January 2008 .pdf - Marcon International, Inc. · Marcon International, Inc. Supply Vessel Market...

Marcon International, Inc. Vessels and Barges for Sale or Charter Worldwide

www.marcon.com

Details believed correct, not guaranteed. Offered subject to prior sale or charter.

P.O. Box 1170 9 NW Front Street, Suite 201 Coupeville, WA 98239 U.S.A. Telephone (360) 678 8880 Fax (360) 678-8890 E Mail: [email protected] http://www.marcon.com

January 2008

Supply & Tug Supply Boat Market Report Following is a breakdown of available supply and tug supply vessels we currently have as shipbrokers officially listed for sale worldwide. Not included are those available on a private and confidential basis.

Tug Supply Boats

Up Since Last Report Down Since Last Report Market Overview Of 8,176 vessels and 2,893 barges tracked by Marcon, 1,805 are supply and tug supply boats. Tug supply boats officially on the market for sale has decreased from 87 to 82 vessels over the one year period since January 2007, and is up one vessel from October 2007. At the time of this report, 17 tug supply boats for sale were either built within the last 10 years or are newbuilding re-sales. 68.3% of the tug supply boats are 25 years of age or over. Counter-balancing these “old ladies” are 10 newbuilding resales, in the 3 – 12,000BHP range, scheduled for delivery in 2008 and 2009. Other vessels not officially on the market may be able to be developed on a private and confidential basis. 57.7% of foreign and 97.2% of U.S. flag supply / tug supply boats we have officially listed for sale are direct from Owners. For the year 2007, actual sales price of all vessels and barges sold by Marcon averaged 92.71% of asking price. 2006’s average sales price to asking price was 94.49%.

Under 3,000HP

3,000 – 4,000HP

4,000 – 5,000HP

5,000 – 6,000HP

6,000 – 7,000HP

7,000 – 8,000HP

8,000 – 9,000HP

9,000 – 10,000HP

10,000 – 12,000HP

12,000HP Plus

Total

Feb 1997 12 26 19 19 8 14 9 0 2 2 110 Jan 1998 8 20 7 11 6 8 3 0 0 4 67 Jan 1999 5 20 9 9 4 5 5 0 0 2 59 Jan 2000 5 20 14 10 8 15 8 0 0 2 82 Jan 2002 7 18 15 10 7 19 8 1 2 2 89 Jan 2003 9 15 15 6 6 13 5 3 1 3 76 Jan 2004 5 13 8 9 6 10 7 2 8 14 82 Jan 2005 10 13 13 26 9 11 6 3 3 14 108 Jan 2006 8 22 18 13 6 7 5 4 2 10 95 July 2006 7 20 11 18 7 7 7 4 2 6 89 Oct 2006 6 22 10 19 7 8 8 4 3 8 95 Jan 2007 8 18 7 17 8 8 6 3 2 10 87 Apr 2007 8 19 7 15 8 8 4 3 1 10 83 July 2007 8 20 6 17 8 8 4 2 1 10 84 Oct 2007 5 22 6 16 9 7 2 1 2 11 81 Jan 2008 – Worldwide 3 21 8 17 8 8 1 0 3 13 82 Jan 2008 - U.S. 0 4 1 2 0 0 0 0 0 0 7 Jan 2008 – Foreign 3 17 7 15 8 8 1 0 3 13 75 Avg. Age Worldwide 1972 1984 1979 1990 1985 1980 1983 - 1991 1987 Avg. Age U.S. - 1981 1975 1975 - - - - - - Avg. Age Foreign 1972 1984 1979 1992 1985 1980 1983 - 1991 1987 For Charter Worldwide 6 8 15 18 2 8 7 5 10 20 99 For Charter U.S. 0 0 0 1 0 0 0 0 0 0 1 For Charter Foreign 6 8 15 17 2 8 7 5 10 20 98

Marcon International, Inc. Supply Vessel Market Report – January 2008

www.marcon.com


2

Breakdown of Tug Supply Vessels For Sale by BHP and Year Built

Built 2000-2999

3000-3999

4000-4999

5000-5999

6000-6999

7000-7999

8000-8999

10000-10999

12000-12999

14000-14999

15000-15999

18000-18999 Total

Unk 1 1 2 1 5 1969 1 1 1970 1 1 1971 1 1 2 1972 1 1 1973 3 1 1 5 1974 2 1 1 1 5 1975 1 1 2 3 7 1976 3 1 2 2 8 1978 1 1 1979 2 1 3 1980 2 2 1981 1 1 2 1982 2 3 2 1 8 1983 1 1 1 1 2 2 2 10 1984 1 1 1985 1 1 1986 1 1 1987 1 1 2003 1 1 2004 1 1 2005 1 1 2006 1 1 2007 2 1 3 2008 2 4 1 7 2009 2 1 3 Total 3 21 8 17 8 8 1 3 8 3 1 1 82

Breakdown of Supply Vessels by Length Overall (In Feet) and Year Built

Built 120-130

130-140

150-160

160-170

170-180

180-190

190-200

200-210

230-240

260-270

280-290 Total

1966 1 1 2 1967 1 1 1969 1 1 1971 1 1 1972 1 1 1973 1 1 2 1974 1 1 1975 2 2 1976 1 1 2 1977 1 1 2 1978 1 2 3 1979 1 8 1 10 1980 1 1 2 1981 1 2 3 1982 1 2 3 1983 1 2 1 4 1984 1 1 1986 1 1 1990 1 1 1991 1 1 2 1998 1 1 2007 1 1 1 3 2008 1 1 2 Total 1 1 2 7 5 23 3 4 1 1 3 51

The number of platform supply boats for sale decreased from 70 to 51 since January 2007. There was a two vessel increase since the last report in October 2007. As of the time of this report, Marcon has available five


www.marcon.com


3

supply boats built within the last ten years, which includes two newbuilding re-sales scheduled for delivery in 2008. 40 PSVs, or 78.4%, are 25 years of age, or older, with the two oldest PSVs being built in 1966.

Platform Supply Boats Under 150 – 160 – 170 – 180 – 190 – 200 - 220 – 240’ 150’* 160’ 170’ 180’ 190’ 200’ 220’* 240’* Plus

Total

Feb 1997 7 1 5 7 13 8 6 29Jan 1998 2 1 7 5 5 0 5 25Jan 1999 2 2 6 5 7 3 6 31Jan 2000 2 3 13 12 17 4 9 60Mar 2001 4 5 16 12 16 3 3 59Jan 2002 2 6 17 12 17 2 5 61Jan 2003 4 7 20 16 22 5 5 79Jan 2004 2 7 13 10 32 7 19 90Jan 2005 2 6 15 9 67 16 8 5 4 132Jan 2006 5 3 12 7 60 9 7 6 6 115Apr 2006 3 3 7 7 54 9 5 8 7 103Jul 2006 5 3 8 6 42 7 5 8 5 89Oct 2006 5 2 6 4 40 9 6 8 6 86Jan 2007 6 1 8 5 29 6 3 8 4 70Apr 2007 5 1 5 5 24 2 4 5 2 53Jul 2007 5 1 4 6 22 2 5 3 2 50Oct 2007 2 1 8 5 25 3 4 2 3 53Jan 2008 – Worldwide 2 2 7 5 23 3 4 1 4 51Jan 2008 - U.S. 0 1 3 2 18 3 1 0 1 29Jan 2008 – Foreign 2 1 4 3 5 0 3 1 3 22Avg. Age Worldwide 1976 1994 1979 1983 1979 1987 1984 2007 1985Avg. Age U.S. - 1980 1978 1978 1978 1987 1979 - 1976Avg. Age Foreign 1976 2007 1979 1987 1982 - 1986 2007 1988For Charter Worldwide 2 2 4 7 5 0 0 6 9 35For Charter U.S. 1 0 0 3 1 0 0 0 1 6For Charter Foreign 1 2 4 4 4 0 0 6 8 29

