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Email: [email protected] Tel: London +44 (0)20 7903 2700 Aberdeen: +44 (0)1224 628 470 Singapore: +65 6410 9013 www.braemarseascope.com
Sale & Purchase Tankers Containers Offshore LNG - Specialist - LPG
Braemar Seascope
Offshore - North Sea Vessel Report
North Sea Vessel Report - Issue 60: March 2013
Dry Cargo
March 2013 ISSUE: 60
MARKET NEWS
& ANALYSIS
VESSEL DAYRATE
CHARTS
RIG NEWS
MARKET
COMMENTARY
Welcome to the latest edition of the
Braemar Seascope Offshore North Sea
Vessel Report. Recent weeks have seen
the rates fall away from spikes earlier in
the year however vessels are now start-
ing to be picked off for the forward
summer term work programmes. The
PSV market could see a tightening on
top end tonnage as this continues.
Average dayrates for spot AHTS fixtures
in January were GBP 20,685 and GBP
18,656 for large and medium vessels
respectively. Meanwhile, PSV rates
were GBP 8,250 and GBP 6,719. It is
anticipated that rates could stabilise.
Please note we have changed email
addresses as follows.
Our new contact details are:
Aberdeen:
London:
Singapore:
Research:
We hope you find the latest edition of
our report useful and look forward to
hearing your feedback and comments.
The next edition of this report will be
out on April the 10th.
Sean Bate
Market Analysis Manager
Click Here to go to
Online Version
New
Details
Please take note we have changed email addresses and up-date your contact directories as ap-propriate. For your records the new email addresses can be found opposite and on the back page of this report. Please note our old email addresses will go offline in the next few weeks. We will also be emailing our new details.
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Offshore Market Analysis Manager
SEAN BATE (MICS)
Market CommentaryMarket CommentaryMarket Commentary
Click Here to Email Sean
Tel: +44 (0)20 7903 2736
There is still no sign of the North Sea heli-
copter situation returning to normal alt-
hough the frequency of passenger trans-
fer vessel charters has dropped as compa-
nies have adopted new routines.
Mergers and acquisitions are the order of
the year so far in the macro-scale with the
CNOOC Nexen deal going through and
Ithaca seeking to acquire Valiant. Now
Talisman Sinopec and RWE are looking to divest
Exploration and Production assets.
Market activity can be expected to increase in the coming weeks as the North Sea shifts from the sluggish winter period on to the front-foot for forthcoming summer drilling campaigns. However, the weather still has the ability to sur-prise at this time of year and spikes caused by offshore delays can be anticipated. The shadow of oversupply still hangs heavily over the market and could keep rates anchored somewhat.
T he North Sea AHTS spot market has begun
to break into tiers in the past few weeks
with a number of the larger modern ves-
sels remaining in Norwegian waters and
more medium vessels in the UK. Vessels have then
charged a premium for their technical superiority.
Rig activity and utilisation remains high and the
Sedco 712, which has been stacked since its con-
tract with Oilexco was terminated in 2009, is set to
return to active duty in the North Sea. The demand
for AHTS vessels looks likely to pick up with a num-
ber also heading overseas for ice management and
other duties.
The platform supply market is also beginning to see
a distinction emerge again in the rates for modern
and older tonnage. There are a relatively large
number of medium and long term requirements on
the market at the moment. Those charterers who
are able to commit to vessels early will be in a
prime position to pick-up large more recently built
vessels which could be more difficult to come by as
the year progresses and we move closer to the ac-
tive summer period.
However, there are still newbuilds to deliver and
there are four more PSVs due on the spot market
before the end of March. Ulstein
Verft’s latest newbuild PSV the
Blue Power has been delivered to
Blue Ship Invest. The PX121 is the
third in a series of six and will join
the North Sea spot market immi-
nently. The three remaining vessels
are due to deliver later this year
with all six vessels for sale. Orders
for subsea tonnage have also been flooding in.
