BRAEMAR SEASCOPE OFFSHORE

MONTHLY MAGAZINE

March 2012 ISSUE: 52

©Braemar Seascope Offshore

MARKET NEWS &

ANALYSIS

VESSEL DAYRATE

CHARTS

RIG NEWS

Welcome to the latest edition of the

Braemar Seascope Offshore North Sea

Vessel Report. As 2012 progresses we

are seeing a turn in the market as it

emerges from the low rate of the winter

period. The AHTS and PSV spot markets

have had an upturn in rates and activity.

With a total of 72 rigs active in the re-

gion and six stacked with future con-

tracts the AHTS market is picking up

pace. Among the highlights of the re-

cent rig moves is the fact that Xcite En-

ergy has announced that the Rowan

Norway has departed Dundee for work

on the Bentley field.

In the market generally, Taqa has an-

nounced a 15% increase in production

volumes and expects its acquisition of

Cladhan to take place shortly and Dong

CEO Anders Eldrup has stepped down.

Average dayrates for spot AHTS fixtures

in February were GBP 16,842 and GBP

15,059 for large and medium vessels

respectively. Meanwhile, PSV rates

were GBP 9,513 and GBP 7,237. Howev-

er, recent fixtures in March have shown

a considerable mark-up with the PSV

market close to selling out as the report

goes to press.

Sean Bate

Market Analysis Manager

research@seascope.co.uk

Click Here to go to

Online Version

Subsea

Market

Latest

For the latest on the subsea con-struction and sur-vey vessel availabili-ties please contact us for a copy of our Subsea Vessel Mar-ket Summary. We are constantly mon-itoring the require-ments, fixtures and availability of the North Sea fleet. For more information please email us.

Click here to leave Feedback

T he market, like the weather, has begun to

heat up in recent weeks and the amount of

activity in the North Sea has pushed utilisation

and dayrates up too. The busy start to 2012

has continued through February and in to March with

the PSV market coming close to selling out several

times. However, there are a number of newcomers to

the market and some term boats returning. This extra

tonnage could temper any potential spikes in rates for

now. Among the returning vessels is the large PSV Toisa

Intrepid which is set to rejoin the North Sea spot mar-

ket in early April after concluding term work with AGR

Guinea.

Average rates in February saw a marginal mark-up on

January figures although the first few weeks of March

have seen a step change in rates. There have been

spikes in demand that have seen dayrates for PSVs up

to around GBP 25,000 (Olympic Electra to BP for a cargo

run) and as high as NOK 500,000 for AHTS vessels

(Havila Venus fixed to BP Norway).

The market is preparing for what looks to be a very ac-

tive April with at least 10 PSVs booked to commence

term work in that month and others undertaking

drydock or in-house periods. There are also eight out-

standing medium and long-term requirements. Whilst

there are a number of PSVs expected to return to the

market it looks as though availability could tighten.

The AHTS market is also expected to experience an up-

swing in activity in the next few weeks with up to 20 rig

moves (including 13 semisubmersibles and 7 jack-ups)

scheduled through to the middle of April. Two AHTS

vessels are also set to leave the spot market in the next

month too with the Normand Pioneer commencing

work for Technip and the Island Valiant expected to

undertake work for EMAS AMC. The Maersk Launcher,

which has secured term work for Petrobras could also

depart for Brazil in the coming months.

Meanwhile, rising fuel prices have also begun to be

noticed on the market as the going rate moves towards

GBP 690 per metric tonne. This figure indicates a 33%

increase on the GBP 520 per metric tonne being paid at

the start of last year and shows a marked increase of

5.5% since the start of March alone (GBP 653 per met-

ric tonne). For full details of the fuel price rises see the

chart on page 11.

Spot MarketSpot MarketSpot Market

Market CommentaryMarket CommentaryMarket Commentary

D eep Sea Supply’s Sea Bear has travelled

from Malta to rejoin the North Sea spot

market where its owners hope to secure

further work as the supply-demand ratio

turns in their favour. The KMAR 404 designed AHTS has

already picked up work assisting in the rig move of the

Ocean Guardian for OMS. The Sea Bear has also been

joined by the medium sized VS-470 MKII Siem Danis

that has returned to the North Sea spot market follow-

ing a period of absence due to an anticipated sale of the

vessel.

