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BRAEMAR SEASCOPE OFFSHORE

Renewables Newsletter

MARCH 2011 ISSUE: 6

©Braemar Seascope Offshore

Picture Courtesy of Vroon Shipping Group

We have been developing a new look to

the established and well received Brae-

mar Seascope Offshore Renewables

Newsletter. The new design brings our

tried and tested formula up to date and

in-line with new technologies. You can

now enjoy the full report from any-

where simply by clicking the picture

above and viewing the report online.

We are also seeking to offer additional

services on the North Sea spot vessel

market soon in our mission to offer a

truly comprehensive news service for all

Braemar Seascope Offshore clients.

We’ve also added in more analysis and

more charts, data and graphs.

We hope you enjoy the changes and

look forward to hearing your feedback,

comments and suggestions that will

help to improve the experience of all of

our readers further. Our more interac-

tive feel will be adopted across our full

suite of reports so please feel free to

contact us.

We will also be seeking to constantly

improve our reports going forward with

additional features, elements and en-

hancements coming soon. In the mean-

time enjoy this month’s report,

Sean Bate

Market Analysis Manager

Online

Edition

We are pleased to an-

nounce that we now

have an online edition

of our report. This can

be viewed by clicking

the link on the picture

to the left. The online

viewer enables you to

read the report in mag-

azine format on the

screen. Readers can

also zoom in to pages,

skip to particular pages

of interest and use the

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dress or provide feed-

back. We hope you en-

joy using this new facili-

ty and look forward to

providing further inter-

active elements soon. Click here to leave Feedback

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Online Version

T he last few weeks have seen something of a

shake-up in the renewable energy sector.

With smaller players struggling due to market

turmoil, the large Subsea firms have made a

move to stake a claim to a share of the future markets.

Subocean’s financial difficulties were well known in the

industry prior to the decision by the firm to cease trad-

ing. However, Technip’s decision to step in and buy out

the company was less anticipated. The big subsea play-

ers Technip and merged firms Acergy and Subsea 7 had

seemed reluctant over the renewables market until

now.

By acquiring Subocean Group Technip aims to develop a

leading position in the renewables market in the com-

ing years with a focus on offshore wind services. The

firm has taken on 300 employees from the former com-

pany and plans to use the key contracts and workload

backlog to become a leading player in the offshore wind

cable installation field. Now it seems the company is

planning to base the headquarters for its European Off-

shore Wind Projects in Aberdeen. Prior to this recent

development Technip launched the Hywind full scale

floating turbine.

In its latest advancement on turbine technology, Tech-

nip has launched the Vertiwind floating wind turbine

project (pictured below). Vertiwind is a prototype verti-

cal-axis offshore floating wind turbine. Technip will be

responsible for the design of the floater, mooring sys-

tem and connection cable of the turbine.

Subsea 7 has also launched its offshore renewables

division in 2011. The new division has already signed a

Memorandum of Understanding with Scottish and

Southern Energy under which it will form an alliance

with SSE, Siemens plc, Burntisland Fabrications and

others to work together to reduce the cost of power

from offshore wind farms.

The expertise these subsea companies will bring to the

renewables sector is likely to see them become the fa-

voured contractors in the sector and their global cover-

age and range of vessels, manpower and offshore

knowledge will enable them to secure large chunks of

future workscopes going forwards. The interest of the-

se large firms is also something of a coming-of-age sce-

nario for the renewables sector which can now be said

to have graduated into the mainstream.

PICTURE: Vessels sit in

Aberdeen Bay charter

free in early February.

©Copyright Braemar Seascope Offshore 2011

Move InMove In Big NamesBig NamesBig Names

Market CommentaryMarket CommentaryMarket Commentary

O rders for windfarm installation vessels have

continued to be placed with yards and a

number of options for additional vessels

have been executed. This stream of new-

buildings has led one ship-owner, who has already

placed an order for an installation vessel, to express

concerns over potential over-supply going forwards.

Vroon’s MPI Offshore is ahead of the supply curve with

its MPI Resolution and the recent delivery of the MPI

Adventure (pictured below) with the MPI Discovery set

to follow later this year. The namegiving ceremony for

the 140m installation vessel took place at Cosco Qidong

Shipyard in China earlier this year. The MPI Resolution

has since been contracted to work on the London Array

wind farm from April. The vessel will be used to install

the foundations and turbines for the 1GW windfarm

which will eventually incorporate 175 turbines. The MPI

Adventure will be working alongside the A2Sea Sea

Worker at the site.

