BRAEMAR SEASCOPE OFFSHORE

Vessel Magazine

First Quarter 2012

©Braemar Seascope Offshore

Welcome to the latest edition of the

Braemar Seascope Offshore Asia & Aus-

tralia Vessel Report. The offshore mar-

ket has been particularly active in the

past few months and weeks with a num-

ber of major oil companies positioning

themselves to take advantage of a po-

tential surge in activity.

Amongst a number of interesting deals

is Perenco’s purchase of ConocPhillips’

Vietnam assets. Under the terms stakes

in two offshore blocks and an interest in

the Nam Con Son pipeline will change

hands. Anadarko Petroleum has also

begun the process of marketing its Indo-

nesian offshore assets for sale.

Infrastructure will play a key role in de-

velopment of the offshore markets and

Australia’s plans for the new marine

supply base in Darwin are a necessary

step to gear-up for future increased

demand driven by the Ichthys and work

in the Timor Sea.

Meanwhile, there have also been a

number of newbuild vessel orders and

sales and we are expecting an active

few weeks on the chartering market

going forwards.

We hope you enjoy. Please get in touch

with your questions and comments.

Best regards,

Sean Bate

Market Analysis Manager

Click Here to go to

Online Version

New

Broker

on team

Braemar Seascope

Offshore is pleased to

announce that George

Delamain has joined

our team of brokers in

our office in Singa-

pore. George along

with any of our other

Singapore staff can be

contacted on:

Tel: +65 6410 9013

offshore@seascope.com.sg

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Singapore office.

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T here has been a recent flood of newbuild or-

dering taking place at yards in Southeast Asia.

Although there remains a certain degree of

difficulty obtaining credit owners have been

keen to make sure they are in a position to take ad-

vantage of what they feel will be a surge in demand in

the coming months and years.

Swire Pacific Offshore has ordered two 92m AHTS ves-

sels from Singapore Technologies Engineering. These

will join the four IMT-997 PSVs ordered by the firm at

the end of last year from Universal Shipbuilding Corpo-

ration in Japan and the four PSVs to be built in EISA

shipyard Brazil. Meanwhile, the Shipping Corporation

of India has ordered six AHTS vessels with ABG Shipyard

in India which will deliver in 2013 and 2014.

Newbuilds set to arrive on the Southeast Asian market

in the near-term include the first of Sealion Shipping’s

VS-4616 designed AHTS vessels the Toisa Elan due at

the end of May.

Greatship Global Offshore has taken delivery of the

newbuild AHTS Greatship Vimla. The vessel, which has a

bollard pull of around 160t, was delivered in early Feb-

ruary from Drydocks World Singapore. The Conan-Wu

AHTS designed vessel is also equipped with a total BHP

of 6120, DP2 and has been built in compliance with the

new SPS Code 2008. Greatship now has a total of four

PSVs, nine AHTS, three MPSVs and three ROV support

vessels in operation and a further three ROV support

vessels on order in Sri Lanka.

Meanwhile, the STX–09 PSV Brage Trader has recent-

ly been delivered from the Cochin shipyard in India and

is to head for the UK North Sea shortly.

Greatship Vimla

Design: Conan-Wu AHTS

Builder: Drydocks World, SG

BHP: 6120

Bollard Pull: 160t min continuous

Max Deck: 600 square metres

DP: 2

Fresh Water: 720m³

Fuel Oil: 1050m³

Accommodation: 46

For full spec click here

SPEC BOX

Greatship VimlaGreatship VimlaGreatship Vimla

New ArrivalsNew ArrivalsNew Arrivals

Singapore-based Swiber has secured an offshore support vessel contract in the Middle East worth USD 38 million through a joint venture. The charter, which is for an as yet unnamed major oil producer, is for a firm period of three years plus two optional years. In addition the company has secured a number of Offshore Construction Projects which are expected to see the deployment of construc-tion vessels and work barges in the Southeast Asian re-gion.

CH Offshore has announced that it will go ahead with the disposal of the AHTS Coral to a joint venture in which it holds a 49% stake. Following the deal the 12,240 BHP ves-sel will be owned by PT Bahtera Nusantara Indonesia. The other 51% of the joint venture is PT Bahtera Niaga Inter-nasional (BNI) which has secured a charter for the vessel. The Coral is a 2008-built AHTS equipped with DP2 and a bollard pull of around 150t.

