August August Free-Fall?

Transcription

1 August 2012 August Free-Fall? 1 1

2 SEABREEZE AUGUST 2012 August Freefall August has seen rates go into freefall as Owners begin to show signs of losing their grip in an uphill struggle to reverse the trend of falling rates since April. The high levels of tonnage available in the market have more than over compensated demand, and for the coming months we can probably expect to see more of the same. As winter approaches with rig demand set for its seasonal dip, further downward pressure will no doubt come to bear on the already delicate rate levels. With one vessel entering lay up, could Owners be headed for a crash landing? Sapphire To Sparkle In Norway Conocophillips Norway has chartered the P105 platform supply vessel Bourbon Sapphire for term work. The DP 2 vessel began the eleven month firm contract at the end of August to replace the North Promise. Built in 2008 at Zhejiang Shipyard, featuring diesel electric propulsion and 990 m2 of deck area, the Bourbon Sapphire will join their term fleet supporting Ekofisk. Total s Term Total E&P Norway AS has awarded a contract for four years plus four annual options to Siem Offshore to support their upcoming operations on the Martin Linge field. The vessel is a tailormade high spec LNG PSV newbuild of VS4411 design, scheduled for delivery during Seabrokers are proud to be a part of this contract, thereby completing Total E&P Norway AS term demand for vessels to the Martin Linge field. Contents: Market Round-Up 2,4 Feature Vessel 3 Daily Availability -Rates & Utilisation North Sea 5 Newbuildings, Conversions, Sale & Purchase 6-9 Rig FPSO, Field and Oil company news. 10 Conundrum Corner, 11 Duty Phones Monthly Rates 12 The Seabreeze Monthly Market Report is distributed worldwide through our offices in Aberdeen, Stavanger, Singapore and Rio de Janeiro. Production and Administration: Seabrokers Ltd, Aberdeen For your free copy of Seabreeze, chartering@seabrokers.co.uk Sotra Sought Out By BP DOF PSV Skandi Sotra has been term chartered by BP for work in the UK side of the North Sea. The vessel is now firm with the UK supermajor until the end of October with further various options available. The 4,000 dwt PSV primarily supports the Stena Carron drillship. Seabrokers Group was established in 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 for more information. 2 Seabrokers Group Forusbeen Stavanger Norway

3 DESIGN FEATURE: PAGE 3 STUNNA Page 3 Stunna... Pacific Orca The Pacific Orca is this month s Page Three Stunna - it is a large windfarm installation vessel owned by Swire Pacific Offshore Operations (Pte) Ltd, the parent company of Swire Blue Ocean A/S. Swire has very recently taken delivery of the vessel after she was completed by Samsung Heavy Industries. With a length of 161 metres, a breadth of 49 metres and a depth of 10.4 metres, the vessel is well equipped to carry twelve 3.6 MW wind turbine generators. Danish utility company DONG Energy will be using the vessel to install offshore wind foundations and wind turbine generators in water depths of up to 60 metres. Sister vessel Pacific Osprey is planned to deliver in Northern Europe in the Spring Pacific Orca pic c/o Swire Blue Ocean. DEPARTURES & ARRIVALS August Arrivals - North Sea Spot * (see also Page 7 Newbuilds Table) Maersk Lifter Maersk Tackler Maersk Tracer Departures - North Sea Spot* Havila Fortress Viking Nereus Ex Shell Brazil Ex Saipem Ex Saipem Petrobras - Brazil Lay Up * Vessels arriving or departing North Sea term market for North Sea spot market are not included here. 3 3

