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Market Commentary
Chartering
Renewables/Corporate
Sale & Purchase
Subsea
Rig News
Bunker Price/Oil Price
Standby/ERRV
AHTS/PSV Charts
Welcome to the latest edition of the Braemar Seascope Offshore North Sea Vessel Report.
Its been another slow month in the North Sea following the busy summer as spot rates and vessel utilisation continue to fall. However, a new Statoil tender and a fixing spree by ExxonMobil has increased owners optimism for next year.
The next edition of the North Sea Vessel Report will be out on December 6th. In the meantime, please ensure that you have our contact details.
Aberdeen: [email protected]
London:
Singapore:
Perth:
Research:
We hope you find the latest edition of our report useful and look forward to hearing your feedback and comments.
Ani Bablanian
Researcher
© Braemar Seascope Offshore 2013
Contents
Welcome
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Our Subsea
Market Report
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.
BROKER COMMENTARY By Jack Richards London Office Email: [email protected] or Tel: +44 (0) 20 7903 2700
© Braemar Seascope Offshore 2013 3
The North Sea spot market has seemingly put a
busy summer behind it with another month of
relatively low utilisation, particularly on the UK
side.
The hustle and bustle of the preceding months
was nowhere to be seen in October as Charterers
were more often than not afforded a diverse
selection of ad hoc tonnage at very short notice
and we are now seeing some Owners use the
weak market as an opportunity to perform general
maintenance and upgrades.
The month began with 31 prompt ships spread
across the UK and Norway; 70% of which were in
Aberdeen or Aberdeen Bay.
The highest rates for PSVs were achieved on the
Norwegian side where availability tightened quite
significantly around the middle of the month.
However, AHTS vessels in Norway along with a
bountiful supply of tonnage in Aberdeen ensured
that any excess demand would be absorbed.
A flurry of rig moves in week
41, notably the TO Searcher
and Maersk Giant, provided the
catalyst for a small spike in the
AHTS market in Norway,
however this was short-lived
due in part to a crowded
Aberdeen Harbour. In the UK,
AHTS availability has generally remained good
throughout the month which has added further
pressure to the PSV sector as a number of anchor
handlers have picked up supply work at 'fill-in'
rates as Owners look to maximise utilisation dur-
ing lulls in rig move activity.
In terms of significant market developments during
the month of October, Statoil issued a tender for
an unknown number of PSVs for various periods
ranging from 3 and 6 months firm + opts to 2 years
firm + opts commencing between 1st January –
1st June 2014. Statoil currently have a dozen or
so vessels finishing medium/long term charters
within this time so it’s uncertain if there will be a
net increase in the number of vessels. Earlier this
year, Statoil surprised everyone but themselves by
fixing 15 PSVs for periods ranging from 4 - 6
months firm + opts and this no doubt played a
major part in determining the direction of the
market in the months that followed. The outcome
of this tender therefore may well give us some
indication as to how the market will play out in
2014. Statoil are also looking for a PSV and a
standby vessel for the completion of the Brugdan
II well in the Faroe Islands. The estimated duration
for this is 70 days with a one well option of 90
days commencing in Q1 or Q2 next year.
Elsewhere, ExxonMobil have fixed a number of
vessels for work in the Kara Sea supporting the
semi-submersible rig West Alpha which is being
winterised to operate in Siberia for 90 - 120 days
in both 2014 and 2015 with options for 2016 and
2017. The spread of vessels includes at least 7
AHTS and 3 PSVs currently trading the North Sea
spot market. This, along with the result of the
Statoil tender, is therefore likely to have a direct
impact on the market next
year.
October also saw the arrival
of 4 newbuild PSVs, namely
the MMC 887 design
Highland Guardian, STX PSV
09 CD design Demarest Tide,
DAMEN 3300 CD design World Pearl and UT717
CD design Island Duchess. The Highland
Guardian is due to commence a 5 year charter
with Shell UK from early next year however, at the
time of writing, the latter three remain
uncommitted in the long term. In terms of other
additions to the North Sea spot market in October,
the MT6009 design PSV Skandi Texel arrived
from the Mediterranean having completed her
charter in Egypt while the Husky-Type AHTS
Maersk Chignecto joined the southern North Sea
market having spent a number of years working
out of St John's in Newfoundland, Canada.