Sealion Shipping is expecting the first of its E-Class new-buid AHTS vessels to be delivered and available for char-ter in China at around the end of May. The DP2 Toisa Elan is the first of a series of three VS-4616 designed 220t bol-lard pull vessels due to deliver from China this year. Meanwhile, the owner also has the PSV Toisa Serenade, DSV Toisa Paladin and AHTS Toisa Dauntless available for work in Singapore around the mid to end of March.

Market reports indicate that Topaz is considering whether to reposition a pair of Caspian-based vessels to the Middle East or West Africa. The owner currently has the Topaz Johor and Topaz Jurong on a 12-month charter with Axxis off Nigeria and feels there could be potential for further financially rewarding work for its boats in the region. To-paz has a total of 100 vessels including AHTS, PSVs, Standby Vessels, Pipelay and Tugs under its operatorship.

Africa Considered for Topaz Caspian Boats

CH Offshore’s Coral Secures Charter with JV

Sealion’s Southeast Asian Fleet to Expand

Swiber Secures Vietnam Work

©Copyright Braemar Seascope Offshore 2011

Bumi Armada has been awarded a four-year charter for its AHTS Armada Tuah 102 with Petrobras in Brazil. The Ma-laysian-based shipowner expects the vessel to be formally accepted for delivery in the first quarter of 2012. The total value of the contract, which include four-years worth of options, is circa RM 150 million. The Armada Tuah 102 is a 72.5m AHTS with DP2 and a bollard pull of around 150t. Bumi already has the Armada Tuah 104 working in Brazil. It has been with Petrobras since mid-2011.

Otto Marine has secured a three-year charter for the 7,200 BHP AHTS Beluga 1. The vessel will be operated by Global Workboats and will be deployed off the coast of Nigeria. Including the Beluga 1, Global Workboats will have a total of four offshore support vessels deployed in African waters. The value of the firm period of the time charter is expected to be around USD 20.8 million over the three years with two one yearly options potentially taking the value to around USD 35 million.

Market reports suggest that Global Offshore may sell a 40 per cent stake in its upcoming newbuild PSV in order to finance an additional optional PSV. The first vessel is set to deliver from a Norwegian shipyard in March next year and the option for the second has to be declared by May. Term contracts for four Global Offshore vessels, including two with ONGC, are set to end this year. However ONGC is currently out with a PSV tender with a second PSV ten-der expected in June.

CH Offshore has announced that its subsidiary Offshore Gold Shipping has entered into a two-year bareboat char-ter of the AHTS Aquamarine with a third party. The deal also includes a purchase option for the charterer at the end of the period at a price to be mutually agreed be-tween the parties.

Aquamarine On Two-Year Bareboat Deal

Beluga 1 On Three Year Charter

Armada Tuah 102 Secures 4-Year Term Work

©Copyright Braemar Seascope Offshore 2011

CharteringCharteringChartering

Global Considering Newbuild Options

The New Zealand department of Petroleum and Minerals has proposed to offer 25 onshore and offshore blocks for competitive tender from April 2012. The proposed blocks for 2012 cover approximately 40,285 square kilometres of offshore seabed. The New Zealand authorities are hoping that the new blocks together with its new strategy for marketing the blocks in an “annual block offer” will attract significant inward investment from the international mar-ket.

The Large PSV Skandi Falcon is expected to head to Aus-tralia within the next few days to commence a long-term charter. The vessel has been fixed for 490 days firm plus an additional 190 days of options with an un-named ma-jor Australian company. The UT-705 designed Skandi Fal-con has previously been working in the UK North Sea. The 1990-built vessel is equipped with a deck area of around 844 square metres and total accommodation for 23.

Australian operator Woodside has chartered the AHTS Far Grip for nine months from the beginning of March. The Far Grip is a 1993-built Ulstein UT-722 AHTS equipped with a bollard pull of around 150t and a deck area of 560 square metres. Woodside also currently has the following Farstad AHTS vessels on charter: Far Stream, Far Strait, Far Saltire and Lady Caroline as well as the PSVs Lady Grace and Far Spirit.

