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August 2012
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August Free-Fall ?
SEABREEZE AUGUST 2012
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Contents: Market Round-Up 2,4 Feature Vessel 3 Daily Availability -Rates & Utilisation North Sea 5 Newbuildings, Conver- sions, Sale & Purchase 6-9 Rig FPSO, Field and Oil company news. 10 Conundrum Corner, 11 Duty Phones Monthly Rates 12 The Seabreeze Monthly Market Report is distributed worldwide through our offices in Aberdeen, Stavanger, Singapore and Rio de Janeiro. Production and Administration: Seabrokers Ltd, Aberdeen For your free copy of Seabreeze, email: [email protected]
Seabrokers Group Forusbeen 78 4033 Stavanger Norway
August has seen rates go into freefall as Owners begin to show signs of losing their grip in an uphill struggle to re-verse the trend of falling rates since April. The high levels of tonnage available in the market have more than over compensated demand, and for the coming months we can probably expect to see more of the same. As winter approaches with rig demand set for its seasonal dip, further downward pressure will no doubt come to bear on the already delicate rate levels. With one vessel entering lay up, could Owners be headed for a crash landing?
Seabrokers Group was established in 1982. We work in the areas of shipbroking, development and facility management of property, radar based sea tracking, man-free decks and Entrepreneur Services. Our head office is situated in Stavanger, but we also have offices in Bergen, Aberdeen, Rio de Janeiro and Singapore. Please visit www.seabrokers-group.com for more information.
August Freefall
Conocophillips Norway has chartered the P105 platform supply vessel Bourbon Sapphire for term work. The DP 2 vessel began the eleven month firm contract at the end of August to replace the North Promise. Built in 2008 at Zhejiang Shipyard, featuring diesel electric propulsion and 990 m2 of deck area, the Bourbon Sapphire will join their term fleet supporting Ekofisk.
Sapphire To Sparkle In Norway
Sotra Sought Out By BP
DOF PSV Skandi Sotra has been term chartered by BP for work in the UK side of the North Sea. The vessel is now firm with the UK supermajor until the end of October with further various options available. The 4,000 dwt PSV primarily supports the Stena Carron drillship.
Total’s Term
Total E&P Norway AS has awarded a contract for four years plus four annual options to Siem Offshore to support their upcoming opera-tions on the Martin Linge field. The vessel is a tailormade high spec LNG PSV newbuild of VS4411 design, scheduled for delivery during 2014. Seabrokers are proud to be a part of this contract, thereby completing Total E&P Norway AS’ term demand for vessels to the Martin Linge field.
Departures - North Sea Spot*
Havila Fortress Petrobras - Brazil
Viking Nereus Lay Up
Arrivals - North Sea Spot * (see also Page 7 Newbuilds Table)
Maersk Lifter Ex Shell Brazil
Maersk Tackler Ex Saipem
Maersk Tracer Ex Saipem
DEPARTURES & ARRIVALS — August
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DESIGN FEATURE: PAGE 3 STUNNA
The Pacific Orca is this month’s Page Three Stunna - it is a large windfarm installation vessel owned by Swire Pacific Offshore Op-erations (Pte) Ltd, the parent company of Swire Blue Ocean A/S. Swire has very recently taken delivery of the vessel after she was completed by Samsung Heavy Industries. With a length of 161 metres, a breadth of 49 metres and a depth of 10.4 metres, the ves-sel is well equipped to carry twelve 3.6 MW wind turbine generators. Danish utility com-pany DONG Energy will be using the vessel to install offshore wind foundations and wind turbine generators in water depths of up to 60 metres. Sister vessel Pacific Osprey is planned to de-liver in Northern Europe in the Spring 2013. Pacific Orca pic c/o Swire Blue Ocean.
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Page 3 Stunna...
Pacific Orca
* Vessels arriving or departing North Sea term market for North Sea spot market are not included here.