Up Since Last Report Down Since Last Report The USA remains the dominant location for second hand tonnage with 28.9% of the vessels for sale. South East Asia, Mid East, Europe and Africa combined make up 50.8% of the market. The rest of the globe makes up the final 20.3% of locations. CAT and EMD are the principal main engine suppliers to this sector and power 29 and 26, respectively, of the Supply & Tug Supply Vessels listed for sale, followed by GM’s in 8 vessels. MAK leads the foreign manufacturers with 10, followed by Yanmar in eight and 50 units powered by other various engines. In addition to those for sale, Marcon has 134 straight supply and tug supply vessels listed for charter worldwide, down from 138 in October 2007.

Platform & Tug Supply Locations

Europe10.2%

Africa9.4%

Far East7.8%

By Arrangement0.8%

Caribbean2.3%

Mediterranean2.3% South Pacific

1.6%

Mid East11.7%

U.S.28.9%

Southeast Asia19.5%

Latin America3.1%

Canada2.3%


www.marcon.com


4

Crude Oil Prices

US$ May 07 Jun 07 Jul 07 Aug 07 Sep 07 Oct 07 Nov 07 Dec 07 WTI - Cushing, Oklahoma $63.45 $67.49 $74.12 $72.36 $79.91 $85.80 $94.77 $91.69

Brent - Europe $67.21 $71.05 $76.93 $70.76 $77.17 $82.34 $92.41 $90.93 Source: Energy Information Administration, Office of Oil and Gas.

Natural Gas

Est. Average Wellhead Prices May 07 Jun 07 Jul 07 Aug 07 Sep 07 Oct 07 Nov 07 Dec 07 Price ($ per Mcf) $6.98 $6.86 $6.19 $5.90 $5.61 $6.25 $6.37 $6.53 Price ($ per MMBtu) $6.80 $6.67 $6.02 $5.73 $5.45 $6.07 $6.19 $6.35

Source: Energy Information Administration, Office of Oil and Gas. Worldwide Sale & Purchase News

The Maersk Company Canada Ltd on 26 November 2007 delivered AHTS “Maersk Bonavista” to new owners Drive Bonavista AS (Rolv Berg Drive). The vessel will be renamed “Drive Bonavista”

Brokers report that the AHTS “Ocean Knarr” (built 1985 - 8,640bhp) has been delivered to its new owners, Polskie Ratownictwo Okretowe. The vessel is on contract to StatoilHydro until September 2008.

Deep Sea Supply (DSS) entered into an agreement with TMM in Mexico for the sale of platform supply vessel (PSV) “Sea Trout”. The agreed sale price is in excess of $36 million, minus normal commissions, and delivery is expected in January 2008. Despite the sale of “Sea Trout”, DSS said its plans for further growth within the offshore supply sector remains unchanged. The “Sea Trout” was delivered in January 2007 and was the first vessel delivered from Cochin Shipyard Ltd. in Kerala, India, to DSS. The PSV is one of five vessels included in a DSS sale and leaseback transaction with Ship

Finance International entered into in September 2007 when the vessel was sold at a price of $29.5 million with a seller’s credit of $2.5 million. DSS will buy out the vessel from the existing sale and leaseback transaction. The sale will release a net cash surplus to DSS of approximately $9 million; profit from the sale will be booked in the first quarter of 2008. In other news, Deep Sea Supply Plc completed the second sale and leaseback transaction with Ship Finance International Limited (SFI) for the two AHTS vessels “Sea Bear” and “Sea Leopard”. The vessels were delivered to SFI (or affiliates) on 7 January 2008 and the parties entered into an interest rate swap transaction on 8 January 2008 for the initial 4 years of the transaction at attractive terms which resulted in the following reduced bareboat rates:

Years B/B rate per AHTS vessel 1-2 $19,520 per day 3-4 $17,736 per day


www.marcon.com


5

West Africa based Hydrodive are reported to have purchased “Kommander Subsea 2000” (RSV, built 1986, 68.5m. x 11.5m.) from Subsea 7. Vroon Offshore Services added a new vessel to its North Sea field support and emergency response fleet. The

company acquired the “Caledonia Master”, a multi-function offshore support ship that is presently in the first year of a 10-year contract with Chevron Upstream Europe. The vessel, acquired from Caledonia Shipping Limited, is undertaking emergency response and field support duties in the Captain Field, 68 miles north of Aberdeen. Built in 1994 and converted in 1996, the “Caledonia Master” is equipped with one daughter craft and two fast rescue crafts. It has a deck capacity of 330 square meters, and accommodation for 15 crew and 12 passengers. "The acquisition is the latest strategic move by

the company, and is a further indication of the significant investment programmed, through acquisitions and new builds, to grow its North Sea presence," Aberdeen-based Commercial Director George Maxwell said. Rem Offshore ASA has entered into an agreement with BUE Marine Limited to sell a vessel under construction at the Simek AS yard. The PSV is of UT755LN design, with delivery scheduled for June 2008. The sale will see a profit of approximately NOK 36 million for Rem. Charter Helix Energy Solutions’ wholly-owned subsidiary Canyon Offshore, has been awarded a $160 million, three-year contract by an E & P operator in South East Asia, to provide the M/V “Olympic Canyon” a DP II multipurpose vessel for offshore inspection, repair and maintenance operations. “Olympic Canyon” is scheduled to commence work in April 2008 and will support client's numerous offshore projects. The vessel will be outfitted with two deepwater 150 HP TRITON XLS work class ROV systems, a variety of intervention tooling and support equipment, and a 140 mT active heave compensated crane. Canyon has recently grown its fleet of chartered vessels with the addition of two new Norwegian built vessels, the “Olympic Canyon” and sister ship “Olympic Triton”. Canyon has also added the “Island Pioneer” to its fleet. All three vessels are state of the art deepwater multipurpose vessels, exceeding 300’ in length. In addition Canyon has the “Northern Canyon” and the “Seacor Canyon” in its fleet of long term chartered deepwater ROV intervention vessels. Canyon operates the vessels in the European, Asian, and Americas regions and is actively bidding projects in all active offshore energy markets worldwide. Canyon is also looking for two additional multipurpose vessels to meet current demand. Bart Heijermans, Helix's Executive VP and COO, stated, "This is the third significant international deepwater contract we have been awarded in as many months. These contracts have added over $300 million to our rapidly growing deepwater contracting backlog, which now extends into 2011. Canyon has become very successful at bundling third party vessels with their robotic assets to provide key customers with a full suite of subsea intervention."