4 MARKET ROUNDUP Tigerfish Earns Her Stripes The 5,500 BHP anchor handler Nor Tigerfish has been awarded a contract with an un-named large oil company. The 2007 built Kiam Chian design vessel began the contract in August. The firm period is one year (valued at around USD 9.5 million) with a further two x three months options. Honorable On Course For BP Fratelli D Amato platform supply vessel FD Honorable has been chartered by BP for work in the UK sector of the North Sea. Managed by Gulf Offshore, the UT 755XL has already started the five week contract which will primarily be for support at the deep water oil field Foinaven, West of Shetland. Vessel pictured c/o David Dodds. Producer Primed For BP BP UK were also busy chartering in another vessel but this time to work down in the Southern sector of the North Sea. The VOS Producer PSV commenced work for BP in late August 2012 and will work with the UK supermajor for nine weeks firm with a further four weekly options thereafter. The Vroon Offshore platform supply vessel was built in 2006, has a deadweight of 3,600 tonnes, LOA of 75m, a deck area of 663m2 as well as good underdeck capacity. ENI s Two Vikings ENI Norway have chartered the VS 470 MK II Viking Athene and Viking Fighter for supply duties at the Marulk project. Contract duration is eighty eight days plus options, with commencement due around the 20th September. Both vessels will work the spot market until then. Conocophillips Keep On Trucking Conocophillips UK has chartered the Gulf Offshore UT 705 North Truck for term supply duties. The eighteen month firm contract began in August so the 1983 built PSV should be kept busy through until February Maersk Contractors Take Five Maersk Contractors has contracted the VOS Challenger for ERRV duties for another five years, taking it through to mid The vessel will continue supporting the Maersk Curlew FPSO (pictured) in the Central North Sea however the Challenger will be replaced by a more modern Vroon vessel around November of this year. 2 4

5 DAILY AVAILABILITY - RATES & UTILISATION NORTH SEA North Sea Vessel Availability 22 August PSV 2012 PSV 2011 AHTS 2012 AHTS RATES & UTILISATION North Sea Spot Average Utilisation August 2012 Type Aug 2012 July 2012 June 2012 May 2012 April 2012 March 2012 Med PSV 59% 79% 75% 72% 82% 88% Large PSV 72% 81% 85% 85% 79% 92% Med AHTS 68% 86% 67% 69% 73% 85% Large AHTS 60% 70% 65% 59% 77% 78% North Sea Average Rates August 2012 North Sea Day Rate Levels - Spot Market Aug 2012 Category Average Rate Aug 2012 Average Rate Aug 2011 % Change Category Minimum Maximum All Cargo Runs 6,698 15, % All Cargo Runs 3,500 14,000 Cargo Runs PSV s up to 800M 2 5,457 13, % Cargo Runs PSV s up to 800M 2 3,500 7,750 Cargo Runs PSV s over 800M 2 7,337 19, % Cargo Runs PSV s over 800M 2 4,250 14,000 CNS/NNS/WoS Rig Moves 9,964 44, % Rig Moves Excluding Southern Sector 7,000 16,

6 NEWBUILDINGS, CONVERSIONS, SALE & PURCHASE Premier Pounced Upon Vroon Offshore owned UT 755 LN VOS Premier has been bought by Singapore based Ma Offshore Ltd and will be managed by Chellsea Pte Ltd. The 2010 Cochin built PSV has now been re-named Ma Devi and has been re-flagged to Hong Kong. Ma Devi continues to work the North Sea spot market. The Ma Devi is pictured c/o Oyvind Haaland, Cochin Completion Shipping Corporation of India (SCI) has now received a UT 755 CD platform supply vessel from India s Cochin Shipyard limited. Details of the vessel include an LOA of 79m, a width of 16m, diesel electric propulsion and Clean Design notation from DNV (signifying the highest levels of environmental compliance). It has been christened SCI Nalanda. SCI should receive the next vessel in the series in September Picture c/o Aurora Arrives Esvagt AS has now received their latest ERRV from Astilleros Zamakona shipyard of Spain. This is the third vessel that Astilleros has built for Esvagt. The vessel was designed and built for working in the harsh conditions of the Barents Sea and ENI Norge will use this ERRV on a ten year charter. Jan s Joseph Jan de Nul s latest fallpipe vessel, Joseph Plateau, was launched in early August at the Construcciones Navales de Norte shipyard in Spain. The vessel will be used in the offshore industry on offshore oil and gas projects to precisely dump rocks to a depth of 2,000m. The 191.5metre long Joseph Plateau has a 31,500 tonne loading capacity to enable it to dump 2,000 tonnes of rock per hour at a depth of 2,000 metres. 6 5