Meanwhile, Swire Blue Ocean has taken up an option

for a second vessel at the Samsung Heavy Industries

yard in Korea. The Pacific Osprey will be the same speci-

fication as the Pacific Orca which is currently under con-

struction at the yard. The vessels will be delivering in

2012 and early 2013 with the Pacific Orca now expected

to take on installation work at the DanTysk offshore

windfarm originally earmarked for the earlier vessel.

Beluga has also ordered a cable vessel and Van Oord

ordered an installation vessel at the end of last year.

Combined with the heavy-lift vessels capable of carry-

ing out installation work including the likes of the Sam-

son (currently charter free) we are beginning to see the

emergence of a strong fleet of renewables vessels.

MPI Adventure

Classification: Det Norske Veritas

1A1 Self Elevating Unit

Legs: 6 @ 72.00 Metres

Accom: 112 Personnel

Main Cranel: 1,000t @ 25m

Cargo Area: 3,600m² (approx.)

Transit Speed: 12.5 knots

DP: 2

MPI Discovery to follow in

Autumn2011: Full Spec Here

SPEC BOX

MPI AdventureMPI AdventureMPI Adventure

New ArrivalsNew ArrivalsNew Arrivals

Picture Courtesy of Vroon Shipping Group

Vestas Offshore Germany has entered into a contract to take the windfarm installation vessel Brave Tern on char-ter for six months firm with three one-month options. The vessel is currently under construction at the Lamprell shipyard in Dubai and is scheduled to deliver in the se-cond quarter of 2012. The charter, which has been en-tered on certain subjects, is expected to commence in May 2013.

Fluor has fixed the Normand Mermaid for 60 days firm plus additional options. The Ulstein P103-designed vessel is a DP3 multifunctional subsea support vessel with a heli-deck, 80t offshore crane and accommodation for 70 per-sonnel. The vessel is understood to have been chartered at a dayrate of around GBP 25,000.

The heavy lift vessel Rambiz has commenced installation of a steel jacket foundation at the Lincs Offshore Wind-farm for the offshore substation at the site. This work will be followed by the securing of the foundation to the sea-bed via piling. Piling work will be carried out by the jack-up vessel Excalibur and supported by the jack-up vessel Resolution. The work is expected to last around four weeks.

The installation jack-up barge Sea Worker has been carry-ing out work on the London Array Offshore windfarm. The first loadout of a monopole and transition piece took place in Harwich on March 2nd. The barge was accompa-nied by two tugs; the Sea Alfa and the Sea Echo. Phase one of the operation consists of 175 wind turbines in wa-ter depths ranging between 0 and 25 metres. A2SEA's Sea Worker has 73m legs and can work in 40m water depths.

Sea Worker Carries Out London Array Work

Fluor Charters Normand Mermaid

Rambiz Working at Lincs Wind Farm

Brave Tern Contracted by Vestas

©Copyright Braemar Seascope Offshore 2011

CharteringCharteringChartering

Blue Water Shipping has signed an agreement to market International Shipping Partners (ISP) fleet of ferry, cruise and hotel vessels to the offshore accommodation sector. The deal covers the 23-vessel fleet although it is expected to focus initially on five vessels. ISP's fleet has previously been used as accommodation in the Mexican gulf in the aftermath of hurricane Katrina and to house UN employ-ees following the earthquake in Haiti.

All of the 51 wind turbine generators for the first phase of the Walney Offshore Windfarm are now installed. A num-ber of vessels have been working at the site in recent weeks. The Trinity House vessel Patricia has been involved with carrying out buoy deployment and the survey vessel Fugro Commander has been undertaking seabed sam-pling. In addition the Vos Sympathy has carried out a sur-vey of the export cable and an infield survey. The DSVs Hbc Performer and Hbc Supporter are also on site.

A study by Blue Offshore and Integrated Subsea Services (ISS) has confirmed the feasability of using the multipur-pose DP2 vessel Normand Tonjer for array cable installa-tion on offshore windfarms. The companies looked into the development of deck layouts for cable installation and cable burial as well as adding equipment on top of the ex-isting ROV, survey and air diving capabilities. The Nor-mand Tonjer is on charter with ISS on a three-year con-tract with two one-year options that commenced in 2008.