Photo © Terje Moen


www.marcon.com


6

Hallin Marine signed a three year charter on a new subsea operations vessel with Seacor Marine (Asia) Pte Ltd, part of Seacor Holdings. Hallin will take delivery of the new build “Seacor Penrith” in the second quarter of ‘08 and use the vessel to support its diving and Remote Operated Vehicle ops. The 67-m, dynamically positioned (DP2) vessel, has on board accommodation for 52 personnel and is fitted with a 20T SWL active heave compensated subsea crane. The “Seacor Penrith” will strengthen Hallin's capabilities and provide another platform from which it can carry out offshore construction, inspection, repairs and maintenance of new and existing oil and gas fields.

Superior Offshore International has signed a letter of intent with Hornbeck Offshore for ownership of the “Superior Achiever”, a DP-III deepwater construction and dive support vessel that is expected to be delivered in late 2008. This transaction would enable Superior Offshore to pay off its current term loan obligation and significantly reduce its 2008 capital requirements. Hornbeck Offshore, an international provider of offshore supply vessels serving the offshore oil and natural gas industry, would agree to time charter the “Superior Achiever” or another acceptable vessel to Superior Offshore for a five-year term, with Superior Offshore having the option to terminate the charter on a six-month rolling basis. The letter of intent also provides that Superior Offshore and Hornbeck Offshore would agree to negotiate in good faith toward the establishment of a non-exclusive joint marketing and cooperation agreement and that the parties would endeavor to seek mutually beneficial business opportunities utilizing the complementary joint resources of both parties. Under the letter of intent, Superior Offshore expects to realize proceeds of over $70.0 million from the sale of the vessel, which would be used to repay in full the $55.0 million, plus interest and any other obligations, currently outstanding under its existing senior secured term loan with Fortis Capital Corp. Superior Offshore expects to use the balance of the proceeds for general corporate purposes. Upon consummation of the sale, Superior Offshore expects to have no outstanding term debt. In addition, it expects that its previously projected capital expenditures for 2008 will be reduced by over $30.0 million as a result of selling the “Superior Achiever”. The letter of intent is exclusive and non-binding, except as to certain limited provisions, and is subject to the parties' further agreement with respect to certain material terms and the execution of definitive agreements relating to the sale and charter of the vessel. Superior Offshore expects to close the sale on or before January 21, 2008. Siem Meling Offshore, a 51% owned subsidiary of Siem Offshore, has terminated the five-year contract it held for the PSV “Siem Sailor” that was first announced on May 15th 2007, which was scheduled to commence during the first quarter of 2008. Siem Offshore said its contract partner "has not complied with its contractual obligations." The vessel was delivered in December 2007 and is currently working in the North Sea spot market.

Garware Offshore Services Ltd's contract with British Gas, which comes up for renewal in January, will be negotiated at rates 15-20% higher, Sandeep Akolkar, Finance President said. "There is tremendous shortage of platform supply vessels and overall rentals have gone up and we will renew the contracts at 15-20 per cent higher rates from the current contract rate of $14,500 a day,'' Akolkar said. Garware - with a fleet size of six vessels including two platform supply vessels and four anchor handling tug cum supply vessels - does not expect any other

vessel lease to come up for renewal in the near- to-medium-term. Garware Offshore leases a platform supply vessel - M/V “Everest” - to British Gas Exploration and Production India Ltd.


www.marcon.com


7

Maersk Oil has contracted two modern platform supply vessels from Havila Shipping ASA for a long-term agreement. The vessels are a Havyard 832 CD design and will be delivered to Maersk during the summer or fall of 2009. The asking price for contracting each vessel is listed at NOK 240 million and NOK 260 million. The duration of the agreement is a firm five years, plus three one-year options, further strengthening business relations between the two companies. New Construction, Shipyard and Conversion News New construction continues at a rapid pace. According to “Fairplay”, as of mid- January 2008, there were 11,348 ships over 299GRT on the World Orderbook. Of the 11,348 ships recorded on order, 727 are Offshore Supply Vessels and 173 are designated as “Offshore – Other”. Of the 727 OSVs under construction, China leads the order book with a total of 121 OSVs being built. They are followed by the U.S. at 81 and India at 76 OSVs under construction; Singapore 60; Indonesia 53; Romania 48; Malaysia 42; Norway 39; Poland 29; the Netherlands and Spain 23 each; Italy 19; Japan 17; Brazil 16; Turkey 12; Ukraine 10; South Korea 9; Vietnam 8; Germany 6; Sri Lanka 5; Russia and UAE 4 each; France, Iran and Thailand 3 each; Australia, Chile, the Faeroe Islands, South Africa, Saudi Arabia and the U.K. 2 each; and Argentina with 1.

Worldwide Offshore Supply Vessels On Order Over 299 GRT

0

20

40

60

80

100

120

Chi

naU

SAIn

dia

Sing

apor

eIn

done

sia

Rom

ania

Mal

aysi

aN

orw

ayPo

land

Net

herla

nds

Spai

nIta

lyJa

pan

Bra

zil

Turk

eyU

krai

neS

Kor

eaVi

etna

mG

erm

any

Sri L

anka

Rus

sia

UA

EFr

ance

Iran

Thai

land

Aus

tral

iaC

hile

Faer

oe Is

land

sS

Afr

ica

Saud

iAra

bia UK

Arg

entin

a

Credit: Fairplay New buildings Online 01/08 116 of the OSVs are still showing as scheduled for delivery in 2007. It is not known yet how many of these actually delivered prior to the end of the year versus how many have slipped to delivery in Spring 2008.


www.marcon.com


8

Delivery Dates Worldwide Orderbook

For Offshore Supply Vessels Over 299 GRT

0

25

50

75

100

125

150

175

3Q 2

007

4Q 2

007

1Q 2

008

2Q 2

008

3Q 2

008

4Q 2

008

1Q 2

009

2Q 2

009

3Q 2

009

4Q 2

009

1Q 2

010

2Q 2

010

3Q 2

010

4Q 2

010

1Q 2

011

2Q 2

011

3Q 2

011

4Q 2

011

1Q 2

012

2Q 2

012

Credit: Fairplay New building Online 01/08

CAT power lead by far propulsion packages with engines in 153 OSVs followed by MaK in 93, Bergens in 81, Cummins in 68, Wartsila 47, MAN-B&W 34, Niigata 26, Yanmar 15, M.T.U. 8, A.B.C. and EMD 5 each, Alpha and Scania 2 each, and General Electric, Rolls Royce and Weifang in 1 each. Engines were not listed for 185 OSVs.

Summary of Engines Worldwide Offshore Supply VesselsOrderbook Over 299 GRT

0

25

50

75

100

125

150

175

200

Unk

now

n

Cat

erpi

llar

MaK

Berg

ens

Cum

min

s

War

tsila

MAN

-B&W

Niig

ata

Yanm

ar

M.T

.U.

A.B.

C.

EMD

Alph

a

Scan

ia GE

Rol

ls R

oyce

Credit: Fairplay New building Online 01/08 The highest portion of OSVs over 299GRT being built worldwide are in the 4 – 5,000HP category with 111 OSVs, or 15.3% of those OSVs where the horsepower is listed. Closely followed by 12.9% being built in the over 10,000HP category and 12.0% in the 3 – 4,000HP category. Only 2 OSVs are shown under 1,000BHP, but this is most likely because most of the OSVs being built in this horsepower range will be under 299GRT.

