Braemar Seascope Offshore - North Sea Vessel Report North Sea Vessel Report - Issue 60: March 2013
MARKET NEWS & ANALYSIS VESSEL DAYRATE CHARTS
March 2013 ISSUE: 60
RIG NEWS MARKET COMMENTARY
Dry Cargo
Tankers
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Containers
Offshore
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Sale & Purchase
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Welcome to the latest edition of the Braemar Seascope Offshore North Sea Vessel Report. Recent weeks have seen the rates fall away from spikes earlier in the year however vessels are now starting to be picked off for the forward summer term work programmes. The PSV market could see a tightening on top end tonnage as this continues.
Our new contact details are: Aberdeen: offshore.aberdeen@braemar.com London: offshore.london@braemar.com Singapore: offshore.singapore@braemar.com Research: offshore.research@braemar.com
Average dayrates for spot AHTS fixtures in January were GBP 20,685 and GBP 18,656 for large and medium vessels respectively. Meanwhile, PSV rates were GBP 8,250 and GBP 6,719. It is anticipated that rates could stabilise.
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 on April the 10th.
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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.
Market Commentary
T
he North Sea AHTS spot market has begun to break into tiers in the past few weeks with a number of the larger modern vessels remaining in Norwegian waters and more medium vessels in the UK. Vessels have then charged a premium for their technical superiority.
SEAN BATE
(MICS)
Offshore Market Analysis Manager
Rig activity and utilisation remains high and the Sedco 712, which has been stacked since its contract with Oilexco was terminated in 2009, is set to return to active duty in the North Sea. The demand for AHTS vessels looks likely to pick up with a number also heading overseas for ice management and other duties. The platform supply market is also beginning to see a distinction emerge again in the rates for modern and older tonnage. There are a relatively large number of medium and long term requirements on the market at the moment. Those charterers who are able to commit to vessels early will be in a prime position to pick-up large more recently built vessels which could be more difficult to come by as the year progresses and we move closer to the active summer period.
Click Here to Email Sean offshore.research@braemar.com Tel: +44 (0)20 7903 2736
However, there are still newbuilds to deliver and there are four more PSVs due on the spot market
before the end of March. Ulstein “The shadow of over- There is still no sign of the North Sea helicopter situation returning to normal altVerft’s latest newbuild PSV the hough the frequency of passenger transsupply still hangs Blue Power has been delivered to fer vessel charters has dropped as compaBlue Ship Invest. The PX121 is the heavily over the nies have adopted new routines. third in a series of six and will join the North Sea spot market immi- market and could keep Mergers and acquisitions are the order of nently. The three remaining vessels rates anchored.� the year so far in the macro-scale with the are due to deliver later this year CNOOC Nexen deal going through and with all six vessels for sale. Orders Ithaca seeking to acquire Valiant. Now for subsea tonnage have also been flooding in. Talisman Sinopec and RWE are looking to divest Exploration and Production assets. Market activity can be expected to increase in the coming weeks as the North Sea shifts from the sluggish winter period on to the front-foot for forthcoming summer drilling campaigns. However, the weather still has the ability to surprise at this time of year and spikes caused by offshore delays can be anticipated. The shadow of oversupply still hangs heavily over the market and could keep rates anchored somewhat.
