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Braemar Seascope Offshore - International Vessel Report International Vessel Report - September 2013

MARKET NEWS & ANALYSIS VESSEL DAYRATE CHARTS

September 2013

RIG NEWS MARKET COMMENTARY

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Tankers

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Subsea Market Report

Welcome to the latest edition of the Braemar Seascope Offshore International Vessel Report.

A sustained high oil price has seen the global Offshore activity maintain the peaks of activity levels witnessed in recent months. Vessel utilisation has also been bumped up by owners taking on PSVs and AHTS vessels to carry out a number of passenger transfers in the UK North Sea. With tightness in a number of markets, we have also seen a series of newbuild vessels announced including PSVs and ERRVs. 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.

Sean Bate Market Analysis Manager 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

O

ver the past few weeks there has been a flurry of global activity in the Offshore Support Vessel markets. Looking at the USA and South America, plans to reform Mexico’s oil industry by the Mexican president continue to progress as new contracts are being awarded offshore Mexico where Cal Dive has secured an additional contract with Pemex worth USD 250 million.

following the ditching of a Super Puma type AS332 L2 off Shetland. This had a marked impact on dayrates.

The Offshore Europe conference has also been taking place in Aberdeen and the conference has been the platform for a series of high profile announcements from some of the biggest North Sea companies. Statoil took the opportunity to update the market on its forthcoming UK Mariner flagship proBrazil is seeing more activity offshore with ject, Shell recommitted itself to Ultrapetrol chartering two more “Shell Recommitted the long-term future of the vessels to Petrobras making a total of nine out of the ten PSV vessels Itself to the Long-Term North Sea and Dana announced that they own contracted to the Future of the North the commencement of its GBP 1.6bn Western Isles project twoBrazilian state oil company. TGS is Sea.” months ahead of schedule. carrying out seismic duties offshore Alaska with the vessel Go Arctic in the Chukchi Sea for preparation of the lease rounds happening early 2016.

Meanwhile, in Asia & Australia this month Farstad has secured a series of fixtures to ENI Australia. The naming ceremony for the new-

build Go Phoenix has taken place in Southeast Asia as well as two new PSV orders for Vroon.

The North Sea activity has been high with many PSVs and a number of AHTS vessels that had been doing passenger transfer work during the temporary grounding of helicopters

Offshore Africa, AHTS vessels have been secured to carry out work offshore Morocco and Equatorial Guinea. Also Chariot Oil has recently upgraded the potential reserves for its assets off Namibia.

News from the Sale and Purchase market

show that Seabird Exploration has purchased the Seismic Vessel the Hawk Explorer. In addition the Mermaid Performer has recently been sold to Prospect Marine in a deal understood to be worth USD 670,000. Two newbuild standby vessels have been contracted by Shell, the Ocean Osprey and her sister vessel, which are both yet to be delivered.

Finally in Corporate news, Adriatic Oil has made a deal with Elixir Petroleum to take on the majority stake of North Sea production licences, reprocess the seismic data and take up the drill or drop requirement. Lloyds Register also announced the planned acquisition of Senergy. The companies will combine over the next three years with the plan to provide life of field services from inception through to decommissioning.

©Copyright Braemar Seascope Offshore 2013

Mexico

Mexico Announces Plans for Oil Sector Reform

Mexican President Enrique Pena Nieto has proposed reforms to the Mexican oil industry that could see it opened up to private investment. The plans have held back from going as far as privatisation as no oil concessions will be sold off although there has been opposition over the move from opposition political parties. According to Mexican Government figures Mexico face becoming a net oil importer as early as 2018 if major new oil projects are not developed.

Cal Dive Secures Additional Pemex Work Cal Dive has been awarded an additional contract with Pemex to procurement, installation and commissioning of 3.5 km of 20-inch subsea pipeline. The offshore construction phase is expected to commence in the fourth quarter of 2013 with the remainder of the work expected to roll over into the first quarter of 2014. This work comes on top of three existing contracts the company already has with Pemex that are worth approximately USD 250 million.

Falkland Islands

Premier Plans Falkland Islands Drilling

Premier Oil has revealed it is working on participating in a forthcoming multi-operator exploration campaign off the Falkland Islands. The programme, which will include drilling to confirm the presence of a gas cap on the Sea Lion oil field, is planned for the second half of 2014 or 2015. In addition, at least two other wells are planned for multiple stacked targets.