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MARKET ROUNDUP
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The 5,500 BHP anchor handler Nor Tigerfish has been awarded a contract with an un-named large oil company. The 2007 built Kiam Chian design vessel began the contract in August. The firm period is one year (valued at around USD 9.5 million) with a further two x three months options.
Tigerfish Earns Her Stripes
Maersk Contractors Take Five
Maersk Contractors has contracted the VOS Challenger for ERRV duties for another five years, taking it through to mid 2017. The vessel will continue supporting the Maersk Curlew FPSO (pictured) in the Central North Sea—however the Challenger will be replaced by a more mod-ern Vroon vessel around November of this year.
Honorable On Course For BP
Fratelli D’Amato platform supply vessel FD Honorable has been chartered by BP for work in the UK sector of the North Sea. Managed by Gulf Offshore, the UT 755XL has already started the five week con-tract which will primarily be for support at the deep water oil field Foinaven, West of Shetland. Vessel pictured c/o David Dodds.
Conocophillips Keep On Trucking
Conocophillips UK has chartered the Gulf Offshore UT 705 North Truck for term sup-ply duties. The eighteen month firm contract began in August so the 1983 built PSV should be kept busy through until February 2014.
Producer Primed For BP
BP UK were also busy chartering in another vessel but this time to work down in the Southern sector of the North Sea. The VOS Producer PSV commenced work for BP in late August 2012 and will work with the UK supermajor for nine weeks firm with a further four weekly options thereafter. The Vroon Offshore platform supply vessel was built in 2006, has a deadweight of
3,600 tonnes, LOA of 75m, a deck area of 663m2 as well as good underdeck capacity.
ENI’s Two Vikings
ENI Norway have chartered the VS 470 MK II Viking Athene and Viking Fighter for supply duties at the Marulk pro-ject. Contract duration is eighty eight days plus options, with commencement due around the 20th September. Both vessels will work the spot market until then.
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DAILY AVAILABILITY - RATES & UTILISATION NORTH SEA
Category Average Rate Aug 2012
Average Rate Aug 2011
% Change
All Cargo Runs £6,698 £15,823 -57.7%
Cargo Runs PSV’s up to 800M2
£5,457 £13,828 -60.5%
Cargo Runs PSV’s over 800M2
£7,337 £19,922 -63.2%
CNS/NNS/WoS Rig Moves
£9,964 £44,280 -77.5%
Category Minimum
Maximum
All Cargo Runs £3,500 £14,000
Cargo Runs PSV’s up to 800M2
£3,500 £7,750
Cargo Runs PSV’s over 800M2
£4,250 £14,000
Rig Moves Excluding Southern Sector
£7,000 £16,000
Type July 2012 June 2012 May 2012 April 2012 March 2012 Aug 2012
Med PSV 79% 75% 72% 82% 88% 59%
Large PSV 81% 85% 85% 79% 92% 72%
Med AHTS 86% 67% 69% 73% 85% 68%
Large AHTS 70% 65% 59% 77% 78% 60%
RATES & UTILISATION
North Sea Spot Average Utilisation August 2012
North Sea Day Rate Levels - Spot Market Aug 2012 North Sea Average Rates August 2012
North Sea Vessel Availability
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0
2
4
6
8
10
12
14
16
18
20
22
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31
August PSV 2012 PSV 2011
AHTS 2012 AHTS 2011
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NEWBUILDINGS, CONVERSIONS, SALE & PURCHASE
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Shipping Corporation of India (SCI) has now received a UT 755 CD platform supply vessel from India’s Cochin Shipyard limited. Details of the vessel include an LOA of 79m, a width of 16m, diesel electric propulsion and “Clean Design” notation from DNV (signifying the highest levels of environmental compliance). It has been christened SCI Nalanda. SCI should receive the next vessel in the series in September 2012. Picture c/o www.thehindu.com
Aurora Arrives Esvagt AS has now received their latest ERRV from Astilleros Zamakona shipyard of Spain. This is the third vessel that Astilleros has built for Esvagt. The vessel was designed and built for working in the harsh conditions of the Barents Sea and ENI Norge will use this ERRV on a ten year charter.
