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Equinor to Power Oil & Gas Platforms from Wind Farm

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Equinor to Power Oil & Gas Platforms from Wind Farm AUGUST 2018 EQUINOR TO POWER OIL & GAS PLATFORMS FROM WIND FARM CONTENTS 3 OSV MARKET ROUND-UP ABOUT SEABROKERS GROUP 6 OSV AVAILABILITY, RATES & The Seabrokers Group was established in 1982. We provide a unique and varied range of services to UTILISATION - NORTH SEA clients. The Seabrokers Group has an experienced workforce within Shipbroking, Real Estate, Facili- 7 MONTHLY OSV SPOT RATES - ties Management, Construction, Sea Surveillance, Harbour Cranes and Safe Lifting Operations. NORTH SEA Our head office is located in Stavanger, but we also have offices in Aberdeen, Bergen and Rio de 8 FEATURE VESSEL Janeiro. The Seabrokers Group is different – and we are 9 OSV NEWBUILDINGS, CONVERSIONS, proud of this fact. Our information, experience and knowledge provide us with the ability to perform SALE & PURCHASE in our diverse business areas. 11 SUBSEA Seabrokers Chartering AS and Seabrokers Ltd are certified by DNV GL in line with Management System Standard ISO 9001:2008. 14 RENEWABLES 15 RIGS 16 CONUNDRUM CORNER & DUTY PHONES SHIPBROKING REAL ESTATE SECURALIFT FACILITY MANAGEMENT Production and Administration: Seabrokers Ltd, Aberdeen SEA SURVEILLANCE FOUNDATIONS For your free copy of Seabreeze, email: YACHTING HARBOUR CRANES [email protected] The Seabreeze Monthly Market Report OUR OFFICES: is distributed worldwide through STAVANGER BERGEN SKIEN our offices in Aberdeen, Stavanger and Rio de Janeiro. ABERDEEN RIO DE JANEIRO © Seabrokers Group 2018 www.seabrokers-group.com OSV MARKET ROUND-UP TOO MANY VESSELS WIND POWER FOR OIL & GAS PLATFORMS REACTIVATED? Equinor and its partners at offshore wind concept, Hywind. the Gullfaks and Snorre fields The 8 MW turbines would have PSV owners have experienced offshore Norway are exploring a combined capacity of 88 MW, marginally better trading a potential solution to supply and are estimated to be sufficient conditions on the North Sea spot power to the fields from a nearby to meet around 35% of the market during the summer, with floating wind farm. This could be annual power demand from five average fixture rates for large the first time an offshore wind platforms (Gullfaks A, B and C, vessels (900m²+) remaining farm is directly connected to oil and Snorre A and B). In periods north of GBP 7,500 for five and gas platforms. The project of higher wind speed, this supply consecutive months. There is forecast suggests a potential percentage will be significantly no disguising the fact, however, reduction of CO2 emissions by higher. that the market has not been more than 200,000 tonnes per as strong as owners had hoped year, equivalent to the emissions The preliminary capital and this year, with too many vessels from 100,000 cars. development expenditures of the taken out of layup or relocated project total NOK 5 billion (USD from other regions in advance The solution that is under 600 million). The industry’s NOx of the improvements that consideration, named Hywind fund has confirmed that it will had been expected in trading Tampen, would be a wind farm provide up to NOK 566 million conditions. The increases on the consisting of 11 turbines that (USD 67 million) in investment active supply side have kept a is based on Equinor’s floating support for the project. lid on spot rates this year, with competition for work remaining intense. HARVEY PROPOSES TO GULFMARK The big problem for PSV owners Just three weeks after the Boards Gulf, implying a total equity now is the long list of vessels of Tidewater and GulfMark value of USD 595 million based which may be released from Offshore had approved an on the company’s reported summer season contracts over agreement to combine the outstanding debt of USD 305 the next couple of months. If all two companies, Harvey Gulf million. The proposal would of these units flood the regional International Marine attempted imply a combined company spot market, then we may to put a spanner in the works by equity value of USD 932 million. revert back to a considerable launching its own unsolicited oversupply situation again and proposal to merge Harvey with Since the proposal was received, it may be another long winter GulfMark instead. the GulfMark Board of Directors for owners. There had been has confirmed that the Harvey a general acceptance that the The proposed ‘reverse merger’ proposal could reasonably be worst of the market downturn would entail GulfMark acquiring expected to result in a “Superior had been left behind North Sea Harvey Gulf, with the combined Offer” as defined in the earlier owners, however more than 20 company remaining publicly agreement with Tidewater. PSVs have been reactivated from listed. GulfMark stockholders However, the GulfMark Board layup this year, and on reflection would own 41.2% of the new “continues to believe that the those owners may look back and combined entity. This would business combination with think that it may have been too represent an enterprise value Tidewater is in the best interests many too soon. of USD 900 million for Harvey of