NSRV12

BRAEMAR SEASCOPE OFFSHORE MONTHLY MAGAZINE November 2012

ISSUE: 56

MARKET NEWS & ANALYSIS VESSEL DAYRATE CHARTS RIG NEWS BROKER COMMENTARY DECC 27th Licencing Round Awards

Picture Courtesy of STX OSV Langsten-HaraldMValderhaug

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Subsea Market Latest

Welcome to the latest edition of the Braemar Seascope Offshore North Sea Vessel Report. As we move into November we can reflect on a past few weeks that has been relatively active in terms of vessel activity. The controlled ditching of a helicopter and the subsequent grounding of a number of flights has also pushed oil companies into looking at vessels for crew transfers.

However, despite this additional demand and a number of unusual jobs such as moving the FPF-1 production unit to Gdansk and transporting segments of an aircraft carrier, the number of available boats has ensured rates have remained low.

As the report goes to press there are 20 PSVs prompt in North Sea ports and a further 20 AHTS vessels.

Average dayrates for spot AHTS fixtures in October were GBP 17,992 and GBP 19,690 for large and medium vessels respectively. Meanwhile, PSV rates were GBP 9,714 and GBP 9,277. November average rates are expected to fall away slightly from these figures.

We hope you find the latest edition of our report useful and look forward to hearing your feedback and comments.

The next edition of this report will be out December 3rd.

Sean Bate

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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 email us.

Broker Commentary

O

ctober began as September finished in the North Sea AHTS segment, with a steady volume of rig move activity keeping anchor handlers rates fairly buoyant as Statoil and various UK based Charterers secured tonnage for semi and jack-up rig moves.

ROSS FINLAYSON Shipbroker - Offshore

This, however, was not to last as a decrease in activity coupled with the return of tonnage from Sevan’s installation of FPSO Voyageur Spirit and various other project workscopes softened up the market significantly. The slowdown in activity continued on throughout the month with day rates dropping accordingly.

The oversupply of tonnage which has characterised the PSV market over the last few months has continued throughout October with a steady frequency of requirements, particularly in the UK sector, unable to lift the market due to the almost constant return of tonnage, including newbuildings.

Four newbuild large PSVs joined the North Sea fleet during the month; Farstad’s ship of the year 2012, Far Solitaire went almost straight from delivery onto a term contract with Statoil, whilst Vesltand’s Havyard 832 design Vestland Mira secured several weeks work

Click Here to Email Ross Aberdeen@seascope.co.uk Tel: +44 (0)1224 628 470

with Seismic player SGS. Island’s UT776 LNG vessel The unfortunate controlled ditching of the EC225 Super Island Contender also Puma helicopter between Orkney and joined the ranks and picked “The oversupply of Shetland, which resulted in the grounding up her maiden fixture with of a significant share of the North Sea tonnage in the PSV BP Norway, making use of market has continued.” helicopter fleet for a period has, as exher standby notation, with pected, had some effect on the PSV marthe final delivery of the ket. Since the incident and subsequent month being the PX105-designed Bourbon Clear. groundings Oil Companies have concluded a handful of fixtures for passenger transfer duties. Thus far this has yet to have a significant effect on PSV rates at large, but several vessels with large accommodation facilities have been able to enjoy rates at a significant premium to the market.

When it comes to term business the fixing of Sealion’s large PSV Toisa Invincible into Israel has been one of the month’s notable fixtures. (continued overleaf….)

Broker Commentary

S

the region for sunnier climes, though their withdrawal he will be working with AGR in support of deepwater semi Noble Homer Ferrington into looks set to be countered by the return of two of SolJanuary 2013 with 3 x 1 well opts thereafter. stad’s UT742’s. Year on year October has proved to be Bourbon Front has one of the busier months in the rig headed in a similar direction “The anticipated move calendar, however a sustained as she was fixed for over one month’s work with Technip in October rate peak did period of good weather, combined with good availability and a drop in activity in the Mediterranean, whilst the not materialise.” the second part of the month has meant North Promise and Olympic Electra have been fixed for that the anticipated peak did not matemedium term contracts in the North Sea, with Senergy rialise. The arrival of November has historically sigand Centrica respectively. nalled the onset of the seasonal downturn for both AHTS and PSVs, however should the grounding of heliThe Loke and Magne Viking have recently been concopters persist then there is the potential for some sort tracted to Petrofac for the tow of semi production unit of resurgence in the PSV market, if only for the very FPF 1 from Hartlepool to Gdansk, where she is heading large vessels with enhanced accommodation facilities. to the yard for a refit prior to commencing work with Ithaca. The duo is anticipated to return to the North Sea in the second week of November. Also, AHTS involvement is still required at the recently installed Far Solitaire Maersk Oil operated Gryphon FPSO, after Normand Neptun was fixed up for a heading control job where Design: UT-745 WP she will join the 2009-built Maersk Laser. Two further Owner: Farstad medium sized anchor handlers are expected to depart LOA: 91.6m