“The shadow of over-
supply still hangs
heavily over the
market and could keep
rates anchored.”
The large AHTS vessel Maersk Laser will be carrying out Heading Control work for BP UK with the Schiehallion FPSO after being fixed for three months firm plus two one month options. The vessel which is already working for BP is expected to be on charter until at least June be-fore returning to the North Sea spot market. The Schie-hallion FPSO is located 175km west of Shetland in water depths of between 350 and 450 metres of water. The Foinaven and Schiehallion field are 15km apart.
There are four outstanding long-term requirements: 1 x PSV / BG UK / 3 years + 2 x 1 yr/ 5yrs + 2 x1 yr Mar 2013 1 x PSV / Peterson SBS / 1 year + 2 x 1yr / Mar-Apr 2013 2 x PSV / BP N / 2 yrs + 2 x 1 yr opt / comm May 2013 4-7 PSVs / BP UK / Various Durations / comm 2013 & 2014
ConocoPhillips Norway has fixed the large PSVs Energy Swan
and Energy Insula from May for periods of 72 days with addi-
tional options for a further month and two one-week options
plus day by day 14. The vessels are understood to have been
fixed for between NOK 160,000 and NOK 180,000 and could
return back to the North Sea spot by August at the earliest. The
Energy Insula is a 2013-built VS-485 MK II and the Energy Swan
is an ST-216L currently working for Asco.
1 x PSV / Team / 1 well (Stena Carron) / comm Mar 1 x PSV /Team / 1 well (GA3)/comm March 1 x PSV / Team / 180,400, or 950 days (WilHunter) April 1 x PSV /COP N /24 months+3x1yr +3x2mnths+3x1mnth opts/ March 1 x PSV / Talisman / 1 or 2 years + opts /comm April 1 x AHTS / EOG / 30 days + 30 d/opt / comm April 2013 4-6 x PSV / Statoil / 4 or 5 months + opts / comm April-Sept 1 x PSV / EOG / 5 wells firm (250 days) / comm May 2013 1 x PSV / CNR / 3 months or 1yr or 2yr or 3yr+opts/ comm May 2013 1 x AHTS / Maersk Drilling / Chain Work Egypt (90 days) / comm May 2013 2 x AHTS / Capricorn / Ice Management / 45 days+d/d30/ comm June 1x PSV / Capricorn / 45 days + d/d 30 / comm June 1 x AHTS / ConocoPhillips Alaska/ Ice / 100 days+D/D 30 /2014
Medium-Term Requirements
Long-Term Requirements
Golden Energy Scoops Dual Charter
Maersk Laser Performs Heading Control
©Copyright Braemar Seascope Offshore 2013
CharteringCharteringChartering
The Skandi Sotra has been fixed to support work being carried out H7 Platform by AF Decom Offshore in the German sector of the North Sea. The company specialises in the removal and recycling of offshore installations in an environmentally friendly way. There are currently no details of the exact workscope or the location where the Skandi Sotra will be working. The MT-6000 designed vessel will commence the work on completion of its existing charter with Statoil and is expected to be working until at least the end of March.
Statoil has extended three vessels for term work in the North Sea. The AHTS vessels Havila Mars and Havila Mer-cury have been extended for periods of one year and three years respectively. The vessels also have options equal to their firm periods. In addition, the Normand Ferk-ing has been fixed for a further duration of three years plus three one year options. The vessels will all be work-ing in direct continuation of their current contracts with Statoil. Dayrates are between NOK 200-250,000.
The large LNG PSV Olympic Energy has been chartered by ConocoPhillips Norway for a period of six months firm plus additional options. The vessel is understood to have been fixed at a dayrate of around GBP 18,000. The Olympic Energy is a 2012-built STX PSV 06 LNG designed vessel with Ice C, DP2, Oilrec and compliant with NOFO 2009 guidelines. According to Olympic the vessel’s LNG combustion system outputs NOx and CO2 emissions far below any fuel oil based engines.