Cochin Completion
Jan de Nul’s latest fallpipe vessel, Joseph Plateau, was launched in early August at the Construcciones Navales de Norte shipyard in Spain. The vessel will be used in the offshore industry on offshore oil and gas pro-jects to precisely dump rocks to a depth of 2,000m. The 191.5metre long Joseph Plateau has a 31,500 tonne loading capacity to enable it to dump 2,000 tonnes of rock per hour at a depth of 2,000 metres.
Jan’s Joseph
Premier Pounced Upon Vroon Offshore owned UT 755 LN VOS Premier has been bought by Singapore based Ma Offshore Ltd and will be managed by Chellsea Pte Ltd. The 2010 Cochin built PSV has now been re-named Ma Devi and has been re-flagged to Hong Kong. Ma Devi continues to work the North Sea spot market. The Ma Devi is pictured c/o Oyvind Haaland,
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Vessel Type / Design Owner / Manager Commitment
Havey Champion Tiger Shark Harvey Gulf Int’l TBA- US Gulf
ADS Arendal Khiam Chuan Lion AHTS AS TBA—Far East
Esvagt Aurora Esvagt ENI Norge
SCI Nalanda UT 755 CD SCI TBA—India
Sanaborg IMSV Wagenborg Caspian
ITC Towage has sold their 9,350 BHP 1977 built AHT Tempest to the Indus Shipping and Trading Corporation. The vessel has been re-flagged to Panama and has been re-named Indus. The Tempest is expected to work in the southern sector of the North Sea spot market. The Tempest is pictured here c/o Wim Kosten.
NEWBUILDINGS, CONVERSIONS, SALE & PURCHASE
Tempest Storms Off
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Cheong Chimes In
Malaysia based Nam Cheong has won contracts to sell a plat-
form supply vessel and two anchor handlers, all under construction and due for delivery between the last quarter of this year and the first quarter of 2013. The PSV has been sold to a new customer based in West Africa, It will be 75m long, equipped with DP 2, ABS classed and 3,000 deadweight tonne. Both of the AHTS (pictured) will have 5,150 BHP but one is for a Norway based customer that will use the vessel on a long term charter with Petrobras, whilst the other is for an established customer based in the Middle East. Total contract value of the contacts is US$ 43.81 million.
NEWBUILDS DELIVERED THIS MONTH (PREDOMINANTLY EUROPEAN)
ADS Arendal Arrives
August saw the delivery of the ADS Arendal anchor handler to the Owners, the Pareto related “ Lion AHTS AS Company”. The 5,150 BHP Khiam Chuan Marine designed vessel was built under the survey of Bureau Veritas at Yuexin Ocean Engineering shipyard, China.
Harvey’s Champion Is Here
On the 7th August, Eastern Shipbuilding Group has now delivered the Harvey Champion offshore supply vessel to New Orleans based Harvey Gulf International Marine. This is the third in a series of three 292 ft Tiger Shark class vessels built at this yard for Harvey Gulf, and is the tenth vessel that this yard has built and delivered to these Owners since 2002. Harvey Champion is a DP 2, SOLAS approved, FIFI 1 classed, diesel electric vessel with good underdecks, and she is capable of a maximum speed of 14 knots.
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NEWBUILDINGS, CONVERSIONS, SALE & PURCHASE
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Wagenborg Offshore has accepted delivery of the 34 ton bollard pull ice-breaking multi-purpose support vessel (IMSV) Sanaborg. This is the first in a series of vessels delivered by Royal Niestern Sander B.V. Delfzijl, specifically for use by the oil and gas industry in the Caspian Sea. The second icebreaker in this series will be called Serkeborg and is expected to be delivered in September 2012.
