1, a daughter craft and FRC. Rory Deans was previously a part owner in Nomis Shipping and operated over 30 standby vessels in the UK and smaller AHTS in SE Asia before the company was sold to Vroon over 5 years ago. ŠCopyright Braemar Seascope Offshore 2013
North Sea
Ocean Surf Fixed for 7 Wells
EOG Resources has chartered the Ocean Surf PSV for a seven-well firm contract expected to last for around 300 days in total. The fixture will commence from the end of April or early May. The 1998-built UT-755 designed medium PSV is currently working on the North Sea spot market and has most recently been carrying out spot work on behalf of Centrica. The vessel is equipped with DP2 and a deck area of around 620 square metres. The vessel was fixed at a dayrate of around GBP 11,000.
BG Norge Fixes Normand Arctic BG Norge has chartered the Normand Arctic on a long term contract to carry out supply duties. The large PSV is firm for two years with an option for the charterer to extend the contract by one additional year. The vessel is due to start its commitment in late May of this year. At a DWT of 5,000 metric tons the 2011 built Normand Arctic boasts a deck area of 1,000 square metres while being equipped with DP 2. In addition, the Torsborg has been fixed for 5-10 years from the second quarter of 2013.
Four Secure Term Work with Team The Large PSV the North Vanguard has been fixed by Team Marine for 400 days firm to carry out support duties for the WilHunter rig which is currently operating out in the North Sea. The PSV is understood to be carrying out well abandonment operations for Hess. Meanwhile, Team has also taken on the Toisa Invincible for 90 days to carry out general pool support duty operations. In addition, the FD Unbeatable and the Normand Flipper have been chartered by Team for 40 days and 45 days respectively.
Shell Norway Secures Ocean Pride The Ocean Pride has been fixed by Shell Norway for a three-month contract with an additional two one-month options. The dayrate is reported to be around GBP 22,650. The vessel was due to start her duties for Shell on the 1st of April. The Large PSV was delivered last year and is a Havyard 832 L design with a deck area of around 901 square metres and is equipped with DP2.
ŠCopyright Braemar Seascope Offshore 2013
Africa
Cairn Announces Africa Exploration Plans
Cairn Energy has announced a long-term drilling contract with the Cajun Express rig for a multi-well Africa campaign. The rig, which is on an initial one-year contract, will be carrying out frontier exploration drilling offshore Senegal and Morocco and potentially other areas. The Cajun Express is a deep-water 5th generation dynamically positioning semi-sub. It will begin to mobilise for the work in the second half of 2013.
Harkand Vessels Active in Africa Newly formed company Harkand has seen its vessels active in Africa over the past few months. The Harkand Falcon, which had been carrying out work in Angola for Saipem, carried out diving duties for a buoy repair for CNR in Gabon. The vessel is due to be sold later this month. Meanwhile, Harkand Da Vinci carried out work for Perenco Cameroon and Saipem Angola and is now mobilising for PetroSA.
MPL Orders Havyard IRM Vessel Marine Platforms Limited, Nigeria has placed an order with the Havyard Group for the construction of a Havyard 857 IRM subsea vessel. The 113-metre, NOK 600 million newbuild is scheduled for delivery during August 2014. The vessel will be equipped with a 250t offshore crane and will have accommodation for 120 personnel and a deck area of around 1200 square metres in addition to a moonpool.
Fairmount Summit Tows Rig to Angola The long-distance anchor handling tug Fairmount Summit has delivered the semisubmersible rig SSV Catarina offshore Angola. The newbuild sixth generation drilling rig was towed from Okpo in South Korea, via the Strait of Malacca and the Cape of Good Hope, to Angola. The pair covered a distance of over 10,000 miles with an average towing speed of 6.9 knots. The Fairmount Summit has 16,320 BHP and a 205 ton Bollard Pull. ŠCopyright Braemar Seascope Offshore 2013
Arctic
ConcoPhillips Puts Arctic Plan on Hold
ConocoPhillips Alaska has announced that it has put its exploration plans for the Chukchi Sea on hold. Drilling was due to start in 2014 and it had been anticipated that the operator would take an AHTS vessel for at least 100 days for ice management duties. In a statement ConocoPhillips Alaska president Trond-Erik Johansen said: “While we are confident in our own expertise and ability to safely conduct offshore Arctic operations, we believe that more time is needed to ensure that all regulatory stakeholders are aligned.”