Premier Oil has fixed the large PSV Brage Supplier for a total of five wells to support the WilPhoenix rig. The STX PSV 09 designed vessel will be working with one well in the Central North Sea on a dayrate of around GBP 13,500 before travelling with the rig to carry out four wells off-shore Shetland at an increased dayrate of circa GBP 16,000. The Brage Supplier is a 2011-built vessel equipped with DP2 and a deck of 1,000 square metres.
Premier Secures Brage Supplier
Statoil Fixes Trio of Vessels
Skandi Sotra to Work for AF Decom
©Copyright Braemar Seascope Offshore 2013
CharteringCharteringChartering
Olympic Energy Goes to ConocoPhillips N
The large PSV Lundstrom Tide has received its maid-en charter following delivery earlier this year. The STX PSV 09 CD designed vessel was fixed to Enquest for a cargo run plus an additional cargo run option and is expected to return to the spot market by the end of the first week of March at the latest. The Lundstrom Tide is equipped with DP2, 9440 BHP and a clear deck area of around 1000 square metres.
The naming of Global Offshore’s latest vessel is set to take place in Aberdeen on March 18th. The Havyard-832 de-signed vessel will be equipped with DP2, 7,300 BHP and a deck area of around 800 square metres. The vessel is ex-pected to join the North Sea spot market in Aberdeen fol-lowing the ceremony and is currently charter free. A vid-eo of the launch of the hull at Cemre Shipyard can be viewed here.
BP has announced a deal that will see one of its chartered vessels, the Grampian Frontier, provide incident response in waters around Scotland. The Emergency Response and Res-cue Vessel operates west of Shetland and the owner North Star Shipping is working with the Maritime and Coastguard Agency to make sure the crew and equipment are suitable to respond when needed. BP has also announced an invest-ment of around GBP 165,000 towards new towing equip-ment for its fleet of Caledonian regional support vessels.
The large PSV Normand Corona has been chartered by Shell Norway for four months firm plus two one-month options. The vessel is understood to be carry-ing out general pool or project support work and has been chartered at a rate of around GBP 19,000. The Normand Corona is an MT-6000 MKII designed vessel equipped with a deck area of around 941 square me-tres and accommodation for 24 personnel.
Four Month Fixture for Normand Corona
Naming of the Ben Nevis Mid-March
BP-Chartered Grampian Frontier MCA Deal
Maiden Charter for Lundstrom Tide
©Copyright Braemar Seascope Offshore 2013
CharteringCharteringChartering
Reports from Bloomberg indicate that Bourbon is planning to
sell and lease back up to 85 vessels. The plan would be for fi-
nancial investors to take on the vessels from 2014 and then
charter them back to Bourbon on ten-year contracts. The move
would be worth around USD 2.5 billion. According to further
details from the results the company has had a lot of success in
Africa which it sees as a growth zone. However, the firm has
stated the Brazil market was proving difficult.
RWE has confirmed that it is seeking to divest its explo-ration and production unit RWE Dea. According to a statement from the company the planned disposal would take considerable pressure off future capital ex-penditure however the details of any transaction and how it would be implemented are still under evaluation. It is not clear yet as to who might make a move to take-over the RWE exploration and production outfit.
Oil & Gas UK’s latest activity survey forecasts that 130 ex-ploration wells will be drilled in the UK in the next three years. Only 21 exploration wells per year on average were drilled over the last three years. According to the figures the number of projects submitted to the Department of Energy and Climate Change (DECC) and given develop-ment approval almost doubled between 2011 and 2012. The 33 projects that the DECC has approved since January 2012 involve investment of GBP 13.4 billion.
Serica Energy has issued tender documents for the planned development of the Columbus Field. The plan aims to bring 51.3 million cubic feet of gas per day and 3,600 barrels per day of condensate and natural gas liq-uids to the market. The tender covers fabrication, instal-lation and hook-up of subsea facilities and provision of subsea equipment with first production scheduled for the summer of 2015.
