NSRV2

BRAEMAR SEASCOPE OFFSHORE MONTHLY MAGAZINE April 2011

ISSUE: 46

VESSEL DEMAND PICKS-UP MARKET NEWS & ANALYSIS VESSEL DAYRATE CHARTS RIG NEWS

Picture: Siem Ruby taken by R. Finlayson ©Braemar Seascope Offshore

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News you can use

Welcome to the second edition of the new look Braemar Seascope Offshore North Sea Vessel Report. This month’s edition contains the usual popular mix of vessel news and market details as well as a number of additional charts and figures. We have also incorporated a number of hyperlinks to associated sources of information, specifications and background reading on certain features, stories and vessels.

The market has been moving apace and to provide readers with in-depth background as international affairs dramatically affect the oil price and the budget throws up a surprise tax hike for oil and gas production in the North Sea we will provide links to the most pertinent

sources. For example, Reuters recent oil price report predicting USD 130 oil in late 2011 and possible peaks of USD 150 or Oil & Gas UK’s latest stance on the North Sea tax increase. Where we can we will seek to take readers straight to the source of important industry developments such as the conclusion of DNV’s Deepwater Horizon investigation.

We hope you enjoy the additions to your report and look forward to hearing your feedback, comments and suggestions that will help to improve the experience of all of our readers further.

Sean Bate Market Analysis Manager

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We are always striving to continually tailor our reports to our changing clients demands and keep ahead of the shifting requirements of the industry. As part of this process in this month’s report we are pleased to introduce a series of additional hyperlinks where further information can be found relating to articles and vessels. We are confident you will find these additional sources of background reading a useful addition.

Market Commentary

T

he North Sea Vessel market has changed rapidly over the past few weeks both in terms of PSV and AHTS fixtures. There has been a flurry of fixing on the medium and long term markets. Looking forward reduced availability of AHTS vessels is expected in the coming quarter which could lead to a much more heated period in terms of rates.

The departure overseas of a number of vessels with at least half a dozen vessels heading to Brazil and Cairn taking around a total of ten boats for Greenland work out of the pool is leading to pressure on the supply side.

From May 2011 onwards it looks as though the spot AHTS fleet could be down to around 39 vessels compared to 50 AHTS vessels trading the North Sea spot market in October last year. With the usual seasonal increase in rig utilisation and a series of one-off specialised projects including the Skarv FPSO and Gryphon FPSO work seeing additional demand for high specification AHTS tonnage. However, on the flip side new tonnage including the Siem Amethyst and the KL Saltfjord are expected to join the spot market shortly.

PSV demand is also picking up as the seasonal nature of the market begins to kick-in and the number of medium and long-term PSV requirements that are outstanding has not decreased. The trend of dayrates for PSVs to rise to above the GBP 9,000 level and stay at those levels through to August can be expected to continue.

With nine PSVs expected to depart the North Sea in April, ten in May and a further couple already scheduled to head-off in June the availability of boats is tightening somewhat.

Despite the low rates in the spot market for PSV's during early March, the increased rates for the medium term work has seen returning confidence for Owners.

The market has tightened on both the PSV and AHTS front and with vessels continuing to be chartered on medium and long term business the prospects are that April will continue in the same pattern. The current outstanding requirements indicate that availability will decrease and rates will rise as we head into the next few months.

Spot Market Tightens RIGHT: Firefighting tests on Maersk Nomad off Aberdeen Bay.

BELOW: PSVs in Aberdeen Harbour.

ŠCopyright Braemar Seascope Offshore 2011

New Arrivals

T

here has been a lot of flux in the market since the start of March with a number of new vessels arriving on the spot market and a series of long-term fixtures both in the North Sea and internationally taking a significant number of boats out of the potential spot pool.

Among those vessels arriving on the market is the Sea Lion (pictured below) which has been carrying out work in the Mediterranean. The Havyard 842 designed AHTS secured a rig move within days of arriving in the North Sea. Since the start of March the UOS Atlantis, Maersk Dispatcher and Tor Viking have also joined the North Sea spot market. Newbuilds KL Saltfjord and Siem Amethyst will also be available for work in the next month.