7 NEWBUILDINGS, CONVERSIONS, SALE & PURCHASE Tempest Storms Off ITC Towage has sold their 9,350 BHP 1977 built AHT Tempest to the Indus Shipping and Trading Corporation. The vessel has been re-flagged to Panama and has been re-named Indus. The Tempest is expected to work in the southern sector of the North Sea spot market. The Tempest is pictured here c/o Wim Kosten. Harvey s Champion Is Here On the 7th August, Eastern Shipbuilding Group has now delivered the Harvey Champion offshore supply vessel to New Orleans based Harvey Gulf International Marine. This is the third in a series of three 292 ft Tiger Shark class vessels built at this yard for Harvey Gulf, and is the tenth vessel that this yard has built and delivered to these Owners since Harvey Champion is a DP 2, SOLAS approved, FIFI 1 classed, diesel electric vessel with good underdecks, and she is capable of a maximum speed of 14 knots. ADS Arendal Arrives August saw the delivery of the ADS Arendal anchor handler to the Owners, the Pareto related Lion AHTS AS Company. The 5,150 BHP Khiam Chuan Marine designed vessel was built under the survey of Bureau Veritas at Yuexin Ocean Engineering shipyard, China. Cheong Chimes In Malaysia based Nam Cheong has won contracts to sell a platform supply vessel and two anchor handlers, all under construction and due for delivery between the last quarter of this year and the first quarter of The PSV has been sold to a new customer based in West Africa, It will be 75m long, equipped with DP 2, ABS classed and 3,000 deadweight tonne. Both of the AHTS (pictured) will have 5,150 BHP but one is for a Norway based customer that will use the vessel on a long term charter with Petrobras, whilst the other is for an established customer based in the Middle East. Total contract value of the contacts is US$ million. NEWBUILDS DELIVERED THIS MONTH (PREDOMINANTLY EUROPEAN) Vessel Type / Design Owner / Manager Commitment Havey Champion Tiger Shark Harvey Gulf Int l TBA- US Gulf ADS Arendal Khiam Chuan Lion AHTS AS TBA Far East Esvagt Aurora Esvagt ENI Norge SCI Nalanda UT 755 CD SCI TBA India Sanaborg IMSV Wagenborg Caspian 7 7

8 NEWBUILDINGS, CONVERSIONS, SALE & PURCHASE Sanaborg Sails In Wagenborg Offshore has accepted delivery of the 34 ton bollard pull ice-breaking multi-purpose support vessel (IMSV) Sanaborg. This is the first in a series of vessels delivered by Royal Niestern Sander B.V. Delfzijl, specifically for use by the oil and gas industry in the Caspian Sea. The second icebreaker in this series will be called Serkeborg and is expected to be delivered in September Order Inked For Havyard Norway based Havyard Group will design, construct and deliver a next generation Havyard 832 platform supply vessel for an undisclosed client. The contract value is close to NOK 300 million, with delivery due in the second quarter of Damen Design DOC This month Damen Shipyards unveiled a new shipping concept to the market: the Damen Offshore Carrier (DOC) 7500, a specifically designed smaller heavy transport, offshore installation and ro-ro platform suitable for multiple markets. The vessel will be developed in cooperation with Heavy Lift specialist Ha- Ce Engineering Pte Ltd. If built it will have DP2, a deck area of 2,300 m2, deck strength of 20 t / m2 and will be fuel efficient, faster and be able to handle higher sea states than a tug and barge together. Damen s R & D Department s model programs show the DOC 7500 reduces fuel consumption by 50 to 75 % compared to tug-barge combinations. The first of this type of vessel could be delivered in SL Gabon Gets Going On the 24th August Smit Lamnalco launched the SL Gabon, which is the first tug branded under their new corporate identity after the integration of Smit s terminal handling activities with Lamnalco in July last year. This is the first of two newbuilds chartered by Total Gabon for a five year period to provide support offshore and to assist tanker operations at the Cap Lopez terminal in Port Gentil, Gabon. Built by Damen Shipyards Galati in Romania and are Stan Tug 4200 type tugs, rugged twin vessels with 68 tonnes bollard pull. Other details include accommodation for 16 and full air conditioning but these units are also very adaptable as they can be used for towing, pushing, berthing, anchor handling, hydrographical survey, line handling, firefighting, salvage, diving support and pollution control operations. These newbuildings replace two older Damen built vessels and join the 2007 built Smit Manji and Smit Ozouri. 8 8