Seaway Heavy Lifting has been awarded a contract to transport and

install two substation topsides at the Gwynt y Mor Offshore wind-

farm. Either the Stanislav Yudin or the Oleg Strashnov heavy lift vessel

will be nominated closer to the scheduled workscope which is

planned for the summer of 2012. The project will be executed on a

lumpsum contract. Each substation consists of a piled jacket structure

and a topside with a total weight of 1,500 metric tonnes. These will

be installed in water depths of around 24 metres.

Gwynt y Mor Contract Award

Walney Windfarm Construction Update

Normand Tonjer for Inter-Array Work

‘Comfort At Sea’ Enters Accommodation

©Copyright Braemar Seascope Offshore 2011

CharteringCharteringChartering

Trenching operations at Sheringham Shoal are expected to continue until around the end of March. The Dive sup-port vessel Ocean Dragon and the trenching support ves-sel Forth Jouster have been at the site since around the end of January working on the 23km cable corridor to the main windfarm site. The windfarm, which is owned by Statoil and Statkraft, will eventually consist of 88 offshore wind turbines.

The large offshore construction vessel Samson is currently charter free and is being marketed for potential offshore wind-turbine foundation construction work. The multi-functional vessel is equipped with DP3, a 1,600 mt crane, saturation diving and accommodation for 296. The 2009-built vessel also has a deck cargo area of around 5,000 square metres and two moonpools.

SAL Heavy Lift Shipping has named its latest vessel MV Lone. The ceremony for the sister-ship of the MV Svenja was held at the Uberseebrucke bridge in Hamburg in mid March. The vessel has a lifting capacity of 2,000 tonnes, a speed of 20 knots and is equipped with DP2. SAL intends to market the vessel to assist in the installation of founda-tions for offshore windfarms as well as oil and gas installa-tion works.

The Windcat 101 workboat has been launched in Holland. The Mark

IV designed high-speed catamaran will be capable of carrying up to 50

personnel at speeds of up to 30 knots. The 27m Windcat 101 has

been designed for work on windfarms and offshore oil and gas instal-

lations. The vessel’s foredeck is suitable for carrying one 20ft or two

10ft storage containers or other cargo. Windcat Workboats already

has a fleet of vessels operating on windfarms across Europe. Click the

image or here to see a video of the Windcat 3 in action.

Windcat 101 Launched

Samson Marketed for Renewables

MV Lone Christened

Sheringham Shoal Work Continues

©Copyright Braemar Seascope Offshore 2011

CharteringCharteringChartering

The newbuild multicat vessel Fiona F has been delivered to Gareloch Support Services (GSS) from Neptune Marine. The vessel has undertaken sea trials and is understood to have commenced its first assignment. The 26.48 metre 2609-Euro Carrier design is expected to have a bollard pull of more than 30t and a forward crane of 240t and after crane of 140t. The Fiona F is the fourth in a series of ves-sels built for GSS and is expected to be followed shortly by a further two newbuilds.

Swire Blue Ocean has declared an option to build a se-cond windfarm installation vessel with Samsung Heavy Industries in Korea. The vessel, which is scheduled to ar-rive in Europe in early 2013, will be named Pacific Osprey and will be utilised on the DanTysk windfarm in the Ger-man North Sea. The sister ship Pacific Orca, which was originally due to perform the DanTysk work, will be com-mitted to another European project.

Fred Olsen has signed a contract for four new crew boats from Båtservice Mandal AS (Norway). The custom de-signed vessels will be used to transfer technicians to off-shore wind turbine installations. They will have an LOA of 21m with a beam of 7m and will be capable of carrying 12 passengers with a max speed of 30 knots. The vessels will be delivered between October 2011 and February 2012. By February 2012, Fred Olsen Windcarrier will have five crew vessels in operation and will hold six options.

Beluga Group has ordered its first cable-lay vessel with Lloyd Werft. The deal, which still requires confirmation by the German Government, also includes an option for a second vessel. The first vessel will be named the Beluga Connection with delivery mid 2012. The 110.8m-vessel is to be utilised laying cable in the Wadden Sea for NKT Ca-bles. Beluga Hochtief Offshore is also building a jack-up capable of installing 120m-high turbines in 50m of water.