Total Argentina Fixes Noble Newbuild Rig The Noble Houston Colbert has been contracted by Total for a project in Argentina. The newbuild F&G JU–3000N designed rig is estimated to leave the shipyard in February 2014. The rig should reach Argentina by April 2014 and is expected to continue to work until around January 2015, for a dayrate of USD 247, 000.

ŠCopyright Braemar Seascope Offshore 2013

Brazil

Ultrapetrol Charters Pair to Petrobras

Ultrapetrol now has nine out of its ten operated PSVs working for Petrobras in Brazil. Most recently the company has fixed two vessels to Brazilian state oil company, the UP Pearl and the UP Amber. Both vessels were chartered for four years at USD 32,950. In addition, Ultrapetrol has renewed the charters of four PSVs to Petrobras.

The latest newbuild in India UP Onyx is due to be delivered in India in the first half of 2014.

Petrobras Extends Skandi Vitoria to 2015 Petrobras has extended the charter of the subsea vessel Skandi Vitoria for an additional two years firm that will see it working offshore Brazil until September 2015. The 2010-built STX OSCV 06 designed vessel is equipped for specialist ROV construction support and subsea work. The Skandi Vitoria has an LOA of 142.2m and accommodation for 120 personnel.

USA / Canada

Hornbeck Offshore Sells Tug & Barge Fleet

Hornbeck Offshore has announced an agreement to sell its tug and barge fleet to Genesis Marine LLC for USD 230 million. The deal includes Hornbeck’s active fleet of nine ocean-going tugs and nine double-hulled tank barges.

Talking about the transaction CEO Todd Hornbeck said “We believe that the timing is right to divest of our noncore Downstream segment in order to strategically focus our energies on our Upstream core business.

Geo Arctic Scans Ready for BOEMRE TGS has utilised the Geo Arctic to collect data in the Chukchi sea off the Northwest coast of Alaska. The collected 2D data will be for the Bureau of Ocean energy Management Regulation and Enforcement (BOEMRE) lease rounds happening early 2016. The data will be available to clients around the second quarter of 2014.

The Geo Arctic is a seismic vessel built in 1988 with a 10,600m streamer cable. ©Copyright Braemar Seascope Offshore 2013

Australia / New Zealand

Farstad Secures Series of Australian Charters

Farstad has announced a series of fixtures off offshore Australia. 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 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.

Kan Tan IV to Drill off New Zealand Market reports indicate the Kan Tan IV rig is set to drill at least one exploration well offshore Taranaki, New Zealand next year. It is understood plans are being made to redrill near the Ruru-1 well which was suspended following bad weather during a campaign in 2011. Shell Exploration, which holds an 83.75% share of the licence is understood to also hold an option for at least one more well should the results for the first warrant it.

Woodside Opts for FLNG at Browse Woodside has recommended the use of a floating LNG unit to develop and commercialise the three Browse gas fields offshore Australia. The decision follows the evaluation of alternative concepts after a plan for an onshore development at James Price Point was dropped earlier this year. This recommendation will use Shell’s FLNG technology and Woodside’s offshore development expertise for the Browse LNG development.

Two Vessels in Barge Tows for Teras Offshore Teras Offshore is understood to have fixed the two AHTS vessels Cecilie K and the Hawk K to carry out two barge tows between Singapore and Australia. The vessels are believed to have been fixed on three month charters which are due to conclude at around the end of October 2013. The Cecilie K is a 5,000 BHP AHTS vessel and the Hawk K is a 6,000 BHP AHTS. Both are RK Offshore vessels. ©Copyright Braemar Seascope Offshore 2013

Southeast Asia

Newbuild Go Phoenix for Otto Marine

Otto Marine recently held a naming ceremony for their newbuild Go Phoenix. The Go Phoenix is a VS-491 DP 2 design with a bollard pull of 260t. Otto Marine has scheduled to build four units of the VS-491 where the next two will be completed by 2014.

Teras Bethel Heads for Indonesia Cheoy Lee Shipyards has handed over the second AHTS in a series of five vessels for Teras Offshore in Singapore. The Teras Bethel has headed straight to Batam in Indonesia where it will commence work. The vessels will each have bollard pulls of 69t and accommodation for up to 24 personnel. The principal dimensions of the vessels are LOA 50m, beam 12.60m and a draft of 4.5m.