In the UK, AHTS
availability has generally
remained good
throughout the month
CHARTERING
LLLONGONGONG TTTERMERMERM RRREQUIREMENTSEQUIREMENTSEQUIREMENTS
MEDIUM TERM REQUIREMENTS
1 x PSV / EnQuest / 1, 2 or 3 years + options / Oct 2013
1 x PSV / Shell UK / 5 years + options / Jan 2014
Multiple vessels / Statoil / 3 months, 6 months or 2 years + opts / Jan-June 2014
1 x PSV / GDF / 2 wells + 2 x 1 well opt / Early Dec
1-2 x PSV / Statoil / 1 well + 1 well option / 22.02.2014 - 01.05.2014 (Faroe Islands)
Scandinavian Tonnage Chartered for Kara Sea
© Braemar Seascope Offshore 2013 4
Viking Supply Ships / Siem Offshore / REM
Maritime have reportedly secured contracts for a
total of nine ships between them to support a
drilling programme in the Kara Sea with the West
Alpha for ExxonMobil / Rosneft. The vessels
have been chartered for 2014 and 2015 with
options for 2016 and 2017. The seasonal drilling
campaign will commence in the 2nd quarter each
year for approximately three to four months. The
vessels involved are the Balder Viking, Loke
Viking, Brage Viking, Magne Viking, Siem Topaz,
Siem Amethyst and the large PSVs REM
Supporter, REM Server and Siem Pilot. We
expect further announcements of additional
tonnage over the next month or two.
© Braemar Seascope Offshore 2013
GDF Charter the Portosalvo and Extend the Maersk Feeder
Brage Trader on Supply Support for the GSF Arctic III
Nexen Extends Contract for Two Vessels Doing Pool Support
5
The Portosalvo managed by Gulf Offshore has
been on charter since October 10th supporting
the rig GSF Monarch on the Juliet Field in the
south North Sea. The fixture is to GDF and is
scheduled to be complete by March 1st 2014.
The 2005 built PSV vessel has a deck area of
689 square metres and 6,310 BHP. In addition
GDF Suez have recently extended the Maersk
Feeder for three years, which is a 1993 built
PSV of Maersk’s own F-Type design.
Simon Mokster Shipping has been
awarded a contract for the charter of
their PSV the Brage Trader by SPD
for approximately 2-3 months. She
will be supporting Transocean’s
semi-submersible GSF Arctic III for a
one well program, which will
commence on November 5th this year.
The STX PSV 09 design vessel has
been performing supply duties on the
Spot Market.
Nexen has extended the contract for Farstad’s Far
Server and Gulf Offshore’s Highland Star. Both
vessels began their charters in July this year and their
extension will be for two months with four one week
options undertaking pool support. The Far Server is a
2010 built vessel of Havyard 832 CD
design with a deck area of 800 square metres,
whereas the Highland Star was built in 1991 and is a
UT-705 design with a deck area of 883 square metres.
© Braemar Seascope Offshore 2013
Team Fix the Olympic Princess for Pool Support
Olympic Electra & Havila Fortune on Rig Support
Skandi Texel and the Maersk Tracer are back in the North Sea
6
Team has chartered the Olympic Princess for pool
support. The Multipurpose Offshore Vessel is owned by
Olympic Ship AS and will be on charter for six months
with eight one week options. She was built in 1999
and her design is MT 6000 with a deck area of
912 square metres.
The Olympic Electra (MT 6009 L design) and
the Havila Fortune (MT 6009 MK II design)
have both been chartered by Centrica for rig
support. The Olympic Electra is covering the
Noble Julie Robertson rig, for a firm period until
March 2016. The Havila Fortune is supporting
the Noble Byron Welliver for a two well
program with options for four more wells.
Market sources suggest each vessel to be a
rate of around GBP 15,500-16,000 per day.
