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Braemar Seascope Offshore - North Sea Vessel Report North Sea Vessel Report - Issue 65: August 2013

MARKET NEWS & ANALYSIS

August 2013 Issue 65

VESSEL DAYRATE CHARTS

RIG NEWS MARKET COMMENTARY

Dry Cargo

Tankers

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Containers

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Subsea Market Report

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

The past month has seen previous tightness in the North Sea spot market continue with rates remaining strong. Average rates for July were GBP 42,860 for large AHTS vessels and GBP 37,129 for medium. Meanwhile PSVs were averaging GBP 26,095 for large and 23,334 for medium. There were also 20 cargo runs carried out by AHTS vessels at an average rate of GBP 21,161.

The next edition of the North Sea Vessel Report will be out on September 5th. In the meantime, please ensure that you have our new contact details.

Aberdeen: offshore.aberdeen@braemar.com London: offshore.london@braemar.com Singapore: offshore.singapore@braemar.com Perth: offshore.perth@braemar.com Research: offshore.research@braemar.com We hope you find the latest edition of our report useful and look forward to hearing your feedback and comments.

Sean Bate Market Analysis Manager offshore.research@braemar.com

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For the latest on the subsea construction and survey vessel availabilities please contact us for a copy of our Subsea Vessel Market Summary. We are constantly monitoring the requirements, fixtures and availability of the North Sea fleet. For more information please email us.

Market Commentary

A

s the UK bathed in heat throughout July the spot market experienced similar conditions, with the PSVs in particular in hot demand on both sides of the North Sea. While anchor handlers also experienced the best average rates for several years for the month as a whole, demand petered out from mid month onwards on the UK side and utilization dropped.

As May and June had already proved excellent months for shipowners operating on the spot market, there was a sense of intrigue to see how much longer the tightness in the market would last. With the PSVs it continued for almost all of July however the market started to show early signs of softening in the last few days of the month. Although the stats show there was actually less fixtures than previous months, this was down to the fact that tonnage was at such a premium that Charterers were holding onto tonnage and so fewer vessels were around to fix. Such was the de-

JAMIE WATERSTON

Click Here to Email Jamie offshore.aberdeen@braemar.com Tel: +44 (0)122 628 470

With the strong activity levels, it meant that any newbuilds that entered the market didn’t have to wait long to pick up their maiden Charter. This included both Island years for the Month as Offshore and World Wide Supply who had new designs make their Whole.” debut in the North Sea with the Island Duke (UT717 CD) and World Diamond (Damen 3300 CD). Both vessels secured spot charters with Peterson’s straight from the yard and the World Diamond – which is one of a series of 8 of this design – was subsequently extended until September with the same Charterer.

mand that a vessel that had been in lay up for 9 months was “AHTS Vessels Experisecured for a cargo run plus op- enced the Best Avertion for c. GBP 30,000 before it age Rates for several had even left the dock.

Gulf Offshore also had the first of their wave of newbuilds arrive in the form of the Highland Defender which arrived in Aberdeen mid month from the yard in Poland. ©Copyright Braemar Seascope Offshore 2013

Market Commentary While there was an extremely buoyant and get essential materials out to rigs/platforms heated spot market for the PSVs, the term and as a result we saw no less than twenty market wasn’t quite as busy as the preceding AHTS fixed for supply duties. Such was the months. Those Charterers who did have reneed for tonnage that anchor handlers that quirements noticed a considerable difference were secured for supply duties were achievin rates offered and fixed as Owner’s optiing rates of GBP 30-35,000 during peak mism brought about by the strong spot martimes. ket was reflected. One notable fixture was The summer months also bring more varied that of the Siem Amethyst to Kiewit-Kvaerner workscopes for the anchor handlers, espeContractors for prelay and mooring installacially those with ROVs and large cranes and tion for the giant Hebron field development this July was no different. Several vessels over in Canada. The vessel left the North Sea were Chartered in for subsea duties while in the latter part of the month and isn’t extwo of Farstad’s UT 731 CDs were drafted pected back until at least late “August will be an in by Subsea 7 for bundle tows September. out of their fabrication site in interesting month as the far north of Scotland.

Although threatening to on a cou- previous years it has Given the tight market condiple of occasions, the anchor han- witnessed both high tions experienced over the sumdler market never really kicked mer months, August will be an and low activity.” off or reached the pinch point interesting month as in previous that causes the rates to rocket to years it has witnessed both high the GBP 100,000 mark. Despite this, the rates and low activity levels. Last year for in-

remained at healthy levels and were the highest since 2008 for both medium and large AHTS. The second week of July saw the highest rates of the whole month for anchor handlers (without ROV) when high activity in the UK sector saw one rig move fix three vessels between GBP 65,000-70,000. The squeeze on the market wasn’t to last and indeed the next rig move that was fixed just a day later saw rates almost a third less.

