MARKET NEWS &
ANALYSIS
VESSEL DAYRATE
CHARTS
RIG NEWS
BRAEMAR SEASCOPE OFFSHORE
MONTHLY MAGAZINE
June 2011 ISSUE: 48
©Braemar Seascope Offshore
Picture: F.D. Honorable courtesy of Gulf Offshore
Welcome to the latest edition of the
new look Braemar Seascope Offshore
North Sea Vessel Report. This month
has seen a surge in activity in the mar-
ket with increase in the demand for
PSVs and AHTS vessels and an associat-
ed rise in dayrates. The debate over the
North Sea tax rise continues as the Gov-
ernment offers a sweetener in what has
been welcomed by the industry as a
constructive move.
Meanwhile, Providence Oil has recently
completed seismic work offshore Ire-
land and looks set to drill using the GSF
Arctic III rig in September. Norway has
undertaken seismic work on the Barents
Sea area freshly delineated with Russia
(see Rigs page for further details). Fur-
ther afield Cairn is continuing its drilling
offshore Greenland taking the occasion-
al spot vessel to assist and the Ocean
Guardian has had another well option
declared for work off the Falkland Is-
lands. There are interesting times ahead
as the global activity level shows indica-
tions of building up again although in
the short-term we can expect a seasonal
dip in the North Sea after the summer.
We hope you enjoy this month’s report
and look forward to hearing your feed-
back, 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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June is the month in which the North Sea traditionally
sees a flurry of fixing activity across the board as the
clement weather sees the rig programme hot up and
vessel demand increase. June 2011 was no exception
with the market pushed to the highest levels so far this
year as vessel activity soared leaving the market close
to being sold-out on a number of occasions.
The arrival of new rigs to the region including Awilco’s
pair; WilPhoenix and WilHunter has seen the demand
for AHTS vessels shift up a gear with rates for AHTS ves-
sels peaking at around the GBP 75,000 level. The Energy
Enhancer which is currently carrying out three wells for
Perenco has also taken on vessels including the High-
land Champion and the VOS Warrior which will be with
the rig for the duration of its around 100-day charter.
Statoil closed in on the market and fixed a number of
vessels on long-term charters including taking on the VS
-493 pair Viking Avant and Viking Lady for up to eight
years and up to four years respectively. In addition,
Statoil took on the Siem Sailor for two years. All of the
fixtures were reportedly in the GBP 16,000 to GBP
18,000 range.
There have also been a series of interesting fixtures
outside of the usual workscopes with the Toisa Valiant
being fixed to carry out air diving support work West of
Shetland for KD Marine. The large AHTS Rem Gambler
has also been taken on by Saipem for 100 days and it is
understood the vessels could be supporting Sakhalin
work.
Once again this month has seen additional departures
for Petrobras work. The Far Scotia is the latest vessel
due to leave the North Sea to take up work in Brazil.
The vessel, which has been mobbed up with additional
accommodation for a number of months, is expected to
go into the yard prior to heading over to South America.
The ER Arendal has already departed for the region.
The last few weeks have seen rates across both the
AHTS and PSV fleet pick up as demand increased. How-
ever, comparing the figures to last year we can see the
peaks were some way off the rates paid 12-months ago.
The cyclical nature of the North Sea spot market seems
to suggest a dip in rates could be ahead as demand for
vessels falls away from the usual annual peak in June.
©Copyright Braemar Seascope Offshore 2011
Spot MarketSpot MarketSpot Market
Market CommentaryMarket CommentaryMarket Commentary
BELOW: Toisa Valiant recently
fixed for air dive support work
West of Shetland.
T his month has seen a series of additional or-
ders for potential North Sea tonnage as well as
some completed vessels newly delivered and
arriving on the North Sea to commence work.
In the latter category we can include the Fairplay 33
AHT which is now on its way to Europe and is due to
join the North Sea spot market after undergoing a bol-
lard pull test. In addition, there is K Line Offshore’s
newest vessel, the KL Barentsfjord. This large PSV has
been Christened in Norway and will be serving on the
North Sea Spot market for around a month before com-
mencing its long-term charter with ConocoPhillips. This
is the last in the series of four sister ships ordered by K-
Line which includes the Brevikfjord, Brisfjord and the
Brofjord.