A new marine supply base in Darwin has been given the go ahead by the government of Australia’s Northern Terri-tory. The deal will see the construction start in April 2012 with completion expected by the end of 2013. Macmahon will build the base which will be operated by ShoreASCO for up to 20 years. ConocoPhillips has agreed to use the supply base for its existing operations in the Timor Sea and it is also expected that Inpex and Shell will utilise it.

New Marine Supply Base for Darwin

Skandi Falcon Secures Oz Charter

Woodside Fixes Far Grip for 9 Months

New Zealand Publishes 25 Block Offer

©Copyright Braemar Seascope Offshore 2012

Australia/New ZealandAustralia/New ZealandAustralia/New Zealand

The 2005-built diving support vessel MarSol Pride has re-portedly been sold to Tidewater for an undisclosed amount. It is understood the vessel, which has previously been working offshore New Zealand for Unimar, will be renamed Collard Tide. The vessel is a DP1 5,440 BHP ves-sel equipped with a bollard pull of 68t, 4-point mooring and accommodation for 66 personnel.

Swire Pacific Offshore has acquired Bergen-based Seabed AS and has also placed an order for a further two new-build AHTS vessels. As part of the acquisition, Seabed AS will be renamed Swire Seabed AS and they will take own-ership of the MPSV Seabed Worker and high-spec ROVs. Meanwhile, ST Engineering has been awarded a SGD 75m contract for two 92m AHTS that will be SPS 2008 compli-ant. Construction of the vessels will begin in 2013 and is in addition to four AHTS newbuilds announced in June 2011.

Market reports suggest that the Swire Pacific Ariki has been sold to an un-named buyer and renamed Northern Light. The 8,000 BHP 1986-built AHTS is equipped with DP1 and a bollard pull of around 102t. The vessel also has a clear deck of around 396 square metres and is equipped to deal with 100 survivors with the corresponding equip-ment and capacities to UK DOT recommendations.

The Shipping Corporation of India (SCI) has placed an or-der for six AHTS vessels with ABG Shipyard. The vessels, which will be delivered in a phased manner between 2013 and 2014, will be equipped with an 80t bollard pull. The SCI currently has a fleet of 12 vessels with nine of these acquired in the mid-eighties. The new vessels will act as replacements for some of the older existing tonnage on the SCI books. The order is worth circa USD 101.40M.

SCI Orders Six AHTS Vessels From ABG

Swire Pacific Offshore Expands Fleet

Swire Pacific Ariki Sold

MarSol Pride Goes to Tidewater

©Copyright Braemar Seascope Offshore 2011

Newbuilds & SalesNewbuilds & SalesNewbuilds & Sales

Oceanteam’s large construction support vessel CSV South-ern Ocean is now expected to continue its existing bare-boat charter with Fugro TSM Australia until the end of 2015. Under the original contract the vessel’s charter was set to expire at the end of 2013. The CSV Southern Ocean is jointly owned between Bourbon Offshore Norway AS and Oceanteam Shipping ASA. The 2010-built vessel is equipped with a 250t crane, moonpool and has accommo-dation for up to 120 personnel.

Technip has been awarded a pipeline contract by Wood-side Energy for work on the Greater Western Flank Phase 1 project 130km North West of Karratha in Western Aus-tralia. The project will see offshore installation carried out by the Global 1200 or Global 1201 vessels which recently joined Technip following the company’s acquisition of Global Industries. The pipeline will link the Goodwyn GH and Tidepole field via a subsea tieback to the existing Goodwyn platform.

McDermott has announced that its Australian subsidiary has been awarded a subsea field development contract for Inpex’s Ichthys project. The contract value is under-stood to be around USD 2 billion and represents the larg-est subsea contract that McDermott has been awarded. The susbsea vessel North Ocean 102 wil be used to carry out the work along with the Emerald Sea. Heerema’s new-build heavy lift and pipelay vessel Aegir will also be uti-lised for part of the workscope.

Havila Shipping has had its contract for the subsea vessel Havila Harmony with Fugro TSM extended by two years. The vessel is now expected to continue working in Aus-tralia until around March 2014 with two optional one years options that could potentially take the charter through to March 2016. The Havila Harmony is an MT-6010 designed vessel equipped with a 150t crane, moonpool, helideck and accommodation for around 80.

