MARKET NEWS &

ANALYSIS

VESSEL DAYRATE

CHARTS

RIG NEWS

BRAEMAR SEASCOPE OFFSHORE

MONTHLY MAGAZINE

Aug/Sept 2011 ISSUE: 50

©Braemar Seascope Offshore

Welcome to the latest edition of the

Braemar Seascope Offshore North Sea

Vessel Report. The past few weeks have

seen a turbulent time in the North Sea

vessel market. Rates for AHTS vessels

and PSVs rose dramatically as weather

forced a number of rig move clashes on

the calendar.

In addition, Shell has had to tackle an oil

leak near the Gannet platform and the

Offshore Europe exhibition in Aberdeen

has brought vessels owners and oil field

operators together with potential tech-

nology partners and clients.

The Energy Minister Charles Hendry

revealed a piece of equipment designed

to tackle a potential leak from a subsea

well which can work in conditions as

harsh as those found West of Shetland.

The timing was apt not only due to

Shell’s Gannet incident but also because

of Faroe petroleum’s recent Fulla dis-

covery.

Meanwhile, dayrates for vessels in the

North Sea have reached as high as

£172,000 for AHTS vessels and £35,000

for PSVs. We hope you enjoy this

month’s report and look forward to

hearing your feedback, comments and

suggestions that will help to improve

the experience of all of our readers fur-

ther.

Sean Bate

Market Analysis Manager

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

The last few weeks have seen the tightest market on

the North Sea spot market for a number of months with

the AHTS and PSV markets being sold out at various

points. Vessel dayrates climbed as the availability dried

up and this was sustained for a number of days howev-

er with an increasing number of prompt vessels availa-

ble the market has begun to turn once again.

Vessels leaving the region for Australia and Greenland

has combined with delays caused by worsening weath-

er offshore. This has created the situation where a

number of rig moves over-ran their expected schedules

and demand temporarily outstripped supply on the

AHTS market. Average rates for large AHTS vessels were

£52,151 although with the tightness in the market in

the last few days fixtures were carried out at dayrates

as high as £172,000.

Meanwhile, on the PSV market it had been anticipated

that the conclusion of a number of term contracts, in-

cluding a number of vessels working for Allseas, would

have alleviated some of the pressure on the vessel

availability. However, high winds offshore and demand

as strong as ever PSV rates remained high and availabil-

ity was tight. The average rates for large PSVs in August

was £17,384. Recent fixtures haves been consistently

carried out at more than £20,000 with a number of car-

go runs fixed in the £20,000s and the fixture of the

Toisa Independent to Team was arranged at GBP

35,000 for a 10 day by day supply duties charter.

As we begin to move out of the summer weather win-

dow in the North Sea we can anticipate changeable

offshore conditions but also a lower level of rig utilisa-

tion. There are a number of outstanding term require-

ments for vessels although many of the charter com-

mencements have been shifted to the right with the

expectation that owners rate expectations will begin to

come down as we head towards the end of September

and into October.

At the time of publication 12 AHTS vessels were prompt

indicating that a sense of normality will return to the rig

move market. In addition a pair of AHTS vessels will be

joining the North Sea spot market with one on its way

from Brazil and the other heading over from Vietnam.

In the coming months these will also be joined by a trio

of newbuild PSVs. All of which means the peak in day-

rates has probably passed at least for a while.

Spot MarketSpot MarketSpot Market

Market CommentaryMarket CommentaryMarket Commentary

BELOW: The newbuild AHTS

Skandi Saigon on its way to

join the North Sea market.

A series of vessels are expected to join the

North Sea market in the coming weeks. The-

se include a trio of newbuild PSVs and a pair

of AHTS vessels that will be coming from

overseas markets.

The large PSV Bourbon Front is expected to join the

North Sea spot market before the end of September.

This PX105 vessel is currently en route to arrive in Sta-

vanger and is charter free. It is equipped with a deck

area of 1017 square metre and DP2.

In addition, the UP Jasper is also expected to arrive on

the North Sea spot market before early October. The

newbuild vessel is currently undergoing in-house work

prior to heading to Aberdeen. The UP Jasperis a VS483

MKII with 1020 square metre deck area with DP2. At

the time of going to press the vessel is charter free.