These returning vessels will be joined by a number of

newbuilds in the coming weeks including the PX-105

MACS Bourbon Front. Allseas has chartered the vessel

from around the middle of April although it is expected

to be available for charter from Stavanger from the end

of March.

Two further PSVs are also expected shortly including

the large STX PSV 06 LNG Olympic Energy which is due

before the end of the month and the STX PSV 09 Brage

Trader due in mid April. Both these vessels have DP2,

deck areas of around 1,000 square metres and are char-

ter free as this report goes to press.

The AHTS sister ships Skandi Atlantic and Skandi Emer-

ald are also due on the North Sea spot market. The

newbuild Skandi Atlantic will arrive in April and the

Skandi Emerald could arrive before the end of March.

The Aker AH08 vessels have DP2, deck area of 495

square metres and bollard pulls of 180t and 201t re-

spectively. The Skandi Emerald has previously carried

out work for OGX in Brazil as part of a one year firm

plus one optional year contract. The Odin Viking had

carried out forerunner for the vessel.

Bourbon Front

Design: PX-105 MACS

Builder: Zhejiang Shipbuilding

BHP: 9,248

Max Deck: 1,017 square metres

Deck Load: 2,820t

DP: 2

Fresh Water: 544m³

Drill Water: 4,491m³

Speed: 15.5 Knots

Click here for full spec

SPEC BOX

Bourbon FrontBourbon FrontBourbon Front

New ArrivalsNew ArrivalsNew Arrivals

The medium sized PSV Dina Supplier has been fixed for 10 weeks firm plus six additional one week options. The ves-sel will be carrying out general pool support duties and is expected to leave the North Sea spot market in early April and could return in July. The UT-755 LC designed vessel is equipped with DP2 and a deck area of around 680 square metres. The vessel has recently been carrying out a num-ber of spot charters for Statoil.

There are three outstanding long-term requirements

1 PSV / Total / 3-5 years / March 1 PSV / Statoil / 3 to 6 years + 3 x 1 year opts / 2013-14 1 PSV / Halliburton / Well Stim / 3 months-1 year / TBC

The large AHTS Far Sapphire has been chartered by BP Norway to assist the rig move of the Polar Pioneer. The UT-732 CD designed vessel will also be carrying out ROV du-ties. The vessel was fixed for day by day 28 at a dayrate of GBP 32,500. The vessel is currently expected to be on charter until around the end of the month. The Far Sap-phire has DP2, a 20mt active heave compensated crane, a bollard pull of 232mt and accommodation for 60 person-nel.

There are five outstanding medium-term requirements: 1 PSV / Hess / 4 months + opts / Late March 1 PSV / Talisman / 12 or 15 months + opts / March - May 1 PSV / ConocoPhillips / 2 wells / comm Mid May 1 PSV / Centrica / 6 months + 1 x 6 months opt / April 1 AHTS / Capricorn Greenland / 8 weeks + opts / June

Medium-Term Requirements

Long-Term Requirements

Far Sapphire Assists Polar Pioneer

Dina Supplier Goes to Maersk for 10 Weeks

©Copyright Braemar Seascope Offshore 2011

CharteringCharteringChartering

The medium sized PSV Siem Danis has returned to the North Sea spot market following a period away due to a potential sale. The DP2, VS 470 MK II designed vessel is currently prompt in Aberdeen. Meanwhile, Siem’s other VS 470 MK II vessels Sophie Siem and Siem Louisa are working for ENI Ghana and are set to return to the North Sea in August and May respectively.

The newbuild large PSV Stril Polar has been chartered for a 10 well programme plus five additional well options to Wintershall Norway. The STX 09L CD has been fixed for spot work with Statoil and is set to take up a charter of around a month with MLS before commencing the Win-tershall work. The DP2 vessel has large capacities includ-ing a deck area of around 1,055 square metres.

The Rem Supporter has been fixed for one-well firm to support the programme of the Sedco 704 for ADTI. The large 2011-built STX 06 CD designed vessel is expected to return to the North Sea spot market by around May. The vessel has been working in the North Sea since late Janu-ary. The Rem Supporter is equipped with DP2, a deck ar-ea of around 1075 square metres and accommodation for 24 personnel.