Serica Issues Tender for Columbus
RWE Seeks to Sell E&P Element
130 Exploration Wells Planned in Next 3 Years
Bourbon in 85 Vessel Sale & Lease Back Plan
©Copyright Braemar Seascope Offshore 2013
CorporateCorporateCorporate
Solstad Offshore believes that there are solid fundamentals in
the subsea construction vessels sector driven by high tender-
ing activity, contract awards and substantial backlogs. The
company has 19 construction vessels currently working and
two vessels on order both with 5-year time charters from de-
livery. However, on the PSV market the owner has said their
margins were negatively influenced by oversupply, low utiliza-
tion and rates in the North Sea spot market.
Ithaca Energy and Valiant Petroleum have announced that they have reached an agreement that will see Ithaca ac-quire Valiant. Ithaca expect the move will establish the oil company as a leading mid-cap North Sea oil and gas opera-tor with 2P reserves of approximately 74MMboe of which approximately 50% relates to currently producing assets. In addition it will more than double Ithaca’s current forecast for 2013 production to 14-16kboe/d (90% oil) rising to ap-proximately 27kboe/d in 2015.
Nexen has announced the completion of its acquisition by CNOOC and established a new board of directors. Kevin Reinhard will continue as the Chief Executive Officer of Nexen and will maintain responsibility for all of Nexen’s operations. However, following the transaction represent-atives of CNOOC will be added to the board including Mr Li Fanrong who has been appointed Chair of the Board of Nexen. Mr Li Fanrong is currently the CEO of CNOOC Ltd.
In its latest results presentation Siem Offshore has sug-gested that it believes long-term North Sea demand for AHTS vessels and PSVs will increase. The ship-owner states that a combination of increased exploration, field development and the number of fields on stream is ex-pected to lead to further demand for both high-end AHTS vessels and PSVs. In addition, it sees the number of subsea well installations leading to a global surge in subsea construction vessels.
Siem Indicates Increase in North Sea Demand
Ithaca Energy Acquires Valiant Petroleum
Nexen CNOOC Establishes New Board
Solstad Sees High Subsea Tendering Activity
©Copyright Braemar Seascope Offshore 2013
CorporateCorporateCorporate
The North Sea rig market continues to
rise as utilisation for Semisubmersibles
and Jack-ups currently stands at 91% for
2013. The figures for 2014 are coming
out at 81% and 58% respectively. Early
indications for chartering in 2015 show
that there is already 52% utilisation of
the semis and 36% for jackups .
Transocean’s Sedco 712 is due to come
out of lay-up and commence a firm
three-year contract for Talisman Si-
nopec Energy commencing in October.
The rig has been stacked since January
2009 following Oilexco’s financial diffi-
culties.
The Rowan Stavanger is set to move to
the UK sector shortly after completing
work on the Varg field in the Norwegian
sector of the North Sea. The rig will be
on contract with Talisman until around
the end of the year.
Meanwhile, ConocoPhillips has hired
the Ensco 92 rig for a four month period
running from February 2013 to June
2014. The rig, which is currently on with
RWE Dea, has further upcoming con-
tracts in the Dutch sector with Tullow
and Oranje-Nassau.
In addition, the Ensco 71 has been ex-
tended by Maersk Oil for a further one-
year period. The rig will now be on char-
ter with Maersk until at least May 2014
with a further three one-year options
still in hand.
Carbon
Capture
Well
The Crown Estate and
the National Grid have
agreed a deal that will
see a Carbon Capture
test well drilled 70km
off the coast of Flam-
borough Head. The drill-
ing will test the suitabil-
ity of the location for
storing CO2. If success-
ful the end scheme will
see emissions from a
new coal fired power
station planned near
Selby and another near
Hatfield piped offshore
for storage under the
seabed.