Chartering
Long-Term Requirements
There are four outstanding long-term requirements: 1 x PSV / BG UK / 3 years + 2 x 1 yr/ 5yrs + 2 x1 yr Mar 2013 1 x PSV / Peterson SBS / 1 year + 2 x 1yr / Mar-Apr 2013 2 x PSV / BP N / 2 yrs + 2 x 1 yr opt / comm May 2013 4-7 PSVs / BP UK / Various Durations / comm 2013 & 2014
Medium-Term Requirements 1 x PSV / Team / 1 well (Stena Carron) / comm Mar 1 x PSV /Team / 1 well (GA3)/comm March 1 x PSV / Team / 180,400, or 950 days (WilHunter) April 1 x PSV /COP N /24 months+3x1yr +3x2mnths+3x1mnth opts/ March 1 x PSV / Talisman / 1 or 2 years + opts /comm April 1 x AHTS / EOG / 30 days + 30 d/opt / comm April 2013 4-6 x PSV / Statoil / 4 or 5 months + opts / comm April-Sept 1 x PSV / EOG / 5 wells firm (250 days) / comm May 2013 1 x PSV / CNR / 3 months or 1yr or 2yr or 3yr+opts/ comm May 2013 1 x AHTS / Maersk Drilling / Chain Work Egypt (90 days) / comm May 2013 2 x AHTS / Capricorn / Ice Management / 45 days+d/d30/ comm June 1x PSV / Capricorn / 45 days + d/d 30 / comm June 1 x AHTS / ConocoPhillips Alaska/ Ice / 100 days+D/D 30 /2014
Golden Energy Scoops Dual Charter ConocoPhillips Norway has fixed the large PSVs Energy Swan and Energy Insula from May for periods of 72 days with additional options for a further month and two one-week options plus day by day 14. The vessels are understood to have been fixed for between NOK 160,000 and NOK 180,000 and could return back to the North Sea spot by August at the earliest. The Energy Insula is a 2013-built VS-485 MK II and the Energy Swan is an ST-216L currently working for Asco.
Maersk Laser Performs Heading Control The large AHTS vessel Maersk Laser will be carrying out Heading Control work for BP UK with the Schiehallion FPSO after being fixed for three months firm plus two one month options. The vessel which is already working for BP is expected to be on charter until at least June before returning to the North Sea spot market. The Schiehallion FPSO is located 175km west of Shetland in water depths of between 350 and 450 metres of water. The Foinaven and Schiehallion field are 15km apart. ŠCopyright Braemar Seascope Offshore 2013
Chartering
Statoil Fixes Trio of Vessels
Statoil has extended three vessels for term work in the North Sea. The AHTS vessels Havila Mars and Havila Mercury have been extended for periods of one year and three years respectively. The vessels also have options equal to their firm periods. In addition, the Normand Ferking has been fixed for a further duration of three years plus three one year options. The vessels will all be working in direct continuation of their current contracts with Statoil. Dayrates are between NOK 200-250,000.
Premier Secures Brage Supplier Premier Oil has fixed the large PSV Brage Supplier for a total of five wells to support the WilPhoenix rig. The STX PSV 09 designed vessel will be working with one well in the Central North Sea on a dayrate of around GBP 13,500 before travelling with the rig to carry out four wells offshore Shetland at an increased dayrate of circa GBP 16,000. The Brage Supplier is a 2011-built vessel equipped with DP2 and a deck of 1,000 square metres.
Olympic Energy Goes to ConocoPhillips N The large LNG PSV Olympic Energy has been chartered by ConocoPhillips Norway for a period of six months firm plus additional options. The vessel is understood to have been fixed at a dayrate of around GBP 18,000. The Olympic Energy is a 2012-built STX PSV 06 LNG designed vessel with Ice C, DP2, Oilrec and compliant with NOFO 2009 guidelines. According to Olympic the vessel’s LNG combustion system outputs NOx and CO2 emissions far below any fuel oil based engines.
Skandi Sotra to Work for AF Decom The Skandi Sotra has been fixed to support work being carried out H7 Platform by AF Decom Offshore in the German sector of the North Sea. The company specialises in the removal and recycling of offshore installations in an environmentally friendly way. There are currently no details of the exact workscope or the location where the Skandi Sotra will be working. The MT-6000 designed vessel will commence the work on completion of its existing charter with Statoil and is expected to be working until at least the end of March. ŠCopyright Braemar Seascope Offshore 2013
Chartering
Naming of the Ben Nevis Mid-March
The naming of Global Offshore’s latest vessel is set to take place in Aberdeen on March 18th. The Havyard-832 designed vessel will be equipped with DP2, 7,300 BHP and a deck area of around 800 square metres. The vessel is expected to join the North Sea spot market in Aberdeen following the ceremony and is currently charter free. A video of the launch of the hull at Cemre Shipyard can be viewed here.
