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Uk E&P Industry to Halve Emissions Within 10 Years

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Uk E&P Industry to Halve Emissions Within 10 Years JUNE 2020 UK E&P INDUSTRY TO HALVE EMISSIONS WITHIN 10 YEARS 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 9001:2015. 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 ABERDEEN RIO DE JANEIRO Rio de Janeiro. © Seabrokers Group 2020 www.seabrokers-group.com OSV MARKET ROUND-UP STAGNANT SPOT PLEDGE TO HALVE UK EMISSIONS IN A DECADE RATES IN NORTH SEA Oil & Gas UK, an industry trade programmes that will aim for association, has unveiled a target offshore facilities to be powered The spot PSV market has started to halve emissions from UK by electricity as opposed to gas. to stabilise in the North Sea. exploration & production by Following a spate of layups from 2030. The organisation has set a These targets form part of a March through May, owners further target for the UK basin to transformational sector deal that have managed to reduce supply be net-zero by 2050. the industry is now formally levels to a more manageable discussing with the government. level. The oil & gas sector is one of With jobs at its core, the sector the first in the UK to commit to deal will consider how the UK’s Nevertheless, although a bit industry-wide targets, and more oil & gas industry can support a of stability has been achieved importantly provide details on green recovery. with regards to supply, the how these targets are likely to be same cannot be said for rates. achieved. This could see the sector form In the UK sector, every fixture part of a wider UK effort to in June fell within a narrow A recent report entitled “The decarbonise by developing band of GBP 3,000-6,000 (USD Pathway to Net Zero: Production critical carbon-cutting solutions. 3,710-6,805). In Norway, rates Emissions Targets” specifically This would include industrial- ranged from NOK 50,000-75,000 outlines how these targets may scale carbon capture and storage, (USD 5,180-7,770). No owner is be achieved through operational similar to Norway’s Northern making money at those levels. changes, progressive reductions Lights Project, as well as the in flaring and venting, along use of hydrogen for heating and In the AHTS sector, it was with major capital investment heavy transport. another quiet month in terms of the number of requirements. However, there are fewer than NORWAY LAUNCHES APA 2020 30 vessels active on the spot market so it doesn’t take long The Norwegian Ministry of to encourage exploration in the for the market to tighten. While Petroleum and Energy has geologically best known parts of owners are suffering from a launched its latest licensing Norway’s continental shelf. The severe lack of confidence, there round: the Awards in Predefined expected discoveries in mature were a few rig moves in the UK Areas (APA) 2020. This round areas are smaller but exploration sector that generated fixtures in includes blocks in the North Sea, is focused mainly on prospects the GBP 20,000-30,000 (USD Norwegian Sea and Barents Sea. that could still be profitable by 24,745-37,115) bracket. Having Since APA 2019, the predefined utilising existing infrastructure said that, the market remained areas have been expanded to or if developed in conjunction firmly in charterers’ favour for include 36 more blocks in the with other nearby discoveries. most of the month. Norwegian Sea. The deadline for applications is September 22, Separately, Norway will launch Further north, it was a similar 2020, with awards to be made its 25th licensing round for more story with NOK 325,000 (USD during the first quarter of 2021. prospective acreage in autumn. 