The Olympic Electra and the Havila Fortune
both have DP2 and a deck area of 745 and
683 square metres respectively.
The Skandi Texel and the Maersk Tracer are back in
the North Sea. The Skandi Texel arrived from working
for Burullus in Egypt and has started trading on the
North Sea Spot Market. Meanwhile, the Maersk
Tracer arrived from a term charter with Noble Energy
in Nicaragua and a yard stay in Portugal. She is
currently working for Team Marine. The Skandi Texel
is a 2006 built PSV vessel of MT 6009-S design and
the Maersk Tracer is an AHTS vessel of Maersk’s
own T-Type design built in 2009.
© Braemar Seascope Offshore 2013
Peterson Den Helder extends Three PSVs for Pool Operations
Enquest Charters PSVs for Pool Support
7
Peterson Den Helder BV has extended the
contracts for three PSVs. The VOS Power (own
design), VOS Base (DAMEN design) and Troms
Fjord will commence their extension end of 2013.
All vessels are medium size PSVs and will be
supporting the South North Sea Pool operations for
12 months. The Troms Fjord (VS 470 MK II design)
was built in 2005, VOS Power was built in 2006 and
the VOS Base in 2008. Peterson Den Helder BV
have 16 PSVs on long term charter supporting the
Dutch and the UK South North Sea operations of
Centrica, Chevron, Dana Petroleum, GDF Suez,
Nam - Shell, Oranje-Nassau Energie, TAQA, Total
and Wintershall.
Recently the Island Earl (UT 755 LN design) was
awarded a 12 month contract by Peterson Den
Helder BV. The medium size PSV built in 2008 will
be supporting the South North Sea Pool
operations, commencing in January 2014.
Island Earl Awarded a Twelve Month Contract
Enquest have chartered the SBS Typhoon
(VS 470 MK II design) which recently
commenced a three months firm contract
with a further three one month options.
Earlier this year Enquest also extended
the Sea Trout (VS 470 design) for another
year and still have an outstanding PSV
requirement for 12 months commencing
November 2013. The ER Kristiansand
(VS 470 MK II design) is also in Enquest's
long term fleet.
© Braemar Seascope Offshore 2013
UK Government Announces Scheme for Offshore Wind Projects
Tidal Transit Awarded Second Contract for NB Ginny Louise
RWE Dea UK Begins Gas Production at Breagh Gas Field
8
Two offshore wind projects will receive part
of the GBP 40 billion government
infrastructure guarantee scheme available
from the UK government. Able Marine
Energy Park are supporting the
manufacture, assemble and installation of
Offshore Wind Farms on the Humberside
and the Neart na Gaoithe in the Firth of
Forth. The two pre-qualified projects to
Market reports have indicated that after
the 18 month contract was awarded for
the Tia Elizabeth, Tidal Transit confirmed
a second contract for their newbuild
Ginny Louise. Both Crew transfer
vessels will be working together servicing
the operation and maintenance of the 88
offshore wind turbines at the Sheringham
Shoal Offshore Wind Farm, located off
the coast of North Norfolk.
The Breagh gas field in the Southern North
Sea has started gas production from three
wells. The rate the wells are producing at the
moment is reported to be 2.75 million cubic
metres of gas per day. The operator of the
Field is RWE Dea UK who have announced
an estimated 19.8 billion cubic metres as the
total reserves of the Breagh field. RWE Dea
UK is the operator and own 70 percent of the
licence whilst the 30 percent remaining
belongs to Sterling Resources UK.
receive the scheme are set to produce enough electric-
ity to power 325,000 homes.
RENEWABLES
CORPORATE
© Braemar Seascope Offshore 2013
Nordic American Tankers Creates New Offshore Company
Cecon Pride Launched and Scheduled Delivery for Early 2014
Chellsea Holdings Order up to Eight Newbuilds from COSCO
9
The company Nordic American Tankers (NYSE:NAT)
have announced they will create a new company called
Nordic American Offshore Ltd (NAO) after acquiring six
PSVs from Ulstein Shipbuilding vehicle Blue Invest. The
Blue Protector / Guardian / Thunder / Power / Prosper /
Fighter are of the PX 121 design and are managed by
Remoy Shipping and Atlantic Offshore. The six vessels
are valued at NOK 270 million each (approximately USD
45.3 million each).