Image
Norway UK/Irl Denmark Netherlands Stacked without future contract
Stacked with future contract Total
Drillship 1 1 2
Jackup 10 19 7 4 1 41
Semi-Sub 25 17 1 2 45
Total 36 37 7 4 2 2 88
Rig Activity by Type and Country
Statoil Carbon Capture and Storage Video
$0
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Price courtesy of Scandinavian Bunkering, subject to supply method, volume and market fluctuations.
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Bunker Price in Aberdeen 2011 to Present
BP is currently tendering for a total of five to six ves-sels for periods of between three and five years to support their operations across the UK waters. The vessels, which will be expected to start work from the third quarter of this year, will be mostly replac-ing existing tonnage that the charterer has on con-tract.
The standby market is expected to be very active in the next few weeks with a significant number of requirements ex-pected to be covered imminently. The UK fleet is on course to be effectively fully utilised for much of the second and third quarters in the same manner as the market was in 2011 and 2012. Charterers with shorter term requirements commencing within this period are struggling to persuade contractors to bid while more attractive requirements with longer durations remain outstanding.
There are a number of outstanding medium term require-ments outstanding. These include EOG Resources who are currently looking for a vessel for 7 wells (circa 300 days) to support the Ensco 80 from April. Hess also requires a vessel from April to support the WilHunter for between 400 and 900 days. Total needs six months support for the Safe Bristolia from April. Meanwhile CNR needs seven to eight months cover to support the Ninian field and the T-block in the Central North Sea from later this month.
Enquest has extended the charter of the Esvagt Sigma for an additional four to five months from late March. The vessel will be used for on-going support of the Ocean Princess rig in the Central North Sea. Esvagt also have a second vessel on long-term charter to Enquest namely the Esvagt Capella which is supporting the Stena Spey in the Northern North Sea. The company is also outstanding for a vessel for 3-5 years from July.
Enquest Extends Esvagt Sigma Charter
Standby Market to be Tight in Q2 & Q3
Medium Term Requirements Outstanding
BP Tendering for up to Six Vessels
©Copyright Braemar Seascope Offshore 2013
Standby/ERRV
Technip has named its latest vessel Deep Orient during a ceremony held at the Metalships & Docks (MSD) shipyard in Vigo. The subsea construction and flexible pipelay ves-sel is equipped with a 250 tonne main crane, DP2, two ROVs and a 1,900 square metre deck area. The vessel can also accommodate 120 personnel. The Deep Orient will initially mobilise to Le Trait in France before undertaking its first projects in Norway.
DOF Subsea has ordered a newbuild subsea vessel from STX OSV scheduled for delivery in the first quarter of 2015. The OSCV 12 designed vessel will have an LOA of 161m and a beam of 32m. The vessel, which is currently charter free, will be used to support the subsea construction, inter-vention and survey work carried out by DOF’s fleet. Mean-while, the company has chartered the Harvey Deep Sea on a four-year charter agreement that will see the DP2 vessel working from delivery in the United States in June 2013.
DOF Subsea has been awarded a contract for mooring in-stallation services with Statoil on Njord B FSU and the Norne FPSO installations. The Skandi Skolten will carry out the work in the third quarter of this year with the workscope including the change out of mooring segments expected to take around 40 days in total. The Skandi Skol-ten is a large AHTS equipped with a moonpool, 250t crane and built in Triton XLX work class ROV.
Subsea 7 has been awarded a USD380 million contract with Statoil to carry out work on the Aasta Hansteen gas field in the Northern part of the Norwegian Sea. The con-tract covers design and installation of 19km of rigid flow-lines and four Steel Catenary Risers. The offshore opera-tion for the pipeline work will be carried out in 2015 and 2016. The project will see the installation of the first Steel Catenary Risers in the Norwegian Sea and the installation of mechanically lined pipe by reeling.
USD380M Subsea 7 Norwegian Contract
New Subsea Vessel for DOF
Skandi Skolten Awarded Subsea Work
Deep Orient Named & Mobilises
©Copyright Braemar Seascope Offshore 2013
SubseaSubseaSubsea
For the latest on the subsea construction and survey ves-sel 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 infor-mation please email us.