Summary of Horsepower – Fairplay Worldwide Offshore Supply Vessels Orderbook Over 299GRT Under 1,000 – 2,000- 3,000- 4,000- 5,000- 6,000- 7,000- 8,000- 9,000- Over

1,000HP 1,999HP 2,999HP 3,999HP 4,999HP 5,999HP 6,999HP 7,999HP 8,999HP 9,999HP 10,000HP Unk. Total

OSVs 2 24 50 87 111 77 27 28 23 18 94 186 727


www.marcon.com


9

Orders ABG Shipyard Ltd has informed that Lamnalco Ltd, Cyprus placed repeat order for 2 vessels amounting to US$ 34.20 million. The vessels will be a 53m LOA, 80T BP Azimuthing Production Support Vessel. The vessel is designed to be used for tow / move derrick / lay barge / rigs, tanker handling and berthing with push / pull capability, anchor handling duties, move equipments and materials between barge and shore, external fire fighting, maintenance and pollution control, etc. ABG Shipyard has to date constructed and delivered 7 vessels to Lamnalco and further 5 vessels are under construction. Swire Pacific Offshore Holdings Limited ordered eight new "P" Class Anchor Handling Tug Supply vessels from mainland Chinese shipyard Qingdao Qianjin Shipyard. This is the first time that the Singapore-headquartered offshore and gas services supplier has placed an order with a Mainland shipyard. Commenting on the contract, Swire Pacific Executive Director Philip Chen said, "Swire Pacific Offshore has selected Qingdao Qianjin Shipyard to build its latest newbuildings after an exhaustive global search, and given that SPO's fleet already includes some of the most state-of-the-art vessels operating anywhere in the industry, the decision reflects our confidence in the increasing sophistication and quality of workmanship available in Mainland shipbuilding yards." The IMT957 design vessels, worth a combined $100m, are scheduled for delivery to Swire Pacific Offshore Holdings between 2010 and 2011. The 4,800HP AHTSs are estimated to cost approximately $100m and will boost Swire’s fleet to 86 vessels.

Simon Møkster Shipping placed an order for a PSV of Havyard 832CDRS design with Simek, Norway. The vessel will have DP 2, FiFi, NOFO 2005, 78.6m LOA, 17.6m beam and 755m2 deck area. The contract price is approximately NOK 295 million and delivery is scheduled for October 2009. The vessel has been fixed to BP, Norway for 5 years for about NOK 130,000.

Tidewater has reportedly placed an order for four additional AHTS at Remontowa Shipyard in Poland. The company has several vessels on order from same yard, and the next to be delivered will be named “Kehoe Tide”, which is similar to the “Thompson Tide”, with 10,000bhp and 120t bollard pull. Court Ramsay, President and CEO of Lafayette, La. based Aries Marine Corporation, announced in a joint statement with Eastern Shipbuilding Group that a Letter of Intent has been signed to begin construction of two Tiger shark class PSVs. The first vessel will be named “Dwight S. Ramsay” after CFO/owner and founder of Aries Marine. The “Dwight S. Ramsay” will be Eastern Shipbuilding and Aker Yards’ latest innovation in a high capacity, fuel efficient, environmentally friendly PSV design. The Aker PSV 23 DE design is an AC diesel electric, twin Z-drive, ABS, A-1 AMS, DP-2, Solas, offshore service vessel. At 284’ x 62’ x 22’ the “Dwight S. Ramsay’s” double hull will exceed the new IMO regulations concerning vessels transporting fuel, drilling fluids or other pollutants and provide massive below deck capacities. The “Tiger” shark diesel electric design will provide Aries Marine’s customers with more than 15,000 barrels of liquid mud capacity along with methanol and voluminous dry bulk. With an engine room placed forward and on the main deck level, the vessel’s below deck space is opened up to accommodate a new, larger and environmentally sensitive tank arrangement with a design that conforms to the new laws in letter and in spirit. No fuel, mud or other pollutants, in any amount, will touch the outer skin in this boat. In addition, the environmentally friendly vessel with its large generator package offers the customer spare power to run many different operations. These options include ROV units, accommodation modules and pipeline treatment systems. Although Aries Marine’s new builds will be capable and classed for International Operations, the vessels are expected to join the existing fleet of 28 vessels in the Gulf of Mexico.


www.marcon.com


10

Vroon Offshore Services (VOS) ordered four additional field support vessels – with an option for a further two – as the next phase of its fleet investment program. The order for the IMT 955L field support vessels has been placed with the Astilleros Zamakona Pasaia S.L. shipyard in Spain. This latest order brings the total number of new-build IMT 955 field support vessels ordered from Zamakona to 13. Three vessels have been delivered to date in 2007 and a fourth is to be delivered this month. T he remaining nine vessels are scheduled to become operational during the period 2008 to 2011. All of the vessels can provide both deck and under deck cargo support, in addition to emergency response and rescue cover for multiple offshore installations, utilizing their daughter craft and fast rescue craft. All are powered by diesel electric propulsion systems. In addition to the 13 Field Support Vessels, VOS has four T Class conventional emergency response and rescue vessels (ERRVs) on order from Damen in Holland, with two being delivered in 2007 and two in 2008. Graham Philip, Chief Executive Officer of Vroon Offshore Services' UK operations, said: "This latest order brings Vroon's total investment program in the ERRV sector to more than £110million (Euro 150 million) and clearly demonstrates Vroon's commitment to, and confidence in, this important market." Fugro signed a contract with BMV (Bergen Yards) in Norway for building two new vessels. The contract consists of building one seismic vessel and one ROV offshore construction support vessel with a combined value of around EUR 150 million. The first ship is a seismic vessel and the vessel will be outfitted at BMV (Bergen Yards) in Bergen, Norway. The vessel will have a length of 108m and a maximum breadth of 28m and will be equipped with 16 tow points and the latest and most advanced seismic technology. The vessel will be delivered to Fugro in August 2010 and will operate world wide. The second vessel is a DP II ROV/offshore construction support vessel. This vessel will also be outfitted at BMV (Bergen Yards) and will have a length of 111m and a breadth of 24m. This vessel will contain all necessary equipment needed to perform a wide range of subsea activities and will be delivered to Fugro in December 2010. The contract also includes an option for a third vessel for delivery in 2011. The vessels are of the same design as the recently launched “Geo Celtic” (seismic) and the two vessels presently under construction for Fugro at the Bergen Yards, “Fugro Saltire” (ROV support) and “Geo Caribbean” (seismic). The new vessels will secure increased capacity for Fugro and ensure a solid contribution to the longer term fleet renewal program already in progress. Rolls-Royce has won $140m of business on its largest ever offshore marine contract, taking the total order value to $310m. In June 2007, Rolls Royce announced a $166 million contract to deliver designs and equipment for six new Rolls-Royce offshore service vessels to Nordcapital, which will be operated on their behalf by OSM Schiffahrt. The new order win covers a further four ships. The vessels - designed by Rolls-Royce and incorporating a range of its marine equipment, including diesel engines, deck machinery, thrusters and dynamic positioning systems will be built by the Korean yard Sekwang. The four UT 786 CD deep water anchor handling vessels are Rolls-Royce UT-Design ships which have been highly successful in the commercial shipbuilding market, with over 500 vessels built since the mid 1970s and around 100 currently on order. Maridive and Oil Services S.A.E. Egypt placed repeat order worth $46 million for an additional two vessels with ABG Shipyards. The vessels will be twin screw 72m LOA, 130t bollard pull Anchor Handling Tug / Supply Vessels. Built for operation in unrestricted waters, they are designed for multi-purpose roles such as anchor handling, towing, transport pipes, fresh water, diesel oil, bulk cement, stores, materials and equipments, move men and materials between platforms and shore, evacuate casualties, external fire fighting and anti pollution control etc. Since 2003, ABG has successfully delivered three vessels to Maridive and four more are at an advance stage of construction.