Chantier Davie a Canadian Shipbuilding
company has successfully launched Cecon’s
advanced multipurpose subsea construction
vessel the Cecon Pride on the 19th October. The
vessel is the first of three VS 4220 design ships
being built at the Canadian shipyard and is
expected to be delivered in week 8 of 2014. The
Cecon Pride has been built to withstand harsh
environments in deepwater operations and
includes DP3, a 250t AHC crane and a deck area
of 2,000 square metres.
Chellsea Holdings have ordered
two UT 771 WP design vessels
(plus six options) at the COSCO
(Guangdong) Shipyard in China.
The DP2 vessels will be built
according to the SPS code and
be equipped with a wave piercing
bow / 50 accommodation and 800
metre clear deck. The first
vessels in the series are
scheduled for delivery in 2015.
SALE & PURCHASE
© Braemar Seascope Offshore 2013
Newbuild Order with Five Years Contract to DeepOcean
Jumbo Maritime launched K3000 vessel
Dof Subsea Charters the Normand Reach for a 2 Year Contract
10
Østensjø Rederi has ordered a large
construction vessel that was designed by Salt
Ship Design with input from Østensjø Rederi
and DeepOcean. The total value of the
construction contract is NOK 1,400
million. The newbuild will be built at the
Kleven Shipyard and is specifically designed
to suit the North Sea Market. Once she is
delivered, which is expected to be in March
2016, she will commence a charter to
Jumbo Maritime launched their new
K3000 the Jumbo Kinetic in September
this year, a first of two heavy lifting
vessels with a 1A Finish Swedish Ice
Class for Artic operations. The K3000 has
a 3,000t lift capacity using two 1,500t
mast cranes that can reach 20 metres and
has a deck area of 3,250 square metres.
For launch video see page 12.
Dof Subsea has chartered the Normand
Reach from Reach Subsea for a 2 year
contract with two one year options. The
charter agreement includes two Reach
Subsea WROV’s and personnel. The MPSV
newbuild vessel is still under construction and
scheduled for delivery end of May 2014. The
vessel is owned by Solstad Offshore and is
working under a five year contract for Reach
Subsea which will commence next year.
DeepOcean for a five and a half year contract with four
one year options. The vessel will have 2,300 square
metres of deck area, a moonpool and a 400t (AHC)
knuckle boom crane.
SUBSEA
RIG ANALYSIS
It has been reported the number of rigs in the
North Sea could rise to 100 by the year 2016.
Currently the figure is 88 but with more rigs
moving into the North Sea the number is
certain to rise. Diamond Offshore’s Ocean
Patriot will soon make her way to commence
her three years firm and two year options
contract with Shell which is scheduled to
commence around June 2014 and is at a
dayrate believed to be USD 400,000.
There are eighteen newbuild rigs fixed for
North Sea Drilling, half of which are expected
to arrive by the end of July 2014.
Also market reports have indicated that
Ensco’s under-construction jack up Ensco
122, which is expected to be delivered in the
third quarter of 2014, already has a fixture
lined up in the North Sea and is expected to
commence in the fourth quarter of 2014.
Another rig recently extended is understood
to be the WilPhoenix as Awilco Drilling has
recently announced they have signed a
Letter of Award with Premier Oil for 250 day
options for the semi submersible rig. The
WilPhoenix has commitments to Premier
Oil and Apache/TAQA until at least 2017.
Newbuilds are not the only rigs moving into
the North Sea. Transocean’s Sedco 712
has been reactivated to work for Talisman
at Enoch after about five years being
stacked at Invergordon. The semi
submersible rig is on contract to Talisman
for three years.