One thing that stood out in July was the number of anchor handlers that were fixed for supply duties. As available platform supply vessels were few and far between during the month, Charterers had to seek alternatives to

©Copyright Braemar Seascope Offshore 2013

stance saw activity and ultimately rates dip in August before improving again in September whereas 2011 witnessed an increase in the anchor handler rates whereas PSVs plateaued.

Chartering

Long-Term Requirements

There are five outstanding long-term requirements: 1 x PSV / Dana / 2 years + 2 x 6 month opts / mid Aug 1 x PSV / Shell UK / 5 years + opts / comm. Jan 2014 1 x PSV / Wintershall N / 2 or 4 yrs+ 4 x 1 year opts / Sept 1-2 PSV / Apache / 1,2,3 or 5yrs firm + opts / Q4 2013 1 x PSV / AGR N / 12 wells + 8x1 well opts / Oct 2013

Medium-Term Requirements There are six outstanding medium-term requirements: 1 x PSV / Dana / 6 month + 2 x 6 month opts / mid Aug 1 x PSV+AHTS / Cairn (Africa) / 4 wells + 4 well opt / Sept 1 x PSV / ADTI / 1 well / mid Sept 1 x PSV / Petrofac Germany / 6 months+3x2 mnth opt / Oct 1 x PSV / Petrofac Germany / 3 months+3x1 mnth opt / Oct

Peterson SBS Fixes World Diamond Worldwide Supply has secured the maiden charter for the first of its series of six platform supply vessels from Damen Shipyards. Peterson SBS has fixed the vessel for eight weeks firm plus two additional seven day options and a further 10 daily options. The vessel, which was delivered at the end of June from the Galati shipyard will be carrying out general pool support duties.

Bourbon Sapphire Supports Maersk Resolve The large platform supply vessel Bourbon Sapphire has been fixed by Dong Norway to carry out work supporting the Maersk Resolve jack-up rig. The 4,850 DWT vessel has been chartered for two wells firm plus three additional one well options with a further series of options covering four separate sections of nine months each. ŠCopyright Braemar Seascope Offshore 2013

Chartering

Hess Denmark Charters North Promise

The large PSV North Promise will be supporting a campaign with the Maersk Resolute jack-up rig with Hess Denmark. The 2007-built PSV has been fixed for four wells firm plus a further three one-well options. The vessel, which is equipped with DP1 has a deck area of around 1,000 square metres. The diesel electric vessel is Britishflagged and owned by Gulf Offshore.

Lundin Strikes Call-Off Deal with K-Line Lundin and K-Line have come to a call-off arrangement that will see the oil company able to utilise the service of KLine’s AHTS fleet for a minimum of 125 days a year. The deal which will cover a two-year period is understood to be at a dayrate of around GBP 50,000. The contract is expected to utilise whichever vessel is free from either the KL Saltfjord or the KL Sandefjord both of which are Aker AH12 CD designed vessels.

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

Toisa Vessels Working in Barents Sea The Toisa Coral and the Toisa Elan are both understood to be on long-term contracts working in the Russian sector of the Barents Sea. The Toisa Elan, is an 83m AHTS built in Wuchang China earlier this year and the Toisa Coral is a medium sized PSV with a deck area of around 675 square metres. The vessels are not expected to return to the North Sea spot market until at least October.

ŠCopyright Braemar Seascope Offshore 2013

Chartering

Siddis Skipper Performing Renewables Role

Siem Offshore’s medium sized platform supply vessel the Siddis Skipper has been fixed to carry out renewables support work in the Germany sector of the North Sea for four -months plus options at a rate of around GBP 17,500. The vessel which is also equipped for UK standby functions has two fast rescue craft capable of speeds of up to 25 knots. The vessel is expected to continue working for Scandinavian Shipping until October.

Brage Trader & Viking Nereus at Everest The large PSV Brage Trader and the medium PSV Viking Nereus have been chartered to assist in supporting ongoing platform shutdown work at the Everest gas field for BG Group. The Viking Nereus has been fixed for a firm period of 50 days with four one week options and 21 further daily options. The Brage Trader will be working for a minimum of 28 days with additional options for covering two one week periods and up to a further 14 days. The vessels were fixed at GBP 20,000 & GBP 27,000 respectively.