On the PSV side there have been a number of new arrivals too. The recently built vessels KL Brofjord, Rem Supplier and Vos Premier are now on the North Sea spot market. These have also been joined by the Malaviya 20, Boa Fortune (out of lay up), Sophie Siem, Highland Bugler, North Stream and the Skandi Sotra.

Among these vessels the KL Brofjord, North Stream and Skandi Sotra have large deck areas of over 800 square metres with the first two also having DP2.

Sea Lion

The past few weeks have also seen the departure of eight AHTS vessels and ten PSVs from the North Sea spot market. A number of vessels have been fixed overseas including work in Brazil and the Black Sea. A number of others have been fixed on long-tem charters that will see them working away from the spot market for the foreseeable future.

Vessels including the Northern Queen, Ocean Spirit, Sartor and Boa Magnitor remain in lay up.

SPEC BOX Sea Lion Design: Havyard 842 Built: October 2008 BHP: 17,520 Max Deck: 520 square metres DP: 2 Fuel Oil: 1,100m続 Drill Water: 1,200m続 (approx.)

Pot Water: 725m続 (approx.)

Mud/Brine: 545m続 Full Spec: Click Here

Arrivals & Departures

AHTS Arrivals on North Sea Spot Market UOS ATLANTIS (DPII)

2009 / Moss 424 / 200 t

SEA LION (DP II)

2008 / Havyard 842 / 202 t

TOR VIKING (DP II)

2000 / MOSS808 / 202 t

Previous: EDT Egypt Mediterranean Previous: Mediterranean Previous: MMT

AHTS Departures SEA BEAR SKANDI SKOLTEN (DP II)

1999 / KMAR404 / 173 t 2010 / Aker AH04 CD / 350 t

ISLAND VALIANT (DP II) MAERSK LASER (DP II) OLYMPIC OCTOPUS (DP II) MAERSK LIFTER (DP II)

2007 / UT787 CD / 230 t 2010 / Own / 250 t 2006 / UT712 L / 186 t 2009 / Own / 250 t

Region: Mediterranean Region Gulf of Mexico Charterer: AGR Subsea Charterer: Schiehallion FPSO Charterer: Petrobras Brazil Charterer: BP

PSV Arrivals on North Sea Spot Market MALAVIYA 20 (DP I) BOA FORTUNE KL BROFJORD (DP II) SOPHIE SIEM (DP II) REM SUPPLIER (DP II) HIGHLAND BUGLER VOS PREMIER (DP II) NORTH STREAM (DP II) SKANDI SOTRA (DP I)

2004 / UT755L / 690 m2 1992 / UT706 / 615 m2 2010 / AKER PSV06 / 1100m2 2006 / VS470 MKII / 700m2 2010 / UT 755LN / 681m2 2002 / UT755 / 621m2 2010 / UT755LN / 708 m2 1998 / UT745 / 951m2 2003 / MT600 / 912m2

Previous RWE Previous: Lay-up Newbuild Previous: Centrica Newbuild Previous: Peterson SBS Newbuild Previous: Statoil Previous: Statoil

2007 / VS470 MKII / 710m2 2002 / UP103 / 765 m2 2009 / MT 6009 MK II / 683 m2 2010 / Havyard 832 CD / 805 m2 1994 / UT745 / 907 m2 2010 / Havyard 832L SE / 830 m2 2006 / Own / 663 m2 1999 / UT745 / 956 m2 2010 / STX 06 CD / 1100 m2 2005 / UT755LN /680 m2

Charterer: Venture Charterer: Fluor Charterer: Total Charterer: Statoil Area: Belgium Charterer: Petrobras, Brazil Charterer: BP Charterer: Petrobras Brazil Charterer: ConocoPhillips Charterer: Petrobras, Brazil

PSV Departures SBS TORRENT (DP I) NORMAND MERMAID (DPII) HAVILA AURORA HAVILA CLIPPER (DP II) MAERSK FINDER (DP II) BEAUCEPHALUS (DP II) POWER EXPRESS NORMAND VESTER (DP II) KL BRISFJORD (DP II) OLYMPIC PROGRESS (DP II)

Chartering

Long-Term Requirements

Most of the present flurry of long-term requirements on the North Sea spot have been filled although there are still two outstanding.

1 PSV / Talisman / 6 months—2 years + opts / comm May—June 1 PSV / MLS / 5 wells or 1,2, or 3 years / comm June Meanwhile, a number of medium requirements remain outstanding.