The final vessel of the newbuild PSV trio is the MT-6009

L designed Olympic Electra which is currently due on

the North Sea spot market in the middle of November.

Meanwhile, the Odin Viking has begun sailing from Bra-

zil to Las Palmas on its way to the North Sea. The

MOSSMAR 424 AHTS, with a bollard pull of around

180t, could arrive in the North Sea before the end of

September.

Aker DOD Deepwater’s AH-08 designed AHTS is also

heading to the North Sea. The newbuild vessel, which

was built at STX OSV’s Vung Tau yard is expected in

Aberdeen by middle to late September. The vessel will

have a bollard pull of around 180t and a deck area of

550 square metres.

Olympic Electra

Design: MT-6009L

Builder: Myklebust Verft

BHP: 6925

Max Deck: 745 square metres

DP: 2

Fresh Water: 650m³

Liquid Mud: 1080m³

Accommodation: 40

Full Spec Here

SPEC BOX

Olympic ElectraOlympic ElectraOlympic Electra

New ArrivalsNew ArrivalsNew Arrivals

The medium UT-755LN designed PSV VOS Prevail has been bought by Singapore-based shipowner Chellsea Pte. The new owner has completed the handover ceremony in Esbjerg and re-named the vessel Durga Devi. The DP2, 2010-built boat is currently on a long-term charter with PA Resources which is due for completion around early October when the vessel is expected to be re-delivered to Aberdeen charter free.

There are four outstanding Long-Term requirements:

1-2 PSVs / Nexen / 3 yrs or 18 mths + opt / comm Sept—Oct

1 x PSV / MOG / 1 year + 1 year opt /comm Oct

1 x PSV / Halliburton / Well Stim Duties / 3-12 months + opts / Oct

1 x PSV / Exxon Norway / 2 years + 4 x 6 month opts / comm Nov

The recently delivered Magne Viking has picked up the highest dayrate in the North Sea for an AHTS so far this year. The VS-4622 CD designed vessel was chartered for the rig move of the Borgland Dolphin by MLS at around GBP 172,000. The Magne Viking only arrived on the North Sea spot market in early August and has already been fixed for a series of charters for Statoil.

There are five outstanding medium-term requirements: 1 x PSV / Team / 3 months + 3 x 1 month opts / Sept 1 x PSV or AHTS / MLS / 2 wells + 2 well opts / Aug-Sept 1 x PSV / Venture / 1 well / comm Sept 2 x PSVs / AGR Falklands / 4 wells / comm Oct

Medium-Term Requirements

Long-Term Requirements

Newbuild Magne Viking Takes Top Rate

VOS Prevail Re-named Durga Devi

©Copyright Braemar Seascope Offshore 2011

CharteringCharteringChartering

The large AHTS Maersk Leader has left the North Sea spot market to commence term work offshore Brazil. The 2009-built vessel has been chartered by Shell Brazil for four years firm plus an additional four year options. The vessel had previously been carrying out North Sea rig moves in-cluding the move of the Energy Enhancer for Senergy and the Noble Ton van Langeveld for Maersk Oil. The Maersk Leader is a DP2 equipped vessel with a bollard pull of around 250t.

The large PSVs Toisa Coral and Toisa Independent are cur-rently undergoing drydock work ahead of a multi-well charter with AGR Guinea. The vessels are both expected to have left the North Sea by around the middle of Sep-tember. The duration of the fixture is for one well firm plus six additional one well options. The Toisa Independ-ent is a DP2 vessel with 1,000 square metre deck area and the Toisa Sonata is equipped with DP1 and 1,020 square metre deck area.

The large PSV Far Superior is expected to return to the North Sea spot market following completion of a front run contract for the Far Service’s long-term charter with BP. The vessel is expected to arrive in Aberdeen where it will undergo some in-house work before being charter free on the spot market by around the middle of September. The UT-705L designed 1996-built vessel has a deck area of around 900 square metres.