Seismic Support Role for Pacific Peacock Market Reports indicate that Swire Pacific Offshore has contracted out the Pacific Peacock to CGG Veritas for seismic support in Southeast Asia. The Pacific Peacock is a 5150BHP anchor handler with a 62-68t bollard pull.

Two More PSV Orders for Vroon Vroon has ordered a further two platform supply vessels, which makes a total of ten under construction at the COSCO Guangdong Shipyard in China. Four PX-121 designed PSVs are being built at Guangdong, where as the remaining six KCM design will be built at Fujian Southeast Shipyard. All the ships are scheduled to be delivered during 2015.

ŠCopyright Braemar Seascope Offshore 2013

North Sea

Cairn Fixes Bourbon Topaz for 4 Wells + 4

The large PSV Bourbon Topaz has been fixed by Cairn Energy to support the drilling campaign of the Cajun Express 5th generation deepwater semisubmersible drilling rig. The vessel has been chartered for four wells firm at a dayrate of around GBP 23,500 with options for up to an additional four wells. The Bourbon Topaz is a PX-105 designed vessel equipped with a deck area of around 995 square metres, DP2 and Oil Recovery.

Energy Swan Chartered for Brage Work Wintershall Norway has awarded the large PSV Energy Swan a four year charter to perform operations in the North Sea. The ST-216L designed vessel, which is currently on charter with ConocoPhillips Norway doing pool support, will be working on the new contract until 2018. The Wintershall Norway workscope includes supporting installation work at the Brage platform. The firm contract is understood to be at a dayrate of around NOK 170,000 and there are also options for a further four one-year periods.

Troms Lyra Sets Out for Pool Support Work Troms Offshore’s 2013-built PSV Troms Lyra has set out for pool support duties potentially with the West Navigator Drillship or the Transocean Barents rig for Norske Shell. The vessel is a PSV 08 CD design with a deck area of 860 square metres and accommodation for 24. The Troms Lyra will be performing the workscope for nine weeks firm with options covering up to a further five additional one week periods.

Highland Defender Supports Ocean Nomad The Highland Defender has been employed by Dana Petroleum to support the drilling campaign of Diamond Offshore’s Ocean Nomad Rig off the Western Isles.

The large PSV has already started her two year fixture with two six month options. Gulf Offshore’s Highland Defender built this year is a MMC-887 design with a deck area of 1,000 square metres, integrated DP2 and accommodation available for 40 people. ©Copyright Braemar Seascope Offshore 2013

North Sea

North Sea Spot Market for Island Newbuild

The newbuild large PSV Island Duchess will be joining the North Sea spot market in early October. The UT-717 CD designed vessel is Island Offshore’s fourth of this design built in 2013. The Island Duchess is equipped with DP2, a deck area of 800 square metres and accommodation for 26. The vessel is set to arrive in Stavanger by around the 10th of October and is currently charter free.

Bourbon Rainbow Front-Running Dong Work The Bourbon Rainbow is currently undertaking work with Dong to support the Maersk Resolve jackup rig. The 2013built PSV is working on the contract and is expected to be replaced later on by the Bourbon Sapphire. The Bourbon Rainbow will then commence a one well charter with MLS supporting the Maersk Giant rig. The Bourbon Rainbow is a PX-105 designed vessel equipped with a deck area of around 1017 square metres.

Total Takes Maersk Pair for Passenger Role Maersk Supply Service has two AHTS vessels doing passenger transfer service for Total UK. The Maersk Logger has recently been extended 7 days on top of a previous charter and the Maersk Lifter is fixed for all duties including passenger transfer service for 18 days with one week and seven day by day options. The Maersk Logger and the Maersk Lifter are both DP2 L-Type vessels. The vessels have a bollard pull of 250t with deck areas of 720 square metres and can accommodate up to 70 personnel.

Viking Prince Supports Well Campaign The Viking Prince LNG supply vessel is fixed to support a well campaign of 12 wells with an option to drill eight more. The contract is between Eidesvik Offshore and AGR Petroleum Services, which will begin on October 1st and continue for approximately two years. The Viking Prince is a VS-489 designed PSV built in 2012 with 1,021 square metres of deck area.