SPEC BOX

Far Solitaire

Beam: 22m DP: 2 Deck Area: 1022m³ Accom: 25 Oil Rec, Clean Design, Ice-C Click here for full spec

Chartering

Long-Term Requirements

There are seven outstanding long-term requirements: 1 x PSV / Nexen / 1 year + 1 x 9 month opt / Nov 2012 1 x PSV / Apache / 1, 3 or 5 yrs +1yr / Nov-2012-Mar 2013 1 x PSV / Enquest / 1,2, years + 2 yr opt / Nov 2012 1 X PSV / Taqa / 1 yr + 1 yr opt / Jan-Mar 2013 1 x PSV / BP N / 5 years + 5 x 1 yr opt / comm 2013-2015 1 x PSV / Maersk UK / 3-5 years / comm Q1-Q2 2013 1 x PSV / Peterson SBS / 1 year + 2 x 1yr / Jan-Feb 2013

Medium-Term Requirements There are three outstanding medium-term requirements: 1 x PSV / GdF Suez / c 3 months + 2 x 1 month / mid Nov 1 x PSV / BG UK / 1 well 120-220 days / comm Jan-Feb 1-2 PSV / Saipem / Supply Duties / 60-100 days / Q1 2013

Olympic Zeus Performs Helicopter Recovery The large AHTS Olympic Zeus has carried out helicopter recovery work for CHC following the ditching of a Super Puma EC 225 in the North Sea south of Shetland. The vessel is now engaged in the rig move of the Byford Dolphin for BP UK alongside the VS-4622 CD designed Balder Viking. All 19 people on board the helicopter were picked up by the vessel Nord Nightingale following the incident.

A number of helicopters have been grounded following the ditching with vessels taking on crew transfers.

Skandi Sotra Fixed to BP UK The large PSV Skandi Sotra has been fixed for one month firm plus four additional weekly options with BP UK. The MT-6000 designed vessel is expected to be on the contract until at least the end of November with the possibility of only being charter free at the start of 2013. The Skandi Sotra was fixed at a dayrate of around GBP 13,250. Meanwhile, it is understood the medium sized PSV Northern Supporter has been extended by 3-5 months from the first of November with BP. ŠCopyright Braemar Seascope Offshore 2012

Chartering

Magne & Loke Viking Tow FPF 1 to Gdansk

The large AHTS vessels Magne Viking and Loke Viking have been carrying out the tow of the floating production facility FPF 1. The 30-year old unit is being towed from Teeside to Gdansk for extensive upgrade work. The FPF 1 is being prepared to be installed on Ithaca Energy’s Stella area.

The sister ships Loke and Magne Viking are expected to be occupied until around the end of the first week of November. The vessels are VS-4622 CD designed vessels with bollard pulls of 220t.

Vestland Mira Named & Begins Work The newbuild PSV Vestland Mira has been named at a ceremony in Balestrand and has commenced a contract in the North Sea with SGS. The Havyard 832 L designed vessel is equipped with DP2, a deck area of around 900 square metres and accommodation for 25. The vessel is expected to remain on charter with SGS until around the middle of November before joining the North Sea spot market.

North Promise Supporting Ocean Nomad The large PSV North Promise has been chartered by Senergy to support a one well drilling programme with the semisubmersible rig Ocean Nomad. The company also has an option to extend the vessel for a further well. The Ocean Nomad has recently completed a one-well programme with SPD prior to the commencement of the Senergy workscope. The North Promise is a 2007-built diesel electric PSV equipped with DP1, a deck area of around 1,000 square metres and accommodation for 26.