The Normand Skarven has arrived back in the North Sea following completion of its term-work off Argentina for Repsol. The vessel has already carried out the rig move of the Ocean Nomad for BG which was understood to have been on a dayrate of GBP 60,000. The Normand Skarven is a 1986-built UT-716 designed vessel withs DP2, a bol-lard pull of around 156t and a deck area of 513 square metres.

Normand Skarven Gets Rig Moves on Return

Toisa Pair Prepare for Guinea Term Charter

Maersk Leader Secures Brazil Charter

©Copyright Braemar Seascope Offshore 2011

CharteringCharteringChartering

Far Superior Finishes Front-Run Job

The large PSV Normand Baltic has been fixed on a medi-um term charter with ConocoPhillips Norway. The Aker PSV06 CD designed vessel has been chartered for 60 days firm plus 50 daily options at a rate of NOK 200,000. The vessel is currently undergoing in-house work ahead of the charter although it is expected to commence work shortly and could return to the North Sea.

The medium PSV Highland Citadel has had its contract ex-tended with BG. The UT-755L designed vessel is now ex-pected to remain on charter with the company for a fur-ther 18 months. The Highland Citadel is a 2003-built ves-sel with a deck area of around 690 square metres. The vessel was originally fixed for the long-term charter in June last year for around GBP 13,000 on a 12 month firm period with an 18 month option and a two-year option.

BP Norway has chartered the large PSV Volstad Supplier. The vessel has been fixed for 1 year firm plus two six-month options at dayrate of GBP 19,500. The vessel has recently completed a one-well charter with Maersk Oil Norway. The Volstad Supplier is an ST-216 L CD designed vessel equipped with a deck area of 1060 square metres and accommodation for 28.

The large PSV/ROV vessel Toisa Warrior has arrived in the North Sea to commence a six month charter carrying out renewables work. The newbuild VS-483 MK III vessel is equipped with DP2, 928 square metre deck area, helideck, accommodation for 60 and a subsea crane. The vessel was delivered earlier in the year from Wuchang shipyard in China. The Toisa Warrior is next expected to be charter free in February 2012.

Toisa Warrior Arrives in North Sea

Highland Citadel Extended with BG

Volstad Supplier Fixed with BP Norway

Normand Baltic to ConocoPhillips Norway

©Copyright Braemar Seascope Offshore 2011

CharteringCharteringChartering

The large newbuild PSV UP Jasper is due to arrive in the North Sea in the middle of September. The VS-483 MKII designed DP2 vessel will be sailing to Aberdeen where it will undergo a variety of tests before joining the North Sea spot market. The vessel, which is currently charter free, has a deck area of around 1020 square metres, ac-commodation for 24 personnel and will be able to handle 1,225 cubic metres of Potable Water and 5,628 bbls of brine.

Gulfmark has announced plans to build three new large PSVs. Two of the vessels will be MMC887 CD designed with 1,000 square metre decks and the third will be of MMC 879 CD design with a deck area of 800 square me-tres. They are due to be delivered by Remontowa Ship-building in Gdansk, Poland in the second and third quar-ters of 2013. The total cost of the vessels is expected to be USD 120 million. The vessels will be actively targeted at the North Sea market.

Olympic Shipping’s newbuild PSV is expected to join the North Sea spot market before the end of the year. The MT-6009 designed Olympic Electra is currently due to arrive in Stavanger by around the middle of November. The ves-sel, which is currently charter free, will be equipped with DP2, a deck area of around 745 square metres and will be able to operate in a light ROV and Subsea role.

A naming ceremony has been held for two PSVs being built at Cochin Shipyard. The STX 09 designed vessels for-merly called BY 83 and BY 84 have been named Brage Supplier and Brage Trader respectively. The vessels are part of a four vessel series of STX 09 CD vessels being built at Cochin. The Brage Supplier is expected to be delivered around the end of September with the Brage Trader due in November.