Four Month Fixture for Normand Corona The large PSV Normand Corona has been chartered by Shell Norway for four months firm plus two onemonth options. The vessel is understood to be carrying out general pool or project support work and has been chartered at a rate of around GBP 19,000. The Normand Corona is an MT-6000 MKII designed vessel equipped with a deck area of around 941 square metres and accommodation for 24 personnel.
BP-Chartered Grampian Frontier MCA Deal BP has announced a deal that will see one of its chartered vessels, the Grampian Frontier, provide incident response in waters around Scotland. The Emergency Response and Rescue Vessel operates west of Shetland and the owner North Star Shipping is working with the Maritime and Coastguard Agency to make sure the crew and equipment are suitable to respond when needed. BP has also announced an investment of around GBP 165,000 towards new towing equipment for its fleet of Caledonian regional support vessels.
Maiden Charter for Lundstrom Tide The large PSV Lundstrom Tide has received its maiden charter following delivery earlier this year. The STX PSV 09 CD designed vessel was fixed to Enquest for a cargo run plus an additional cargo run option and is expected to return to the spot market by the end of the first week of March at the latest. The Lundstrom Tide is equipped with DP2, 9440 BHP and a clear deck area of around 1000 square metres. ŠCopyright Braemar Seascope Offshore 2013
Corporate
RWE Seeks to Sell E&P Element
RWE has confirmed that it is seeking to divest its exploration and production unit RWE Dea. According to a statement from the company the planned disposal would take considerable pressure off future capital expenditure however the details of any transaction and how it would be implemented are still under evaluation. It is not clear yet as to who might make a move to takeover the RWE exploration and production outfit.
Serica Issues Tender for Columbus Serica Energy has issued tender documents for the planned development of the Columbus Field. The plan aims to bring 51.3 million cubic feet of gas per day and 3,600 barrels per day of condensate and natural gas liquids to the market. The tender covers fabrication, installation and hook-up of subsea facilities and provision of subsea equipment with first production scheduled for the summer of 2015.
130 Exploration Wells Planned in Next 3 Years Oil & Gas UK’s latest activity survey forecasts that 130 exploration wells will be drilled in the UK in the next three years. Only 21 exploration wells per year on average were drilled over the last three years. According to the figures the number of projects submitted to the Department of Energy and Climate Change (DECC) and given development approval almost doubled between 2011 and 2012. The 33 projects that the DECC has approved since January 2012 involve investment of GBP 13.4 billion.
Bourbon in 85 Vessel Sale & Lease Back Plan Reports from Bloomberg indicate that Bourbon is planning to sell and lease back up to 85 vessels. The plan would be for financial investors to take on the vessels from 2014 and then charter them back to Bourbon on ten-year contracts. The move would be worth around USD 2.5 billion. According to further details from the results the company has had a lot of success in Africa which it sees as a growth zone. However, the firm has stated the Brazil market was proving difficult. ŠCopyright Braemar Seascope Offshore 2013
Corporate
Ithaca Energy Acquires Valiant Petroleum
Ithaca Energy and Valiant Petroleum have announced that they have reached an agreement that will see Ithaca acquire Valiant. Ithaca expect the move will establish the oil company as a leading mid-cap North Sea oil and gas operator with 2P reserves of approximately 74MMboe of which approximately 50% relates to currently producing assets. In addition it will more than double Ithaca’s current forecast for 2013 production to 14-16kboe/d (90% oil) rising to approximately 27kboe/d in 2015.
Siem Indicates Increase in North Sea Demand In its latest results presentation Siem Offshore has suggested that it believes long-term North Sea demand for AHTS vessels and PSVs will increase. The ship-owner states that a combination of increased exploration, field development and the number of fields on stream is expected to lead to further demand for both high-end AHTS vessels and PSVs. In addition, it sees the number of subsea well installations leading to a global surge in subsea construction vessels.
Nexen CNOOC Establishes New Board Nexen has announced the completion of its acquisition by CNOOC and established a new board of directors. Kevin Reinhard will continue as the Chief Executive Officer of Nexen and will maintain responsibility for all of Nexen’s operations. However, following the transaction representatives of CNOOC will be added to the board including Mr Li Fanrong who has been appointed Chair of the Board of Nexen. Mr Li Fanrong is currently the CEO of CNOOC Ltd.