Bourbon Eko Returns to Spot Market The multipurpose PSV/Standby vessel Bourbon Eko has returned to the North Sea spot market and has been available since October 20th. The vessel came off a long-term charter with ConocoPhillips Norway. It is understood that the vessel could be sent into lay-up if a new contract is not forthcoming. The vessel is a 1992 built vessel with a deck area around 420 m2, two MOB Boats and a Dacon Scoop. ŠCopyright Braemar Seascope Offshore 2012

Chartering

Toisa Invincible Fixed to AGR Israel

The large PSV Toisa Invincible has been fixed to support AGR in a drilling campaign offshore Israel. The vessel will be working alongside the Noble Homer Ferrington rig for one well plus an additional three one well options. The Toisa Invincible is a 1998-built DP2 PSV equipped with a deck area of around 936 square metres and accommodation for 27 personnel.

Olympic Electra with Noble Julie Robertson The medium sized PSV Olympic Electra has been fixed for 90 days firm plus four additional one week options with Centrica. The vessel will be supporting the Noble Julie Robertson on a dayrate of around GBP 10,500. The Olympic Electra is an MT-6009 L designed vessel equipped with DP2, a deck area of around 745 square metres and accommodation for 40.

Upcoming Olympic Taurus Naming The naming ceremony of the large multifunctional supply and construction vessel Olympic Taurus is set to take place on November 26th at Kleven Maritime. The vessel will be delivered with the Helideck. The MT-6015 designed vessel is Clean Design, has a deck area of around 1060 square metres, accommodation for 60 personnel and is equipped with DP2. The vessel is currently charter free upon delivery.

BB Troll & Carlo Magno Tow AMT Trader The AHTS vessel BB Troll and the AHT Carlo Magno have been involved in the towage of the AMT Trader from BAE Systems at Govan on the Clyde in Glasgow to Rosyth. The AMT Trader is carrying the stern and last section of the Queen Elizabeth aircraft carrier. The Carlo Magno is a UT514 L designed twin screw vessel. The BB Troll is a VS-473 designed AHTS with a bollard pull of around 158t and DP2. The vessels are expected to conclude the work at the end of the first week of November. ŠCopyright Braemar Seascope Offshore 2012

Corporate

DECC 27th Awards Announced

The results of the UK Department of the Energy and Climate Change (DECC) 27th North Licensing round have been announced. A total of 167 licences have been awarded with Apache Energy securing 11. There were also eight for Enquest, Nexen and Total. Statoil picked up two licences, Faroe Petroleum secured three and Xcite was also awarded one of the licences. A full breakdown of the awards can be seen on a number of charts in the rigs section of this report.

Technip & Hereema Form Alliance Technip and Hereema have signed a worldwide agreement to combine their capabilities in the subsea market.

The five-year deal will see the two companies bid together on EPCI projects and bring together resources such as the S-Lay and Reel Lay assets. Hereema also has the J-Lay installation vessels Aegir, which is under construction, and Balder. The companies will be working together from today on implementing the agreement and plan to bid together on several major contracts in the future.

Providence Resources Updates Barryroe Providence Resources has updated its reservoir analysis of its Barryroe oil field off the coast of Ireland. Initial studies have indicated that recovery rates could be between 17 and 43 per cent with a recovery factor of 31 per cent being used for development planning. The company is now studying a potential development scenario that could include 41 horizontal production and 22 horizontal waterinjection wells.

Fletcher Shipping Gets Scottish Loan Fund The Scottish Loan Fund has announced that it has provided GBP 4 million to Fletcher Shipping to part-fund the acquisition of the platform supply vessel FS Taurus. The deal also includes an option to drawdown a further GBP 1 million. The Scottish Loan Fund was set up to address the market need for finance by Small and Medium Enterprises. It focuses on providing mezzanine loans to growth and export businesses with an annual turnover of more than GBP 1 million. ŠCopyright Braemar Seascope Offshore 2012

DECC 27th Awards

Talisman has been granted approval by the UK Department of Energy and Climate Change (DECC) to carry out the MonArb area redevelopment. The GBP 1.6 billion project covers blocks 22/17, 22/18 and 22/23a in the central North Sea. Chevron has chartered the semisubmersible Sedco 704 through to May 2013. The deal will see the rig continue with the oil company in direct continuation of its existing charter.

