BRAEMAR SEASCOPE OFFSHORE MONTHLY MAGAZINE May 2011
ISSUE: 47
MARKET NEWS & ANALYSIS VESSEL DAYRATE CHARTS RIG NEWS
Picture: KL Sandefjord courtesy of K Line Offshore ©Braemar Seascope Offshore
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How are we doing?
Welcome to the latest edition of the new look Braemar Seascope Offshore North Sea Vessel Report. This month has seen a lot of fluctuation in the markets as the impact of the weather and volcanic eruptions in Iceland appears set to conspire to tighten the market. However, politics have added additional volatility. The debate over the North Sea tax rise and plans by the Scottish National Party for an oil wealth fund has raised questions among oil companies. EnCore Oil has decided to cancel its planned flotation of its exploration company due to the current market conditions. Oil and Gas UK has also stated it has seen a drop in confidence in the industry due to the tax changes.
Meanwhile, the effect the latest volcanic eruption will have on the market is still unclear. In 2010, the ash-cloud and subsequent disruption to air travel caused a spike in PSV dayrates as vessels were fixed for crew transfer work. The latest on the 2011 Ash Cloud can be found at the Volcanic Ash Advisory Centre and affected flights can be viewed by clicking here. We hope you enjoy this month’s 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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Market Commentary The forces of nature are having a strong impact on the North Sea Vessel Market in these recent weeks. Turbulent weather offshore has seen a number of rig moves delayed and cargo runs taking longer than originally anticipated. This has coincided with the impending air space closures due to the latest ash cloud from Iceland’s Grimsvotn volcano to create an upturn in rates. The spot PSV market has tightened as vessels have left the market to commence term work. This includes the series of boats that have been fixed for Allseas under various workscopes. Latest fixtures include the Edda Sprint which is off to Maersk Oil and Gas Denamrk for around two months to support the GSF Monarch. Once again the influence of Petrobras has been felt with the Toisa Crest the latest vessel to depart the North Sea spot market for a multi-year contract in Brazil. These departures have convinced owners to bring vessels out of lay-up. Boats that went into lay-up as the Sartor and the Ocean Spirit have emerged on to the market with new names of the Ocean Scout and NSO Spirit respectively. Newer high specification tonnage is becoming scarcer on the PSV spot market and with demand set to increase for AHTS vessels it seems as though there could be a temporary strain on demand soon.
The AHTS market is feeling the impact of the harsh weather combined with the ash cloud scenario. Maersk’s Gryphon FPSO has had to be towed to drydock following damage sustained in poor weather taking four high end AHTS vessels out of the spot market until around early June. As operators begin to look at the potential impact of the volcanic ash cloud on crew changes it seems a spike in demand for vessels suitable for carrying crew could be on the cards forcing rates up while the air spaces are affected. However, the nature of the latest volcanic eruption in Iceland seems to suggest that the overall impact on the vessel markets will be significantly less than experienced in 2010. Once the disruption to air space subsides and the weather improves, both of which are expected to be relatively short in nature, the market is expected to settle and rates could well fall away as the supply of vessels on the market is expected to improve. The seasonal nature of the North Sea vessel market means we can expect a certain level of tightening in the next few months but it seems there are currently enough vessels on the spot market to absorb demand.
Spot Market
BELOW: Images from the Volcanic Ash Cloud Advisory centre.
©Copyright Braemar Seascope Offshore 2011
New Arrivals
T
he pace of new arrivals to the North Sea market has slowed somewhat in recent weeks. However, there has been an increase in newbuild orders being placed with shipyards. Included in these is Solvik Offshore’s order for up to three large PSVs from Hellesoy Shipyard. Hulls for the PSVs are to be towed from Poland and Turkey for completion and outfitting in Norway. The vessels will be 85 metres and of VS-485 design. The first hull has been delivered to the yard and is expected to be completed by November 2012 with the optional units due in May and November 2013.
Looking forwards we can expect a series of PSVs to come out including: Topaz Provider, UP Jasper which should be delivered towards the end of June along with the Vestland Insular. Looking through to August and September we can expect these to be joined by additional newbuilds including the UT-776 CD Island Centurion, REM Fortress VS485 MKII, REM Server and the first of Sanko’s STX 09 designed vessels and Olympic’s first MT-6009 too.
Meanwhile, the North Sea spot market has seen the arrival of vessels out of lay-up. NSO Spirit (ex Ocean Spirit) and Ocean Scout (ex Sartor) have both rejoined the market with both vessels having secured cargo runs on a tighter market. The large AHTS KL Saltfjord (pictured below) has also been on the North Sea spot market. The 2011 newbuild AH12 CD designed vessel has been sitting in Stavanger awaiting work for much of the time since its delivery. The vessel has already performed a rig move of the Aker Barents on behalf of MLS and it is anticipated it will secure additional charters soon.