The medium PSV F. D. Honorable is also on its way to
the North Sea spot market. The UT-755 L vessel
(pictured below), is travelling from Rosetti Marino in
Italy with an expected arrival date of the second week
of July. The vessel is currently charter free, while its
sister vessel the F.D. Indomitable is continuing a term
charter with Taqa.
The latest orders to be placed with the shipyards in-
clude a deal struck by John Fredrikson’s company
Seatankers for four newbuild PSVs. The two firm order
plus two optional Ultstein PX105 CD vessels will be ex-
pected to begin delivery in 2012 with the new arrivals
expected to join Deep Sea Supply’s fleet which is con-
trolled by Fredrikson. Meanwhile, Statoil has already
signed a five year deal for a Havila 833 L vessel that is
still around 18 months away from completion.
F. D. Honorable
Design: UT 755 L
Built: Rosetti Marino 2011
BHP: 7,842
Max Deck: 716 square metres
DP: 2
Fuel Oil: 925m³
Drill Water: 1,217m³ (approx.)
Pot Water: 856m³ (approx.)
Mud/Brine: 10 dual purpose tanks
SPEC BOX
F.D. HonorableF.D. HonorableF.D. Honorable
New ArrivalsNew ArrivalsNew Arrivals
REM SUPPLIER (DPII) 2010 / UT 755 LN / 681 m2 Charterer: SPD
NORMAND MERMAID (DPII) 2002 / UP 103 / 765 m2 Charterer: Fugro
ER NARVIK (DP II) 2009 / UT 755 LN / 680 m2 Charterer: BG
ASSO 30 (DPI) 2009 / UT 755 LC / 690 m2 Charterer: BP UK
ER ARENDAL 2006 / VS 470 mk II / 700 m2 Charterer: Petrobras
HIGHLAND CHAMPION 1979 / UT 705 / 825 m2 Charterer: Senergy
FAR SCOTIA (DPII) 2001 / UT 755 / 486 m2 Charterer Petrobras
AHTS Arrivals on North Sea Spot MarketAHTS Arrivals on North Sea Spot MarketAHTS Arrivals on North Sea Spot Market
Arrivals & DeparturesArrivals & DeparturesArrivals & Departures
ASSO 24 (DPI) 2001 / UT 728 / 158t Previous: Libya
KL SANDEFJORD (DPII) 2011 / AKER AH 12 CD / 390t Previous: MOD
NORMAND RANGER (DPII) 2010 / VS 490 / 287t Previous: Technip
MAERSK LIFTER (DPII) 2009 / Own / 250t En-Route
MAERSK ASSISTER (DPII) 2000 / Own / 271t Charterer: CTC
REM GAMBLER (DPII) 2010 / AKER AH12 CD / 344t Charterer: Saipem
HIGHLAND TRADER 1996 / UT 755 / 621 m2 Previous: Peterson SBS
REM FORTUNE (DPII) 2010 / MT 6012 / 1100 m2 Previous: MLS
REM PROVIDER (DPII) 2008 / UT 755 LC / 688 m2 Previous: Bourbon - Black Sea
SBS CIRRUS (DPI) 1985 / UT 705 / 864 m2 Previous: Allseas
BOA FORTUNE 1992 / UT 706 / 615 m2 Previous: Allseas
EDDA FRIGG (DPII) 1997 / SK60/09 / 905 m2 Previous: Allseas
TOISA CORAL (DPII) 1999 / AP 416 / 675 m2 Previous: Hereema
PSV Arrivals on North Sea Spot MarketPSV Arrivals on North Sea Spot MarketPSV Arrivals on North Sea Spot Market
AHTS DeparturesAHTS DeparturesAHTS Departures
PSV DeparturesPSV DeparturesPSV Departures
Saipem has fixed the Rem Gambler, Normand Oceanic and the Energy Girl for six months, 100 days and 60 days respectively. The Rem Gambler will be carrying out trenching work at the Sakhalin development while the other vessels will be in a pipelay support role. The Rem Gambler is a large AH-12 designed AHTS vessel equipped with DP2, helideck, 250t offshore crane and a bollard pull of around 344t. The vessel is expected to rejoin the North Sea spot market in December.