Peterson SBS has secured the services of the medium PSV Rem Star for 18 months firm plus two additional six month options. The UT-755 LC vessel will be carrying out a mix of walk to work and supply duties. The Rem Star has a deck area of around 672 square metres and accommoda-tion for 41. This charter follows on from Peterson SBS’ re-cent fixture of the Skandi Waveney for one year firm plus two additional one year options.

Peterson SBS Takes On Rem Star

Stril Polar Fixed to Wintershall Norway

Siem Danis Returns to Spot Market

©Copyright Braemar Seascope Offshore 2011

CharteringCharteringChartering

Rem Supporter Chartered by ADTI

Apache has chartered Gulfmark’s medium sized PSV High-land Star for one year firm plus an additional one year op-tion. The UT-705 designed vessel is expected to be carry-ing out pool support until around February 2013. The Highland Star had been working on the North Sea spot market since December when it finished a long-term char-ter supporting E.On. The vessel has a deck area of around 880 square metres.

Statoil has taken four vessels on long-term charters in the past few weeks. The Strilmøy, Sjobørg, Normand Corona and Siddis Mariner have all been taken on for six months. The newbuild Havyard 833 Sjobørg is expected to go straight on to Statoil upon delivery from Havyard Leirvik in April. Meanwhile, the Strilmøy and Siddis Mariner have been on charter with Statoil previously. The Normand Corona had been on the spot market prior to the fixture. Vessel rates are between NOK 145,000 and NOK 170,000.

The multipurpose field support vessel Olympic Electra has been fixed for two wells to support Centrica’s work with the Noble Ton Van Langeveld rig. The medium PSV is an MT-6009 L designed vessel that had its maiden charter at the start of the year and has been working on the North Sea spot market. The vessel is currently on sublet to Total and is due to start work for Centrica towards the end of March. The Olympic Electra is expected to rejoin the spot market in May.

The Malaviya Seven will be supporting the Borgsten Dol-phin on a 3 well programme for SPD. The fixture also in-cludes options for two further wells. The 1994-built UT-745 designed vessel has recently completed a two well charter with Nexen and prior to that had been on a 9-month fixture with ADTI supporting the Sedco 704. The Malaviya Seven is equipped with DP2, a deck area of around 920 square metres and Oilrec.

SPD Takes on the Malaviya Seven

Quartet of Vessels For Statoil

Olympic Electra Chartered by Centrica

Highland Star Fixed to Apache

©Copyright Braemar Seascope Offshore 2012

CharteringCharteringChartering

The large PSV the Bourbon Front is expected to join the North Sea spot market before the end of March. The PX-105 designed vessel, which is the first of four sister ships being built at Zhejiang Shipbuilding in Ningbo China, will take up term work with Allseas from mid-April. The Bour-bon Front has DP2, a deck area of around 1017 square metres and is equipped with the Multi Application Cargo Solution (MACS) which aims to increase the flexibility of cargo capacities.

The newbuild large PSV the Brage Trader is heading to Norway via the Suez Canal and is due to join the spot mar-ket by mid-April. The STX PSV 09 is expected to be able to commence work upon arrival and is currently charter free. The vessel is equipped with DP2, a deck area of around 1,000 square metres and has accommodation for 44 per-sonnel.

The newbuild large PSV 06 LNG designed Olympic Energy is expected to join the North Sea spot market in early April. The vessel has a deck area of 1,000 square metres, DP2 and low fuel consumption. Olympic’s previous new delivery MT-6009 L Olympic Electra which arrived on the spot market in January has since been taken on for term work with Centrica. Olympic also has two MT6015 vessels currently under construction and due for delivery in June (Olympic Orion) and November (TBN).

DOF’s newbuild anchor handler Skandi Atlantic is ex-pected to join the North Sea spot market during April. The STX AH-08 designed vessel is equipped with 16,300 BHP, a bollard pull of 196t, deck area of 550 square metres and accommodation for 27. The Skandi Atlantic is also built to NOFO 2005 standards and has Oilrec and Fifi 2. The vessel was built at the STX yard in Vietnam and is 50% owned by DOF and 50% by Aker.