ŠCopyright Braemar Seascope Offshore 2013

Africa

Two Contracts for Siem Worth USD 23M

Capricorn has fixed the AHTS Siem Aquamarine for a project offshore Morocco. The contract is for the drilling of four wells with the option of a further four wells. In addition, the PSV Sophie Siem has been chartered by Hess Equatorial off Equatorial Guinea. The length of this charter is for 18 months with two three-month options. Both contracts have started and have a gross value of USD 23 million.

Bourbon Tampen Now Working in Nigeria Bourbon Tampen has left the North Sea for work in West Africa. The UT-745 E designed PSV is working for Shell Nigeria and is expected to be in the region for at least the next 16 months before potentially returning to the North Sea in early 2015. The Bourbon Tampen is a 2002-built large DP2 PSV with a deck area of around 990 square metres.

Maersk Transporter Leaves Africa The AHTS Maersk Transporter was recently in West Africa offshore Equatorial Guinea where it had been working since 2009. The VS-472 designed DP2 vessel has currently secured work in the North Sea with Ecosse, which will begin by the middle of September.

The Maersk Transporter has a bollard pull of 165-181t and a 15,300BHP.

Chariot finds potential in Namibia Chariot Oil has updated its potential resources offshore Namibia following an independent audit by Netherlands Sewell and Associates. The collected information, taken from a 3D seismic data source as well as 2D seismic data and nearby drilling activity, indicates an unrisked gross mean prospective oil resource of 469mmbbl. The data has given Chariot oil a reason to start a farm-out process to find partners that can join them in this campaign. ŠCopyright Braemar Seascope Offshore 2013

Newbuilds

Pacific Radiance Orders PSVs from Ulstein

Pacific Radiance has ordered two platform supply vessels from Ulstein, both of which are PX-121 designed vessels. The construction of these vessels is happening in a Chinese shipyard and they are estimated to be delivered by Q3 2015. The contract also has the option of two more of the 840 square metre decked area vessels that can accommodate thirty crew members.

Van Oord Orders New Cable-Laying Vessel Damen Shipyard’s has been contracted by Van Oord to build their new cable-laying vessel. Once the DP2 vessel is completed by the end of 2014, the ship will be used for construction on the Gemini wind farm which will be 60 kilometres to the North of Schiermonnikoog, one of the Dutch Wadden. The cable-laying vessel will have a beam of 28 metres and be equipped with a cable carousel with a capacity of more than 5,000t.

Another Flotel for Axis Offshore Axis Offshore has ordered a second semi-submersible flotel, called the Axis Vega. The delivery of the new vessel is excepted by the end of 2015 from the Cosco shipyard, where the sister vessel Axis Nova is also due to be completed by early 2015. The flotels are of GM500A design with DP3 capabilities, the vessels are targeted to be able to operate in the harsh environment of the North Sea.

FS Pisces Gets First Fixture The newly renamed FS Pisces has been chartered for its first job after being bought by new owner Fletcher Shipping. The UT-705 designed vessel, which was formerly the Highland Pride, is currently fixed with Taqa until around the end of the first week of September. The FS Pisces is 1992built, equipped with a deck area of around 868 square metres and has 6,600 BHP.

ŠCopyright Braemar Seascope Offshore 2013

Sale & Purchase

Craig Group Expands Fleet

Craig Group has invested in six new vessels for their fleet at a value of GBP 70 million in Balenciaga Shipyard.

The ships constructed are four D class IMT 950 ERRVs and two F class IMT 958 ERRVs which will be delivered by 2016. Both designs include a Daughter Craft and an FRC. The fleet at the moment includes 36 vessels with a mix of Platform Supply, Tanker Assist, ROV support and Rescue Vessels.

Seabird purchases Hawk Explorer Seabird Exploration has announced an agreement has been made with the owners of the Hawk Explorer to purchase the vessel and related equipment for USD 6.5 million. The vessel is set to be delivered at the end of the lease term on 31 August 2014. The Hawk Explorer is a 2D seismic vessel built in 1984 and rebuilt in 2006, with a streamer length of 12,000m.

Siem Offshore Acquired 50% of Secunda Siem Offshore has acquired 50 percent ownership of Secunda Canada at a value of CAD 16.25 million cash.

This agreement will give Siem Offshore a strategic position in Canada's East Coast Offshore Sector, due to two decades of experience from working in Canada’s harsh weather conditions managing a fleet of offshore support vessels.