www.marcon.com


11

India's Greatship Global Offshore Services Pte Ltd, the wholly owned subsidiary of Greatship (India) Ltd, has placed an order for two state-of-the-art construction support vessels with Sri Lanka’s Colombo Dockyard Ltd. These MPSVs / ROV Support Vessels are due for delivery in January and May 2010. The vessels are designed to operate both as advanced PSVs, with enhanced accommodations (50 pax) and DP2 capability, and as ROV Support Vessels. They are prepared for 50 T Active Heave Compensated cranes, 50T A-frames and helidecks. The order is in line with GIL's strategy of tapping the burgeoning sub-sea construction markets, both globally as well as in India. GIL currently owns and operates three PSVs, two in India and one in the North Sea. GIL and its subsidiaries also have an order book of sixteen vessels and one rig under construction--two PSVs in Norway, four AHTSs in Sri Lanka, four AHTSs in Batam, four MPSVS in Singapore, two MSVs in India and a premium 350 ft jack-up rig in Singapore.

Ulstein Design signed contracts with the yard Astilleros de Sevilla in Spain for delivering design and equipment packages to two ULSTEIN PX105 platform supply vessels. The ships will be built for the shipping company EDT Offshore Ltd, Cyprus. The contract is worth around NOK 240 million. The Ulstein Group will supply design, detail documentation and main equipment. This includes products such as main switchboards, bridge and control room consoles, Ulstein IAS (integrated alarm and surveillance system), Ulstein COM and navigation equipment. The vessels have the classification Clean Design (double hull), comfort class V3, dynamic

positioning (DP-II), ample capacity with 107,654ft2 (1,000m2) of deck space and a deck load capability of 3,000 tons. The 4,700dwt vessels are 291.34’. (88.8m) long and 62.34’ (19m) wide and have accommodations for 23 persons. The ships are scheduled for delivery from Astilleros de Sevilla in April and August 2009. Hornbeck Offshore has contracted for the construction of the two additional proprietary 240 ED class OSVs with Atlantic Marine in Jacksonville, Florida, which are anticipated to be delivered in 2010. VT Halter Marine won a contract for the design and construction of two Platform Supply Vessels for L&M Botruc Rental Inc. The contract is valued at between $45-$55m. Physical construction is scheduled to begin in the second quarter of 2008 with deliveries of the two vessels scheduled in 2010. Measuring 230’ x 56’ x 18’, the completed PSVs will be used to carry supplies, deck cargo, and drilling fluids used in the support of exploration and offshore production of energy sources. The PSVs are highly automated and designed with sophisticated control and monitoring systems. Each vessel will be equipped with a DP-2 (Dynamic Position with redundancy) that will provide precise maneuvering capability through the use of a special combination of thrusters that are equipped with controllable pitch propellers. L&M Botruc Rental one of the largest privately held supply boat companies and the sixth larges boat company on the Gulf Coast.


www.marcon.com


12

Following is a list of anchor handling tug supply, offshore supply and platform supply vessels currently on order at U.S. shipyards per Marine Log and Colton Company, as of January 3, 2008.

Type of Vessel Customer Yard # or Status Name Description Price ($mm) Delivery

Atlantic Marine Florida, Jacksonville FL PSV Hornbeck Offshore Firm HOS Lodestar 240 ft. 2008 PSV Hornbeck Offshore Firm HOS North Star 240 ft. 2008 PSV Hornbeck Offshore Firm HOS Polestar 240 ft. 2009 PSV Hornbeck Offshore Firm HOS Shooting Star 240 ft. 2009 PSV Hornbeck Offshore Firm HOS Silverstar 240 ft. 2010 PSV Hornbeck Offshore Firm HOS 240 ft. 2010

Bender Shipbuilding, Mobile AL AHTS Seacor Marine 7876 245 ft. 20+ 2008 AHTS Seacor Marine 7877 245 ft. 20+ 2008 AHTS Seacor Marine 7878 245 ft. 20+ 2008 PSV Trico Marine Firm 210 ft. 17.5 08-Mar PSV Trico Marine Firm 210 ft. 17.5 08-Jul

Bollinger Shipyards, Lockport LA PSV Rigdon Marine 525 Slam Dunk 194 ft. 12 07-Dec PSV Rigdon Marine 526 Touch Down 194 ft. 12 08-Jan PSV Rigdon Marine 527 Hat Trick 194 ft. 12 08-Mar PSV Rigdon Marine 528 Slap Shot 194 ft. 12 08-May PSV Rigdon Marine 529 Home Run 194 ft. 12 08-Jul PSV Rigdon Marine 530 Knock Out 194 ft. 12 08-Sep

Cianbro Corp., Portland ME PSV (C) Hornbeck Offshore Firm HOS Centerline 370 ft. 55 Mid-2008 PSV (C) Hornbeck Offshore Firm HOS Strongline 370 ft. 55 Late 2008

Eastern Shipbuilding, Panama City FL PSV Harvey Gulf Marine 884 Harvey Carrier 295 ft. 09-Jun PSV Laborde Marine Firm 280 ft. PSV Laborde Marine Firm 280 ft. PSV Aries Marine LOI 284 ft. PSV Aries Marine LOI 284 ft.

Leevac Industries, Jennings LA PSV Hornbeck Offshore Firm HOS Arrowhead 250 ft. 2008 PSV Hornbeck Offshore Firm HOS Black Powder 250 ft. 2008 PSV Hornbeck Offshore Firm HOS Eagleview 250 ft. 2008 PSV Hornbeck Offshore Firm HOS Mystique 250 ft. 2009 PSV Hornbeck Offshore Firm HOS Pinnacle 250 ft. 2009 PSV Hornbeck Offshore Firm HOS Resolution 250 ft. 2009 PSV Hornbeck Offshore Firm HOS Westwind 250 ft. 2010 PSV Hornbeck Offshore Firm HOS Wildwind 250 ft. 2010 PSV Hornbeck Offshore Firm HOS Winddancer 250 ft. 2010

Lockport Fabrication, Lockport LA OSV Supreme Offshore Services 3 166-ft. 2007 OSV Supreme Offshore Services 4 166-ft. 2007

Mariner Industries, Houma LA PSV Gulf Fleet Mgmt. Firm Gulf Quest 170 ft. 07-Apr PSV Gulf Fleet Mgmt. Firm Gulf Wolf 170 ft. 07-Sep

Master Boat Builders, Coden AL OSV Seacor Marine Firm 190-ft. 07-Oct OSV Seacor Marine Firm 190-ft. 08-Apr OSV Seacor Marine Firm 190-ft. 08-Oct OSV Abdon Callais Offshore Firm 185-ft. OSV Abdon Callais Offshore Firm 185-ft. OSV Abdon Callais Offshore Firm 185-ft. OSV Abdon Callais Offshore Firm 185-ft. OSV Abdon Callais Offshore Firm 145-ft. OSV Abdon Callais Offshore Firm 145-ft. OSV Abdon Callais Offshore Firm 145-ft. OSV Abdon Callais Offshore Firm 145-ft.


