AA6
description
Transcript of AA6
Welcome to the latest edition of the
Braemar Seascope Offshore Asia & Aus-
tralia Vessel Report. The offshore mar-
ket has been particularly active in the
past few months and weeks with a num-
ber of major oil companies positioning
themselves to take advantage of a po-
tential surge in activity.
Amongst a number of interesting deals
is Perenco’s purchase of ConocPhillips’
Vietnam assets. Under the terms stakes
in two offshore blocks and an interest in
the Nam Con Son pipeline will change
hands. Anadarko Petroleum has also
begun the process of marketing its Indo-
nesian offshore assets for sale.
Infrastructure will play a key role in de-
velopment of the offshore markets and
Australia’s plans for the new marine
supply base in Darwin are a necessary
step to gear-up for future increased
demand driven by the Ichthys and work
in the Timor Sea.
Meanwhile, there have also been a
number of newbuild vessel orders and
sales and we are expecting an active
few weeks on the chartering market
going forwards.
We hope you enjoy. Please get in touch
with your questions and comments.
Best regards,
Sean Bate
Market Analysis Manager
Click Here to go to
Online Version
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T here has been a recent flood of newbuild or-
dering taking place at yards in Southeast Asia.
Although there remains a certain degree of
difficulty obtaining credit owners have been
keen to make sure they are in a position to take ad-
vantage of what they feel will be a surge in demand in
the coming months and years.
Swire Pacific Offshore has ordered two 92m AHTS ves-
sels from Singapore Technologies Engineering. These
will join the four IMT-997 PSVs ordered by the firm at
the end of last year from Universal Shipbuilding Corpo-
ration in Japan and the four PSVs to be built in EISA
shipyard Brazil. Meanwhile, the Shipping Corporation
of India has ordered six AHTS vessels with ABG Shipyard
in India which will deliver in 2013 and 2014.
Newbuilds set to arrive on the Southeast Asian market
in the near-term include the first of Sealion Shipping’s
VS-4616 designed AHTS vessels the Toisa Elan due at
the end of May.
Greatship Global Offshore has taken delivery of the
newbuild AHTS Greatship Vimla. The vessel, which has a
bollard pull of around 160t, was delivered in early Feb-
ruary from Drydocks World Singapore. The Conan-Wu
AHTS designed vessel is also equipped with a total BHP
of 6120, DP2 and has been built in compliance with the
new SPS Code 2008. Greatship now has a total of four
PSVs, nine AHTS, three MPSVs and three ROV support
vessels in operation and a further three ROV support
vessels on order in Sri Lanka.
Meanwhile, the STX–09 PSV Brage Trader has recent-
ly been delivered from the Cochin shipyard in India and
is to head for the UK North Sea shortly.
Greatship Vimla
Design: Conan-Wu AHTS
Builder: Drydocks World, SG
BHP: 6120
Bollard Pull: 160t min continuous
Max Deck: 600 square metres
DP: 2
Fresh Water: 720m³
Fuel Oil: 1050m³
Accommodation: 46
For full spec click here
SPEC BOX
Greatship VimlaGreatship VimlaGreatship Vimla
New ArrivalsNew ArrivalsNew Arrivals
Singapore-based Swiber has secured an offshore support vessel contract in the Middle East worth USD 38 million through a joint venture. The charter, which is for an as yet unnamed major oil producer, is for a firm period of three years plus two optional years. In addition the company has secured a number of Offshore Construction Projects which are expected to see the deployment of construc-tion vessels and work barges in the Southeast Asian re-gion.
CH Offshore has announced that it will go ahead with the disposal of the AHTS Coral to a joint venture in which it holds a 49% stake. Following the deal the 12,240 BHP ves-sel will be owned by PT Bahtera Nusantara Indonesia. The other 51% of the joint venture is PT Bahtera Niaga Inter-nasional (BNI) which has secured a charter for the vessel. The Coral is a 2008-built AHTS equipped with DP2 and a bollard pull of around 150t.
Sealion Shipping is expecting the first of its E-Class new-buid AHTS vessels to be delivered and available for char-ter in China at around the end of May. The DP2 Toisa Elan is the first of a series of three VS-4616 designed 220t bol-lard pull vessels due to deliver from China this year. Meanwhile, the owner also has the PSV Toisa Serenade, DSV Toisa Paladin and AHTS Toisa Dauntless available for work in Singapore around the mid to end of March.
