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Jubilant January… for Some

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Jubilant January… for Some January 2013 Jubilant January… for some 1 1 SEABREEZE JANUARY 2013 AHTS rates soar in the North Sea The New Year has started with a bang in the North Sea, with rates in the Contents: AHTS market soaring in the latter stages of January. With a number of rig move requirements hitting the market at the same time, vessel availability diminished at a rate of knots, allowing some owners to reap Market Round-Up 2,4,6 the benefits of significant improvements in short-term rate levels. Having just made the decision to layup 2010-built AHTS Siem Garnet a Feature Vessel 3 few days earlier, Siem Offshore performed a swift u-turn towards the end of the month and sent her back to work as spot rates rose to a peak above GBP 100,000. That represents a remarkable increase from the Daily Availability - Rates maximum rates in the GBP 20,000s that were being recorded at the tail- & Utilisation North Sea 5 end of 2012. The PSV market has had a less remarkable start to the year, with the Newbuildings, Conver- oversupply of vessels continuing to prevent any significant increases in sions, Sale & Purchase 7-11 day rates. With a host of newbuild PSVs still to be delivered, it will remain difficult for owners to push rates north to any great extent. Howe- ver, with the ’overbuilding’ issue less prevalent within the AHTS market, Rig, FPSO, Field and the likelihood is that rates within this sector are far more likely to expe- Oil Company News. 12-14 rience a greater deal of volatility this year. Conundrum Corner, 15 Norwegian offshore sector thriving Duty Phones Wood Mackenzie’s annual review of the North Sea upstream sector has Monthly Rates 16 concluded that the Norwegian market is thriving, although the UK sector has been hampered by disappointing exploration results. For Norway, 2012 was a record year for capital investment, M&A activity and for licensing awards. The country remained a significant source of upstream investment in 2012, recording some USD 25 billion (NKR 146 The Seabreeze Monthly Market billion) of development capital expenditure (capex). Report is distributed worldwide Furthermore, 2013 is expected to be another year of major investment, with capex poised to increase yet again as major developments such as through our offices in Aberdeen, Åsgard, Edvard Grieg, Martin Linge and Ivar Aasen get underway. Stavanger, Singapore and Rio On the flip side, several projects have had to be delayed due to the ser- de Janeiro. vice sector operating at peak capacity and costs increasing on an annual basis. This trend is expected to continue into 2013, as operators struggle Production and Administration: to access equipment on time or within budget, particularly within the off- shore drilling market. Seabrokers Ltd, Aberdeen In the UK, Wood Mackenzie concluded that continued high oil prices and fiscal engagement between the UK Government and industry have given For your free copy of oil and gas companies the confidence to invest in the UK. Seabreeze, email: However, the general optimism that has been generated by high levels [email protected] of capital investment and M&A activity has been somewhat hampered by disappointing exploration and production results in 2012. The analysis acknowledged that there is a lot of development activity planned between now and 2015, but cautioned that the low rate of explo- ration success has raised concerns about the development project pipe- line on a longer term basis. To back up this claim Wood Mackenzie’s UK Upstream Lead Analyst, Lindsay Wexelstein, suggested that “the exploration success rate stands at an all-time low.” Despite the fact that 66 exploration and appraisal Seabrokers Group wells were spudded in 2012 (a 40% increase on 2011), only two discov- Forusbeen 78 eries were actually made. Those two discoveries, Carnaby and Cormo- rant East, only account for combined reserves of 20 mmboe. 4033 Stavanger Norway 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. 