Meanwhile, the semisubmersible Ocean Nomad has commenced a six-well programme in the UKCS for five different operators. The rig, which is currently with Fairfield Energy, will work for Dana, First Oil, Noreco and has previously carried out work for Endeavour. The rig will

be on charter through to around the middle of May 2013 before undergoing survey work ahead of a two-year charter with Dana that will see it fixed through to July 2015.

West Group has launched a new rig concept that boasts well construction without any interruptions in the drilling process. The continuous motion rig has the first continuous movement of drilling tubular, drillstring and casing. The idea is to increase efficiency and reduce drilling time and rig costs. According to the firm, the technology could reduce drill time by up to 50% and potentially lower costs by up to 45%. For more details click the video above to go through to the West Group website.

The UK Department of Energy and Climate Change (DECC) has announced the awards for the 27th licencing round. A total of 167 awards have been made covering a total of 356 blocks. The greatest number of awards has gone to DONG with 28 followed by Parkmead and Total with 24 each.

Statoil secured three, ConocoPhillips took two and BP one. Meanwhile, smaller oil companies Xcite and Ithaca were awarded three and two blocks respectively.

Among the awards were 18 obligated firm wells.

Rig Chart Rig Activity by Type and Country Norway UK/Irl

Drillship Jackup Semi-Sub Total

Stacked without future contract

Denmark Netherlands

Stacked with future contract Total

2 9

18

19

17

28

37

2 4

5

4

5

4

40

2

5

43

2

9

85

DECC 27th Licencing Awards Number of Blocks Awarded - DECC 27th Licencing Round 30

28

25 24 24

20

17

15

15 14 14 13 13 12

11 10 10 10 9

9 8 7

7

7

7

6

6

6

6 5

5

5

5

5 4

4 3

3

3

3

3

3 2

2

2

2

2

2

2

1

0

1

1

1

1

1

1

1

1

1

1

1

1

Jan-05 Mar-05 May-05 Jul-05 Sep-05 Nov-05 Jan-06 Mar-06 May-06 Jul-06 Sep-06 Nov-06 Jan-07 Mar-07 May-07 Jul-07 Sep-07 Nov-07 Jan-08 Mar-08 May-08 Jul-08 Sep-08 Nov-08 Jan-09 Mar-09 May-09 Jul-09 Sep-09 Nov-09 Jan-10 Mar-10 May-10 Jul-10 Sep-10 Nov-10 Jan-11 Mar-11 May-11 Jul-11 Sep-11 Nov-11 Jan-12 Mar-12 May-12 Jul-12

DECC 27th Awards

$140

$120

$100

$80

$60

$40

$20

$0

Bunker Price

Bunker Price in Aberdeen 2011 to Present

700

Bunker Price GBP/MT

650

600

550

500

450 Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12

Price courtesy of Scandinavian Bunkering, subject to supply method, volume and market fluctuations.

Oil

Price

2005 2005--2012

$140

$120 $100

$80 $60

$40 $20

Jul-12

Oct-12

Apr-12

Jan-12

Jul-11

Oct-11

Jan-11

Apr-11

Jul-10

Oct-10

Jan-10

Apr-10

Oct-09

Jul-09

Jan-09

Apr-09

Jul-08

Oct-08

Jan-08

Apr-08

Jul-07

Oct-07

Apr-07

Jan-07

Jul-06

Oct-06

Apr-06

Jan-06

Jul-05

Oct-05

Jan-05

Apr-05

$0

Standby/ERRV

Enquest & SPD/Valiant Tendering

Enquest is reportedly tendering for a vessel to support the Stena Spey from December / January for up to two years.

The requirement is effectively against the Esvagt Capella for a drilling programme with the Stena Spey. Enquest has another Esvagt vessel on long term charter - namely the Esvagt Sigma that is supporting the SS Ocean Princess. SPD / Valiant are tendering for a vessel for 2 wells from Q1 2013 for support of a programme with the GSF Arctic III. The rig is on charter to Nexen supported by the ERRV VOS Lismore.