9 RIG, FPSO, FIELD AND OIL COMPANY The Labours Of Hercules DOF Subsea Asia Pacific has received a Letter of Award for the installation of a FPSO mooring system off India as well as the project management and engineering associated with the hook up and commissioning of the FPSO. The company, which is a subsidiary of DOF ASA, will use the Skandi Hercules to carry out the US $16 million contract during the last quarter of this year. Skandi Hercules is pictured here c/o Frans De Lijster. Take Five From Daewoo The Daewoo Shipbuilding and Marine Engineering Company Ltd has this month announced on the Korea Exchange that it has received an order to build five drilling rigs. The South Korean company which is the world s second largest shipbuilder has advised that the order is from a large scale company and is estimated to be worth $1.95 billion. The drilling rigs should be completed by April 2016 whereupon they will head for African waters. Fourth For Floatel Keppel FELS Limited and Floatel International LTD have now finalised a US$ 315 million contract for Keppel FELS to construct a new generation harsh environment accommodation semisubmersible. This will be Floatel s fourth accommodation semi from Keppel FELS with delivery scheduled for early It will be equipped with DP 3, a large payload and deck area, dual cranes, accommodation for 440 (in single bed cabins), all of which will make it ideal for construction support, maintenance activities or for decommissioning projects. This accommodation semi will meet regulations for use worldwide, including the stringent Norwegian sector. Image c/o Rig Utilisation Location Aug 2012 Aug 2011 Aug 2007 North Sea/Europe 90.8% 88% 100% US Gulf 64.9% 52.5% 77.4% Rig Type Average Rates US$ Semi Sub < 1,500 ft WD $252,000 Semi Sub > 1,500 ft WD $295,000 Semi Sub 4,000 ft + WD $414,000 Drill Ship 4,000 ft + WD $463,000 Jackup IC 300 ft WD $89,000 Jackup IC 300 ft + WD $152,000 Jackup MC 200 ft + WD $69,000 Inactive Rigs Northwest Europe Name Type Status Location Sedco 712 SS Cold Stacked Cromarty Firth JW McLean SS Cold Stacked Cromarty Firth Energy Exerter JU Idle Rotterdam GSP Britannia Ex GSF Britannia JU Idle Teeside 9 9

10 RIG, FPSO, FIELD AND OIL COMPANY NEWS Oil Price vs Rig Utilisation 100% $130 90% 88.8% 87.9% 88.0% 88.9% 90.7% 90.7% 90.7% $ % 90.8% 90.8% 90.8% 90.8% 90.8% $ $120 $ % $ $ $ $ $ $ $ $ $110 70% $ $100 60% 56.0% 58.6% 60.2% 61.9% 62.1% 63.7% 64.9% 64.9% $ % 65.8% 64.9% $90 50% 50.4% 52.6% $80 40% Aug 11 Sep 11 Oct 11 Nov 11 Dec 11 Jan 12 Feb 12 Mar 12 Apr 12 May 12 Jun 12 Jul 12 Aug 12 $70 Average Brent Crude US$ / Bbl European Rig Utilisation US Gulf Rig Utilisation Petrobras Pens P-67 and P Brazil s Petrobras has signed contracts with OSX s Shipbuilding Unit for the conversion of two oil tankers into FPSOs. These vessels, to be named P-67 and P-70, will complete the conversion in 49 months and 60 months respectively. The $900 million deal also includes a further option to order a third FPSO. Once converted and ready, the FPSOs will be moored in Brazil s Santos basin....and Does Deals For Rigs At the start of August Petrobras also announced they had signed contracts with Sete Brasil, Queiroz Galvao, Petroserv, Odebrecht, Odjfell and Seadrill for the chartering and operation of twelve floating drilling platforms (all of which are to be built in Brazil with national content between 55 and 65%.) These twelve rigs are part of a twenty one platform package negotiated with Sete Brasil. Once the rigs are complete they will be chartered by Petrobras for fifteen years. The twelve units will be delivered from 2016 and will be used in the Santos Basin for pre-salt well drilling in depths of up to 3,000 metres with a drilling capacity of 10,000 metres. Ezion Ink Orders Ezion Holdings has this month been awarded a charter contract as well as a letter of intent to provide two service rigs to a European Oil Major for use in the Danish sector of the North Sea. The service rigs are understood to be multi-purpose self-propelled jack up rigs called liftboats. The charter contract is worth up to $80 million over a five year period in which it will provide a third North Sea class service rig to the un-named oil company. It will be on location and working by the end of the year. The letter of intent is worth up to $87.6 million over a four year period and is for provision of an additional rig to be used in the same area. This rig will be deployed and working by mid

