Braemar Seascope Offshore - North Sea Vessel Report North Sea Vessel Report - Issue 61: April 2013
MARKET NEWS & ANALYSIS April 2013
VESSEL DAYRATE CHARTS
ISSUE: 61
RIG NEWS MARKET COMMENTARY
Dry Cargo
Tankers
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Containers
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Welcome to the latest edition of the Braemar Seascope Offshore North Sea Vessel Report. There has been a steady level of activity on the North Sea vessels market over the past month. However, average rates have fallen away slightly from those recorded in February with large AHTS vessels seeing the drop to GBP 26,513 from 36,750. Rates for PSVs fell marginally. The average 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. It is anticipated that rates could stabilise.
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 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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Market Commentary
N
orth Sea spot market activity has been fairly steady over the last month for both PSVs and AHTS vessels. However, rates for the most part, have been at lower than anticipated levels from an owners’ perspective and this is largely a by-product of the still fairly high volume of tonnage on the spot market, particularly with regard to PSVs. At the same time, term fixing activity has remained very steady. An increasing number of PSVs (both Norwegian and nonNorwegian tonnage) now have forward booked commitments starting May and June for long term charters and some for more medium term or summer charters. Looking ahead, this could well trigger readjustments in the demand/supply balance over the coming months.
GRAEME RIDDELL
(MICS)
Shipbroker
Click Here to Email Graeme offshore.aberdeen@braemar.com Tel: +44 (0)1224 628 470
Statoil approached the market in the middle of March and secured nine PSVs as well
as extending six vessel al“An Increasing ready on charter with them. Since Statoil’s fixing spree we Number of PSVs now have seen a fairly steady have Forward Booked stream of term fixtures. Some are close to earmark- Commitments Starting ing vessels, whilst a number May or June.” of other tenders remain outstanding.
In addition to North Sea term fixing, overseas activity seems to be gathering pace with Petrobras having just fixed and extended a batch of PSVs including all four of the Damen (Romania) built PSVs for World Wide Supply. This includes the newbuild World Peridot (featured on the front cover).
In the subsea market, there are a reduced number of prompt vessels which otherwise would have been available for fill-in work prior to summer IRM, walk-to -work or project assignments with many specialist vessels having already commenced summer programmes. Further newbuilds in this sector are under construction but mostly only come on stream in early to mid 2014.
Chartering
Long-Term Requirements
There are six outstanding long-term requirements: 1 x PSV / BG UK / 3 years + 2 x 1 yr/ 5yrs + 2 x1 yr Apr 2013 1 x PSV / COP N / 24 mnths + 3 x 1 yr + 3 x2 mnth / June 1 x PSV / Peterson SBS / 1 year + 2 x 1yr / Aug 2013 2 x PSV / Shell UK / 5 yrs + opt / comm Q2 2013 + Jan 2014 1-2 x PSV / Shell Int / 1 or 5 yrs + opt / comm Q2 2013 3 PSVs / BP UK / Various Durations / comm 2013
Medium-Term Requirements
1 x AHTS / EOG / 30 days + 30 d/opt / comm April 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 1 x PSV / ADTI / 4 wells (360 days) + 3 x1 well opts (270 days) / comm May 1 x PSV /E.On / 3 months + 6 x1 wk opts + d/d 14 / comm 1-31st May 1 x PSV / ADTI / Supply Duties / 1 well (est 120 days) / May 2 x AHTS / Capricorn / Ice Management / 45 days+d/d30/ comm Mid June 1x PSV / Capricorn / 45 days + d/d 30 / comm Mid June 1 x AHTS / ConocoPhillips Alaska/ Ice / 100 days+D/D 30 /2014
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.
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. ŠCopyright Braemar Seascope Offshore 2013
Chartering
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.
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.
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 mid-May 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 each.
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 is 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
Chartering
British Gas Fixes Normand Arctic
British Gas Norway 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.
Far Senator Naming Ceremony Soon The newbuild large AHTS Far Senator is set to have 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 around 258t and has a deck area of around 680 square metres.
Four Secure Team Term Contracts 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.
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 the extremely harsh conditions in the North Atlantic. 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.
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.
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.
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
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 include the sale at market price of the vessels at a maximum of USD 116 million and a ten-year 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
JackUp Market at 95%
Image courtesy of Prosafe
The North Sea rig market continues to remain strong with further extensions recently announced. Maersk Oil has taken on the Energy Enhancer for a further year and now holds two one-year options on the unit. Premier Oil will now continue to utilise the WilPhoenix for an additional 70 days on top of its previous contract. Centrica has announced the start of production from the Rhyl gas field in Morecambe Bay. The project, 39km off the coast of Barrow, is the first new field brought on stream in the region for ten years. The scheme has extended the life of the Morecambe Bay operations to beyond 2020 and there is potential for further reserves in the area.
The Rowan Stavanger will begun its tow to Dundee imminently where it will undergo a brief stopover before commencing work for Talisman UK until around the end of the year. The rig had been working in the Norwegian sector until earlier this month. Meanwhile, Prosafe has been awarded a contract from DNO for accommodation support at the Ivar Aasen development project offshore Norway. The Safe Scandinavia unit will be on-site for six months firm from June 2016 with potential for a further four months via one -monthly options. The total value of the firm part of the contract is around USD 65.6 million equivalent to a dayrate of approximately USD 365,000.
The Latest figures indicate that the utilisation in the jack-up market is set to fall to around 95% from the 100% at the end of March. The main factor behind this is the planned work taking place on the Ensco 102. The rig is expected to rejoin its contract with ConocoPhillips in the UK sector of the North Sea by mid-April. Meanwhile, utilisation for the semi-submersible fleet is still the same as last month at 93%.
Rig Activity by Type and Country Norway UK/Irl
Drillship Jackup Semi-Sub Total
1
1
10
18
26
20
37
39
Denmark Netherlands
Stacked without future contract
Stacked with future contract Total 2
7
7
5
5
2
42
1
3
50
1
5
94
The Deepwater Construction Vessel Seven Borealis
Jan-13
Oct-12
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Oct-07
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Oct-05
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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
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.
Sentinel Marine Orders 4+4 ERRVs 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.
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 and the Esvagt Capella, recently released by Enquest on completion of a longterm contract with the Stena Spey, is reportedly finalising a minimum two-year commitment with BP (Egypt) and will mobilise overseas later this month.
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
Subsea
MPL Nigeria 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.
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
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.
Harland & Wolff Win E.On Contract E.On has awarded a contract for the design and fabrication of the Humber Gateway offshore wind farm substation jacket to Harland & Wolff Heavy Industries. The work comprises a substation jacket and piles totalling around 1,300 tonnes with completion and installation set for the first quarter of 2014. The Humber Gateway windfarm, around 8km off the East Yorkshire coast will provide around 219MW of power on completion in 2015. ŠCopyright Braemar Seascope Offshore 2013
£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 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
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
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.
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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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