2 DESIGN FEATURE: PAGE 3 STUNNA Page 3 Stunna... SEVEN VIKING Newbuild Inspection, Maintenance and Repair (IMR) vessel Seven Viking was delivered to its DEPARTURES & ARRIVALS: MID DEC - JAN co-owners Subsea 7 and Eidesvik Offshore on January 23, 2013. Arrivals - North Sea Spot Having been built at the Ulstein Verft shipyard in Norway, the delivery of the vessel was celebra- Carlo Martello Portugal - tow ted on January 30 at a naming ceremony in Stavanger. Toisa Intrepid Falklands - AGR Toisa Sonata Falklands - AGR Seven Viking is a state of the art IMR vessel built to the Ulstein SX148 design, utilising the Tor Viking II Alaska - Shell innovative X-BOW hull. With an ICE-C class notation, she is capable of working in the harshest of environments, and her maiden charter will be a five-year contract with Statoil. Departures - North Sea Spot Seven Viking was custom built to meet Statoil’s specifications, and she will carry out tasks inclu- Carlo Magno Italy - Saipem ding the inspection, maintenance and repair of subsea installations, in addition to scale treat- Far Star Brazil - Technip ment and Ready for Operations (RFO) work. Maersk Tender Brazil - Shell Sea Tiger Brazil - Repsol Spec details: Skandi Texel Egypt - Term Length Overall: 106.5m Breadth Moulded: 24.5m Draught (Operational): 6.5m Draught (Max): 8.0m Service Speed: 16 knots * Vessels arriving/departing the North Sea term market to enter/ Deck Area: 830m² leave the North Sea spot market are not included here. Accommodation: 90 persons AHC Offshore Crane: 135t @ 13.0m ROVs: 2 x Workclass; 1 x Observation Class 3 3 MARKET ROUNDUP Term Norway charters for Skansi Offshore Skansi Offshore has received term charters offshore Norway for its Havyard 832L PSVs Saeborg and Torsborg. Saeborg (pictured) was awarded a five-year firm contract with BP Norge, with options available for five additional years. The charter is scheduled to commence before the end of the first quarter of 2013. Torsborg, meanwhile, was awarded an equivalent contract with BG Norge, with commencement scheduled for the second quarter of 2013. Both vessels have been chartered for supply, standby and NOF duties. Saeborg was delivered in 2011, with Torsborg following last year. Both have been working offshore Norway for their entire term in service. Island also lands term PSV commitments In addition to Saeborg, BP Norge has also awarded a five-year firm charter to Island Offshore PSV Island Chieftain. The UT 776 vessel has been working for BP Norge since February 2010. Island Chieftain’s new contract is scheduled to commence in the third quarter of 2013 in direct continuation of her current commitment. Island Offshore has also picked up a five-year firm charter for another of its PSVs, Island Challenger (pictured), with Talisman Energy Norge. The UT 776 unit is scheduled to conclude her present contract with Statoil in September 2013, and will commence operations with Talis- man in November 2013 after a short period of upgrades. Busy month for Farstad Farstad has had a busy month, picking up term fixtures for work in East Africa, South America and the North Sea. Firstly, Statoil has awarded contracts to PSVs Far Scotsman and Far Spica to support its drilling campaign in East Africa. Both ves- sels will be leaving the North Sea during March and will commence operations with Statoil in April. The contract duration for both units has been estimated at nine months firm plus a further nine months of options. Another PSV, Far Star, has already left the North Sea to undertake a 60-day plus 30-day option charter with Technip offshore Brazil. Farstad has noted that the departure of the above three PSVs may have a positive effect on the market balance in the North Sea for vessel owners. Farstad also recently mobilised AHTS Far Sabre from the North Sea to Australia. Also in Brazil, Far Sagaris (pictured c/o D Dodds) has been awarded a 12-month plus six-month option contract with Perenco to support the operator’s drilling campaign with Diamond Offshore semi Ocean Star. Work is to commence this quarter. Meanwhile, Petrobras has declared the 292-day option on its contract with AHTS Far Sea. Back in the North Sea, Fugro RUE AS in Norway has awarded IMS vessel Far Saga a six-month plus options con- tract incorporating ROV support operations and other subsea related activities. The total value of the above contracts for Farstad, excluding options, is around NOK 320 million (GBP 36.9 million). Lundin charters newbuild Rem Leader Lundin Petroleum has awarded newbuild PSV Rem Leader (pictured c/o Oyvind Halland) a term contract offshore Norway. The firm charter period will be for five or six wells, with three further one-well options available. Having been delivered from the Kleven Verft AS shipyard in January, the VS 499 LNG vessel has since commenced operations with Lundin. The firm por- tion of the charter is expected to take around 500 days to complete. 2 4 DAILY AVAILABILITY - RATES & UTILISATION NORTH SEA JANUARY 2013 - Daily North Sea Availability January PSV 2013 PSV 2012 24 AHTS 2013 AHTS 2012 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 January 2013 Type Jan 2013 Dec 2012 Nov 2012 Oct 2012
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