Skandi Atlantic Heads to North Sea

Brage Trader to Join Spot Market

Olympic Energy Expected in April

Bourbon Front Coming to Join Market Soon

©Copyright Braemar Seascope Offshore 2011

NewbuildNewbuildNewbuild

GSP has been awarded its first drilling

contract for one of its rigs in the North

Sea. The GSP Saturn has been chartered

by Wintershall Noordzee BV under a 12-

month initial contract for work in the

Dutch sector. The rig, which has under-

gone upgrading and reclassification

work in Romania, is set to commence

operations in May.

The North Sea rig market remains

strong with a further two rigs commenc-

ing contracts imminently. Awilco’s

WilPhoenix rig is chartered to Hess for a

six-month fixture that will take the rig

through to September. Awilco’s other

North Sea rig WilHunter is currently

working for SPD in the North Sea and is

set to switch over to a contract for Itha-

ca Energy in April. Meanwhile, Transo-

cean’s John Shaw will now be on-hire to

Taqa through to September.

The newbuild Rowan Norway rig which

is working for Xcite Energy has departed

Dundee harbour to undertake work on

the Bentley field. The rig is currently

expected to be on charter with Xcite

through to the start of the fourth quar-

ter of 2012.

Valiant Petroleum is expected to com-

mence its charter of the Borgsten Dol-

phin by mid-March. The 1975-built sem-

isubmersible will be undertaking work

on the Tybalt and Causeway fields in the

Northern North Sea.

New

Rig For

Statoil

Statoil is preparing an invi-

tation to tender for a new

type of drilling rig for ma-

ture fields. The tailor-

made category J Jack-Up

rigs will be able to operate

at water depths from 70 to

150 metres and drill down

to 10,000 metres. It is

hoped the rigs will deliver

20% reductions in cost and

time per well on conven-

tional rigs. Statoil is hoping

for the new rigs to be de-

livered in the second half

of 2015. For further

details click here.

Click Here For

More Details

Norway UK/Irl Denmark Netherlands Stacked without future contract

Stacked with future contract Total

Drillship 2 2

Jackup 8 15 6 6 2 4 41

Semi-Sub 21 14 2 2 39

Total 31 29 6 6 4 6 82

ChartChart Rig Rig Rig

Rig Activity by Type and Country

The Triton at Rowan Norway

Courtesy of Iskes Towage & Salvage

PricePrice Oil Oil Oil

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PricePrice BunkerBunkerBunker

Price courtesy of Scandinavian Bunkering, subject to supply method, volume and market fluctuations.

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Bunker Price in Aberdeen 2011 to Present

Hess is believed to have chartered the Ocean West for 6 to 7 months to support a drill programme with the WilPhoenix commencing in early March. Meanwhile the Ocean Swift has been fixed by ADTI followed by Talisman for a total of 4-5 months to support the Sedco 704. CNR has fixed the Grampian Prince for 5-6 months support at the Ninian field from April and North Star’s second new-build, the Grampian Dee, will go to SPD for a 3 to 5 well programme with the Borgsten Dolphin from March.

Although there was no discernible downturn in demand over the winter it is fair to say that activity has increased signifi-cantly over the last few weeks. As vessel availability has quickly dried up rate levels have risen steeply with several medium term fixtures of older units reportedly being con-cluded in the GBP 7,000 to 7,500 range. Charterers are scrambling to secure tonnage for the requirements com-mencing in the second quarter before any form availability is non existent.

BG has finally confirmed the fixtures of the recently deliv-ered newbuild Grampian Don, which is equipped with twin daughter craft, for support of the Armada / Everest field and the Grampian Citadel for support of the Lomond field which is also central North Sea. Both charters are be-lieved to be for a minimum of five years and commence at the beginning of March.

Enquest has returned to Esvagt for another ERRV (Esvagt Capella) to support a minimum nine month drilling pro-gramme with the Stena Spey from early March. The Esvagt Sigma is currently supporting their other drilling programme in the Central North Sea with the Ocean Prin-cess which is likely to extend into 2013.

Esvagt Capella Chartered by Enquest

Standby Tonnage Availability Tightens

Grampian Citadel and Grampian Don Fixed

Additional Standby Market Movements

©Copyright Braemar Seascope Offshore 2011

Standby/ERRVStandby/ERRVStandby/ERRV

For the latest on the subsea construction and survey ves-sel 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: aberdeen@seascope.co.uk

Geoships has confirmed it has now taken delivery of the MPSV Loch Roag. The vessel is currently in Singapore where it is being marketed for potential work in Southeast Asia however it is possible that the vessel could depart the region for the North if nothing is confirmed. The Loch Roag could potentially be available for charter in the North Sea from early April. The Loch Roag is an MT 6009 L MKII DP2 vessel equipped with a 50t crane. The vessel is being marketed for ROV, Diving and Gangway work.