KL Saltfjord
SPEC BOX KL Saltfjord Design: AH12 CD Built: Langsten 2011 BHP: 34,000 Max Deck: 750 square metres DP: 2 Fuel Oil: 1,959m³ Drill Water: 295m³ (approx.) Pot Water: 1,507m³ (approx.) Mud/Brine: 764m³ Full Spec: Click Here
Arrivals & Departures
AHTS Arrivals on North Sea Spot Market SIEM AMETHYST (DP II)
2010 / VS 491 CD / 275t
Newbuild
MAERSK TRAVELLER (DP II)
2009 / VS 472 / 173t
KL SALTFJORD (DP II)
2011 / AKER AH12 CD / 390t
MAERSK ASSISTER
2000 / Own / 271t
Previous: CTC Marine
OLYMPIC ZEUS
2009 / A122 / 260t
Previous: MMT
Previous: AGR Falkland Islands Newbuild
AHTS Departures NORMAND MASTER (DP II) SIEM TOPAZ (DP II)
2003 / A101 / 282t 2010 / VS 491 CD / 275t
FAR SCORPION (DP II) KL SANDEFJORD (DP II) MAERSK LANCER (DP II) NORMAND RANGER (DP II) HAVILA JUPITER (DP II) SIEM AQUAMARINE (DP II) OLYMPIC POSEIDON (DP II) SIEM RUBY (DP II) MAERSK DETECTOR (DP II)
2009 / UT 731 CD / 251t 2011 / AKER AH 12 CD / 390t 2009 / Own / 250t 2010 / VS 490 / 287t 2010 / Havyard 845 / 284t 2010 / VS 491 / 275 2010 / 1998 / UT 722 / 162t 2010 / VS 491 CD / 275t 2006 / Moss 929 / 219t
Charterer: MLS Charterer: Statoil Charterer: MLS Charterer: MOD Charterer: BP Charterer: Technip Charterer: MLS Charterer: Capricorn Charterer: Capricorn Charterer: Capricorn Charterer: Husky
PSV Arrivals on North Sea Spot Market OCEAN SCOUT (ex Sartor) NSO Spirit (ex Ocean Spirit) HIGHLAND CHAMPION ER ARENDAL (DP I) HAVILA FORTRESS
1976 / UT 706 / 550 m2 1983 / UT 706 / 630 m2 1979/ UT 705 / 825 m2 2006 / VS 470 MKII / 700 m2 1996 / VS 483 / 902 m2
Previous: Lay-up Previous: Lay-up Sublet from ConocoPhillips Previous: BG Previous: ADTI
PSV Departures SBS CIRRUS (DP I) BOA FORTUNE
1985 / UT-705 / 864 m2 1992 / UT-706 / 615 m2
Charterer: Allseas Charterer: Allseas
ENERGY GIRL (DP I) EDDA FRIGG (DP II) MAERSK NOMAD (DP II) TOISA INDEPENDENT (DP I) TOISA INTREPID (DP I) TOISA SONATA (DP I) MAERSK FETCHER MAERSK FEEDER F.D. RELIABLE (DP II)
1985 / UT-705 / 850 m2 1997 / SK60/09 / 906 m2 2009 / UT-745 CDL / 912 m2 2003 / Global 1000 / 1000 m2 1998 / VS-483 / 936 m2 2009 / VS-483 MK II / 1020 m2 1995 / UT-745 / 903 m2 1992 / UT-745 / 907 m2 2007 / UT-755L / 640 m2
Charterer: Allseas Charterer: Allseas Charterer: Allseas Charterer: Allseas Charterer: Allseas Charterer: Allseas Charterer: Allseas Charterer: Allseas Charterer: ADTI
Chartering
Long-Term Requirements
Three long-term requirements remain open on the market including: 1-2 PSVs / Nexen UK / 3 years or 18 months + opts / comm. May—Oct 1 PSV / Statoil Norway/ 2-5 years / comm. Dec 2011—Dec 2012 Meanwhile, a number of medium requirements remain outstanding.