RWE Takes on Energy Lord The smaller PSV / Standby vessel Energy Lord has been chartered by RWE until at least the middle of October to cover operations at Clipper South. The 1984-built UT-727 designed vessel may also be extended for a further four one-week options plus a further 14 daily options. The Energy Lord has a deck area of around 450 square metres, can handle Standby for up to 320 survivors and also has potential for oil rec capabilities.

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

Newbuilds

World Peridot to Join North Sea Spot Market

The latest vessel for Worldwide Supply is set to join the North Sea spot market around the middle of August.

The Damen 3300 CD designed World Peridot is a medium sized PSV and a sister ship to the World Diamond which has already picked up a long-term contract working for Peterson SBS. The World Peridot will be equipped with DP2 and a deck area of around 728 square metres and is currently charter free.

EUR 1 bn Six Pipelay Vessel Order IHC Merwede secures EUR 1 bn contract for six pipelay vessels in a deal with Subsea 7 & Seabras Sapura. Under the terms of the contract IHC Merwede will supply three pipelay vessels to Seabras Sapura which will include complete pipelay spreads. The three vessels for Subsea 7 are of identical design to the recently launched Seven Waves and will be capable of installing flexible flowlines and umbilicals in water depths up to 3,000 metres.

Volstad Shipping Orders IRM Vessel Volstad Shipping has ordered a new inspection, repair and maintenance vessel from Tersan Shipyard in Turkey. The vessel which, remains subject to satisfactory funding, is understood to cost around NOK 800 million.

The subsea vessel will be of ST-259 design and will have a planned delivery date in the fourth quarter of 2015.

Harkand Picks Up Newbuild ROV Vessel Harkand has invested in a newbuild ROV support vessel which will be delivered in August. The 65m vessel, the Harkand Harmony, will be utilised in an IRM role in the Asia Pacific Region. It has been secured on a three-year hire purchase deal. The vessel will be equipped with one Comanche workclass ROV and will also have air diving capabilities as well as a 580 square metre deck and DP2.

ŠCopyright Braemar Seascope Offshore 2013

Renewables

Beatrice Windfarm Marine Survey

Fugro EMU is currently carrying out marine survey operations at the Beatrice Offshore Windfarm. The company will be utilising the RV Discovery 24-hour multipurpose research vessel for the work. The unit, which has an LOA of 24.8m and accommodation for 12, will be working on the site for around six weeks in total from early August.

Greater Gabbard Survey Vessel The survey vessel Aquadynamic has been chartered for work at the Greater Gabbard Offshore Windfarm. The workrole covered an observation survey carried out using an ROV and a drop down camera and a total of nine separate locations across the Windfarm. The Aquadynamic 12m survey vessel has a high strength, lightweight epoxy composite hull and has dedicated electronic charting and logging software. The vessel has completed over 2,000 sediment samples and hundreds of seabed images since 2004.

Fugro Commander at Westermost Rough The Fugro Commander has been performing work on the Westermost Rough Offshore windfarm as part of an inter array and cable route survey. The vessel covered a total of 40 stations as part of the work which was set to last between the end of July and August 10th. The Fugro Commander is a Geotechnical Vessel which is capable of carrying out pipeline and survey work as well as renewable workroles.

Thunderbird Works Lynn & Inner Dowsing The Marineco Thunderbird is currently commencing oil change work on the turbines at the Lynn & Inner Dowsing Wind Farms. The vessel will be on site for around four months, spending around 12 hours per wind turbine. The Marineco Thunderbird is a Damen Fast Crew Supplier 2610 that was delivered earlier this year. The aluminium vessel is equipped for crew and cargo transport as well as support roles. The vessel has a deck area of around 90 square metres and a max speed of 25 knots.

International

Kan Tan IV to Drill off New Zealand

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

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

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

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

Bahamas Drilling Set to Take Place The Bahamas Petroleum Company has secured new licence terms that will see them retain the licence for a further three years with an obligation to commence drilling of an exploration well by 2015. The company expects to meet the obligation, subject to financing via a farm-out agreement, with an exploration anticipated in the second half of 2014. ©Copyright Braemar Seascope Offshore 2013

Barents Sea for Statoil

Images courtesy of COSL

A strong period of rig fixing and extensions has seen the robust of the North Sea rig market continue to show strength with a number of rig owners securing some of the most favourable dayrates in years for their units. With very few rigs expected to come free there is little sign of the market slowly going forwards.