Naming Ceremony Held for Brage Vessels

Gulfmark Orders Three Large PSVs

Olympic Electra due in November

UP Jasper to Arrive in North Sea

©Copyright Braemar Seascope Offshore 2011

NewbuildNewbuildNewbuild

Transocean has received clearance to

launch a takeover of Aker Drilling. It is

understood the offer for 100% of the

shares is open until September 23rd and

has been pre-accepted by 59% of the

total shareholders. Aker Drilling has

two sixth generation semisubmersible

rigs and two deepwater drillships under

construction at Daewoo’s yard in South

Korea. A conference call by Transocean

discussing the acquisition can be found

here.

Meanwhile, Shell has successfully fixed

a leak in a flowline on the Gannet field.

Around 1,3000 barrels of oil is under-

stood to have leaked into the North Sea

during the incident. Divers also man-

aged to close a relief valve which was

found to be seeping oil and a total of 72

concrete mats have been laid on the

pipeline in order to secure it to the sea-

bed.

In other developments, Ithaca is under-

stood to have struck a deal to take on

the Ensco-92 for Beatrice work. The

month-long contract is expected to

commence upon completion of the rig’s

work for E.On Ruhrgas later this month.

The newbuild rig Rowan Norway is ex-

pected to arrive in the UK in the coming

weeks. The N-Class jack-up rig has been

assigned to a contract for Xcite from

November to June 2012. Lundin has

confirmed an extension of its Avaldsnes

field following a second appraisal well

on the field.

Fulla

Hit for

Faroe

Independent exploration

company Faroe Petroleum

has announced the suc-

cess of its first operated

exploration well. The Fulla

prospect in the West of

Shetland area encoun-

tered a net oil column of

45ft. The company will

now be evaluating poten-

tial development options

that will include the Freya

discovery, which is located

to the South of the recent

find. The well was drilled

by Awilco’s semisubmersi-

ble rig WilPhoenix.

Source: www.shell.co.uk

Click Here For More

Details on Gannet

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PricePrice Oil Oil Oil

Norway UK/Irl Denmark

Greenland Netherlands Stacked without future contract

Stacked with future contract Total

Drillship 1 1 1 3

Jackup 8 13 6 7 3 4 41

Semi-Sub 21 14 1 2 2 40

Total 30 28 8 7 5 6 84

ChartChart Rig Rig Rig

Rig Activity by Type and Country

200520052005---201120112011

Chartering activity in the South North Sea has been at a high level over the last month or so as BP recently fixed the VOS Vigilant, equipped with twin daughter craft, to support a 75 day programme at the Amethyst field with the Seafox 7. RWE Dea have chartered the VOS Siren for a minimum of one-year to support production and drilling operations on the Clipper field and Wintershall have fixed the VOS Westwind to support a two-well (circa 120 days) with the Ensco 80.

The UK Emergency Response & Rescue Vessel market is run-ning at 100% capacity at the moment with short term availa-bility almost non-existent and consequently there have been reports recently of non-UK certified units being char-tered for UK sector work.

BG remain outstanding for three vessels on a long term basis from the first quarter of 2012 for support of the Ev-erest / Lomond and Armada field in the central North Sea. Full details of the UK and Irish Standby Market are availa-ble in the Braemar Seascope Offshore Standby Market Summary. There are also full fleet listings of standby owners and an overview of the newbuild and fleet re-placement programmes. For further details email: re-search@seascope.co.uk

The result of a couple of long term tenders have been an-nounced with the VOS Lismore being fixed by Nexen for three to five years to support the Buzzard field and the Grampian Ranger chartered by Teekay Petrojarl until the end of 2014 at least for support of the Banff field FPSO in the Central North Sea. The previous incumbents, namely the Ocean Searcher and VOS Mull respectively have been released.

Grampian Ranger & Vos Lismore Fixed

UK Market Demand Outstrips Supply

BG Outstanding for Three Vessels

Standby Market Summary

©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

Norway-based subsea firm Ocean Installer has an-nounced a long-term charter of the construction support vessel Normand Clipper. The deal will see the vessel fixed for a firm period of five years from second quarter of 2012 plus five additional one year options. The Normand Clipper is a 2001-built vessel with a 1,700 square metre deck area, a 250t subsea crane and accommodation for around 100 personnel.