Havila Harmony Extended with FugroTSM

Woodside Work for Technip

Ichthys Work for North Ocean 102

Extension for CSV Southern Ocean

©Copyright Braemar Seascope Offshore 2011

SubseaSubseaSubsea

PricePrice Oil Oil Oil

$0

$20

$40

$60

$80

$100

$120

$140

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Oil Price 2005Oil Price 2005Oil Price 2005---201220122012

$0

$20

$40

$60

$80

$100

$120

$140

Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12

Oil Price Jan 2011Oil Price Jan 2011Oil Price Jan 2011––– Jan 2012Jan 2012Jan 2012

DayratesDayrates PSV PSV PSV

SPECS BOX

£8,852

£24,375

£20,701

£8,465

£6,941

£15,833

£18,314

£11,743

£6,764

£23,008

£15,406

£6,950£5,980

£14,070

£15,218

£10,335

£0

£5,000

£10,000

£15,000

£20,000

£25,000

£30,000

Q1-2010 Q2-2010 Q3-2010 Q4-2010 Q1-2011 Q2-2011 Q3-2011 Q4-2011

Average North Sea PSV Spot Rates by Quarter

Large PSVs (700m2+ Clear Deck) Medium PSVs (500-700m2 Clear Deck)

£8,164

£41,273

£15,833

£8,392 £10,436

£28,265

£40,070

£42,534

£7,187

£28,017

£18,667

£7,250£8,434

£20,029

£28,429

£26,189

£0

£5,000

£10,000

£15,000

£20,000

£25,000

£30,000

£35,000

£40,000

£45,000

Q1-2010 Q2-2010 Q3-2010 Q4-2010 Q1-2011 Q2-2011 Q3-2011 Q4-2011

Average North Sea AHTS Spot Rates by Quarter

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 AHTS Rates AHTS Rates

2010/2011 By Quarter2010/2011 By Quarter2010/2011 By Quarter

Average North Sea Spot Average North Sea Spot Average North Sea Spot

PSV Rates PSV Rates PSV Rates

2010/2011 By Quarter2010/2011 By Quarter2010/2011 By Quarter

DayratesDayrates PSV PSV PSV

£0

£5,000

£10,000

£15,000

£20,000

£25,000

£30,000

£35,000

Large PSVs (700m2+ Clear Deck)2010

Medium PSVs (500-700m2 ClearDeck) 2010

Large PSVs (700m2+ Clear Deck)2011

Medium PSVs (500-700m2 ClearDeck) 2011

£0

£10,000

£20,000

£30,000

£40,000

£50,000

£60,000

£70,000

£80,000

£90,000

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

£0

£5,000

£10,000

£15,000

£20,000

£25,000

£30,000

£35,000

£40,000

Jan

-04

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Jan

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Jan

-07

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Jul-

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Jan

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Jan

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Jul-

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No

v-1

1

Large PSVs (700m2+ Clear Deck) Medium PSVs (500-700m2 Clear Deck)

DayratesDayrates PSV PSV PSV

SPECS BOX

£0

£20,000

£40,000

£60,000

£80,000

£100,000

£120,000

£140,000

Jan

-04

Ma

r-0

4

Ma

y-0

4

Jul-

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Se

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4

No

v-0

4

Jan

-05

Ma

r-0

5

Ma

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5

Jul-

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Se

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5

No

v-0

5

Jan

-06

Ma

r-0

6

Ma

y-0

6

Jul-

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Se

p-0

6

No

v-0

6

Jan

-07

Ma

r-0

7

Ma

y-0

7

Jul-

07

Se

p-0

7

No

v-0

7

Jan

-08

Ma

r-0

8

Ma

y-0

8

Jul-

08

Se

p-0

8

No

v-0

8

Jan

-09

Ma

r-0

9

Ma

y-0

9

Jul-

09

Se

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9

No

v-0

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Jan

-10

Ma

r-1

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Ma

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Jul-

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Jan

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Ma

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Jul-

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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

Braemar Seascope Offshore is a division of

Braemar Shipping Services PLC, a leading

integrated provider of brokering and con-

sultancy 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, 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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