Medium-Term Requirements
1 x PSV / ConocoPhillips / 45 days firm +opt / comm. Mid May 1 x PSV / E.On / 1 well / comm. June 1 x PSV / Maersk Oil & Gas Denmark / 60 days + D/D 20 / Early July 1 x PSV / DNO Norway/ 4 wells firm / comm. Sept-Nov 1 x PSV / GdF UK / 1 well firm + 2x 1 well opts / comm. June-July
BP Takes on Far Service For Two Years BP has fixed the large PSV Far Service for a long-term charter of two years firm. The 1995 built UT-745 designed vessel is understood to have been fixed for the firm period with two additional six month options. The Far Service is equipped with DP2, a large deck area of around 965 square metres and accommodation for 26 personnel. The vessel will be supporting BP’s North Sea locations possibly including Clair Ridge or Schiehallion.
Greenland Cargo Run for Troms Castor The large PSV Troms Castor has been fixed to carry out a cargo run to Greenland for Cairn’s ongoing operations with their Capricorn subsidiary. The vessel, which has been working on the North Sea spot market, is expected to take around 20 days to perform the fixture. The Troms Castor is a DP2 VS-485 designed vessel with a deck area of around 1,005 square metres. Cairn are currently carrying out a drilling programme West of Greenland with the Leiv Eriksson and the drillship Ocean Rig Corcovado. ©Copyright Braemar Seascope Offshore 2011
Chartering
KL Brofjord Fixed to AGR
AGR has taken the large PSV KL Brofjord on charter for four wells firm to support the WilPhoenix on Block 206. The Aker PSV 06 designed vessel is expected to be on charter until around October at a dayrate of around GBP 26,500. The rig will be towed to location from Gdansk by the end of May. The UT-712 L designed AHTS Subhadra has already been chartered by Awilco Towage to carry out the tow.
UOS Atlantis Fixed to Awilco Awilco Towage has chartered the UOS Atlantis to tow the WilHunter rig from Gdansk to Block 9 on the UK Continental Shelf. The MOSS 424 designed vessel is expected to take until around the end of the month to get the rig into position. As mentioned above, Awilco has also taken on the Subhadra to perform a similar towage operation for the WilPhoenix which will commence a charter for AGR.
PA Resources Takes on PSV Pair PA Resources has fixed the medium PSV’s Vos Prevail and North Truck for two wells firm. The vessels will be supporting the Ensco 70 rig while it carries out operations. The UT-755 LN designed Vos Prevail has previously been carrying out cargo runs for BP, Premier and Venture and is expected to remain on the charter with PA Resources at a dayrate of around GBP 10,500 until around August. The UT-705 designed North Truck is understood to have been fixed at around the GBP 14,500 level.
MLS Charters Vessels For Term Work MLS has taken on a number of vessels for medium and long term charters. The vessels include the Rem Fortune which has been fixed as a front runner for the newbuild PSV Rem Commander which is expected to be delivered from the Kleven Verft yard in early June. The Rem Fortune has been chartered for one-well or circa 75-100 days at around GBP 22,500. Meanwhile, the Rem Commander will be on for 900 days firm plus options at a dayrate of NOK 163,000. ŠCopyright Braemar Seascope Offshore 2011
Chartering
Toisa Crest Gets Four-Year Petrobras Deal
The medium PSV Toisa Crest has been fixed to Petrobras on a four-year firm charter plus four additional one year options. The vessel is the latest in a series of boats that have left the North Sea in recent times to take up longterm charters with the Brazilian operator. The Toisa Crest is a DP2 PSV equipped with a deck area of around 680 square metres and accommodation for 40 personnel.
KL Sandefjord Fixed to MOD The large AHTS vessel KL Sandefjord has been chartered to the Ministry of Defence (MOD) for 45 days firm plus additional options. The 2011-built Aker AH12 CD designed vessel is expected to be on charter until around late June. The KL Sandefjord has been fixed on for all duties. The vessel is equipped with DP2, a bollard pull of 390t and a deck area of 750 square metres.
Statoil Charters Viking Athene Statoil has fixed the Viking Athene for three months firm plus an additional three-month option. The VS-470 MKII designed vessel will be carrying out general pool support duties for the operator. The vessel is understood to have been fixed at a dayrate of around GBP 19,000. The 2006built Viking Athene is equipped with DP2, Fifi 1 and a deck area of around 700 square metres.