Solstad Sees High Subsea Tendering Activity Solstad Offshore believes that there are solid fundamentals in the subsea construction vessels sector driven by high tendering activity, contract awards and substantial backlogs. The company has 19 construction vessels currently working and two vessels on order both with 5-year time charters from delivery. However, on the PSV market the owner has said their margins were negatively influenced by oversupply, low utilization and rates in the North Sea spot market. ©Copyright Braemar Seascope Offshore 2013
Carbon Capture Well
Image
The North Sea rig market continues to rise as utilisation for Semisubmersibles and Jack-ups currently stands at 91% for 2013. The figures for 2014 are coming out at 81% and 58% respectively. Early indications for chartering in 2015 show that there is already 52% utilisation of the semis and 36% for jackups . Transocean’s Sedco 712 is due to come out of lay-up and commence a firm three-year contract for Talisman Sinopec Energy commencing in October. The rig has been stacked since January 2009 following Oilexco’s financial difficulties. The Rowan Stavanger is set to move to the UK sector shortly after completing
work on the Varg field in the Norwegian sector of the North Sea. The rig will be on contract with Talisman until around the end of the year. Meanwhile, ConocoPhillips has hired the Ensco 92 rig for a four month period running from February 2013 to June 2014. The rig, which is currently on with RWE Dea, has further upcoming contracts in the Dutch sector with Tullow and Oranje-Nassau. In addition, the Ensco 71 has been extended by Maersk Oil for a further oneyear period. The rig will now be on charter with Maersk until at least May 2014 with a further three one-year options still in hand.
The Crown Estate and the National Grid have agreed a deal that will see a Carbon Capture test well drilled 70km off the coast of Flamborough Head. The drilling will test the suitability of the location for storing CO2. If successful the end scheme will see emissions from a new coal fired power station planned near Selby and another near Hatfield piped offshore for storage under the seabed.
Rig Activity by Type and Country Norway UK/Irl
Drillship Jackup Semi-Sub Total
1
1
10
19
25
17
36
37
Denmark Netherlands
Stacked without future contract
Stacked with future contract Total 2
7
7
4
4
1
41
1
2
45
2
2
88
Statoil Carbon Capture and Storage Video
Jan-05
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
Bunker Price GBP/MT
700
Bunker Price in Aberdeen 2011 to Present
650
600
550
500
450
Price courtesy of Scandinavian Bunkering, subject to supply method, volume and market fluctuations.
$140
$120
$100
$80
$60
$40
$20
$0
Standby/ERRV
Standby Market to be Tight in Q2 & Q3
The standby market is expected to be very active in the next few weeks with a significant number of requirements expected to be covered imminently. The UK fleet is on course to be effectively fully utilised for much of the second and third quarters in the same manner as the market was in 2011 and 2012. Charterers with shorter term requirements commencing within this period are struggling to persuade contractors to bid while more attractive requirements with longer durations remain outstanding.
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 There are a number of outstanding medium term requirements outstanding. These include EOG Resources who are currently looking for a vessel for 7 wells (circa 300 days) to support the Ensco 80 from April. Hess also requires a vessel from April to support the WilHunter for between 400 and 900 days. Total needs six months support for the Safe Bristolia from April. Meanwhile CNR needs seven to eight months cover to support the Ninian field and the Tblock in the Central North Sea from later this month.
BP Tendering for up to Six Vessels BP is currently tendering for a total of five to six vessels for periods of between three and five years to support their operations across the UK waters. The vessels, which will be expected to start work from the third quarter of this year, will be mostly replacing existing tonnage that the charterer has on contract.
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.
USD380M Subsea 7 Norwegian Contract Subsea 7 has been awarded a USD380 million contract with Statoil to carry out work on the Aasta Hansteen gas field in the Northern part of the Norwegian Sea. The contract covers design and installation of 19km of rigid flowlines and four Steel Catenary Risers. The offshore operation for the pipeline work will be carried out in 2015 and 2016. The project will see the installation of the first Steel Catenary Risers in the Norwegian Sea and the installation of mechanically lined pipe by reeling.