Sanaborg Sails In
Order Inked For Havyard
Norway based Havyard Group will design, construct and deliver a next generation Havyard 832 platform supply vessel for an undisclosed client. The contract value is close to NOK 300 million, with delivery due in the second quarter of 2014.
Damen Design DOC
This month Damen Shipyards unveiled a new shipping concept to the market: the Damen Offshore Carrier (DOC) 7500, a specifically designed “smaller heavy transport, offshore installation and ro-ro platform suitable for multiple markets”. The vessel will be developed in cooperation with Heavy Lift specialist Ha-Ce Engineering Pte Ltd. If built it will have DP2, a deck area of 2,300 m2, deck strength of 20 t / m2 and will be fuel efficient, faster and be able to handle higher sea states than a tug and barge together. Damen’s R & D Department’s model programs show the DOC 7500 reduces fuel con-sumption by 50 to 75 % compared to tug-barge combinations. The first of this type of vessel could be delivered in 2014.
SL Gabon Gets Going
On the 24th August Smit Lamnalco launched the SL Gabon, which is the first tug branded under their new corporate identity after the integration of Smit’s terminal handling activities with Lamnalco in July last year. This is the first of two newbuilds chartered by Total Gabon for a five year period to provide support offshore and to assist tanker operations at the Cap Lopez terminal in Port Gentil, Gabon. Built by Damen Shipyards Galati in Romania and are Stan Tug 4200 type tugs, rugged twin vessels with 68 tonnes bollard pull. Other details include accommodation for 16 and full air conditioning but these units are also very adaptable as they can be used for towing, pushing, berthing, anchor handling, hydrographical survey, line handling, firefighting, salvage, diving
support and pollution control operations. These newbuildings replace two older Damen built vessels and join the 2007 built Smit Manji and Smit Ozouri.
Rig Type Average Rates US$
Semi Sub < 1,500 ft WD $252,000
Semi Sub > 1,500 ft WD $295,000
Semi Sub 4,000 ft + WD $414,000
Drill Ship 4,000 ft + WD $463,000
Jackup IC 300 ft WD $89,000
Jackup IC 300 ft + WD $152,000
Jackup MC 200 ft + WD $69,000
Inactive Rigs Northwest Europe
Name Type Status Location
Sedco 712 SS Cold Stacked Cromarty Firth
JW McLean SS Cold Stacked Cromarty Firth
Energy Exerter JU Idle Rotterdam
GSP Britannia Ex GSF Britannia
JU Idle Teeside
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RIG, FPSO, FIELD AND OIL COMPANY
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The Labours Of Hercules
DOF Subsea Asia Pacific has received a Letter of Award for the installation of a FPSO mooring system off India as well as the project management and engineering associated with the hook up and commissioning of the FPSO. The company, which is a subsidiary of DOF ASA, will use the Skandi Hercules to carry out the US $16 million contract dur-ing the last quarter of this year. Skandi Hercules is pictured here c/o Frans De Lijster.
Rig Utilisation
Location Aug 2012 Aug 2011 Aug 2007
North Sea/Europe 90.8% 88% 100%
US Gulf 64.9% 52.5% 77.4%
Take Five From Daewoo
The Daewoo Shipbuilding and Marine Engineering Company Ltd has this month announced on the Korea Exchange that it has received an order to build five drilling rigs.
The South Korean company which is the world’s second largest shipbuilder has advised that the order is from a large scale company and is estimated to be worth $1.95 billion. The drilling rigs should be completed by April 2016 whereupon they will head for African waters.
Fourth For Floatel
Keppel FELS Limited and Floatel International LTD have now finalised a US$ 315 million contract for Kep-pel FELS to construct a new generation harsh environ-ment accommodation semisubmersible. This will be Floatel’s fourth accommodation semi from Keppel FELS with delivery scheduled for early 2015. It will be equipped with DP 3, a large payload and deck area, dual cranes, accommodation for 440 (in single bed cabins), all of which will make it ideal for construction support, maintenance activities or for decommissioning projects. This accommodation semi will meet regulations for use worldwide, including the stringent Norwegian sector. Image c/o www.floatel.se
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Brazil’s Petrobras has signed contracts with OSX’s Shipbuilding Unit for the conversion of two oil tankers into FPSOs. These vessels, to be named P-67 and P-70, will complete the conversion in 49 months and 60 months respectively. The $900 million deal also includes a further option to order a third FPSO. Once converted and ready, the FPSOs will be moored in Brazil’s Santos basin.