Medium-Term Requirements 1 PSV / Maersk Oil / 4 months + 2x1 month opts / comm Mid April 1 PSV / BP N / 1 well firm + 21 d/opts / comm April 1 PSV / Fugro / 100 days firm + opts / comm April—May 1-2 PSV / MLS / 1-2 wells + opts / comm April-June 1 PSV / E.On / 1 well / comm June 1 PSV / AGR / 2 wells firm + 6x1 month opts (WillPhoenix) comm May 1 x PSV / Statoil / 3 months firm + 3 months opt / comm May-June

Sea Lion Fixes Upon Arrival The Sea Lion AHTS has joined the North Sea spot market after sailing from the Mediterranean. The 2008-built vessel has already been chartered to assist in the rig move of the Maersk Resolute for Dong. The Sea Lion is a Havyard 842 designed vessel with a BHP of around 17,520, bollard pull of around 202t, DP2 and a deck area of circa 520 square metres. The vessel is expected to re-join the spot market on completion of the rig move by around the middle of April. Dayrate for the fixture was circa GBP 32,500.

Far Scorpion to Support Aker Barents The large AHTS Far Scorpion has been fixed to support the Aker Barents rig for 35 days firm plus 25 daily options.

MLS is understood to have chartered the vessel on a dayrate of around NOK 350,000. The 2009-built UT-731 CD has been working the North Sea spot market and is expected to join the Havila Jupiter on the charter with MLS which is expected to commence towards the end of the month. ©Copyright Braemar Seascope Offshore 2011

Chartering

Allseas Fixes Series of Vessels

Allseas has the Toisa Sonata and Toisa Intrepid which are working with the Maersk Fetcher on Total’s Laggan project. The Toisa Sonata and Toisa Intrepid will then commence work on the Nord Stream project and will be joined by the Toisa Independent and Maersk Nomad. The Maersk Feeder and Edda Frigg will then takeover supporting the Audacia. Meanwhile, SBS Cirrus and Energy Girl will be supporting Lorelay and Boa Fortune and the AHT Primus will be with Tog Mor at the Brae project.

Vessels Leave for Greenland Soon Carin has finalised its fleet of vessels for work with Capricorn in Greenland with the Leiv Eriksson and the Ocean Rig Corcovado. The operator has chartered the following vessels: AHTS: Balder Viking, Siem Topaz, Siem Aquamarine; PSVs: Siem Louisa, Siem Danis, Sophie Siem, Toisa Vigilant and the standby vessels: Esvagt Capella and Esvagt Don. The first vessels will leave the North Sea in mid-April with the charters expected to last until October.

Bourbon Fixes Vessels for Black Sea Bourbon has chartered a trio of medium PSV’s for work in the Black Sea supporting the Deepwater Champion which is working for ExxonMobil. The rig has passed through the Bosphorus Strait on its way to the Black Sea meanwhile the Leiv Eroksson, which had been working in the region has headed in the opposite direction. The UT-755 L designed Malaviya 10, the UT-755 LC Rem Provider and the VS-470 MKII SBS Typhoon are to remain with Bourbon until the end of May at a dayrate of around GBP 15,000.

Maersk Oil Norway Charters Stril Challenger Maersk Oil Norway has fixed the Stril Challenger and the Volstad Supplier to support work being carried out by the Transocean Prospect. The vessels, which were chartered at NOK 200,000 and NOK 225,000 respectively, have been chartered for one well firm which is expected to last between 60 and 120 days. The Stril Challenger is a 2005-built Havyard 842 AHTS with a bollard pull of around 211t and the Volstad Supplier is a large PSV with DP2 and a deck area of around 1060 square metres. ©Copyright Braemar Seascope Offshore 2011

Chartering

FD Reliable Fixed to ADTI

ADTI has fixed the medium PSV FD Reliable for one well firm to support the Ensco 80 in the Southern North Sea. The vessel is expected to go on charter in the third week of April and is currently on a spot charter with Maersk Oil. The rig has just finished a one well drilling programme on a nearby Southern North Sea well for ADTI. The rig has since gone to Teeside to undergo an accommodation upgrade and is due to commence another well on behalf of a different ADTI client in mid to late April.