Only three medium and long-term requirements remain outstanding
on the North Sea market:
1 x PSV / BG / 6 months firm / comm. Late July
1 x PSV or AHTS / MLS / 2 wells + 2 well opts / Aug-Sept
1-2 PSVs / Nexen / 3 yrs or 18 mths + opt / comm. June-Oct
The medium PSV Far Scotia is expected to leave the North Sea spot market for the yard by around the middle of July. The UT-755 designed vessel will undergo work until around the end of that month before heading off to Brazil to commence a 5 year plus 5 year option contract with Petrobras. The contract which was awarded last October was achieved in cooperation with Fugro Brazil who will be the ROV service provider. The Petrobras fixture is at a dayrate of around USD 31,500.
The newbuild medium PSV FD Honorable has left Rosetti Marino in Italy and is en-route to the North Sea. The ves-sel, which is a sister ship to the FD Indomitable, is current-ly expected to arrive in Aberdeen on July 9th where it will join the North Sea spot market. The sister vessel FD In-domitable is currently on term charter with Taqa. The UT-755 L designed vessels are equipped with DP2 and a deck area of around 716 square metres.
FD Honorable Heads to North Sea
Long-Term Requirements
Far Scotia to Leave North Sea for Brazil
Saipem Takes on Trio
©Copyright Braemar Seascope Offshore 2011
CharteringCharteringChartering
Perenco has fixed the large PSV Highland Champion to support work being carried out by the jack-up Energy En-hancer. The rig was originally chartered to carry out two well abandonments on the Welland Field in the Southern North Sea and has since been extended for a work pro-gramme of circa four months at a dayrate of around GBP 12,500. The Highland Champion is a UT-705 designed ves-sel with a deck area of around 825 square metres.
Statoil has taken on a trio of platform supply vessels for term work. The large PSVs Viking Lady and Siem Sailor have been fixed for two years firm plus additional options. In addition, the VS-493 designed Viking Avant has been extended for five years firm plus options. The Viking Avant is equipped with a deck area of around 1010 metres squared. The rates are understood to be between NOK 140,000 and NOK 160,000.
The medium PSV Asso 30 has been chartered by BP UK for between 60 and 90 days. BP currently has a busy summer schedule in the UK North Sea with a lot of active work around the West of Shetland with the Schiehallion FPSO. The AHTS vessels Maersk Lancer, Maersk Laser and Maersk Traveller are currently supporting the unit. The Asso 30 is expected to be used for general pool support and could be used to assist operations.
Supply Service PF’s newbuild Havyard 832 L designed PSV has been fixed to Det Norske on a long term contract for 4 wells firm. The vessel is expected to be supporting the Maersk Guardian rig for between 200-300 days. The ves-sel, which will be named Saeborg on delivery in Septem-ber, will be equipped with a deck area of around 901 square metres, DP2 and standby.
Saeborg goes to Det Norske for 4 Wells
Three Vessels for Statoil
Asso 30 Fixed to BP UK
Perenco Secures Highland Champion
©Copyright Braemar Seascope Offshore 2011
CharteringCharteringChartering
Havila Shipping has secured a contract with Statoil for a newbuild PSV. The Havyard 833 L that is under construc-tion in Leirvik has been chartered for a five-year firm peri-od plus a further optional three years. The vessel is due to be delivered in December 2012 and has a price tag of around NOK 360 million. This is the seventh long-term charter between Statoil and Havila. The Havyard 833 L currently known as hull number 107 will have a deck area of 1100 square metres on delivery.