Skandi Skolten Awarded Subsea Work DOF Subsea has been awarded a contract for mooring installation services with Statoil on Njord B FSU and the Norne FPSO installations. The Skandi Skolten will carry out the work in the third quarter of this year with the workscope including the change out of mooring segments expected to take around 40 days in total. The Skandi Skolten is a large AHTS equipped with a moonpool, 250t crane and built in Triton XLX work class ROV.
Deep Orient Named & Mobilises Technip has named its latest vessel Deep Orient during a ceremony held at the Metalships & Docks (MSD) shipyard in Vigo. The subsea construction and flexible pipelay vessel is equipped with a 250 tonne main crane, DP2, two ROVs and a 1,900 square metre deck area. The vessel can also accommodate 120 personnel. The Deep Orient will initially mobilise to Le Trait in France before undertaking its first projects in Norway. ŠCopyright Braemar Seascope Offshore 2013
Subsea
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.
Solstad Orders Vessel for 5-Year Reach Deal Solstad Offshore has ordered a newbuild subsea vessel that will go on long-term charter with Reach Subsea immediately after delivery. The OSV 03 designed vessel, which was ordered at a cost of around NOK 600 million, is due for delivery in the second quarter of 2014. The five –year charter with Reach Subsea also has an extension for a further three one-year options with the firm period worth around NOK 650 million. The vessel will have an LOA of 121m, a deck of 1,300 square metres and 250t crane.
Farstad Orders OSCV 07 IRM Vessel Farstad has ordered an STX OSCV 07 designed subsea construction vessel. The subsea vessel will be designed primarily to carry out inspection, repair and maintenance workscopes. The vessel will have an LOA of around 143m, a beam of 25m and a deck area of around 1,800 square metres. In addition it will be equipped with two offshore cranes with the largest having a lift capacity of 250t. It will also have 3 ROVs and accommodation for 130 personnel.
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 please email us.
ŠCopyright Braemar Seascope Offshore 2013
Renewables
Stanislav Yudin Carrying Out Trianel Work
The heavy lift vessel Stanislav Yudin has been carrying out work at the offshore terminal in Bremerhaven. The vessel has been transporting 900 ton tripods to the Trianel wind farm near Borkum. Currently 21 of the 40 tripods are anchored at the site with the rest expected to be completed by the end of April. The Seaway Heavy Lifting vessel can lift loads up to 2,500tons.
Fugro Awarded Dudgeon Wave Buoy Work Fugro GEOS will be taking part in the deployment of a wave buoy on behalf of Statoil at the Dudgeon Wind Farm. The work will be carried out in the second week of March. The Fugro Oceanor Seawatch Midi buoy will measure waves, currents and water level and will transmit the data to shore via satellite. Service visits to the buoy are scheduled in July and November this year using the TMS Sheerkhan.
EUR 50M Contract for Prysmian The Prysmian Group has been awarded a contract worth more than EUR 50 million for cable work offshore Germany. The deal with TenneT covers design, supply and installation of a turn-key high voltage submarine power cable system along a 31km route to enable grid connection of the OWP Deutsche Bucht wind farm. Installation will be carried out using the Giulio Verne and Cable Enterprise vessels with completion targeted for the end of 2015.
Marine Energy Parks Collaborate The UK’s Energy Parks have joined forces to work together to support the development of wave and tidal industries. A collaboration agreement between the sites based in South West England and North Scotland will provide means to exchange knowledge and best practice on all aspects of the industry. It is hoped the Memorandum of Understanding will help encourage further investment and moves to commercialisation of marine energy. ŠCopyright Braemar Seascope Offshore 2013
£90,000 Average Spot Dayrate
£80,000
£70,000 £60,000 £50,000 £40,000 £30,000 £20,000 £10,000
£0 Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Large - AHTS (16,000+ BHP) 2011
Medium - AHTS (12-15,999 BHP) 2011
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
Nov
Dec
£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
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
Apr-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 Nov-12 Jan-13
£0
Jan-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
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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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