Oil Price vs Rig Utilisation
RIG, FPSO, FIELD AND OIL COMPANY NEWS
Petrobras Pens P-67 and P-70...
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Ezion Ink Orders
Ezion Holdings has this month been awarded a charter contract as well as a letter of intent to provide two service
rigs to a European Oil Major for use in the Danish sector of the North Sea. The service rigs are understood to be
multi-purpose self-propelled jack up rigs called liftboats.
The charter contract is worth up to $80 million over a five year period in which it will provide a third North Sea class
service rig to the un-named oil company. It will be on location and working by the end of the year.
The letter of intent is worth up to $87.6 million over a four year period and is for provision of an additional rig to be
used in the same area. This rig will be deployed and working by mid 2014.
...And Does Deals For Rigs
At the start of August Petrobras also announced they had signed contracts with Sete Brasil, Queiroz Galvao, Petro-serv, Odebrecht, Odjfell and Seadrill for the chartering and operation of twelve floating drilling platforms (all of which are to be built in Brazil with national content between 55 and 65%.) These twelve rigs are part of a twenty one plat-form package negotiated with Sete Brasil. Once the rigs are complete they will be chartered by Petrobras for fifteen years. The twelve units will be delivered from 2016 and will be used in the Santos Basin for pre-salt well drilling in depths of up to 3,000 metres with a drilling capacity of 10,000 metres.
$109.22$110.02
$108.60
$110.71
$107.65
$111.12
$118.12
$124.79
$120.91
$111.31
$96.12
$102.76
$112.58
88.8%87.9% 88.0%
88.9%90.7% 90.7% 90.7% 90.8% 90.8% 90.8% 90.8% 90.8% 90.8%
50.4%
52.6%
56.0%
58.6%60.2%
61.9% 62.1%63.7%
64.9% 64.9%66.7%
65.8%64.9%
$70
$80
$90
$100
$110
$120
$130
40%
50%
60%
70%
80%
90%
100%
Aug 11 Sep 11 Oct 11 Nov 11 Dec 11 Jan 12 Feb 12 Mar 12 Apr 12 May 12 Jun 12 Jul 12 Aug 12
Average Brent Crude US$ / Bbl European Rig Utilisation US Gulf Rig Utilisation
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Seabrokers Office Contacts Seabrokers Limited - Aberdeen Seabrokers House, Prospect Road Arnhall Business Park, Westhill Aberdeenshire AB32 6FE, Scotland Duty Telephone ++44 1224 747744 (24 Hrs) Duty Mobile ++44 7802 304129 Internet www.seabrokers-group.com
E-Mail [email protected]
Seabrokers Chartering AS - Stavanger Forusbeen 78 - 4033 Stavanger - Norway Duty Telephone ++47 51 815400 (24 Hrs) Internet www.seabrokers-group.com E-mail [email protected]
Seabrokers Brasil Ltda - Rio de Janeiro Rua Lauro Muller no 116, Sala 1404, Edificio Rio Sul Center Cep: 22.290-160, Botafogo, RJ - Rio de Janeiro, Brazil Duty Telephone ++55 21 3505 4224 (24 Hrs) Internet www.seabrokers-group.com E-mail [email protected]
Seabrokers Pte Ltd - Singapore 165 B Telok Ayer Street, Singapore 068618 Telephone ++65 6224 6062 or 0951 Internet www.seabrokers-group.com
E-mail [email protected]
Securalift AS - Stavanger Forusbeen 80 - 4033 Stavanger - Norway Telephone ++47 51 815400 Internet www.securalift.com
Sea Surveillance AS - Bergen Lønningsflaten 28 5258 Blomsterdalen, Norway Telephone ++47 55 136500 Internet www.seabrokers-group.com
Last month’s teaser was pretty easy!:
Johnny’s mother had three children. The first
child was named April. The second child was
named May. What was the third child’s name ?