Sub-Arctic Deal for Viking Vessel Viking Supply Ships has signed a charter agreement with a major oil company for one of its AHTS icebreaker vessels. The Tor Viking or Balder Viking will be working from around May in the 2014 and 2015 seasons with options to cover 2016 and 2017. The contract, which covers specialised ice management services, has a value of around USD 36.5 million for the firm period.
New Greenland Government Plans Greenland’s new coalition has released an agreement on commodities in the country. It states that “Existing plans and agreements on extraction of commodities and large scale projects should be realized with respect of signed agreements.” In addition “Exploration and extraction permits in the field of hydro-carbons are in force, though further permits will be granted reluctantly”. Furthermore “Royalty based on world market prices will be introduced via existing legislation. The royalty can be progressive with regard of the extent of the project.”
Havyard Secures Iceland Newbuild Contract Icelandic Oil Services company Fafnir Offshore has placed an order with the Havyard Group for a Havyard 832L WE PSV. The 88.5 metre Ice Class B vessel is scheduled for delivery during July 2014 and has an order value of approximately NOK 330 million. According to the Icelandic Ministry for Foreign Affairs the vessel will be specially built for operations in harsh conditions. The vessel has already secured a 180-day a year 6-year contract with the Governor on Svalbard with two additional two year options. ©Copyright Braemar Seascope Offshore 2013
Mediterranean
Noble Energy Plans Med Projects
Noble Energy has outlined its plans for a number of projects in the Mediterranean in its latest Investor Presentation. The company has already started production at its Tamar project off Israel and is now considering a potential FLNG at the site with a target start up around 2018. In addition, work is underway on the Leviathan field with the company hoping to supply domestic markets from the field in 2016.
Esvagt Capella Supporting BP Egypt BP is understood to be on the verge of finalising a longterm contract that will see the 2004-built Esvagt Capella fixed for a minimum two-year commitment. The vessel, which was recently released by Enquest on completion of a long-term contract with the Stena Spey, is expected to mobilise to Egypt later this month. The Emergency Response and Rescue Vessel has a rescue capacity for 300 survivors.
India
SCI Takes Delivery of Newbuild AHTS
The Shipping Corporation of India (SCI) has taken delivery of its latest newbuild AHTS vessel SCI Urja. The vessel is the last of a series of 120t bollard pull sister ships and is equipped with DP1, Fifi and is UKOOA (c) compliant. The vessel will be used to support the Indian offshore sector. The SCI Urja is an AH-03 designed vessel with an LOA of 65.2m. The vessel will be registered under Indian Flag with Mumbai as the home port.
Sea Tantalus Delivers from Cochin The PSV 05L CD designed Sea Tantalus has delivered from Cochin Shipyard in India. The vessel is the latest in a series of four sister ships being built for the same client. Each of the vessels has an LOA of 82.2m, accommodation for 28 and is of DNV Clean Design. The vessels also have Fifi 1 and OilRec. The Sea Tantalus is the first vessel built by Cochin to be filled with a Ballast Water Treatment Plant that will aim to eliminate environmental damage from aquatic organisms. Enquest has chartered the vessel for 1-3 years. ŠCopyright Braemar Seascope Offshore 2013
Newbuilds
Hull of Blue Protector Launched
The hull of the newbuild PSV Blue Protector has been launched at the Zaliv Shipyard. The PX-121 designed vessel is the thirteenth built by the yard over the last six years for Ulstein Hull AS. Upon launching the hull the vessel was set to be towed by tug to Norway for final outfitting. Earlier this year, the shipyard carried out the dual launch of the hull of the Blue Guardian and the first of a series of PSVs for Damen Shipyards Bergum.
Kotug Expanding to Global Horizons Kotug has ordered four new AR 80-32 tugs from two shipyard. The vessels will be built at Damen Shipyards in Europe and Cheoy Lee Shipyards Hong Kong. All four vessels will be delivered in 2014. Kotug will charter the vessels from Elisabeth Ltd. Kotug has also formed a joint venture with Teekay Shipping Australia and currently has four 80t+ bollard pull rotor tugs operating in Port Hedland for BHPBIO Minerals. These vessels are expected to be joined by a further two similar tugs in the coming months.
Boa Awarded Outfit Work for AHTS Bergen Group Fosen has signed a contract with BOA subsidiary NFDS Offshore 1 AS for the outfitting and commissioning of a new AHTS vessel. The contract for the VS-491 CD designed vessel is valued at more than NOK 600 million and is expected to be completed by the end of the first quarter of 2014. The hull for the vessel has already been completed at Nantong Mingde Heavy Industries in China and is expected to arrive at Fosen in Q2 this year. There is also an option for a further vessel.