www.marcon.com


13

North American Shipbuilding, Larose LA

PSV Edison Chouest Offshore Firm 288 ft. 07-Nov PSV Edison Chouest Offshore Firm 288 ft. 08-Jan PSV Edison Chouest Offshore Firm 288 ft. 08-Mar PSV Edison Chouest Offshore Firm 288 ft. 08-May PSV Edison Chouest Offshore Firm 288 ft. 08-Jul PSV Edison Chouest Offshore Firm 288 ft. 08-Sep PSV Edison Chouest Offshore Firm 288 ft. 08-Nov PSV Edison Chouest Offshore Firm 288 ft. 09-Jan PSV Edison Chouest Offshore Firm 288 ft. 09-Mar PSV Edison Chouest Offshore Firm 288 ft. 09-May PSV Edison Chouest Offshore Firm 288 ft. 09-Jul PSV Edison Chouest Offshore Firm 288 ft. 09-Sep PSV Edison Chouest Offshore Firm 288 ft. 09-Nov

Quality Shipyard, Houma LA OSV Tidewater Marine 1265 220 ft. 08-Feb

VT Halter Marine, Pascagoula MS PSV Hornbeck Offshore Firm HOS Coral 285-foot 23.5 4Q 2008 (c) Conversion

Deliveries

Colombo Dockyard PLC created history in Sri Lanka’s shipbuilding industry by handing over the first ever Anchor Handling Tug Supply Vessel (AHTSV) to be built by a Sri Lankan Company. The AHTS “Greatship Anjali” was delivered to new owners Greatship (India) Ltd, (GIL) in early January The AHTSV shall have the capability of Anchor Handling, Towing, Fire Fighting as well as that of supplying cargo to the Offshore installations situated worldwide. GIL is a wholly owned subsidiary of one of India’s largest private sector shipping companies, the Great Eastern Shipping Company. This is the first of an order for two Anchor Handling Tug Supply Vessels ordered by Greatship (India) Limited (GIL). A repeat order for two more AHTSs makes the cumulative value of the total project to SLRs. 7 Billion.

Principal Particulars of the AHTSV is as follows : 63.40m x 15.00m x 6.00m x 4.90m Design Draft; Potable water - 330 m3; Diesel Oil - 960 m3; Liquid Mud - 310 m3; Brine - 310 m3; Ballast Water- 340 m3; Dry Bulk - 180 m3; Foam - 8 m3; Dispersant - 13.5 m3. Speed - 13 knots. 80T Bollard Pull. 1,600T Deadweight. Driven by two MaK 8M 25 Engines developing 2,640 kW @750. Two Berg BCP 850 Controllable Pitch Propellers. Classed DNV + 1A1, Tug, SF, Dynpos AUT, Fire Fighting Class 1. ABG Shipyard in India has delivered its third Anchor Handling Tug Vessel (AHTV) to Egypt-based Maridive & Oil Services SAE. The AHTV, named “Maridive-229”, will assist in the offshore oil and gas field activities of Maridive on Egyptian shores. The AHTV is 61m long and displaces 3,600 tonne fully loaded. It can carry out anchor handling, towing, rescue activities and is also capable of moving men and material between platforms and shore. "The delivery of this vessel to Maridive, Egypt, clearly reconfirms ABG's presence in the Middle Eastern oil and gas sphere. The vessel's capabilities is an example of ABG's technological excellence and experience in building the highly specialized and sophisticated vessels", ABG spokesman said in a press release. Maridive owns and operates 40 vessels in Egypt carrying out repair and maintenance works. ABG, India's largest shipyard, has delivered over 50 ships in the last five years.


www.marcon.com


14

“M/V Edda Fauna” built at Aker Yards, Brattvaag, Norway was named on Saturday 12th January 2008 in Haugesund. The Inspection, Maintenance & Repair (IMR) Vessel was given the name "Edda Fauna" by the Lady Sponsor Mrs. Unni Margrethe Nestaas, the wife of Mr. Johannes Østensjø. The vessel will be completed and delivered during January 2008. The vessel is designed as an Inspection Maintenance & Repair Vessel. It is specially designed for operation in northern waters and with a high focus on excellent maneuverability and station keeping capabilities. The vessel is built for the following main tasks: ROT operations using module handling system; inspection and ROV operations; light construction works; scale squeeze and

pumping operations; RFO operations. The “Edda Fauna” is also equipped with the following special features: module handling tower operations in enclosed hangar areas; skidding system for 60 tons modules on main deck; LARS handling system for OBS-ROV and WORK- ROV; three moon pools for Module Handling Services and ROV operations; fixed installed Scale Squeeze system onboard; and DE-ICE notation, with covered lifeboats, mob boats, bow area and hangar area. Singapore's Penguin Boat International has taken delivery of a new anchor handling towing and supply vessel, and secured new shipbuilding contracts worth US$ 32million. Earlier this month, Penguin subsidiary Pelican Offshore Services received its second AHTS "Pelican Quest", a 55m, 5,000BHP vessel slated for a long-term charter with an oil company in Asia. In addition to its two AHTS vessels, Pelican owns and operates six high-speed aluminum crewboats, all of which are on charter to oil companies in the region. Meanwhile, Penguin's shipyard subsidiary Penguin Shipyard International signed contracts to build two offshore crewboats worth around US$ 7million in total, and two standby rescue vessels worth about US$ 25million in total. Penguin intends to spin off its shipyard arm, and the parent company is evaluating various options for this. In three back-to-back stories three sisters were delivered. Billy Guice, VP of Marketing and Sales of Rigdon Marine Corp., announced that Bollinger Shipyards in Lockport, Louisiana recently delivered “Triple Play”, third in a 10-vessel series of PSVs. The Rigdon 4000 Class PSV was immediately deployed on a term contract with a major oil company in the Gulf of Mexico. “Our Rigdon 4000 Class PSVs are very well received,” said Guice. “These modern vessels are proving very versatile, exhibiting excellent sea-keeping characteristics and are delivering significant fuel savings to their charterers, thanks in large part to the diesel-electric propulsion philosophy. Bollinger Shipyards is to be commended for its high-quality standards and skilled workmanship.” “Triple Play” is a 190’ x 46’ x 18’, diesel-electric, DP 2 PSV, which has a capacity of 4,000 barrels of liquid mud in an oval, self-cleaning, segregated tank system. The PSV also has three Z-Drives and two large forward tunnel thrusters. Rigdon 4000 Class PSVs are capable of serving a wide array of marine applications in all water depths. “Triple Play” joins “Double Eagle” and “First and Ten” in the Rigdon fleet. The remaining seven Rigdon 4000 Class PSVs will each be delivered at approx. 40 day intervals through the third quarter of 2008. Bollinger Shipyards in Lockport, LA., delivered the “Grand Slam”, owned by Rigdon Marine. “Grand Slam” is the fourth of the 10-series GPA 654 Platform Support Vessels. The design of the DP2- and FFV1-certified GPA 654s, measuring 58m in overall length, incorporates greater operating efficiency compared to similar sized vessels, increased cargo capacities resulting from locating propulsion generators to above main deck, as well as reduced construction cost due to simplified construction methods.