Market reports indicate that Topaz is considering whether to reposition a pair of Caspian-based vessels to the Middle East or West Africa. The owner currently has the Topaz Johor and Topaz Jurong on a 12-month charter with Axxis off Nigeria and feels there could be potential for further financially rewarding work for its boats in the region. To-paz has a total of 100 vessels including AHTS, PSVs, Standby Vessels, Pipelay and Tugs under its operatorship.
Africa Considered for Topaz Caspian Boats
CH Offshore’s Coral Secures Charter with JV
Sealion’s Southeast Asian Fleet to Expand
Swiber Secures Vietnam Work
©Copyright Braemar Seascope Offshore 2011
Bumi Armada has been awarded a four-year charter for its AHTS Armada Tuah 102 with Petrobras in Brazil. The Ma-laysian-based shipowner expects the vessel to be formally accepted for delivery in the first quarter of 2012. The total value of the contract, which include four-years worth of options, is circa RM 150 million. The Armada Tuah 102 is a 72.5m AHTS with DP2 and a bollard pull of around 150t. Bumi already has the Armada Tuah 104 working in Brazil. It has been with Petrobras since mid-2011.
Otto Marine has secured a three-year charter for the 7,200 BHP AHTS Beluga 1. The vessel will be operated by Global Workboats and will be deployed off the coast of Nigeria. Including the Beluga 1, Global Workboats will have a total of four offshore support vessels deployed in African waters. The value of the firm period of the time charter is expected to be around USD 20.8 million over the three years with two one yearly options potentially taking the value to around USD 35 million.
Market reports suggest that Global Offshore may sell a 40 per cent stake in its upcoming newbuild PSV in order to finance an additional optional PSV. The first vessel is set to deliver from a Norwegian shipyard in March next year and the option for the second has to be declared by May. Term contracts for four Global Offshore vessels, including two with ONGC, are set to end this year. However ONGC is currently out with a PSV tender with a second PSV ten-der expected in June.
CH Offshore has announced that its subsidiary Offshore Gold Shipping has entered into a two-year bareboat char-ter of the AHTS Aquamarine with a third party. The deal also includes a purchase option for the charterer at the end of the period at a price to be mutually agreed be-tween the parties.
Aquamarine On Two-Year Bareboat Deal
Beluga 1 On Three Year Charter
Armada Tuah 102 Secures 4-Year Term Work
©Copyright Braemar Seascope Offshore 2011
CharteringCharteringChartering
Global Considering Newbuild Options
The New Zealand department of Petroleum and Minerals has proposed to offer 25 onshore and offshore blocks for competitive tender from April 2012. The proposed blocks for 2012 cover approximately 40,285 square kilometres of offshore seabed. The New Zealand authorities are hoping that the new blocks together with its new strategy for marketing the blocks in an “annual block offer” will attract significant inward investment from the international mar-ket.
The Large PSV Skandi Falcon is expected to head to Aus-tralia within the next few days to commence a long-term charter. The vessel has been fixed for 490 days firm plus an additional 190 days of options with an un-named ma-jor Australian company. The UT-705 designed Skandi Fal-con has previously been working in the UK North Sea. The 1990-built vessel is equipped with a deck area of around 844 square metres and total accommodation for 23.
Australian operator Woodside has chartered the AHTS Far Grip for nine months from the beginning of March. The Far Grip is a 1993-built Ulstein UT-722 AHTS equipped with a bollard pull of around 150t and a deck area of 560 square metres. Woodside also currently has the following Farstad AHTS vessels on charter: Far Stream, Far Strait, Far Saltire and Lady Caroline as well as the PSVs Lady Grace and Far Spirit.
A new marine supply base in Darwin has been given the go ahead by the government of Australia’s Northern Terri-tory. The deal will see the construction start in April 2012 with completion expected by the end of 2013. Macmahon will build the base which will be operated by ShoreASCO for up to 20 years. ConocoPhillips has agreed to use the supply base for its existing operations in the Timor Sea and it is also expected that Inpex and Shell will utilise it.