Subsea Construction Newbuild for Sealion Sealion shipping has announced an order for a large subsea construction vessel from Hyundai Heavy Industries. The DP3 deepwater installation and contruction, flexible, pipelay and cable lay vessel is a customised version of the Ulstein Deepwater Enabler design. It will have an LOA of 150.5m, beam of 32m, deck area of around 2900 square metres and accommodation for 250 personnel. The X-bow vessel will also have a 900t offshore crane, moonpool and two large workclass ROVs. ŠCopyright Braemar Seascope Offshore 2013
Sale & Purchase
Rem Buys Speculative PSV from Kleven
Rem Offshore has confirmed the purchase of a new VS-485 MK III designed PSV from Kleven Verft AS. The yard had built the vessel on speculation with delivery scheduled for May 2013. The new owner has also announced that it has secured a two year firm contract with additional options for a further three years and nine months for the vessel with an undisclosed charterer. The 4,900 dwt vessel is expected to deliver at the end of May.
Otto Explorer 3 ROV Support Vessel Sold Otto Marine has sold its newbuild MT-6009 L ROV Support Vessel Otto Explorer 3 to RY Offshore. The deal, which is worth around USD 50m, will see the vessel go on charter to Otto subsidiary GO Marine. The vessel is currently being built at the Otto shipyard in Batam, Indonesia and will be handed over to the buyer on completion of a final inspection. A USD 1 million deposit has been paid so far with the balance due upon delivery.
1978-Built Geobay Sold to Middle East DOF Subsea Group has entered into an agreement where the 1978-built vessel Geobay is sold to a Middle East buyer. The selling price is slightly above book value of the vessel. The sale is expected to be completed after the ongoing project utilising the vessel is finalised in May 2013. The Geobay is a DP2 construction support vessel equipped with a 2,500 rated Triton work class ROV and 30t crane.
Statoil Puts Huldra Up for Sale Statoil has put the Huldra platform up for sale. The unit, which started production in 2001 has a design life of 20 years although the company believes it can exceed this design life by several years without major investments beyond regular maintenance. Huldra was constructed as a High Pressure - High Temperature (HPHT) platform with sleeping facilities for 30 people although it is normally unmanned. ŠCopyright Braemar Seascope Offshore 2013
Renewables
London Array Fully Powered
The London Array offshore windfarm has now reached full capacity at 630MW. The site, which is now the world’s largest offshore windfarm, had the last of the 175 turbines installed and commissioned in early April. The first phase at the project will reach around 630 MW and should produce enough electricity to power nearly half a million homes a year.
Final Turbine Installed at Lincs Windfarm Dong Energy has announced that the final wind turbine has been installed at the Lincs Offshore Windfarm. The 75th Siemens 3.6MW unit was installed by the jack-up installation vessel MPI Resolution which began working on the site in the middle of July last year. The full commissioning of the 270MW windfarm is set to take place later this year. The windfarm is 8km off the coast of Lincolnshire near Skegness.
Thunderbird Delivers for Marineco Marineco has taken delivery of the fourth in a series of high speed support vessels from Damen. The FCS 2610 designed Twin Axe unit, Marineco Thunderbird, will be deployed by Siemens off the west coast of England, at the same latitude as Barrow. The vessel will be used to carry out installation and maintenance work on the Walney Offshore Windfarms. The vessel will have an LOA of 25.75m, deck area of 90 square metres and a maximum speed of 25kn.
Cape Cod Offshore Wind Progresses Reports indicate that the first offshore wind farm in the USA could begin to take a step forward after over a decade of delays. In a recent interview US Interior Secretary Ken Salazar has said that he is optimistic that the first offshore wind farm in the US will break ground this year. The initial project will be in the state of Massachusetts off Cape Cod. The USD 2.6bn project has been worked on since 2001. ŠCopyright Braemar Seascope Offshore 2013
Subsea
New Subsea Vessel for DOF
DOF Subsea has ordered a newbuild subsea vessel from STX OSV scheduled for delivery in the first quarter of 2015. The OSCV 12 designed vessel will have an LOA of 161m and a beam of 32m. The vessel, which is currently charter free, will be used to support the subsea construction, intervention and survey work carried out by DOF’s fleet. Meanwhile, the company has chartered the Harvey Deep Sea on a four-year charter agreement that will see the DP2 vessel working from delivery in the United States in June 2013.