33,670) marking the upper end This will be divided into nine of the market for Norwegian rig The Awards in Predefined Areas areas, eight in the Barents Sea moves in June. process was introduced in 2003 and one in the Norwegian Sea. SEABREEZE 3 OSV MARKET ROUND-UP SOLSTAD SCOOPS REPSOL REWARD Normand Springer Solstad Offshore has picked up term contracts for two of its North Sea PSVs with Repsol Sinopec UK. The Far Spica and Normand Springer have each been fixed up for a firm period of six months with six further one-month options available. The Far Spica was reactivated after a brief period in layup to commence her charter in June, while the Normand Springer (or sister vessel) is scheduled to go on hire in October. The Springer is currently working on a term PX 105 PSV that was delivered in 2012-built Far Solitaire has had charter with Subsea 7 UK. 2014. her charter extended until the end of 2020. The UT 754 WP The Far Spica is a 2013-built In Norway, Solstad has picked PSV has been supporting Aker STX PSV 08 CD unit, while the up more work from its Frame BP’s operations offshore Norway Normand Springer is an Ulstein Agreement with Aker BP. The since December 2019. MORE AKER BP WORK FOR EIDESVIK Aker BP has been making full year. Aker BP has also awarded a use of a Frame Agreement that four-month charter to Eidesvik it has in place with Eidesvik for the Viking Prince PSV. The Offshore as well. Eidesvik has 2012-built vessel is currently received a four-month contract trading the North Sea spot extension for PSV Viking Lady market but is scheduled to go that will keep the 2009-built on hire to Aker BP at the start of Viking Lady (pictured c/o H. Otneim) vessel on hire until the end of the September. SWAN STAYS WITH WINTERSHALL DEA Staying in Norway, Golden and she is now firmly committed Energy Offshore has secured until November 30, 2020. There a contract extension for PSV are further options available that Energy Swan with Wintershall could see the vessel stay on hire Dea Norge AS. until the end of November 2021. The extension will commence The Energy Swan is a 2005-built in direct continuation of the ST-216-L PSV with a length of vessel’s original 2013 contract, 93.4m and deck area of 1,041m². 4 SEABREEZE OSV MARKET ROUND-UP BRAZIL BOUNTY FOR DOF Skandi Fluminense (c/o Capt J. Plug) The DOF Group has secured long-term contracts for three of its AHTS vessels with Petrobras. The vessels will be supporting Petrobras’ exploration and production activities on the Brazilian continental shelf. The Skandi Fluminense and Skandi Urca have each been awarded two-year firm contracts with two years of options. Both contracts are scheduled to begin in September. Meanwhile, the Skandi Paraty was awarded a one-year contract that started at the beginning of June. vessels are all Brazilian-built and Norskan while DOF Subsea are equipped with Work Class Brasil will be responsible for the All three units were already on ROVs for operations in water ROV operations. Both of those hire to Petrobras prior to the depths of 3,000m (9,843ft). They companies are 100% owned award of these new fixtures. The are all owned and operated by subisidiaries of DOF ASA. PETROBRAS PICKS SOLSTAD PAIR Solstad Offshore has also picked in water depths of 3,000m up a pair of term contracts with (9,843ft). Both contracts are Petrobras. AHTS vessels Far due to start in September, with Sagaris and Far Statesman have a total value (exluding ROVs) each been fixed for a firm period in excess of NOK 800 million of three years. Both vessels will (USD 83 million) for Solstad. The sail under the Brazilian REB flag Far Sagaris is already based in and they will be equipped with Brazil while the Far Statesman is Far Statesman (pictured c/o O. Halland) Work Class ROVs for operations relocating from Australia. SAIPEM CHARTERS TOLMOUNT VESSELS Saipem has chartered a batch Endurance have been kept on by of vessels to support pipelay Saipem alongside another AHTS activities at Premier Oil’s vessel, Boskalis’ Sovereign, and Tolmount field offshore the UK. three DOF PSVs (Skandi Buchan, Having just towed the Castoro Skandi Caledonia and Skandi Sei pipelay vessel to the North Foula). The vessels are expected Sea from the Adriatic Sea, AHTS to be on hire for at least a month vessels GH Atlantis and GH with further options available. GH Atlantis (pictured c/o R. Zegwaard) SEABREEZE 5 OSV RATES & UTILISATION JUNE 2020 - DAILY NORTH SEA OSV AVAILABILITY PSV 2020 PSV 2019 AHTS 2020 AHTS 2019 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 RATES & UTILISATION NORTH SEA SPOT AVERAGE UTILISATION JUNE 2020 TYPE JUN 2020 MAY 2020 APR 2020 MAR 2020 FEB 2020 JAN 2020 MED PSV 60% 42% 66% 63% 59% 66% LARGE PSV 63% 50% 58% 74% 65% 80% MED AHTS 41%
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