GdF Suez Tendering for Standby Vessel GdF Suez has entered the market with a tender for an ERRV/Standby vessel to support a one well programme with the Noble Ronald Hoope rig. The charter is expected to have a duration of around 100 days and the vessel will be required from around the first half of January 2013.

Ocean West Fixed to Premier Premier has chartered the standby vessel Ocean West for a two well charter (circa 90 days) plus multiple options.

The vessel will be supporting the drilling programme with the WilPhoenix. The Ocean West and the rig had previously been on charter to Hess since March 2012 and transferred to Premier at the beginning of October.

VOS Famous Keel Laid Friday 12th October saw the keel laying ceremony at Nanjing East Star for newbuild 50 metre ERRV Vos Famous. This is one of six sister vessels ordered at the yard

by Vroon and when delivered next year will form part of their North Sea fleet.

ŠCopyright Braemar Seascope Offshore 2012

Subsea

Skandi Nova Delivered from Aukra

The newbuild multi-role vessel Skandi Nova has been delivered to DOF from STX OSV Aukra. The STX MRV 05 designed vessel is equipped with a clear deck area of around 600 square metres, DP2 and accommodation for 46 personnel. The versatile layout of the vessel also enables the possibility for it to carry out light seismic duties with streamers.

DOF Subsea Fixed for U-Boat Survey DOF Subsea has secured a contract with Kystverket to carry out the survey of the wreck of the U-864 U-boat and surrounding seabed. The vessel was carrying weapons grade mercury to Japan when it was torpedoed by a British submarine. DOF will carry out a survey of mercury pollution in December and will return in the Spring of 2013 to remove oil from the wreckage.

Subsea Viking Extended for 5 Years Eidesvik has signed a deal with Subsea 7 for a five year charter of the Subsea Viking. The contract breaks down into declaration of an existing two year option with a further three years firm added on to the original contract.

This will see the vessel on charter to Subsea 7 until January 2018. In addition Subsea 7 holds a further two year option on the vessel. The Subsea Viking is a multifunctional construction support, ROV and flexible pipelay installation vessel with 2 ROVs and 1,100m2 deck area.

Siem Declares Options on OSCVs Siem Offshore is to expand its offshore construction fleet after taking up an option for two additional subsea construction vessels (OSCV) with STX. The vessels will each be equipped with a 250t active heave compensated crane and launch recovery system LARS. The vessels are scheduled for delivery in the second quarter of 2014. Siem already has two OSCVs being built at STX OSV Norway due for delivery in the third and fourth quarter of 2013. ŠCopyright Braemar Seascope Offshore 2012

Renewables

Statoil & Statkraft Acquire Dudgeon

Statoil and Statkraft have acquired the Dudgeon Offshore Windfarm. Dudgeon recently received an offshore consent that allows for up to 560 MW of installed power generation. The site is 32km off the coast of Norfolk and is 20km North east of the existing Sheringham Shoal windfarm. Statoil will hold a 70% share in the project and Statkraft will have the remaining 30% stake.

Brave Tern Leaves Yard for Dogger Work The newbuild jack-up vessel Brave Tern has left the Lamprell shipyard in Dubai and is now heading to the Harland & Wolff fabrication plant in Belfast. The Fred Olsen Windcarrier vessel is due to commence its maiden workscope in the coming weeks. Forewind has contracted the vessel to install meteorological masts on Dogger Bank. One met mast will be installed in the west of the zone with the second in the east. The installation is expected to take place before the end of 2012.

Turbine Transfers Orders Four Austal Boats Austal has secured an order for four 27-metre catamarans from UK-based Turbine Transfers. The vessels, which will be built at the Austal shipyard in the Philippines, will be used to support wind turbine installation activities and maintenance in European waters. The vessels will be built over nine months commencing in March 2013. The Wind Express 27 catamarans will be able to transport 12 personnel and 10 tonnes of equipment and will be able to operate at speeds in excess of 27 knots.

NSW Begins Work with Aura Norddeutsche Seekabelwerke GmbH (NSW) has taken delivery of the newly refurbished DP2 cable lay vessel Aura which has been chartered on a long term agreement from the vessel management company Meriaura. The vessel has been outfitted with an accommodation unit, heave compensated crane, and the beam section of the central working area has been extended from 18m to 25m to accommodate a new 23m wide turntable. ŠCopyright Braemar Seascope Offshore 2012

Sale & Purchase

Port of Tallinn Buys Icebreaker Botnica

The Port of Tallinn has bought the icebreaking vessel Botnica for EUR 50 million. The deal with Finnish shipping company Arctia has been done via a short term loan from a commercial bank but the port is seeking to refinance through a 10-year loan from the Nordic Investment Bank.

