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20 Billion Barrels Worth of Projects Deferred in 2015 Contents JULY 2015 20 BILLION BARRELS WORTH OF PROJECTS DEFERRED IN 2015 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, 7 MONTHLY OSV SPOT RATES - Facilities Management, Construction, Cranes & Transportation, Sea Surveillance and Safe Lifting NORTH SEA Operations. Our head office is situated in Stavan- ger, but we also have offices in Aberdeen, Bergen, 8 FEATURE VESSEL Rio de Janeiro and Singapore. 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. 12 SUBSEA Seabrokers Chartering AS and Seabrokers Ltd are certified by DNV GL in line with Management System Standard ISO 9001; 2008. 15 RIGS 16 CONUNDRUM CORNER & DUTY PHONES SHIPBROKING REAL ESTATE SECURALIFT FACILITY MANAGEMENT Production and Administration: Seabrokers Ltd, Aberdeen SEA SURVEILLANCE ENTREPRENEUR For your free copy of Seabreeze, email: YACHTING CRANES & TRANSPORTATION [email protected] The Seabreeze Monthly Market Report OUR OFFICES: is distributed worldwide through STAVANGER BERGEN SKIEN our offices in Aberdeen, Stavanger, Singapore and Rio de Janeiro. ABERDEEN RIO DE JANEIRO SINGAPORE © Seabrokers Group 2015 www.seabrokers-group.com OSV MARKET ROUND-UP OVERSUPPLY PERSISTS USD 200 BILLION IN PROJECT DEFERRALS IN NORTH SEA As many as 45 major oil & gas costs, have proved the most projects have had their FIDs vulnerable. More than 50% of the The North Sea spot PSV market (Final Investment Decisions) deferrals identified are for deep tightened significantly in mid-July, deferred this year as a result of water projects, while nearly 30% although it proved to be a brief the dramatic fall in the price of are located in the Canadian oil period of limited vessel availability. oil. sands. Some owners managed to push their rates up into the GBP 6,000- An analysis by Wood Mackenzie While the scale of these delays 8,000 range, however fixing levels estimates that the development is concerning, it highlights the dropped back into the GBP 3,000- of 20 billion boe of reserves has inherently cyclical nature of the 5,000 bracket a few days later. been pushed back from a diverse industry. The majority of these range of onshore, shallow water projects are now targeted for This may be an indication that and deep water projects. This start-up between 2019 and 2023; owners’ efforts to limit supply has created a USD 200 billion if the focus remains on capital by laying up vessels is starting to hole in the oil & gas industry’s expenditure reductions, this will have a positive effect. However, investment pipeline. only serve to decrease production the speed at which rates retreated rates in years to come, thereby back south again is further Wood Mackenzie indicates that swinging the supply/demand indication of the lack of confidence the more technically challenging balance back in the favour of that currently pervades the projects, with significant upfront producers on a longer-term basis. market. Unfortunately for owners, the market remains oversupplied, and conditions are likely to stay NEW OWNERS FOR ESVAGT in charterers’ favour for the foreseeable future. The Maersk Group and ESE-Hold- ESE-Holding A/S. The Maersk ing A/S have entered into an Group acquired 50% of the The spot AHTS market remained agreement to sell their 100% stake company in 1991, before upping its fairly flat in July. While there were in ESVAGT to 3i Infrastructure stake to 75% in 1998. ESVAGT is sporadic fluctuations in rates over plc and AMP Capital, two inter- headquartered in Esbjerg, Den- the course of the month, we have national infrastructure investors. mark, and is a leading provider of not encountered the same level of The sale amounts to a value of offshore safety and support at sea, ‘summer spikes’ that have been DKK 4.1 billion (USD 610 million). primarily in and around the North experienced in previous years. Sea and the Barents Sea. This is understandable when you The Maersk Group highlighted consider the fact that there are that ESVAGT had “more than ESVAGT currently has a fleet of now as many as 19 drilling rigs out doubled its turnover” since 2009 43 vessels (with one Wind Service of contract in Northwest Europe and is now one of the industry’s Operation Vessel scheduled for (see p.15), limiting the source most profitable companies. delivery in 2016, and one Crew of AHTS demand. Recent spot However, Maersk evaluated that Change Vessel scheduled for de- rates have rarely strayed outside ESVAGT did not form part of livery in 2017). In 2014, ESVAGT the GBP 8,000-15,000 range for its core business which led to