GulfMark stockholders.” SEABREEZE 3 OSV MARKET ROUND-UP EQUINOR “TRANSFORMING NORWEGIAN CONTINENTAL SHELF” Equinor has presented its plans for transforming the Norwegian continental shelf (NCS) for continued high value creation and lower emissions for the coming decades. Equinor remains on track to maintain profitable production from the NCS at current levels towards 2030. However, after 2030, the region will enter a more mature phase, and new measures must be introduced to tackle the future challenges of of up to 3000 wells during the house gas emissions; increasing declining production from the coming decades (including 20-30 the pace of digitalisation and larger fields, ageing installations, exploration wells on an annual the use of new technology; and and the necessity to reduce CO2 basis); extending the lifetime strengthening the competence emissions. of more than 20 installations; of the company’s incumbent exploring the possibilities for workforce in tandem with The specific activities identified floating offshore wind and targeted recruitment to ensure in the plans include the drilling electrification to reduce green- new competence. CONTRACT EXTENSIONS IN NORWAY In terms of near-term activity, occupied until at least May 2019 Remøy Shipping, Golden Energy with further options available. and Eidesvik have all recently Elsewhere, PSV Energy Swan received contract extensions for will now continue working for vessels in Norway. Equinor has Wintershall until the end of extended its charter with PSV 2018, and ERRV Esvagt Corona Rem Eir (pictured) for six more has been extended with Repsol months; this will keep the vessel until the end of August 2019. POMOR AND SYMPHONY FOR MOL WELL MOL has awarded PSV contracts firm contracts to support MOL’s to GulfMark and Siem Offshore operations while an exploration ahead of its forthcoming drilling well is drilled at the Oppdal/ campaign with jackup Rowan Driva prospect in the northern Viking offshore Norway. The North Sea. Drilling is scheduled North Pomor (pictured c/o O. to begin later in September, Halland) and Siem Symphony with an estimated duration of have been chartered on one-well between 66 and 71 days. 4 SEABREEZE OSV MARKET ROUND-UP NAO VESSELS IN DEMAND FOR TERM JOBS Until recently, Nordic American Offshore’s vessels were working almost exclusively on the North Sea spot market. However, the NAO vessels have proven to be quite popular in recent weeks for well-by-well or multi-month term contracts. MLS/Total have chartered the NAO Storm (pictured c/o O. Halland) on a one-well contract to support drilling operations with Saipem semi Scarabeo 8 offshore Norway. The campaign started in August, with Eidesvik PSV Viking Prince also chartered for this programme. Also in In the UK, Nexen has awarded the NAO Prosper for a one-well Norway, the NAO Guardian is a one-well contract (estimated campaign with semi Transocean working away on a two-month at 150 days) to PSV NAO Viking Leader. NAO also recently picked firm contract with Conoco- to support jackup Prospector 5, up a three-month contract for an Phillips Skandinavia. while Azinor Catalyst chartered unnamed PSV in West Africa. TERM FIXTURES FOR SIEM PSVS Siem Offshore has picked up dates for the new terms are in new contracts for two of its PSVs December 2018, in continuation that are working offshore Brazil. of the vessels’ current contracts The Siem Atlas and Siem Giant with Total Brasil. The Siem Atlas (pictured) have been chartered and Giant are sister vessels, on one-year firm contracts with delivered in 2013 and 2014, that two further six-month option were built to the STX (VARD) periods. The commencement PSV 4700 design. MAERSK SUPPORTING OCEAN CLEANUP Maersk Supply Service is to Garbage Patch (GPGP), some 1200 provide support to The Ocean nautical miles off the coast of San Cleanup, a Dutch non-profit Francisco, USA. The system will organisation that is developing be deployed in September and advanced technologies to help towed to the GPGP by AHTS rid the world’s oceans of plastic. vessel Maersk Launcher (pictured Their first cleanup system is to c/o D. Dodds), with an estimated be installed in the Great Pacific campaign duration of 60 days. SEABREEZE 5 OSV RATES & UTILISATION AUGUST 2018 - DAILY NORTH SEA OSV AVAILABILITY PSV 2018 PSV 2017 AHTS 2018 AHTS 2017 24 22 20 18 16 14 12 10 8 6 4 2 0 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 RATES & UTILISATION NORTH SEA SPOT AVERAGE UTILISATION AUGUST 2018 TYPE AUG 2018 JUL 2018 JUN 2018 MAY 2018 APR 2018 MAR 2018 MED PSV 60% 58% 72% 64% 57% 58% LARGE PSV 75% 80% 82% 75% 83% 74% MED AHTS 59% 58% 44% 46% 63% 55% LARGE AHTS 77% 59% 58% 56% 61% 60% NORTH SEA AVERAGE RATES AUGUST 2018 AVERAGE RATE AVERAGE RATE CATEGORY % CHANGE MINIMUM MAXIMUM AUG 2018 AUG 2017 SUPPLY DUTIES PSVS < 900M2 £5,692 £10,271 -44.58% £3,000 £9,500 SUPPLY DUTIES PSVS > 900M2 £8,550 £9,709 -11.94% £5,000 £16,363 AHTS DUTIES AHTS < 22,000 BHP £17,593 £38,293 -54.06% £4,950 £45,000 AHTS DUTIES AHTS > 22,000 BHP £24,324 £29,457 -17.43% £10,454 £45,454 SPOT MARKET ARRIVALS & DEPARTURES AUGUST 2018 ARRIVALS - NORTH SEA SPOT ARRIVALS - CONTINUED DEPARTURES - NORTH SEA SPOT A.H.
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