Fairplay’s newbuild ocean going twin screw AHT vessel is on its way to North Europe. The vessel is expected to per-form a bollard pull test in Norway on July 12th before heading to Bremerhaven to complete minor work. The vessel which is expected to have a bollard pull of around 105t and a speed of around 16 knots is then expected to be available on the North Sea sport market. Further de-tails of the vessel can be found here.
It is understood John Fredriksen’s company Seatankers has struck a deal for four newbuild PSVs under construc-tion at the Sinpacific Shipbuilding Group in China. The USD 456 order, for two Ulstein PX105 CD vessels plus two fur-ther options, is expected to see delivery of the first ves-sels in 2012. Upon completion the market expects the vessels to join the Deep Sea Supply fleet, which is con-trolled by Fredriksen.
K Line Offshore’s latest newbuild large PSV is set to join the North Sea spot market following its Christening in Norway. The KL Barentsfjord is the last in a series of four sister vessels: including the Brevikfjord, Brisfjord and Brofjord. The PSV 06 CD designed vessel will be in Aber-deen for a CMID in early July and is expected to be availa-ble on the spot market for around a month before com-mencing a long-term charter with ConocoPhillips.
KL Barentsfjord to Join the Market
Fairplay 33 Heading to North Sea
Deep Sea Supply Could be Set for 4 PSVs
Statoil Charters Havyard 833 L for 5 Years
©Copyright Braemar Seascope Offshore 2011
NewbuildNewbuildNewbuild
The newbuild rig Rowan Viking (pictured
top right) has left Dundee to commence
its maiden charter with Total. The Toisa
Daring and Sea Lynx were fixed to move
the rig to the Elgin field in the central
North Sea. The Rowan Viking is fixed to
Total until around January 2013.
Meanwhile, COSL Drilling Europe is un-
derstood to be close to securing a five-
year charter with Statoil for the new-
build semi-submersible COSL Pioneer
(pictured above). The rig is understood
to have been awarded an acknowledge-
ment of compliance from the Norwe-
gian Petroleum Safety Authority. It is
expected that the COSL Pioneer will
undertake exploration work offshore
Norway.
The Maersk Resolve rig has been con-
tracted for work in the Danish sector.
The jack-up is expected to be active
with Noreco and Dong and will carry out
work on one well for each of the con-
tractors. The rig has been working for
Maersk Drilling in the region.
In the UK, a deal has been struck be-
tween seven separate companies over
share-swapping that will see Encore,
Nautical Petroleum and Serica Energy
take a stake in Licence p218 which is
currently operated by DEO, Maersk,
Atlantic Petroleum and Faroe Petrole-
um. As part of the deal a 30% stake of
Licence P1655 will be exchanged. Fur-
ther details can be found here.
Barents
Seismic
Starts
The Norwegian Petroleum
Directorate has an-
nounced that seismic work
will start on the eastern
part of the Barents Sea.
The Harrier Explorer is
now on its way to Jan Ma-
yen to start seismic acqui-
sition there. The vessel will
be on charter for three
months with a one-month
option. This activity fol-
lows on from the recent
treaty between Russia and
Norway on the maritime
border.
Click Here For
Full Map
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PricePrice Oil Oil Oil
Norway UK/Irl Denmark
Greenland Netherlands Stacked without future contract
Stacked with future contract Total
Drillship 1 1 1 3
Jackup 6 14 5 7 3 4 39
Semi-Sub 21 15 1 2 1 40
Total 28 30 7 7 5 5 82
ChartChart Rig Rig Rig
Rig Activity by Type and Country
200520052005---201120112011
Vroon has been awarded an 18-month contract by Nexen to provide a standard vessel for the drilling programme with the Transocean Prospect rig from mid June in the Central North Sea. Nexen are also currently outstanding for a vessel to support the Buzzard field for three to five years from October. Meanwhile, Ithaca Energy has fixed the Ocean Sprite for three years plus options from Octo-ber to support the FPSO BW Carmen on the Athena field in the Central North Sea.