The answer was of course Johnny, not June! The winner of last month’s competition is :
Celio Wakamatsu
This month, our poser is as follows! :
What word in the English Language is always spelled incorrectly? Answers back to [email protected] for a chance to win a bottle of wine.
For the current or archive copies of Seabreeze go to: http://www.seabrokers.co.uk/ - see under Shipbroking / Market Re-ports. If you wish to Subscribe or Unsubscribe please contact :
Conundrum Corner
CONUNDRUM CORNER, DUTY PHONES
11
The Seabreeze Archive Seabrokers JDRF Update
Once again, many thanks to all of you out who have
very kindly already donated and helped us to reach
over £1,000.
Last chance for those of you who wish to help us add to
the total - the Walk To Cure Diabetes at Hazlehead
Park, Aberdeen is on the 16th September!
Seabrokers Ltd will be there as a team and are one of
the sponsors of the event too.
Please help us by donating at :
http://www.justgiving.com/Seabrokers-
JDRFwalktocurediabetes
JDRF exists to find the cure for Type 1 diabetes which
is a chronic life threatening and life-long condition.
Together we can help JDRF find the cure!
Thank you !
New Group Offshore Analyst Seabrokers Ltd are pleased to announce the arrival of
our new Group Offshore Analyst, Paul Dear.
Previously with IHS Petrodata, Paul brings a wealth of
knowledge, experience, and useful contacts to Sea-
brokers.
Paul will be based in our Westhill office but will liaise
with all of the chartering offices within the Seabrokers
Group as part of his role.
This further enhances our brokering and support team
here and we look forward to utilising Paul’s skills in data
collation and analysis.
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NORTH SEA AVERAGE SPOT MONTHLY RATES
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£-
£10,000
£20,000
£30,000
£40,000
£50,000
£60,000
£70,000
£80,000
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2011 £6,826 £10,187 £15,347 £23,803 £17,260 £40,000 £30,356 £44,280 £39,295 £71,964 £20,967 £22,655
2012 £16,803 £16,448 £34,838 £37,576 £15,229 £16,108 £22,200 £9,964 £- £- £- £-
Rig Moves
£-
£10,000
£20,000
£30,000
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2011 £7,639 £6,396 £9,514 £11,330 £16,813 £20,208 £20,309 £19,922 £19,834 £17,263 £12,735 £9,704
2012 £9,032 £9,786 £18,983 £19,405 £11,783 £16,014 £10,980 £7,337 £- £- £- £-
PSVs > 800M2
£-
£5,000
£10,000
£15,000
£20,000
£25,000
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2011 £3,536 £5,412 £8,465 £10,355 £10,923 £19,838 £16,574 £13,828 £16,894 £13,023 £10,870 £8,448
2012 £7,833 £7,804 £17,121 £17,543 £9,554 £13,017 £9,139 £5,457 £- £- £- £-
PSVs < 800M2
£-
£10,000
£20,000
£30,000
£40,000
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2011 £4,101 £5,814 £8,871 £10,705 £12,771 £20,450 £17,940 £15,823 £19,222 £15,427 £12,337 £9,820
2012 £8,425 £8,624 £17,969 £18,541 £10,990 £14,514 £10,527 £6,698 £- £- £- £-
All Cargo Runs
£-
£5,000
£10,000
£15,000
£20,000
£25,000
£30,000
All Cargo Runs PSV's <800M2 PSVs >800M2 Rig Moves
2011 £11,710 £10,557 £13,102 £25,138
2012 £11,679 £10,318 £12,245 £21,786
Average Day Rates To Month (August 2012)