Grup Servicii Petroliere (GSP) has been awarded a con-tract for pipelay work with Wintershall in the North Sea. The pipelay vessel GSP Falcon will be carrying out the in-stallation of a 10-in 30km pipeline in the Dutch sector from around June. The GSP Falcon is a DP2 flexlay and j-lay pipelay vessel capable of installing rigid pipelines, flexi-ble flowlines and umbilicals. The vessel can carry out j-lay of up to 14-in diameter pipe, has two work class ROVs and accommodation for 145 personnel.

The Polar Prince has been awarded work for Xcite Energy on the Bentley field. The construction support vessel will be carrying out installation of a flexible line from the Ro-wan Norway rig to shuttle tankers. The Polar Prince is a multifunctional DP2 vessel equipped to carry out IRM, light construction and cable lay operations. The vessel has a 150t seabed crane, work class ROV, moonpool and 100t A-Frame. The Bentley workscope is to commence in April.

Polar Prince Gets Xcite Work

Geoships Take Delivery of Loch Roag

GSP Falcon Secures Pipelay Role

Subsea Market Summary Latest

©Copyright Braemar Seascope Offshore 2011

SubseaSubseaSubsea

P&O Ferries has chartered one of its large freight ships on a three to four month charter with Centrica Renewable Energy. The 180-metre European Seaway will be acting as an accommodation vessel for technicians working at the Lynn and Inner Dowsing Wind Farm Array from April. The vessel, which usually acts as a freighter between Dover and Calais, will be stationed seven kilometres off Skeg-ness.

Scaldis has ordered a large USD 100M crane ship with a 4,000 tonne hoisting capacity from STX Offshore. The ves-sel, which has been provisionally named Rambiz II, is set for delivery in Spring 2014. It will have two Huisman cranes each with a lifting capacity of 2,000 tonnes, it will also have DP2, accommodation for 78 and a moonpool. Scaldis plans to market the vessel for renewable installa-tion work and decommissioning of oil and gas platform.

The European Marine Energy Centre has announced a col-laboration to develop Japan’s first marine energy test cen-tre. EMEC in Orkney is the only accredited wave and tidal test centre for marine renewable energy and will provide advice and support on the design set up and operation of the Japanese Marine Energy Centre. EMEC has 14 full-scale test berths and also has smaller test facilities for small scale wave and tidal devices.

Fred Olsen Windcarrier has declared an option on three new crew boats. The deal follows on from a contract for four sister ships that were ordered in February 2011. Three of the original order have been delivered with the fourth expected before Easter. All four will be working for Siemens on the London Array later this year. The three new vessels will deliver between October 2012 and Febru-ary 2013.

Fred Olsen Expands Crew Boat Fleet

Rambiz II Plans Announced

EMEC to Support Japanese Centre

P&O Ferry in Renewables Role

©Copyright Braemar Seascope Offshore 2011

RenewablesRenewablesRenewables

DayratesDayrates PSV PSV PSV

£0

£5,000

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£25,000

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

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Large PSVs (700m2+ Clear Deck) 2011 Medium PSVs (500-700m2 Clear Deck) 2011

Large PSVs (700m2+ Clear Deck) 2012 Medium PSVs (500-700m2 Clear Deck) 2012

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Large - AHTS (16,000+ BHP) 2011 Medium - AHTS (12-15,999 BHP) 2011 Large - AHTS (16,000+ BHP) 2012 Medium - AHTS (12-15,999 BHP) 2012

DayratesDayrates AHTS AHTS AHTS Average North Sea Spot Average North Sea Spot Average North Sea Spot

AHTS Rates 2011/12AHTS Rates 2011/12AHTS Rates 2011/12

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

PSV Rates 2011/12PSV Rates 2011/12PSV Rates 2011/12

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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---201220122012

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

PSV Rates 2004PSV Rates 2004PSV Rates 2004---201220122012

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

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fleet sales

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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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