Vroon recently took delivery of the 60 metre VOS Vigilant, equipped with twin daughter craft, from the Zamakona ship-yard in Spain. The final MRV vessel in the original series of 15, VOS Valiant, is scheduled to be delivered in October. Vroon has recently announced another newbuilding pro-gramme at the Nanjing East Star shipyard in China to contin-ue their strategy of fleet replacement. Six standard units have been ordered with delivery from the first quarter of 2013.
Esvagt has ordered a further two C Class (45 metre) new-buildings from the ASL Marine shipyard in Singapore with delivery in the first half of 2013. Esvagt has built 10 similar units at the yard between 2004 and 2010. On the charter-ing front, Esvagt fixed two multi-role vessels, the Esvagt Dee and the Esvagt Don to Talisman Norway on the Varg/Ula/Gyda fields for 3 to 5 years from July. The Esvagt Con-nector will forerun for the Esvagt Don until November as the latter is currently on charter to Carin in Greenland.
The conversion of the 2004-built Putford Achiever (ex Sea-cor Achiever) in Sunderland is scheduled to be completed by the middle of July. The vessel has been fixed by Peren-co from late July for approximately four months to sup-port the accommodation rig Seafox I in the South North Sea. Perenco has also chartered the VOS Warrior from late June to support a circa four month programme with the Energy Enhancer.
Putford Achiever & Vos Warrior for Perenco
VOS Vigilant Delivered
Esvagt Orders Further Vessels
One Deal & One Requirement for Nexen
©Copyright Braemar Seascope Offshore 2011
Standby/ERRVStandby/ERRVStandby/ERRV
Technip has secured a lump sum EUR 70 million contract for work on the East Rochelle development around 185 km North-east of Aberdeen. The contract includes project management and pre-commissioning of 30 km of pipe-in-pipe flexible risers, umbilicals, valves and manifolds. It al-so covers tie-in spools, trenching, backfill and rockdump-ing work. The offshore installation work is expected to be carried out in the second half of 2012 using vessels from the Technip fleet.
CGG Veritas has announced that it has signed a five year charter with Bourbon for six new support vessels to assist its seismic operations. The new vessels will be delivered starting at the end of 2012. The chartered vessels will sup-port CGG Veritas Seismic vessels during their survey oper-ations around the world providing refuelling, crew chang-es, food and equipment delivery as well as providing addi-tional storage.
Saipem has been awarded a series of contracts in the Nor-wegian and British sectors of the North Sea. The Saipem 7000 and the Castoro 7 vessels are expected to be de-ployed for platform transportation and installation and pipeline work. Some of the contracts include engineering, procurement, installation and construction. The vessels are expected to be deployed for the work during the sum-mers of 2012 and 2013.
Hallin Marine has been awarded a contract to carry out an urgent pipeline repair job in Angola. The diving support vessel Ullswater will be utilised to support the fixing of a 20-inch water injection pipeline offshore Malongo, Ango-la. The Ullswater is a 78m DSV equipped with a 15-man saturation diving system, DP2 and accommodation for up to 120 personnel. The vessel is currently positioned in West Africa to target workscopes in the region.
Ullswater DSV Fixed for Pipeline Work
CGG Veritas Secures Bourbon Charter
Saipem Secures North Sea Contracts
Technip Awarded East Rochelle Work
©Copyright Braemar Seascope Offshore 2011
SubseaSubseaSubsea
Click to Play Video
The monohull heavy lift vessel is currently working on the Sheringham Shoal offshore wind farm. The vessel is in-stalling monopole and transition pieces and will be mak-ing a number of consecutive trips to the wind farm con-struction zone during the installation period. The Oleg Strashnov will be kept steady during installation activities by eight anchors deployed by two anchor handling tugs at the site.
E.On Climate and Renewables and MPI-Vroon have signed a six-year charter for the MPI Discovery. The offshore jack-up windfarm installation and construction vessel is equipped with six legs and can operate in water depths of around 40 metres. The cranes can lift 1,000 tonnes and there is on board accommodation for 112. E.On is con-structing the London Array wind farm using another MPI vessel the MPI Adventure.