Total is understood to have fixed the newbuild jack-up rig Prospector 5 under a three-year deal that will see the unit working in the UK. The rig, which is set for delivery in March next year is due to commence drilling work by the end of the second quarter of 2014. In addition to the firm period Total holds options for a further two years.

Total has also confirmed a further two – year extension contract for the jack-up rig Rowan Gorilla V. The unit has been with the oil company since 2005 and will now remain with Total in the UK until well into 2015.

Statoil is also now expected to keep the semisubmersible rig COSL Pioneer for a further two years after declaring an option on the unit at the start of August.

The rig will now be on charter with the company until around the fourth quarter of 2016.

Meanwhile, RWE Dea is also understood to have confirmed the services of the Ensco jack-up until at least June 2014 under a new deal.

Statoil has picked up interests in seven new production licences in the Barents Sea. Under the 22nd licencing round on the Norwegian Continental Shelf the company has secured three new operatorships. In some areas Statoil will be partnering with Rosneft in both the Norwegian and the Russian parts of the Barents Sea. The firm will also be working alongside ENI in other partnerships.

Rig Activity by Type and Country Norway UK/Irl

Drillship Jackup Semi-Sub Total

Denmark Netherlands

Stacked without future contract

Stacked with future contract Total

1

1

9

17

26

15

36

32

5

5

6

6

1

2

40

1

4

46

2

6

87

Ocean Endeavour Rig Move - Bourbon Surf

Bunker Price in Aberdeen 2011 to Present 700

Bunker Price GBP/MT

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

May-13

Jan-13

Sep-12

May-12

Jan-12

Sep-11

May-11

Jan-11

Sep-10

May-10

Jan-10

Sep-09

May-09

Jan-09

Sep-08

May-08

Jan-08

Sep-07

May-07

Jan-07

Sep-06

May-06

Jan-06

Sep-05

May-05

Jan-05

$0

Standby/ERRV

Limited Standby Availability

There has been limited availability of tonnage over the last month, primarily because some vessels are waiting for their long term commitments to commence. Spot rates are generally in the GBP 10-15,000 range with medium / long term rates on an upward trend as vessel availability remains extremely tight over the next 6 months and beyond.

Grampian Ranger Supporting Wintershall Wintershall has fixed up the Grampian Ranger from mid July to support a well with the Noble George Sauvageau in the South North Sea. This vessel has a 5-year forward commitment with Enquest from October / November for support of the FPSO Enquest Producer in the Central North Sea. Enquest are also due to take the Grampian Orcades on charter later this month for 2-3 years for support of the Stena Spey which has been undergoing upgrades / repairs / surveys in Rotterdam for the last few months.

Outstanding Long-Term Standby Tenders Premier has circulated an RFI for a newbuild DP2 MRV for five or 10 years support of the Solan field West of Shetlands from the 3rd quarter of 2014. Although effectively covered, public announcements are still pending on three long-term tenders that have been outstanding for the last few months - namely: 1) Dana 9-12 wells in support of the Ocean Nomad in the Northern North Sea from mid August.

2) Teekay Petrojarl 15 months + options to support the Banff field FPSO in the Central North Sea from October.

3) Nexen 10-21 wells in support of the newbuild Jack Up Ensco 120 which has been chartered for the Golden eagle development in the Central North Sea.

GDF Suez Charters Glomar Patriot GDF Suez has chartered the Glomar Patriot for 6 to 18 months from mid to late October for support of a drilling programme with the GSF Monarch in the South North Sea. Den Helder based Glomar Ship Management recently acquired the 1975 built unit which is currently undergoing a refit / conversion to the UK code in Poland. Glomar will operate a fleet of four UK certified ERRVs by the fourth quarter of 2013.

ŠCopyright Braemar Seascope Offshore 2013

£90,000

£80,000

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

Average Spot Dayrate

£70,000 £60,000 £50,000

£40,000 £30,000 £20,000

£10,000 £0 Jan

Feb

Mar

Apr

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

£30,000

Average Spot Dayrate

£25,000

£20,000

£15,000

£10,000

£5,000

£0 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

£0

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 Mar-13 May-13 Jul-13

Jan-04

£0

Large - AHTS (16,000+ BHP)

Large PSVs (700m2+ Clear Deck)

Medium PSVs (500-700m2 Clear Deck) Jul-13

Apr-13

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

£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.

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From offices in London, Aberdeen and Singapore we specialise in the worldwide off- Valuation services shore market.

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Sean Bate Market Analysis Manager 35 Cosway Street London NW1 5BT UK Phone: +44 (0)20 7903 2736 E-mail: offshore.research @braemar.com

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