11 © Braemar Seascope Offshore 2013
Higher Drilling Activity Expected in 2014 and going
forward as more Semi Submersibles and
Jack Up Rigs Head to the North Sea Picture Courtesy of Awilco Drilling
RIG CHART
Norway UK/Irl Denmark Netherlands Stacked without
future contract
Stacked with
future contract Total
Drillship 1 0 0 0 0 0 1
Jackup 9 17 5 4 2 4 41
Semi-Sub 25 14 0 0 1 6 46
Total 35 31 5 4 3 10 88
MONTHLY VIDEO
12
VIDEO LAUNCH OF JUMBO KINETIC– Built at Brodosplit Shipyard in Split, Croatia
and was Launched on 19th September. For more information see page 10.
© Braemar Seascope Offshore 2013
BUNKER PRICE IN ABERDEEN 2011 TO PRESENT
Price courtesy of Scandinavian Bunkering, subject to supply method, volume and market fluctuations.
OIL PRICE BRENT CRUDE 2005-2013
13 © Braemar Seascope Offshore 2013
Price courtesy of US Energy Information Administration
14 © Braemar Seascope Offshore 2013
STANDBY (ERRV)
SPD have fixed up the Esvagt
Cassiopeia to support a one well
(circa 60 days) programme with the
GSF Arctic III from the first half
November. Esvagt currently operate
a further three vessels in the UKCS,
namely the Esvagt Sigma (Enquest
- Ocean Princess), Esvagt Celina
(Shell - Seawell) and the Esvagt
Observer (Apache - Beryl field).
Another long term tender has been circulated
recently. GDF Suez has tendered for an ERRV or
MRV to support the Cygnus field for 3-5 years plus
options from the 2nd or 3rd quarter of 2014.
ConocoPhillips remain outstanding for a range of
MRVs or ERRVs for 5-9 years from April 2014 for
support of various installations and drilling
programmes in the South North Sea, Central North
Sea and West Coast including the J Block, Loggs
and Viking fields. The requirements are effectively
against the 1976 built Putford Viking, 1975 built
Putford Apollo, 1970 built Putford Puffin, 2003 built
Putford Saviour and the 1999 built VOS Provider.
Outstanding Long Term Tenders
TAQA are believed to have agreed a long term
deal with North Star for the charter of the
ERRV / tanker assist vessel Grampian Frontier
from January 2014. The vessel will support the
Harding Field, which was previously operated
by BP, in the Northern North Sea. The
Grampian Frontier is currently contracted to BP
for support of their installations West of
Shetlands on a charter that originally
commenced in 1997 when the vessel was
delivered from the shipyard in Hull.
The Grampian Frontier to Support TAQA’s Harding Field
Esvagt Cassiopeia Supports the GSF Arctic III
AHTS DAYRATES AVERAGE NORTH SEA SPOT 2011/12/13
PSV DAYRATES AVERAGE NORTH SEA SPOT 2011/12/13
15 © Braemar Seascope Offshore 2013
AHTS DAYRATES AVERAGE NORTH SEA SPOT
PSV DAYRATES AVERAGE NORTH SEA SPOT 2004-2013
16 © Braemar Seascope Offshore 2013
OUR SERVICES
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integrated provider of brokering and consul-
tancy services to the shipping industry.
At Braemar Seascope Offshore our aim is to
provide cost effective solutions to our clients'
offshore programmes.
Regular advances in technology mean our
work is a direct response to constantly
changing market needs.
From offices in London, Aberdeen and
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offshore market.
OUR SERVICES INCLUDE:
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FEEDBACK
17 © Braemar Seascope Offshore 2013
Ani Bablanian Researcher
35 Cosway Street London
NW1 5BT UK
Phone:
+44 (0)20 7903 2628
E-mail:
NEW RESEARCHER
Please click below for our October report.
Braemar Seacope is pleased introduce
Ani Bablanian as our new Offshore
Researcher.
LONDON 35 Cosway Street London NW1 5BT UK Tel +44 (0) 20 7903 2700 Fax +44 (0) 20 7903 2701 Email: [email protected] PERTH Unit 4 Churchill Court 335 Hay Street Perth, Western Australia 6008, Australia Tel +61 8 9388 0536 Fax +61 8 9388 0537 Email: [email protected]
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18 © Braemar Seascope Offshore 2013