P&O Maritime Services has announced the arrival of its multipurpose DP2 cable installation vessel the European Supporter (ex Oceanic Viking) in the UK. The vessel has undergone extensive conversion work to prepare it for the inter-array cabling market. The 106m vessel will be able to carry 5,000 tonnes of power cable, a work class ROV and up to 60 personnel. P&O plans to offer turnkey cable installation, burial, maintenance and inspection ser-vices.
A2SEA has announced a memorandum of understanding for a cooperation agreement with Teekay Corporation to design, deliver and operate floating transportation and installation vessels for the offshore renewables sector. The firms plan to have a vessel that can carry pre-assembled windfarm foundation out to sites by 2014. Teekay will own and operate the vessel with A2SEA providing management and operational expertise.
A2SEA Signs Deal with Teekay
E.On charters MPI Discovery for 6 years
European Supporter Enters Service
Oleg Strashnov at Sheringham Shoal
©Copyright Braemar Seascope Offshore 2011
RenewablesRenewablesRenewables
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Average Daily North Sea Spot Cargo Run Dayrates Since February 2011
DayratesDayrates PSV PSV PSV
SPECS BOX
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Average Daily North Sea Spot Rig Move Dayrates Since February 2011
DayratesDayrates AHTS AHTS AHTS
Average North Sea Spot Average North Sea Spot Average North Sea Spot
AHTS Rates AHTS Rates AHTS Rates
Feb/Mar/Apr/May/Jun 2011Feb/Mar/Apr/May/Jun 2011Feb/Mar/Apr/May/Jun 2011
Average North Sea Spot Average North Sea Spot Average North Sea Spot
PSV Rates PSV Rates PSV Rates
Feb/Mar/Apr/May/June 2011Feb/Mar/Apr/May/June 2011Feb/Mar/Apr/May/June 2011
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Large PSVs (700m2+ Clear Deck)2010
Medium PSVs (500-700m2 ClearDeck) 2010
Large PSVs (700m2+ Clear Deck)2011
Medium PSVs (500-700m2 ClearDeck) 2011
DayratesDayrates PSV PSV PSV
SPECS BOX
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January February March April May June July August September October NovemberDecember
Large - AHTS (16,000+ BHP) 2010
Medium - AHTS (12-15,999 BHP)2010
Large - AHTS (16,000+ BHP) 2011
Medium - AHTS (12-15,999 BHP)2011
DayratesDayrates AHTS AHTS AHTS Average North Sea Spot Average North Sea Spot Average North Sea Spot
AHTS Rates 2010/11AHTS Rates 2010/11AHTS Rates 2010/11
Average North Sea Spot Average North Sea Spot Average North Sea Spot
PSV Rates 2010/11PSV Rates 2010/11PSV Rates 2010/11
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Large PSVs (700m2+ Clear Deck) Medium PSVs (500-700m2 Clear Deck)
DayratesDayrates PSV PSV PSV
SPECS BOX
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Large - AHTS (16,000+ BHP) Medium - AHTS (12-15,999 BHP)
DayratesDayrates AHTS AHTS AHTS
Average North Sea Spot Average North Sea Spot Average North Sea Spot
AHTS Rates 2004AHTS Rates 2004AHTS Rates 2004---201120112011
Average North Sea Spot Average North Sea Spot Average North Sea Spot
PSV Rates 2004PSV Rates 2004PSV Rates 2004---201120112011
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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, Singa-
pore and Australia we specialise in the
worldwide offshore market.
Our services include:
Spot and period chartering
Short sea and ocean towage
Newbuild and second hand sale &
purchase
Bespoke research and reports
Corporate mergers, acquisitions &
fleet sales
Sourcing venture capital and ad-
vising banks
Valuation services
Contact
Us
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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The Renewables Vessels
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B raemar Seascope Offshore is in an ideal posi-
tion to offer industry insight on all aspects of
the offshore vessel market across the globe.
Our expert brokers are on call 24 hours a day
and are able to offer advice, information and up-to-the-
minute detail on vessel rates, availability and positions.
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Offshore website by clicking the
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