The Botnica is expected to arrive in Estonia in the second half of December and will mainly assist in the ports of Muuga, Kunda and Sillamae. The 1998-built Botnica is ICE10 designed with a maximum speed of 16.5 knots.

AMC Connector Sells Lewek Connector The AMC Connector joint venture between Aker Solutions and Emas Offshore has agreed to sell the subsea construction vessel Lewek Connector to Ocean Yield for USD 315 million. The transaction will be completed in the fourth quarter of 2012. Ocean Yield is a wholly owned subsidiary of Aker ASA which owns 28 per cent of Aker Solutions.

Bourbon Sells & Bareboats Trio of PSVs Market reports indicate that Bourbon has sold three PSVs that are currently based in West Africa. The vessels are understood to be the 2004 built Antenor and Asterie and the 2003-built Atlantide. The new owners, 3B Offshore, are believed to have paid USD 24 M each. All three vessels have been bareboat chartered back to Bourbon for fiveyears at a dayrate of USD 8,200.

Norwegian Orders for Two JES UT-755 LNs JES International has secured a pair of orders for UT-755 LN Platform Supply Vessels from an un-named Norwegian customer. The delivery of the first vessel is expected to take place at the end of 2014. The second vessel for the same client is expected to be delivered shortly afterwards. According to a statement from JES, none of the directors or controlling shareholders of the company has any interest direct or indirect in the contract. ŠCopyright Braemar Seascope Offshore 2012

AHTS Dayrates

Average North Sea Spot AHTS Rates 2011/12

£90,000

£80,000

£70,000

Average Spot Dayrate

£60,000

£50,000

£40,000

£30,000

£20,000

£10,000

£0 Jan

Feb

Mar

Large - AHTS (16,000+ BHP) 2011

Apr

May

Jun

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

Jul

Aug

Large - AHTS (16,000+ BHP) 2012

PSV Dayrates

Sep

Oct

Nov

Dec

Medium - AHTS (12-15,999 BHP) 2012

Average North Sea Spot PSV Rates 2011/12

£25,000

Average Spot Dayrate

£20,000

£15,000

£10,000

£5,000

£0 Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

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

Nov

Dec

£0

Jan-04

Large PSVs (700m2+ Clear Deck)

Jan-09

Medium PSVs (500-700m2 Clear Deck)

Sep-12

Jul-12

May-12

Mar-12

Jan-12

Nov-11

Sep-11

Jul-11

May-11

Mar-11

Jan-11

Nov-10

Sep-10

Jul-10

May-10

Mar-10

Jan-10

Nov-09

Sep-09

Jul-09

May-09

Mar-09

PSV Dayrates

Nov-08

Sep-08

Jul-08

May-08

Large - AHTS (16,000+ BHP)

Mar-08

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

Jan-04 Mar-04 May-04 Jul-04 Sep-04 Nov-04 Jan-05 Mar-05 May-05 Jul-05 Sep-05 Nov-05 Jan-06 Mar-06 May-06 Jul-06 Sep-06 Nov-06 Jan-07 Mar-07 May-07 Jul-07 Sep-07 Nov-07 Jan-08 Mar-08 May-08 Jul-08 Sep-08 Nov-08 Jan-09 Mar-09 May-09 Jul-09 Sep-09 Nov-09 Jan-10 Mar-10 May-10 Jul-10 Sep-10 Nov-10 Jan-11 Mar-11 May-11 Jul-11 Sep-11 Nov-11 Jan-12 Mar-12 May-12 Jul-12 Sep-12

£0

Mar-04

AHTS Dayrates Average North Sea Spot AHTS Rates 2004 2004--2012

£140,000

£120,000

£100,000

£80,000

£60,000

£40,000

£20,000

Medium - AHTS (12-15,999 BHP)

Average North Sea Spot PSV Rates 2004 2004--2012

£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: research @seascope.co.uk

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