Subsea 7 has agreed a Letter of Intent with Solstad off-shore for the hire of the Normand Oceanic. The fixture which covers a firm charter of three years, will commence in April 2012 and will have three additional one year op-tions. The Normand Oceanic is a 2011-built vessel equipped with a deck area of 2,100 square metres, DP3, 400t subsea crane and on-board accommodation for up to 140 personnel.

The naming ceremony has been held for Ulstein’s new-build SX 121 designed offshore construction vessel the Island Intervention. The vessel, which will carry out ad-vanced operations in the Norwegian Sea this autumn, is equipped with a tower, moonpool, ROV hangar, helideck and accommodation for 100 personnel. The Island Inter-vention’s maiden charter will involve installing subsea trees for a Norwegian oil company.

Island Intervention SX121 Named

Ocean Installer Charters Normand Clipper

Subsea 7 Signs 3-Years LOI

Subsea Market Summary Latest

©Copyright Braemar Seascope Offshore 2011

SubseaSubseaSubsea

According to recent figures from the UK Department of Energy and Climate Change the production of electricity from windfarms has increased almost ten per cent in the last year. This increase, which was reported in the UK En-ergy in Brief (click for link) 2011 document, occurred de-spite low speeds during 2010. The total kilowatt/hour ca-pacity produced from UK renewables has increased al-most five-fold since 1990.

Renewables vessels company Jack-Up Barge has an-nounced a multi-year charter agreement with Bard Group. The deal will see the self-elevating platforms JB-115 and JB-117 deployed on the Bard Offshore 1 windfarm in Ger-many. The JB-117, which is currently being outfitted at the Graha yard in Indonesia, will be transported to the Netherlands in October. The JB-117 has a 1,000 ton crane and a clear deck area of 2,500 square metres. The vessel will be working in water depths of around 40m.

Iberdrola has submitted a new application for a 400 MW fixed foundation windfarm in the Baltic Sea. The scheme replaces the original plan to utilise a floating turbine de-sign. The project, which is located around 35km off the German coast, is expected to undergo a final planning stage by 2014 before possibly construction commence-ment in early 2015 with first export of electricity in the summer of 2016.

MT Højgaard has awarded Jumbo Offshore a contract for the installation and transportation of 111 transition pieces on pre-installed monopoles at the Anholt windfarm in Denmark. One of Jumbo’s DP2 heavy lift vesselsve will be utilised for the work starting in April 2012. The 200t tran-sition pieces will be loaded nine at a time at Aalborg be-fore being transported to the windfarm site offshore.

Jumbo Offshore Secures Anholt Work

Bard Group Signs Jack-Up Barge Charter

Fixed Foundations for Baltic Sea

Generation of UK Wind Electricity up 9.6%

©Copyright Braemar Seascope Offshore 2011

RenewablesRenewablesRenewables

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Average Daily North Sea Spot Cargo Run Dayrates Since February 2011

DayratesDayrates PSV PSV PSV

SPECS BOX

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Average Daily North Sea Spot Cargo Run Dayrates Since February 2011

DayratesDayrates AHTS AHTS AHTS

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

AHTS Rates AHTS Rates AHTS Rates

FebFebFeb---July 2011July 2011July 2011

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

PSV Rates PSV Rates PSV Rates

FebFebFeb---Aug 2011Aug 2011Aug 2011

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Large PSVs (700m2+ Clear Deck)2010

Medium PSVs (500-700m2 ClearDeck) 2010

Large PSVs (700m2+ Clear Deck)2011

Medium PSVs (500-700m2 ClearDeck) 2011

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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 PSV PSV PSV

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

AHTS Rates 2010/11AHTS Rates 2010/11AHTS Rates 2010/11

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

PSV Rates 2010/11PSV Rates 2010/11PSV Rates 2010/11

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

DayratesDayrates PSV PSV PSV

SPECS BOX

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

DayratesDayrates AHTS AHTS AHTS

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

AHTS Rates 2004AHTS Rates 2004AHTS Rates 2004---201120112011

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

PSV Rates 2004PSV Rates 2004PSV Rates 2004---201120112011

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

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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

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