www.marcon.com


15

Hot on the heels of this delivery, Guido Perla & Associates reports that the "Slam Dunk", the fifth in a series of GPA 654 PSVs for Rigdon Marine was christened at Bollinger Shipyard in Lockport, LA. With this multi-vessel order, which was placed in January 2006, Rigdon's GPA-designed fleet has increased to 20 PSVs, including the Slam Dunk's sister vessels “First and Ten”, “Double Eagle”, “Triple Play” and “Grand Slam”, as well as ten 64m GPA 640 PSVs. The design of the DP2- and FFV1-certified GPA 654s, measuring 58m in length, incorporates greater operating efficiency compared to similar sized vessels, increased cargo capacities resulting from locating propulsion generators to above main deck, as well as reduced construction cost due to simplified construction methods. The GPA 654 PSV is currently the smallest of the GPA Platform Support Vessel series, which ranges in size from 58m to 92m in overall length. With 24 of GPA's PSV designs currently serving the offshore industry and an additional 102 vessels entering service within the next two years, GPA claims to be the worldwide leader in naval architectural design of next-generation PSVs. In response to demand for these ships and with design and construction projects underway on other types of vessels, GPA is investing in additional staff and equipment in its Seattle and Shanghai offices.

IHC Merwede announced the launch of a new diving support and offshore construction vessel, “Toisa Pegasus” for Bermuda-based Toisa Limited. The launch took place on November 24 at Merwede Shipyard and was performed by Lorena Vazquez de Hernandez, wife of Jose Hernandez Cantarell, President CICSA. In March 2006 Merwede won the order, which included integration of the complete owner furnished dive spread and cranes within the required short delivery time. The vessel has been built under yard No. 712 and developed by Merwede Shipyard in close co-operation with Toisa Ltd (Owners) and Sealion Shipping Ltd (Managers). It will be a fully Dynamically Positioned Construction Class Diving

Support Vessel, suitable for worldwide ops. As an enhanced sister vessel to “Toisa Proteus”, “Toisa Polaris” and “Toisa Perseus”, with a fully in-built Saturation Diving System, the vessel can, and will, support a wide variety of subsea operations worldwide. Within the saturation diving market the existing world fleet of such vessels averages over 20 years old. This order will provide the market with a DP3 vessel capable of meeting the higher and more demanding standards of safety, DP capabilities, saturation diving and use of environmentally sensitive vessels that can only be met by the introduction of new vessels. The vessel boasts flexibility in design of its previous sisters. The vessel will be built with an 18 man twin bell saturation system. Her under-deck configuration allows for a wide range of equipment to be installed whilst her large clear deck area provides scope for a range of other applications. The increasing need for subsea construction vessels to accommodate large numbers of contractor’s personnel has also been addressed in designing the ship to accommodate up to 199 persons in future (excluding any divers in saturation) depending on the Charterer’s requirements. China's Zhejiang Shipyard launched the "Bourbon Hamos," the first of four PSVs for Bourbon Offshore. With this order, Bourbon's well GPA-designed fleet expands to 100 vessels, including 54 GPA 254L AHTSs, 28 GPA 654M PSVs, four GPA 670 ROVs and ten GPA 670 PSVs. The 70m GPA 670 MKII Special Products vessels are equipped with three 1,825 kW main diesel generators, two 2,000 kW open-water propeller Z-Drive units, as well as two 746 kW tunnel bow thrusters, and one 170 kW emergency generator. The use of environmentally friendly diesel-electric propulsion results in excellent fuel efficiency, as well as lower operating cost. In addition to the fuel efficiency of the vessel, competitive pricing for the GPA 670 series, of which Bourbon is already successfully operating ten vessels, provides the owner with an excellent return of investment. By applying the highest safety standards and comfort levels, offshore operations are being conducted without risk to the health or security of crewmembers, thus providing maximum dependability. The GPA 670 MKII Special Products will primarily be engaged in the transport of stores, materials and equipment to offshore installations in tropical areas and distinguishes itself from other platform support vessels mainly due to its ability to carry approx. 170m3 of


www.marcon.com


16

special products such as methanol in specially designed tanks located in the aft end of the vessel. The vessel, also provides the capability to carry 255m3 of bulk material, as well as 1,083m3 of liquid products. The vessel is DP2- and FFV1-certified and can accommodate 23 crew members. Delivery for the last of the four GPA 670 MKII Special Products is expected in August ‘08, increasing the number of GPA 670 PSVs Bourbon owns to 18.

The “Smit Lumut”, being built at Keppel Nantong Shipyard as "Hull 320" was delivered to Smit on January 28th. She's expected to be in Singapore on February 9th and her christening ceremony will be held in at Smit’s yard on February 11th. Afterwards, on February 12th, the “Smit Lumut” will leave for Saudi Arabia for Saudi Aramco on a 5-year contract serving several jack-up rigs and fixed installations in the Persian Gulf.

While diesel-electric propulsion continues to garner converts in North America, it is a more usual system in Europe. The noted Danish operator of emergency response/rescue vessels, ESVAGT, took delivery of four diesel-electric vessels from the ASL-Marine yard in Singapore in 2007. Two more of the sister-ships will follow in 2008. As with the rest of the ESVAGT fleet the new vessels are a bright red. And like the rest of the fleet they have the distinctive raised foc’stle design of boats ready for heavy seas. The first of the six boat series, “Esvagt Carpathia”, is named in honor of the “SS Carpathia” that was the first ship on the scene after the sinking of the “Titanic” and took aboard 700 survivors. A fitting name for this stout 45.8 by 11.5m rescue vessel with accommodation for a crew of 12 and space for up to 300 survivors. Designed for extended periods at sea the vessels have 95m3 of water tanks and 200m3 of fuel tanks. Propulsion power derives from five Cummins KTA19 D powered generators each producing 485 kW for a total of 2,425 with all generators on line. The electrical power turns two 715 kW azimuthing drives to give the boats a 12-knot service speed. The boat is also fitted with two bow thrusters. The diesel-electric system is well suited to the application as the vessel spends much of its time in a stand-by mode in which case it is not necessary to have all five of the six-cylinder main engines on line at the same time the five engines offer strong redundancy for the requirements of the azimuthing drives. Each vessel is also fitted with a Cummins 6CTA8.3 emergency generator set. The boats carry two fast rescue craft and have a large open area on the raised foc’stle and on the stern marked for lifting survivors from the deck to a helicopter. The boats also have some towing capabilities in the event that they need to move a vessel with a dead engine to avoid it hitting a drilling rig. “Esvagt Carpathia” was named in April 2007 prior to going to work in the Norwegian sector of the North Sea. Her sister “Esvagt Cassiopeia” was delivered in June while “Esvagt Carina” was named in October and the “Esvagt Champion” named at a ceremony in Denmark in November. Corporate News A desperate shortage of qualified Norwegian seamen may force offshore newbuildings into lay-up, according to managing director Johan Rokstad of Østensjø Rederi in Haugesund. He told Stavanger “Aftenblad” that it is a tough struggle to find people to man the vessels. According to Sverre Meling, manager of Maritimt Forum for Hauglandet and Sunnhordland – covering the county of Rogaland – owners in his area have orders for 72 vessels worth NOK 33 billion. The same owners need 2,000 new seamen and are increasingly looking abroad to find qualified personnel. Tank owners in the area, like Knutsen OAS, Solvang and DSD Shipping are recruiting nearly exclusively foreign seamen for their newbuildings. Leading officers onboard can be Norwegian or European.


www.marcon.com


17

Tidewater Inc. announced third quarter net earnings for the period ended December 31, 2007, of $89.4 million on revenues of $314.2 million. For the same quarter last year, net earnings were $93.4 million on revenues of $287.9 million. The immediately preceding quarter ended September 30, 2007, had net earnings of $86.5 million on revenues of $319.0 million. Included in net earnings for the quarter ended December 31, 2006, was a gain of $6.0 million related to the sale of three of the Company's offshore tug vessels for a total sales price of $8.9 million.