Northern Wave Goes to ASCO ASCO has chartered the large PSV Northern Wave for six months firm plus 12 additional one month options. The UT-745 designed vessel will be replacing the ER Georgina and will be working with the GSF Arctic 3 rig and the Beryl installation. The vessel is quipped with a free deck of around 900 square metres, DP2 and has accommodation for up to 60 personnel on board.

MLS Takes on Havila Jupiter MLS has taken the large AHTS vessel Havila Jupiter on charter for one well firm. The charter is expected to last around 120 days with the vessel going on hire at a dayrate of around NOK 295,000 from the middle of April. The Havila Jupiter is continuing to work the spot market until it commences the charter. MLS also took the Havila Fortune on hire for three wells firm plus two additional well options earlier in the year.

FD Indomitable to Taqa Taqa has chartered the FD Indomitable to support drilling operations being carried out by the Borgsten Dolphin. The vessel was fixed at a dayrate of around GBP 12,500 in a deal that was originally arranged in January of this year.

The 2010-built UT-755 L vessel is expected to remain on charter with the operator until around October. The FD Indomitable is equipped with DP2 and a deck area of around 716 square metres. ŠCopyright Braemar Seascope Offshore 2011

Barents Strike

The North Sea rig market has seen a surge in activity in recent weeks with a number of new charters and extensions being announced. However, the surprise tax increase announced in the budget has made some operators review their commitment to some high profile projects in the region.

George Osborne raised the supplementary tax on North Sea Oil production in the UK to 32% from 20%.

Some large operators including Statoil have indicated that they may drop projects or move operations to Norwegian or Dutch waters others have warned that it could make investment in smaller fields “uneconomic�. Following the initial furore there will be a one day evi-

dence gathering session held on May 4th by the Energy and Climate Change Select Committee at Westminster where Oil & Gas UK and others will be giving evidence on the impact of the tax rise. Meanwhile, rig utilisation in the North Sea is on the rise with indications that the summer could see 100% utilisation as up to ten rigs currently in yard commence charters. Statoil has recently taken on the Songa Delta for three years, BP has extended the Paul B Lloyd Junior and RWE has confirmed letter of intent for the Ensco 70 and Ensco 92 for periods of 11 and 10 months. In addition WilPhoenix has commenced work on a multi-client programme for AGR including Antrim Energy and Nautical.

Statoil has announced a major oil discovery on the Skrugard prospect in the Barents Sea. According to the operator it is one of the most important finds on the Norwegian continental shelf in the last decade.

The discovery, which was made by the Polar Pioneer rig, is between 150 and 250 million recoverable barrels of oil equivalent. Partners in the project with Statoil are ENI Norway and Petoro. The discovery is around 100km North of the existing Snohvit gas field in the Barents Sea.

Rig Chart Rig Activity by Type and Country Norway

UK

1

1

6

9

20

14

27

24

Drillship Jackup Semi-Sub Total

Oil $140

Germany / Denmark Netherlands

Stacked without future contract

Stacked with future contract Total 2

4

7

4

7

Price

6

8

40

1

3

38

7

11

80

2005 2005--2011

$120 $100 $80 $60 $40 $20

Jan-11

Mar-11

Nov-10

Jul-10

Sep-10

May-10

Jan-10

Mar-10

Nov-09

Jul-09

Sep-09

May-09

Jan-09

Mar-09

Nov-08

Jul-08

Sep-08

May-08

Jan-08

Mar-08

Nov-07

Jul-07

Sep-07

May-07

Jan-07

Mar-07

Nov-06

Jul-06

Sep-06

May-06

Jan-06

Mar-06

Nov-05

Jul-05

Sep-05

May-05

Jan-05

Mar-05

$0

Standby/ERRV ADTI has chartered the 1976 built VOS Commander to support a one well (circa 75 days) plus option programme in the UK South North Sea with the Ensco 80 from around the middle of April. In addition, Centrica are believed to have finalised a one to two year charter of the Putford Ajax for support of the Noble Julie Robertson in the Southern basin. The rig is being upgraded in Great Yarmouth and is expected to mobilise in the first half of April.

Boston Putford Offshore Safety’s fleet will increase to 27 when the the 2004-built Seacor Achiever joins in June.