Ocean Installer Secures Subsea EPIC Deal Ocean Installer will use the Normand Mermaid, Normand Clipper and Normand Vision to carry out offshore work for a new project it has been awarded by Statoil. The contract covers engineering, procurement, installation and construction at the Gina Krog and Eirin locations. The North Sea offshore subsea campaigns will be carried out in 2015 and 2016.
New Ship on the Horizon for Seamar Subsea SeaMar Subsea, Den Helder has placed an order with De Hoop Shipyard for a 65 metre multipurpose DP2 vessel. The 1500 dwt unit featuring 52pax accommodation, four point mooring and triple moonpools is scheduled for delivery in the second quarter of 2014. The vessel, Deep Helder, will also have a total working deck space of around 500 square metres and will be strengthened at the stern to accommodate a 20t A-frame. DeepOcean has recently announced it has chartered the vessel on a 5-year contract from delivery.
Subsea Market Summary For the latest on the subsea construction and survey vessel availabilities please contact us for a copy of our Subsea Vessel Market Summary. The list is put together weekly by Graeme Riddell who is based in our Aberdeen office. We are constantly monitoring the requirements, fixtures and availability of the North Sea fleet. For more information email us.
ŠCopyright Braemar Seascope Offshore 2013
Standby/ERRV
A Number of Standby Tenders Outstanding
Talisman Energy is tendering for a vessel for 6-12 months from mid May to support the jack-up Rowan Stavanger at the Arbroath field in the UK Central North Sea. In addition, Teekay Petrojarl Production is tendering for a vessel from September or October to the end of 2014 plus two yearly options for support of the Banff Field FPSO. After suffering storm damage the unit was removed from the field in December 2011 and is undergoing modification work in Hamburg since September 2012.
Enquest Extends Esvagt Sigma Charter Enquest has extended the charter of the Esvagt Sigma for an additional four to five months from late March. The vessel will be used for on-going support of the Ocean Princess rig in the Central North Sea. Esvagt also have a second vessel on long-term charter to Enquest namely the Esvagt Capella which is supporting the Stena Spey in the Northern North Sea. The company is also outstanding for a vessel for 3-5 years from July.
Medium Term Requirements Outstanding Enquest remain outstanding for their long-term requirement but EOG Resources has finalised a charter of the Vos Emperor to support their seven well (circa 300 day) drilling programme on the West Coast from the end of April with the Ensco 80. Centrica has chartered the MRV VOS Raasay for approximately two months from mid April to support the Greater Markham Area in the South North Sea. In addition, Maersk Oil has fixed the VOS Supplier for a month from early April to support the NTVL.
BP Tendering for up to Six Vessels Although not officially announced, it is thought that the BP outstanding requirement for 5 vessels will more or less lead to a status quo situation in terms of the numbers of vessels being supplied by the incumbent operators namely Vroon & North Star. Full details should be available in time for our next report. Total has covered their 6-month requirement supporting the Safe Bristolia with the VOS Ranger. Meanwhile, CNR has chartered the Grampian Haven to support a programme of similar duration on the T-Block in the Central North Sea & Ninian field in the Northern North Sea. ŠCopyright Braemar Seascope Offshore 2013
Corporate
Providence Audit of Offshore Ireland Oil
Providence Resources has released details of an oil reserve resource audit at the Barryroe oil field in the Irish Sea. The figures show that potential recoverable oil resources from the field could be up to 624 million barrels. According to Providence the audit has also demonstrated that there are significant volumes of associated gas in solution as well.
Bourbon Strikes 51 Vessel Bareboat Deal Bourbon has announced an agreement with ICBC Financial Leasing (China) for the sale and bareboat charter back of up to 51 vessels for 10 years. The framework agreement, which is worth USD 1.5bn, includes 24 vessels in operation and a further 27 under construction. The main features of the deal includes the sale of vessels at market price with a vendor loan of a maximum of USD 116 million and a tenyear bareboat rate at a fixed rate of 10.66% of the sale price.
Peterhead CCS for Goldeneye Progresses A planned scheme for Carbon Capture at a power station in Peterhead is one of two schemes to be progressed by the UK Government through to the next round of commercialisation competition funding. The project will see up to 10 million tonnes of carbon dioxide emissions captured at the power station in Aberdeenshire and transported by pipeline and stored 100km offshore at the depleted Goldeneye reservoir.