J.P Knight Sells Anglian Monarch Market Reports suggest that J.P Knight has sold the AHT Anglian Monarch to Resolve Salvage. The vessel has been renamed the Resolve Monarch and set off on her delivery voyage on 19th August from Invergordon. It is understood the vessel is heading to Panama to pick up her tow and will be registered in Vanuatu.

ŠCopyright Braemar Seascope Offshore 2013

Standby/ERRV

Shell Takes 2 Newbuilds for 5-10 Years

The Class A newbuilding Ocean Osprey, equipped with twin daughter craft and a 65t bollard pull, was launched a few weeks ago at the Balenciaga shipyard in Spain. Upon delivery in January the vessel (Havyard 820 design) is committed to Shell UK for 5-10 years for support of the Anasuria FPSO / Gannet in the UK Central North Sea. A sister vessel is scheduled for delivery about 12 months later from the same shipyard and this unit is also committed to Shell UK for 5-10 years.

Contract Imminent for Former Bourbon Eko

Atlantic Offshore Rescue has acquired and recently taken delivery of the 1992-built Norwegian standby vessel Bourbon Eko. The vessel will be converted into a Class A ERRV and an announcement of a long term contract award is expected imminently. The vessel is also set to be renamed as the Ocean Tay.

Recent Requirements & Fixtures ConocoPhillips has tendered for a range of ERRV / MRVs for 5-9 years from April 2014 for support of various installations / drilling programmes in the South North Sea / Central North Sea and West Coast including the J block / Loggs and Viking field installations. The requirements are effectively against the 1976 built Putford Viking / 1975 built Putford Apollo / 1970 built Putford Puffin / 2003 built Putford Saviour & the 1999 built VOS Provider. Meanwhile, Dana Petroleum has awarded Atlantic a 2-3 year contract for support of the Ocean Nomad in the Northern North Sea. The contract commenced in August and the Norwegian coded Ocean Produce, with MCA dispensation, is initially acting as the nominated vessel. In addition, the 1957 built Ocean Swift has been chartered by Teekay Petrojarl for 3 years + options from November / December for support of the Banff FPSO in the Central North Sea.

Taqa Tendering as Nexen Near Award TAQA has circulated a tender for a vessel with a tanker assist capability to support the Harding field in the Northern North Sea for two years from January 2015. This field was previously operated by BP with ERRV support being provided via Project Jigsaw. Nexen is expected to imminently announce the winner of their tender for a vessel for 10-21 wells from December 2013 for support of the newbuild Jack -Up Ensco 120 which has been chartered for the Golden Eagle development. ŠCopyright Braemar Seascope Offshore 2013

Renewables

MV Markab Working on Rampion

Fugro’s multipurpose geotechnical drilling and construction support vessel MV Markab is currently working on the Rampion Offshore Windfarm. The vessel will be performing geotechnical operations for the remainder of 2013 and into early 2014 with the exact finish date dependent on weather conditions and work progress.

Seajacks Leviathan at Greater Gabbard The wind turbine installation vessel Seajacks Leviathan will be working on the Greater Gabbard Offshore Wind Farm until around early October. The vessel, which will be supported by the DP Galyna and the MCS Coromell, will be working on site for around 20 days in total. The Seajacks Leviathan has a main pedestal crane which can have a lift of between 200t and 300t.

Corporate

Adriatic Oil Strikes Deal with Elixir Petroleum

Adriatic Oil has struck a deal with Elixir Petroleum to take on a further 55% stake in the UK North Sea Seaward Production Licence P1921. Under the terms of the deal Adriatic will fully fund reprocessing of 3D seismic data and take over the requirement to drill or drop the licence before February 2014. Adriatic will become the operator of the licence with an 80% stake and Elixir will retain a 20% interest.

Senergy Acquired by Lloyds Register Lloyds Register has announced the planned acquisition of Senergy. The deal will see the two businesses combine over the next three years. The plan is to provide life of field services from inception to decommissioning. Aberdeen-based Senergy will continue to operate as a separate company for the next three years and will become a member of the Lloyds Register Group. Lloyds Register will also have representation on the board of Senergy.

Lewek Champion - Offshore Pipelay

Ocean Endeavor Rig Move - Bourbon Surf

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Bunker Price in Aberdeen 2011 to Present

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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.

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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

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