Sealion shipping has announced an order for a large subsea construction vessel from Hyundai Heavy Industries. The DP3 deepwater installation and contruction, flexible, pipe-lay and cable lay vessel is a customised version of the Ul-stein Deepwater Enabler design. It will have an LOA of 150.5m, beam of 32m, deck area of around 2900 square metres and accommodation for 250 personnel. The X-bow vessel will also have a 900t offshore crane, moonpool and two large workclass ROVs.
Farstad has ordered an STX OSCV 07 designed subsea con-struction vessel. The subsea vessel will be designed pri-marily to carry out inspection, repair and maintenance workscopes. The vessel will have an LOA of around 143m, a beam of 25m and a deck area of around 1,800 square metres. In addition it will be equipped with two offshore cranes with the largest having a lift capacity of 250t. It will also have 3 ROVs and accommodation for 130 personnel.
Solstad Offshore has ordered a newbuild subsea vessel that will go on long-term charter with Reach Subsea imme-diately after delivery. The OSV 03 designed vessel, which was ordered at a cost of around NOK 600 million, is due for delivery in the second quarter of 2014. The five –year char-ter with Reach Subsea also has an extension for a further three one-year options with the firm period worth around NOK 650 million. The vessel will have an LOA of 121m, a deck of 1,300 square metres and 250t crane.
Solstad Orders Vessel for 5-Year Reach Deal
Subsea Construction Newbuild for Sealion
Farstad Orders OSCV 07 IRM Vessel
Subsea Market Summary
©Copyright Braemar Seascope Offshore 2013
SubseaSubseaSubsea
The UK’s Energy Parks have joined forces to work togeth-er to support the development of wave and tidal indus-tries. A collaboration agreement between the sites based in South West England and North Scotland will provide means to exchange knowledge and best practice on all aspects of the industry. It is hoped the Memorandum of Understanding will help encourage further investment and moves to commercialisation of marine energy.
The heavy lift vessel Stanislav Yudin has been carry-ing out work at the offshore terminal in Bremerha-ven. The vessel has been transporting 900 ton tri-pods to the Trianel wind farm near Borkum. Cur-rently 21 of the 40 tripods are anchored at the site with the rest expected to be completed by the end of April. The Seaway Heavy Lifting vessel can lift loads up to 2,500tons.
The Prysmian Group has been awarded a contract worth more than EUR 50 million for cable work offshore Germa-ny. The deal with TenneT covers design, supply and instal-lation of a turn-key high voltage submarine power cable system along a 31km route to enable grid connection of the OWP Deutsche Bucht wind farm. Installation will be carried out using the Giulio Verne and Cable Enterprise vessels with completion targeted for the end of 2015.
Fugro GEOS will be taking part in the deployment of a wave buoy on behalf of Statoil at the Dudgeon Wind Farm. The work will be carried out in the second week of March. The Fugro Oceanor Seawatch Midi buoy will measure waves, currents and water level and will transmit the data to shore via satellite. Service visits to the buoy are scheduled in July and November this year using the TMS Sheerkhan.
Fugro Awarded Dudgeon Wave Buoy Work
Stanislav Yudin Carrying Out Trianel Work
EUR 50M Contract for Prysmian
Marine Energy Parks Collaborate
©Copyright Braemar Seascope Offshore 2013
RenewablesRenewablesRenewables
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Large PSVs (700m2+ Clear Deck) Medium PSVs (500-700m2 Clear Deck)
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 and Sin-
gapore we specialise in the worldwide off-
shore 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
Valuation services
Contact
Us 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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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.
Visit the Braemar Seascope
Offshore website by clicking the
logo below or going to:
www.braemarseascope.com
WEBSITE
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CONTACT US
©Braemar Seascope Offshore
Email: [email protected]
Email: [email protected]
Email: [email protected]