11 Seabrokers JDRF Update Once again, many thanks to all of you out who have very kindly already donated and helped us to reach over 1,000. Last chance for those of you who wish to help us add to the total - the Walk To Cure Diabetes at Hazlehead Park, Aberdeen is on the 16th September! Seabrokers Ltd will be there as a team and are one of the sponsors of the event too. Please help us by donating at : JDRFwalktocurediabetes JDRF exists to find the cure for Type 1 diabetes which is a chronic life threatening and life-long condition. Together we can help JDRF find the cure! Thank you! New Group Offshore Analyst Seabrokers Ltd are pleased to announce the arrival of our new Group Offshore Analyst, Paul Dear. Previously with IHS Petrodata, Paul brings a wealth of knowledge, experience, and useful contacts to Seabrokers. Paul will be based in our Westhill office but will liaise with all of the chartering offices within the Seabrokers Group as part of his role. This further enhances our brokering and support team here and we look forward to utilising Paul s skills in data collation and analysis. Conundrum Corner Last month s teaser was pretty easy!: Johnny s mother had three children. The first child was named April. The second child was named May. What was the third child s name? The answer was of course Johnny, not June! The winner of last month s competition is : Celio Wakamatsu CONUNDRUM CORNER, DUTY PHONES The Seabreeze Archive For the current or archive copies of Seabreeze go to: see under Shipbroking / Market Reports. If you wish to Subscribe or Unsubscribe please contact : chartering@seabrokers.co.uk Seabrokers Office Contacts Seabrokers Limited - Aberdeen Seabrokers House, Prospect Road Arnhall Business Park, Westhill Aberdeenshire AB32 6FE, Scotland Duty Telephone (24 Hrs) Duty Mobile Internet chartering@seabrokers.co.uk Seabrokers Chartering AS - Stavanger Forusbeen Stavanger - Norway Duty Telephone (24 Hrs) Internet chartering@seabrokers.no Seabrokers Brasil Ltda - Rio de Janeiro Rua Lauro Muller no 116, Sala 1404, Edificio Rio Sul Center Cep: , Botafogo, RJ - Rio de Janeiro, Brazil Duty Telephone (24 Hrs) Internet rio@seabrokers-group.com Seabrokers Pte Ltd - Singapore 165 B Telok Ayer Street, Singapore Telephone or 0951 Internet chartering@seabrokers.sg Securalift AS - Stavanger Forusbeen Stavanger - Norway Telephone Internet Sea Surveillance AS - Bergen Lønningsflaten Blomsterdalen, Norway Telephone Internet This month, our poser is as follows! : What word in the English Language is always spelled incorrectly? Answers back to chartering@seabrokers.co.uk for a chance to win a bottle of wine

12 NORTH SEA AVERAGE SPOT MONTHLY RATES 40,000 30,000 All Cargo Runs 20,000 10,000 - Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec ,101 5,814 8,871 10,705 12,771 20,450 17,940 15,823 19,222 15,427 12,337 9, ,425 8,624 17,969 18,541 10,990 14,514 10,527 6, ,000 20,000 PSVs < 800M2 15,000 10,000 5,000 - Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec ,536 5,412 8,465 10,355 10,923 19,838 16,574 13,828 16,894 13,023 10,870 8, ,833 7,804 17,121 17,543 9,554 13,017 9,139 5, ,000 20,000 PSVs > 800M2 10,000 - Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec ,639 6,396 9,514 11,330 16,813 20,208 20,309 19,922 19,834 17,263 12,735 9, ,032 9,786 18,983 19,405 11,783 16,014 10,980 7, ,000 70,000 60,000 50,000 40,000 30,000 20,000 10,000 - Rig Moves Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec ,826 10,187 15,347 23,803 17,260 40,000 30,356 44,280 39,295 71,964 20,967 22, ,803 16,448 34,838 37,576 15,229 16,108 22,200 9, ,000 25,000 Average Day Rates To Month (August 2012) 20,000 15,000 10,000 5,000 - All Cargo Runs PSV's <800M2 PSVs >800M2 Rig Moves ,710 10,557 13,102 25, ,679 10,318 12,245 21,