New Marine Supply Base for Darwin
Skandi Falcon Secures Oz Charter
Woodside Fixes Far Grip for 9 Months
New Zealand Publishes 25 Block Offer
©Copyright Braemar Seascope Offshore 2012
Australia/New ZealandAustralia/New ZealandAustralia/New Zealand
The 2005-built diving support vessel MarSol Pride has re-portedly been sold to Tidewater for an undisclosed amount. It is understood the vessel, which has previously been working offshore New Zealand for Unimar, will be renamed Collard Tide. The vessel is a DP1 5,440 BHP ves-sel equipped with a bollard pull of 68t, 4-point mooring and accommodation for 66 personnel.
Swire Pacific Offshore has acquired Bergen-based Seabed AS and has also placed an order for a further two new-build AHTS vessels. As part of the acquisition, Seabed AS will be renamed Swire Seabed AS and they will take own-ership of the MPSV Seabed Worker and high-spec ROVs. Meanwhile, ST Engineering has been awarded a SGD 75m contract for two 92m AHTS that will be SPS 2008 compli-ant. Construction of the vessels will begin in 2013 and is in addition to four AHTS newbuilds announced in June 2011.
Market reports suggest that the Swire Pacific Ariki has been sold to an un-named buyer and renamed Northern Light. The 8,000 BHP 1986-built AHTS is equipped with DP1 and a bollard pull of around 102t. The vessel also has a clear deck of around 396 square metres and is equipped to deal with 100 survivors with the corresponding equip-ment and capacities to UK DOT recommendations.
The Shipping Corporation of India (SCI) has placed an or-der for six AHTS vessels with ABG Shipyard. The vessels, which will be delivered in a phased manner between 2013 and 2014, will be equipped with an 80t bollard pull. The SCI currently has a fleet of 12 vessels with nine of these acquired in the mid-eighties. The new vessels will act as replacements for some of the older existing tonnage on the SCI books. The order is worth circa USD 101.40M.
SCI Orders Six AHTS Vessels From ABG
Swire Pacific Offshore Expands Fleet
Swire Pacific Ariki Sold
MarSol Pride Goes to Tidewater
©Copyright Braemar Seascope Offshore 2011
Newbuilds & SalesNewbuilds & SalesNewbuilds & Sales
Oceanteam’s large construction support vessel CSV South-ern Ocean is now expected to continue its existing bare-boat charter with Fugro TSM Australia until the end of 2015. Under the original contract the vessel’s charter was set to expire at the end of 2013. The CSV Southern Ocean is jointly owned between Bourbon Offshore Norway AS and Oceanteam Shipping ASA. The 2010-built vessel is equipped with a 250t crane, moonpool and has accommo-dation for up to 120 personnel.
Technip has been awarded a pipeline contract by Wood-side Energy for work on the Greater Western Flank Phase 1 project 130km North West of Karratha in Western Aus-tralia. The project will see offshore installation carried out by the Global 1200 or Global 1201 vessels which recently joined Technip following the company’s acquisition of Global Industries. The pipeline will link the Goodwyn GH and Tidepole field via a subsea tieback to the existing Goodwyn platform.
McDermott has announced that its Australian subsidiary has been awarded a subsea field development contract for Inpex’s Ichthys project. The contract value is under-stood to be around USD 2 billion and represents the larg-est subsea contract that McDermott has been awarded. The susbsea vessel North Ocean 102 wil be used to carry out the work along with the Emerald Sea. Heerema’s new-build heavy lift and pipelay vessel Aegir will also be uti-lised for part of the workscope.
Havila Shipping has had its contract for the subsea vessel Havila Harmony with Fugro TSM extended by two years. The vessel is now expected to continue working in Aus-tralia until around March 2014 with two optional one years options that could potentially take the charter through to March 2016. The Havila Harmony is an MT-6010 designed vessel equipped with a 150t crane, moonpool, helideck and accommodation for around 80.