Construction Starts on Montrose Project Heerema Fabrication Group has officially started construction of the Montrose BLP (bridge linked platform) topsides for Talisman Sinopec Energy. The 8,500 ton project will also include an optional bridge to link the existing Montrose Alpha facility to the new Montrose BLP platform. It is expected that load out of the topsides and bridge constructions will be carried out in April 2015. ŠCopyright Braemar Seascope Offshore 2013
Seven Viking IRM Vessel
The Deepwater Construction Vessel Seven Borealis
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Bunker Price GBP/MT
700
Bunker Price in Aberdeen 2011 to Present
650
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Price courtesy of Scandinavian Bunkering, subject to supply method, volume and market fluctuations.
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Average Spot Dayrate
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Feb Mar Apr Large - AHTS (16,000+ BHP) 2011
May Jun Jul Medium - AHTS (12-15,999 BHP) 2011
Aug Sep Oct Large - AHTS (16,000+ BHP) 2012
Medium - AHTS (12-15,999 BHP) 2012
Large - AHTS (16,000+ BHP) 2013
Medium - AHTS (12-15,999 BHP) 2013
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£25,000
Average Spot Dayrate
£20,000
£15,000
£10,000
£5,000
£0 Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Large PSVs (700m2+ Clear Deck) 2011
Medium PSVs (500-700m2 Clear Deck) 2011
Large PSVs (700m2+ Clear Deck) 2012
Medium PSVs (500-700m2 Clear Deck) 2012
Large PSVs (700m2+ Clear Deck) 2013
Medium PSVs (500-700m2 Clear Deck) 2013
Dec
£0
Jan-04
Large PSVs (700m2+ Clear Deck)
Medium PSVs (500-700m2 Clear Deck)
Jan-13
Oct-12
Jul-12
Apr-12
Jan-12
Oct-11
Jul-11
Apr-11
Jan-11
Oct-10
Jul-10
Apr-10
Jan-10
Oct-09
Jul-09
Apr-09
Jan-09
Oct-08
Large - AHTS (16,000+ BHP)
Jul-08
Apr-08
Jan-08
Oct-07
Jul-07
Apr-07
Jan-07
Oct-06
Jul-06
Apr-06
Jan-06
Oct-05
Jul-05
Apr-05
Jan-05
Oct-04
Jul-04
Jan-13
Oct-12
Jul-12
Apr-12
Jan-12
Oct-11
Jul-11
Apr-11
Jan-11
Oct-10
Jul-10
Apr-10
Jan-10
Oct-09
Jul-09
Apr-09
Jan-09
Oct-08
Jul-08
Apr-08
Jan-08
Oct-07
Jul-07
Apr-07
Jan-07
Oct-06
Jul-06
Apr-06
Jan-06
Oct-05
Jul-05
Apr-05
Jan-05
Oct-04
Jul-04
Apr-04
Jan-04
£0
Apr-04
£140,000
£120,000
£100,000
£80,000
£60,000
£40,000
£20,000
Medium - AHTS (12-15,999 BHP)
£40,000
£35,000
£30,000
£25,000
£20,000
£15,000
£10,000
£5,000
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.
fleet sales
From offices in London, Aberdeen and Singapore we specialise in the worldwide off- Valuation services shore market.
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Sean Bate Market Analysis Manager 35 Cosway Street London NW1 5BT UK Phone: +44 (0)20 7903 2736 E-mail: offshore.research @braemar.com
CONTACT US London:
Singapore:
35 Cosway Street
1 Pickering Street
London NW1 5BT
#08-01
UK
Great Eastern Centre Singapore 048659
Tel+44 (0)20 7903 2700
Tel +65 6410 9013
Fax+44 (0)20 7903 2701
Fax +65 6410 9015
Email: offshore.london@braemar.com
Email:
Aberdeen:
Perth
25 Carden Place
Unit 4 Churchill Court
Aberdeen AB10 1UQ
335 Hay Street
UK
Perth, Western Australia
offshore.singapore@braemar.com
6008, Australia Tel +44 (0)1224 628470
Tel +61 8 9388 0536
Fax +44 (0)1224 621444 Email: offshore.aberdeen@braemar.com
Email: offshore.perth@braemar.com
WEBSITE www.braemarseascope.com
Email: offshore.aberdeen@braemar.com
Email: offshore.london@braemar.com
Perth Office Mark North
~ Manager
Telephone :0061 89388 0536 Email: offshore.perth@braemar.com
Email: offshore.singapore@braemar.com
ŠBraemar Seascope Offshore