Sea Bear Fixed to Libya The Sea Bear AHTS has been fixed on a nine-month contract to Mellitah Gas in Libya and departed the North Sea around the middle of April. The KMAR 404 vessel had previously been working in the North Sea spot market. This follows the arrival in the North Sea last month of the Sea Lion which had previously been working in the Mediterranean and is currently sitting prompt and charter free in Aberdeen. ŠCopyright Braemar Seascope Offshore 2011
Tullow buys Nuon Click Here For Full Map
The latest North Sea rig fixtures including Lundin taking on the Bredford Dolphin, Premier Oil’s charter of the Sedco 704 and Enquest fixing the John Shaw are indicative of the increased activity in the region in recent weeks. Transocean utilisation for its semisubmersible rig fleet in the North Sea has reached 80% for the year so far due to the two-month fixture of the Sedco 704 and Providence taking on the Arctic III. The Sedco 704 is currently carrying out work for ADTI. Meanwhile, Falkland Oil and Gas Ltd has confirmed that the Leiv Eriksson drillship will commence work in the Southern Basin of the Falkland Islands in the
fourth quarter of this year. The rig is currently commencing work for Capricorn in Greenland. After George Osborne raised the supplementary tax on North Sea Oil production in the UK to 32% from 20% there seems to be no room for backtracking by the Treasury despite high level discussions, EnCore dropping its IPO plans and criticisms from the Scottish National Party. In addition to the rig activity Maersk’s Gryphon FPSO has been tying up AHTS vessels as it is moved to Rotterdam for repair following storm damage. The unit is expected to be offsite for around a year according to reports.
Tullow has announced it has entered into an agreement to acquire Nuon Exploration and Production for a cash consideration of EUR 300 million from the Vattenfall Group. The acquisition will add a portfolio of 25 licences including over 30 producing fields to Tullow’s North Sea assets. According to Tullow the Nuon E&P assets are complementary to the group’s existing Dutch assets and will provide a strong platform for
Rig Chart Rig Activity by Type and Country Norway
UK
1
1
5
12
20
12
26
25
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
5
7
40
2
4
38
7
11
80
2005 2005--2011
$120 $100 $80 $60 $40
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
$0
Mar-05
$20
Standby/ERRV
Availability Tightens
Vessel availability has tightened up significantly as numerous rigs mobilise for seasonal programmes. The fleet is likely to effectively reach 100% utilisation on occasions this summer as in 2010 and rates will increase accordingly. Recent fixtures include: Ocean West & VOS Sentinel to AGR and SPD with the WilPhoenix and WilHunter. The Vos Raasay has been chartered by ERT for three months supporting Camelot decommissioning work. Vos Tiree is with the Ensco 92 for one well (45 days) with ConocoPhillips.
Esvagt Vessels go to Greenland Capricorn has returned to Esvagt for the provision of two standby ERRV vessels to support their West of Greenland drilling programme with the Leiv Eriksson and the newbuild drillship Ocean Rig Corcovado. The Esvagt Don and the Esvagt Capella have recently mobilised from Peterhead and are likely be retained until October.
E.On Ruhrgas Takes on Vroon Vessels E.On Ruhrgas has confirmed the charter of the Vos Supporter to support a four to seven well programme with the Ensco 100 in the Huntington Field in the Central North Sea. The contract commenced around the middle of April. In the South North Sea, the Vos Searcher has been chartered to support their one well (circa 75 days) drilling programme with the Ensco 92 on the Tolmount Field.
Nexen Seeking Two Standby Vessels Nexen Petroleum is currently tendering for two vessels from around July or August. One of the vessels will be required to support the Buzzard field for between three and five years. Meanwhile, the second vessel will be needed to support a minimum 18-month drilling programme with an unnamed semi-submersible rig.
ŠCopyright Braemar Seascope Offshore 2011
Subsea
Aker Wayfarer
The multi purpose construction vessel Aker Wayfarer is currently available for fill-in work ahead of a long-term contract in Brazil. The vessel is currently in Egersund in Norway and is expected to be available for North Sea work for around the next two months. The DP3 vessel is equipped with a 400mt crane, helideck, deck area of 2,210 square metres and two work class ROVs.
Technip’s Apache II Completed Technip has announced the successful completion of the Apache II pipelay vessel. The work involved transferring pipelay equipment to a new-build hull that was acquired by the company in 2009. According to Technip the new pipelay vessel will provide operators with a faster version of its predecessor. The new vessel is 137m long and equipped with two 100t cranes, helideck, a 2,000t main reel and accommodation for 120 personnel.
CGG Veritas Strikes Eidesvik Deal CGG Veritas has announced a joint venture with Eidesvik Offshore to manage 10 high-capacity 3D vessels. The fleet will include two new X-bow vessels the Oceanic Vega and Oceanic Sirius. The joint venture: CGG Veritas Eidesvik Ship Management AS will be based in Bergen and is 51% owned by Eidesvik and 49% owned by CGG Veritas. The Oceanic Vega, which is capable of towing up to 20 steerable streamers, was delivered in July 2010 with the Oceanic Sirius due in September 2011.