Havila Harmony Extended with FugroTSM
Woodside Work for Technip
Ichthys Work for North Ocean 102
Extension for CSV Southern Ocean
©Copyright Braemar Seascope Offshore 2011
SubseaSubseaSubsea
PricePrice Oil Oil Oil
$0
$20
$40
$60
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Oil Price 2005Oil Price 2005Oil Price 2005---201220122012
$0
$20
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Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12
Oil Price Jan 2011Oil Price Jan 2011Oil Price Jan 2011––– Jan 2012Jan 2012Jan 2012
DayratesDayrates PSV PSV PSV
SPECS BOX
£8,852
£24,375
£20,701
£8,465
£6,941
£15,833
£18,314
£11,743
£6,764
£23,008
£15,406
£6,950£5,980
£14,070
£15,218
£10,335
£0
£5,000
£10,000
£15,000
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£25,000
£30,000
Q1-2010 Q2-2010 Q3-2010 Q4-2010 Q1-2011 Q2-2011 Q3-2011 Q4-2011
Average North Sea PSV Spot Rates by Quarter
Large PSVs (700m2+ Clear Deck) Medium PSVs (500-700m2 Clear Deck)
£8,164
£41,273
£15,833
£8,392 £10,436
£28,265
£40,070
£42,534
£7,187
£28,017
£18,667
£7,250£8,434
£20,029
£28,429
£26,189
£0
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£10,000
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£25,000
£30,000
£35,000
£40,000
£45,000
Q1-2010 Q2-2010 Q3-2010 Q4-2010 Q1-2011 Q2-2011 Q3-2011 Q4-2011
Average North Sea AHTS Spot Rates by Quarter
Large - AHTS (16,000+ BHP) Medium - AHTS (12-15,999 BHP)
DayratesDayrates AHTS AHTS AHTS
Average North Sea Spot Average North Sea Spot Average North Sea Spot
AHTS Rates AHTS Rates AHTS Rates
2010/2011 By Quarter2010/2011 By Quarter2010/2011 By Quarter
Average North Sea Spot Average North Sea Spot Average North Sea Spot
PSV Rates PSV Rates PSV Rates
2010/2011 By Quarter2010/2011 By Quarter2010/2011 By Quarter
DayratesDayrates PSV PSV PSV
£0
£5,000
£10,000
£15,000
£20,000
£25,000
£30,000
£35,000
Large PSVs (700m2+ Clear Deck)2010
Medium PSVs (500-700m2 ClearDeck) 2010
Large PSVs (700m2+ Clear Deck)2011
Medium PSVs (500-700m2 ClearDeck) 2011
£0
£10,000
£20,000
£30,000
£40,000
£50,000
£60,000
£70,000
£80,000
£90,000
Large - AHTS (16,000+ BHP) 2010
Medium - AHTS (12-15,999 BHP)2010
Large - AHTS (16,000+ BHP) 2011
Medium - AHTS (12-15,999 BHP)2011
DayratesDayrates AHTS AHTS AHTS Average North Sea Spot Average North Sea Spot Average North Sea Spot
AHTS Rates 2010/11AHTS Rates 2010/11AHTS Rates 2010/11
Average North Sea Spot Average North Sea Spot Average North Sea Spot
PSV Rates 2010/11PSV Rates 2010/11PSV Rates 2010/11
£0
£5,000
£10,000
£15,000
£20,000
£25,000
£30,000
£35,000
£40,000
Jan
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Jan
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No
v-1
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Large PSVs (700m2+ Clear Deck) Medium PSVs (500-700m2 Clear Deck)
DayratesDayrates PSV PSV PSV
SPECS BOX
£0
£20,000
£40,000
£60,000
£80,000
£100,000
£120,000
£140,000
Jan
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Ma
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Ma
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Jan
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Ma
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Jan
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Ma
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Jul-
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Large - AHTS (16,000+ BHP) Medium - AHTS (12-15,999 BHP)
DayratesDayrates AHTS AHTS AHTS
Average North Sea Spot Average North Sea Spot Average North Sea Spot
AHTS Rates 2004AHTS Rates 2004AHTS Rates 2004---201120112011
Average North Sea Spot Average North Sea Spot Average North Sea Spot
PSV Rates 2004PSV Rates 2004PSV Rates 2004---201120112011
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Braemar Shipping Services PLC, a leading
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Regular advances in technology mean our
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From offices in London, Aberdeen, Singa-
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Contact
Us Sean Bate
Market Analysis
Manager
25 Carden Place
Aberdeen
AB10 1UQ
UK
Phone:
+44 (0)1224 628470
Fax:
+44 (0)1224 621444
E-mail:
research
@seascope.co.uk
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