The vessel which is en route to North West Europe, will become operational on completion of conversion to a multi-role vessel. It will be equipped with a daughter craft facility and is understood to be charter free. The vessel is the fourth unit that parent company, Seacor Holdings, has modified for the UK ERRV market in the last four years.

The 1976 built Grampian Highlander will be retired from the ERRV fleet towards the end of April and will be scrapped in Denmark. Consequently North Star's fleet will temporarily fall to 27 units although they have 4 newbuildings on order in Spain for delivery in 2012. In addtion, the medium sized PSV Grampian Talisker (IMT978), which has been on long term charter to BP since delivery in 2009, is scheduled to be modified in the near future into a multi-role vessel to augment 'Project Jigsaw'.

Standby Market Summary Full details of the UK and Irish Standby Market are available in the Braemar Seascope Offshore Standby Market Summary. The report, which comes out twice a year, contains an extensive commentary from our brokers who deal with the Standby market on a daily basis. There are also full fleet listings of Standby owners and an overview of the newbuild and fleet replacement programmes. For further details email: research@seascope.co.uk ŠCopyright Braemar Seascope Offshore 2011

Subsea

Seven Havila Naming Takes Place

The naming ceremony for Subsea 7 and Havila Shipping’s newbuild diving support vessel Seven Havila has taken place. The 120m long vessel has a deck space of 1,050 square metres, DP3 and a 250 tonne heave compensated main offshore crane. The vessel will also be able to accommodate 120 crew and operate with up to 24 divers.

Subsea 7 has also recently been awarded an installation contract on the Huntington development in the North Sea with the work expected to be carried out in 2012.

Polarbjørn Fixed for Three Years The UK Ministry of Defence has chartered the Polarbjørn for three years firm. The contract, which will commence in the middle of April, will also see the vessel renamed HMS Protector and it will be used as a replacement for the icebreaker HMS Endurance. The GC Rieber vessel will also support the British Antarctic Survey in Antarctica.

GC Rieber Takes Delivery of Polar King GC Rieber’s newbuild subsea inspection, repair, maintenance and construction support vessel, Polar King has been delivered from the Freire yard in Vigo, Spain. Following sea trials the vessel will be mobilised for a three-year charter with Technocean from late April. A subsequent subsea vessel is expected to deliver after the summer and is currently charter free.

Technip Wins Taqa Subsea Contract The subsea vessel Orelia has been chartered to carry out work for Taqa on the Falcon field in the North Sea. The dive support vessel will be utilised as part of a work scope that includes installation of flowlines, riser replacement trenching and tie-ins. The contract is expected to commence in the second half of 2011.

©Copyright Braemar Seascope Offshore 2011

Renewables

Wartsila & Aker Launch Concept

Aker Solutions and Wartsila are to develop a new concept for offshore windfarm installation vessels. The vessel will be able to operate on LNG and will also include a number additional environmental features. It will be able to carry three windmill foundations and five complete wind turbine assemblies. The vessel is designed for low emissions and to operate in the International Maritime Organisation’s emission control areas. First orders for the vessel are expected to be placed later this year.

Siem Enters Cable Installation Market Siem Offshore has announced plans to enter the submarine cable installation, repair and maintenance market.

The company has reached an agreement to acquire all shares in Five Ocean Services. The firm will target oil and gas cables as well as intern-array and export cables in the renewables energy market. The main asset will be the DP2 vessel Siem Carrier which was converted to a cable installation vessel in 2007.

Legs Ordered for Beluga Newbuild Maritime Industrial Services (MIS Group) has signed a contract with Polish yard Crist for the fabrication of four legs for Beluga Hochtief’s newbuild heavy lift jack-up crane vessel. The USD 22.5 million contract will see the 447 foot legs fabricated at MIS’ yard in Sharjah. The current delivery date for the vessel (Rig NM 142) is the second quarter of 2012. MIS has previously built four Super M2 offshore jack-up drilling rigs and is set to deliver a fifth shortly.