Beluga Orders Cable-Lay Vessel

Second Vessel for Swire Blue Ocean

Fred Olsen Orders Transfer Vessels

Fiona F Delivered to GSS

©Copyright Braemar Seascope Offshore 2011

NewbuildsNewbuildsNewbuilds

Technip has launched a project to test a prototype vertical axis offshore floating wind turbine. The scheme is being worked on in association with Nenuphar, Converteam and EDF Energies nouvelles. The hope is that the new concept, known as Vertiwind, will be free from the constraints of foundations and will be used in countries around the Mediterranean basin, in Europe and the United States.

EastPort UK has announced that the outer harbour at Great Yarmouth has been selected by A2Sea as the re-loading base of the installation of wind turbines on the Sheringham Shoal offshore windfarm. The port will be used for around eight to ten months as the base for the work. The Sheringham Shoal windfarm is being developed by Scira Offshore Energy, a joint company between Statoil and Statkraft, the project will consist of 88 wind turbines and two offshore substations.

Subsea 7 has launched an offshore renewables division. The company plans to transfer its seabed-to-surface ex-pertise to the emerging renewables market. Subsea 7 will provide project management, engineering and construc-tion services to support offshore developments. The firm has already signed a deal with Scottish and Southern En-ergy plc (SSE) under which Subsea 7 will form an alliance with SSE, Siemens PLC, Siemens Transmission and Distri-bution Limited, Burntisland Fabrications Ltd and Atkins.

Technip has announced it has acquired all of the assets of the UK-based subsea cable and renewables company, Subocean Group. Technip will take on around 300 em-ployees in addition to land-based assets and key con-tracts. The company believes the move will therefore make it a leading player in offshore wind cable installa-tion. Technip's upfront investment will be around GBP 10 million.

Technip Acquires Subocean Group

EastPort Assigned to Sheringham Shoal

Subsea 7 Launches Renewables Division

Technip Launches Wind Turbine Project

©Copyright Braemar Seascope Offshore 2011

CorporateCorporateCorporate

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

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Braemar Seascope Offshore’s Singapore

department has recently moved into a

new office space (pictured above).

The new office brings Braemar

Seascope’s Singapore-based Offshore

division under the same roof as the

Tankers and Dry Cargo elements as well

as the Braemar Falconer and Braemar

Steege divisions that deal with tech-

nical and insurance aspects respectively.

For further details of the full range of

services offered by Braemar Shipping

Services - click here.

Please update any details that you hold

accordingly. Please note that telephone

numbers and email addresses will re-

main unchanged.

The new address for Braemar Seascope

Offshore in Singapore is now:

1 Pickering Street

#08-01

Great Eastern Centre

Singapore 048659

We have a permanent staff of three

offshore brokers in Singapore: James

Sherrard, Søren Nielsen and Nana Lai.

They are supported by our directors in

London and Aberdeen and Candice Wu

who frequently travels to the region.

The Singapore office deals with Sale and

Purchase, Long Term and Short Term

Vessel Chartering and Vessel Valuations

throughout the Southeast Asia region.

New

Broker

Following Michael Bates

move from the London

office from Aberdeen, a

new trainee has been

brought on board. Ross

Finlayson has been car-

rying out duties in the

Aberdeen office. Ross is

building on a good

knowledge of the mari-

time industry having

studied the business at

university and spending

a small amount of time

offshore. Like all our

trainees he will be un-

dertaking the Institute

of Chartered Ship Bro-

kers examinations. We

know you will give Ross

a warm welcome to our

team.

Braemar Seascope Offshore is a division of

Braemar Shipping Services PLC, a leading

integrated provider of brokering and con-

sultancy services to the shipping industry.

At Braemar Seascope Offshore our aim is

to provide cost effective solutions to our

clients' offshore programmes.

Regular advances in technology mean our

work is a direct response to constantly

changing market needs.

From offices in London, Aberdeen, Singa-

pore and Australia we specialise in the

worldwide offshore market.

Our services include:

Spot and period chartering

Short sea and ocean towage

Newbuild and second hand sale &

purchase

Bespoke research and reports

Corporate mergers, acquisitions &

fleet sales

Sourcing venture capital and ad-

vising banks

Valuation services

Contact

Us

Sean Bate

Market Analysis

Manager

25 Carden Place

Aberdeen

AB10 1UQ

UK

Phone:

+44 (0)1224 628470

Fax:

+44 (0)1224 621444

E-mail:

research

@seascope.co.uk

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