its returned a profit of DKK 252.3 medium AHTS vessels, and GBP decision to sell the company. million (USD 37.1 million) from 10,000-25,000 level for large a turnover of DKK 943.2 million vessels. ESVAGT was founded in 1981 by (USD 138.8 million). SEABREEZE 3 OSV MARKET ROUND-UP FLURRY OF FIXTURES FOR FARSTAD Farstad has been awarded a number of new long-term fixtures recently, successfully picking up work for an AHTS vessel in Brazil, and for two PSVs in the North Sea. Queiroz Galvão Exploração e Produção S.A. has awarded a two-year contract to AHTS vessel Far Sagaris. She will support Queiroz Galvão‘s drilling campaign offshore Brazil, with a scheduled commencement in December 2015 or January 2016. In the North Sea, PSV Far Spica see her return to work in August. This will see Far Sagaris mobilise (pictured c/o O. Halland) was In Norway, ConocoPhillips has to Brazil from Norway, where awarded a 14-month plus 6 x chartered PSV Far Solitaire she is currently laid up. Queiroz 1-month options contract with from September/October 2015 Galvão has options to extend an unnamed charterer in the until December 2016; there are the charter for two more years UK. Far Spica has also been laid options to extend this charter for beyond the initial firm period. up recently, but this fixture will two more years. ENI EXTENDS NJORD VIKING CHARTER Eni Norge has extended its charter extend the charter beyond this with AHTS vessel Njord Viking by date. As part of this agreement, an additional 17 months. The Njord Viking Supply Ships has agreed Viking is currently supporting to reduce the vessel‘s day rate to Eni‘s Goliat project in the Barents secure the longer contract period. Sea, and is now firmly committed Viking will receive around NOK until the end of 2016. Eni retains 150 million (USD 18.8 million) from two further six-month options to Eni over the firm charter period. TERM FIXTURE FOR NEWBUILD VESTLAND PSV Vestland Offshore has secured its 60-day firm charter with Apache first term fixture for newbuild North Sea Ltd; the contract comes PSV Vestland Cygnus. The with 30 further daily options. vessel was delivered from the Fjellstrand Shipyard in Norway Vestland Cygnus was built to the in April 2015, straight into the VS 485 Mk III design; she has a oversupplied North Sea spot deadweight of 5,460t, a deck area market. Vestland has now man- of 1,004m², and accommodation aged to fix the Cygnus away for a for 22 persons. 4 SEABREEZE OSV MARKET ROUND-UP BRAZIL CONTRACT FOR DOF AHTS VESSEL Statoil and Norskan Offshore Ltda (a DOF company) have signed a new contract whereby Statoil will charter AHTS vessel Skandi Peregrino for a firm period of two years with two further one-year options. The Skandi Peregrino, built to the STX AH 08 design, has been working for Statoil offshore Brazil since 2010. The new term will commence in direct con- tinuation of the vessel‘s current contract, meaning she is now Skandi Peregrino is owned by Akastor ASA. She has a length of firmly committed until at least DOF Deepwater, a 50/50 joint 75.0m, a bollard pull of 180t and December 2017. venture between DOF ASA and accommodation for 27 persons. PETRONAS RETAINS ICON VESSELS Icon Offshore Berhad has offshore Malaysia for two firm received two letters of award years from July 2015, with a from an oil major, identified one-year option available on by IHS-Petrodata as Petronas both contracts. The total value Carigali, for the provision of two of the fixtures for Icon Offshore AHTS vessels. Te Icon Sophia is approximately RM 55 million (pictured) and Icon Samudera (USD 14.4 million), inclusive of will be chartered by Petronas the optional extension periods. VALLIANZ VESSELS KEPT BUSY Vallianz Holdings Limited has the operations of Saudi Aramco. signed new contracts, with a These vessels are now firmly total value of up to USD 458 committed until at least June million, to extend the charter 2018, with options to extend the duration for 19 of its OSVs that contracts until June 2020. are currently deployed to an existing customer in the Middle Vallianz has acknowledged that East. It is understood that the the new charter rates for its company in question is Saudi vessels have been revised down- Aramco. wards by around 10%, however this was viewed as acceptable Vallianz currently has 15 AHTS to obtain the security of longer- vessels and four PSVs supporting term commitments. SEABREEZE 5 OSV RATES & UTILISATION JULY 2015 - DAILY NORTH SEA OSV AVAILABILITY PSV 2015 PSV 2014 AHTS 2015 AHTS 2014 30 28 26 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
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