CTC Marine Completes EMEC Work CTC Marine’s Volantis has finished cable replacement work at the European Marine Energy Centre (EMEC) off the Orkney Islands in Scotland. The vessel is understood to now be en-route to Mokpo in South Korea where it will carry out trenching operations on the Jeju to Jindo HVDC power link project. CTC’s Maersk Responder will begin cable installation around the middle of June with the Volantis joining shortly afterwards to commence the trenching of the cables. ©Copyright Braemar Seascope Offshore 2011
Renewables
DP Reel Charter Free
The subsea air diving and ROV service vessel DP Reel is currently charter free. The vessel which is now owned by Red 7 Marine will be available from Great Yarmouth. The vessel has previously been employed on a five-year charter for Saipem on the Burrullus development in Egypt. The UT-705 designed vessel can be utilised for marine survey services, construction support and ROV support roles.
MPI Adventure Arrives in UK The wind farm installation vessel MPI Adventure has arrived in the UK from the COSCO Nantong Shipyard in China. The vessel was delivered from the yard at the end of March and arrived at the port of Harwich in mid May. The vessel will commence work on the London Array wind farm in the outer Thames estuary from June. A2SEA’s jack -up Sea Work is already working at the site and has installed a number of the 175 foundation pieces.
Walney Offshore Wind Farm Vessels The Seajacks Leviathan and Seajacks Kraken are understood to have arrived in Mostyn ahead of commencing work on the Walney 2 Offshore Wind Farm project. As part of the mobilisation process both vessels were fitted with newly constructed 100t blade racks. The vessels will install 32 wind turbines and both vessels will carry two complete turbines, tower sections, nacelles and blades and will transit regularly between Mostyn and the site.
Statkraft Purchases DONG Power Statkraft has struck a deal with DONG to purchase 50 % of DONG’s UK offshore energy production from four of its offshore wind farms. The two-year power purchase agreement involves production from Burbo Bank, Gunfleet Sands, Walney and the London Array project. The deal will cover an initial installed capacity of 127 MW growing to 545 MW. The market value for the contract equates to approximately GBP 160 M. ©Copyright Braemar Seascope Offshore 2011
AHTS Dayrates
Average North Sea Spot AHTS Rates Feb/Mar/Apr Feb/Mar/Apr--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/Apr Feb/Mar/Apr--2011
Average Daily North Sea Spot Cargo Run Dayrates Since February 2011 £20,000 £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
Medium - AHTS (12-15,999 BHP) 2010
£30,000
Large - AHTS (16,000+ BHP) 2011 £20,000
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 Large PSVs (700m2+ Clear Deck) 2011
£15,000
Medium PSVs (500-700m2 Clear Deck) 2011
£10,000
£5,000
£0 January
February
March
April
May
June
July
August September October November December
£0
Jan-04
Large PSVs (700m2+ Clear Deck)
Medium PSVs (500-700m2 Clear Deck)
Mar-11
Jan-11
Nov-10
Sep-10
Jul-10
May-10
Mar-10
Jan-10
Nov-09
Sep-09
Jul-09
May-09
Mar-09
Jan-09
Nov-08
Sep-08
Jul-08
May-08
PSV Dayrates
Mar-08
Jan-08
Jan-04
Mar-11
Jan-11
Nov-10
Sep-10
Jul-10
May-10
Mar-10
Jan-10
Nov-09
Sep-09
Jul-09
May-09
Mar-09
Jan-09
Nov-08
Sep-08
Jul-08
May-08
Mar-08
Jan-08
Nov-07
Sep-07
Jul-07
May-07
Mar-07
Jan-07
Nov-06
Sep-06
Jul-06
May-06
Mar-06
Jan-06
Nov-05
Sep-05
Jul-05
May-05
Mar-05
Jan-05
Nov-04
Sep-04
Jul-04
May-04
Mar-04
£60,000
Nov-07
Large - AHTS (16,000+ BHP)
Sep-07
Jul-07
May-07
Mar-07
Jan-07
Nov-06
Sep-06
Jul-06
May-06
Mar-06
Jan-06
Nov-05
Sep-05
Jul-05
May-05
Mar-05
Jan-05
Nov-04
Sep-04
Jul-04
May-04
£0
Mar-04
AHTS Dayrates Average North Sea Spot AHTS Rates 2004 2004--2011
£140,000
£120,000
£100,000
£80,000
SPECS BOX
£40,000
£20,000
Medium - AHTS (12-15,999 BHP)
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
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