Oleg Strashnov Delivered Seaway Heavy Lifting has taken delivery of its newbuild DP3 crane vessel the Oleg Strashnov. The vessel has successfully been undertaking sea trials and test lifts in the last two weeks of March. The vessel is scheduled to commence its first project, the installation of the Sheringham Shoal windfarm monopole foundation structures, transition pieces and substation decks in April 2011. It will then install the deck of the Clipper later in the summer. ©Copyright Braemar Seascope Offshore 2011

AHTS Dayrates

Average North Sea Spot AHTS Rates Feb/Mar Feb/Mar--2011

Average Daily North Sea Spot Rig Move Dayrates Since February 2011 £40,000 £35,000 £30,000

£25,000

SPECS BOX

£20,000 £15,000

£10,000 £5,000 £0

PSV Dayrates

Average North Sea Spot PSV Rates Feb/Mar Feb/Mar--2011

Average Daily North Sea Spot Cargo Run Dayrates Since February 2011 £18,000 £16,000 £14,000 £12,000 £10,000

£8,000 £6,000 £4,000 £2,000 £0

AHTS Dayrates

Average North Sea Spot AHTS Rates 2010/11

£60,000

£50,000

SPECS BOX

Large - AHTS (16,000+ BHP) 2010

£40,000

£30,000

£20,000

Medium - AHTS (12-15,999 BHP) 2010 Large - AHTS (16,000+ BHP) 2011

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

£10,000

£0

PSV Dayrates

Average North Sea Spot PSV Rates 2010/11

£35,000

£30,000

£25,000

Large PSVs (700m2+ Clear Deck) 2010

£20,000

Medium PSVs (500-700m2 Clear Deck) 2010

£15,000

Large PSVs (700m2+ Clear Deck) 2011

£10,000

£5,000

£0

Medium PSVs (500-700m2 Clear Deck) 2011

AHTS Dayrates

Average North Sea Spot AHTS Rates 2004 2004--2011

£140,000 £120,000 £100,000

£80,000

SPECS BOX

£60,000 £40,000

Average North Sea Spot PSV Rates 2004 2004--2011

£40,000 £35,000 £30,000

£25,000 £20,000

£15,000 £10,000 £5,000

£0

Medium PSVs (500-700m2 Clear Deck)

Jan-11

Mar-11

Nov-10

Jul-10

Sep-10

May-10

Jan-10

Mar-10

Medium - AHTS (12-15,999 BHP)

PSV Dayrates

Large PSVs (700m2+ Clear Deck)

Nov-09

Jul-09

Sep-09

May-09

Jan-09

Mar-09

Nov-08

Jul-08

Sep-08

May-08

Jan-08

Mar-08

Nov-07

Jul-07

Sep-07

May-07

Jan-07

Large - AHTS (16,000+ BHP)

Mar-07

Nov-06

Jul-06

Sep-06

May-06

Jan-06

Mar-06

Nov-05

Jul-05

Sep-05

May-05

Jan-05

Mar-05

Nov-04

Jul-04

Sep-04

May-04

Jan-04

£0

Mar-04

£20,000

Richard Williams

Braemar Seascope Offshore’s Australia office is building up a solid reputation.

The department is based in Perth alongside our Dry Cargo brokers, Sale and Purchase brokers and a local research team in Perth with a further office in Melbourne.

The office works very closely with our Singapore department which recently moved into a new office space bringing the Singapore-based Offshore division under the same roof as the Tankers and Dry Cargo elements as well as the Braemar Falconer and Braemar Steege divisions that deal with technical and insurance aspects respectively.

For further details of the full range of services offered by Braemar Shipping Services - click here.

The address for Braemar Seascope Offshore in Perth, Australia is: Unit 4, Churchill Court 335 Hay St, Subiaco Perth 6008 The Australia office deals with Sale and Purchase, Long Term and Short Term Vessel Chartering and Vessel Valuations in Australian waters and also supports work by our Singapore team in the general Asia region.

Richard Williams is the Manager of the Perth Office of Braemar Seascope Offshore dealing with the chartering of offshore vessels and marine consultancy.

Richard has comprehensive experience in hightech marine construction combined with sales and technical expertise across the marine sector.

Contact: Richard Williams T:+61(0)8 9388 0536 F:+61(0)8 9388 0537

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Sean Bate Market Analysis Manager 25 Carden Place Aberdeen AB10 1UQ UK Phone: +44 (0)1224 628470 Fax: +44 (0)1224 621444 E-mail: research @seascope.co.uk

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