Tidewater, Inc. Quarterly Utilization and Rates

2007 2006 2005 31-Dec 30-Sep 30-Jun 31-Mar 31-Dec 30-Sep 30-Jun 31-Mar 31-Dec 30-Sep 30-Jun 31-Mar

Utilization Domestic Towing/Supply 46.10% 56.60% 61.00% 55.90% 59.60% 64.00% 64.20% 62.00% 62.20% 60.60% 64.20% 50.70% Offshore Tugs N/A N/A N/A N/A 100% 41.80% 39.80% 30.80% 32.70% 26.40% 26.20% 28.60% International Towing/Supply 79.20% 76.90% 77.40% 79.70% 79.80% 77.70% 77.40% 76.80% 75.80% 72.10% 71.50% 68.70% Offshore Tugs 54.70% 59.80% 63.40% 70.70% 63.30% 65.10% 72.10% 63.30% 63.00% 46.40% 57.50% 64.10% Avg. Day Rates Domestic Towing/Supply $10,399 $11,856 $11,951 $12,461 $12,665 $12,102 $11,645 $10,545 $9,474 $7,569 $7,169 $5,569 Offshore Tugs N/A N/A N/A N/A $6,511 $17,793 $15,920 $9,707 10,146 $11,110 $9,191 $7,385 International Towing/Supply $10,455 $10,080 $9,478 $9,142 $8,682 $8,311 $8,076 $7,682 $7.32 $7,121 $6,728 $6,050 Offshore Tugs $7,092 $6,511 $7,044 $6,501 $5,934 $6,328 $5,964 $5,735 $6,129 $5,847 $4,960 $4,371 No. Vessels Domestic Towing/Supply 34 35 38 39 47 50 50 49 49 48 48 48 Offshore Tugs 0 0 0 0 1 6 13 16 17 18 17 16 International Towing/Supply 225 221 218 217 211 205 207 208 206 205 202 201 Offshore Tugs 37 38 37 37 39 39 38 40 40 40 41 42 New Orleans-based Tidewater Inc., operator of the world’s largest fleet of offshore supply vessels, plans to invest between $300m and $500m annually through 2011 to renew its vessels. Tidewater CEO and Chairman Dean Taylor made the announcement, saying the investment would position the company to take advantage of growing opportunities in international markets. The company recently accepted 16 new vessels and plans to receive another 50 by 2011. About 75% of the company’s fleet – 321 vessels – were built prior to 2000 and have an average age of 25 years. In addition to building new vessels, Tidewater also is considering purchasing vessels from other companies or acquiring competitors to replenish its fleet. Taylor said demand for the company’s services would likely remain high, especially overseas where Tidewater has grown its market share. About 10 years ago, less than half of Tidewater’s revenue and 41% of its profit came from international operations. Currently, those figures have climbed to 85% and 91% respectively. Five Oceans Salvage Consultants Limited and Swire Pacific Offshore Limited (SPO) announced the formation of a 50:50 joint venture for the operation of salvage services. "Swire Ocean Salvage (Pte) Limited (SOS) will combine the strengths of both companies in order to provide cutting edge salvage, wreck removal and emergency towage services to ship owning and insurance interests around the world," said SPO in a statement. The JV will have the capability to mobilize modern and dedicated salvage equipment based in warehouses in Singapore, Dubai, West Africa and Greece to respond to all types of marine casualty. Five Oceans Salvage Consultants have successfully performed five Lloyds Open Form salvage contracts so far in 2007.


www.marcon.com


18

Superior Offshore International Inc. has settled a dispute over the charter of the DP-II vessel, “Toisa Puma”. Under the settlement agreement, Superior Offshore will pay the vessel owner, Toisa Limited, an additional $4.2 million to terminate the two-year charter. This settlement will relieve Superior Offshore of any future charter payments that would have totaled approximately $27 million. Vroon Group is set to acquire Nomis Shipping (Aberdeen, UK). Vroon and Nomis are working towards finalizing the transaction, which is expected to close in early January 2008. Upon completion of the transaction Mr. Frank Deans, Chairman and founder, will retire from Nomis Shipping. Mr. Rory Deans will remain as Managing Director. Nomis will continue to operate from its present offices in Aberdeen and Singapore. The existing management team at Nomis will remain in place and there will be no change to any contractual relationships with customers, crews, employees or suppliers. Nomis currently owns and operates a fleet of 20 Emergency Response and Rescue Vessels (ERRV), 12 Anchor Handling Tug Supply Vessels (AHTS), one medium-size Platform Supply Vessel (PSV) and one dynamically positioned Dive Support/ROV Vessel, in support of the offshore oil and gas industry. Nomis employs approximately 720 sea staff and 29 shore based staff. Vroon presently operates about 60 offshore support vessels, under the Vroon Offshore Services (VOS) banner, primarily in the North Sea and Mediterranean. In addition, another 20 newbuildings are on order for delivery in 2007 - 2011. VOS has offices in Aberdeen, Den Helder, Genoa and Stokesley (MPI Offshore). As Nomis vessels are dry-docked they will be rebranded in Vroon's red and white colors and livery - a large white “V” on each side of the red hull. They will also be renamed, with the prefix “VOS” replacing the existing “Dea”. In February 2006, Bourbon announced the Horizon 2010 plan, a strategy based on an original vision of the market and substantial investments in a modern fleet. In February 2008, Bourbon announced its Horizon 2012 strategic plan, which continues and prolongs its outlook. Chairman and Chief Executive Officer Jacques de Chateauvieux explains: "This new strategic plan is an extension of our 2010 horizon to 2012. It again illustrates the ongoing improving approach adopted by Bourbon which, based on continued analysis of changing demand, positions itself as a leader in trends. By anticipating services and resources today, by expanding our offer, we will confirm our position in 2012 and beyond as a leader in modern offshore oil and gas marine services. Added to that, the continuity of our investments will also keep us on the leading edge of innovation so that we can continue to offer to the most demanding oil and gas clients more productivity and greater efficiency."

The last Horizon 2010 strategic plan was developed at the end of 2005, in a context of strong demand from oil operators, who expressed their intention to make massive investments in offshore to extend their reserves and develop their production. Bourbon was then positioned in three marine sectors via the Offshore Division, the Towage and Salvage Division, and the Bulk Division. Two years later, two new factors, external and internal, have led BOURBON to update its strategic vision. In the offshore oil and gas market, Bourbon notes that oil and gas investments are expected to be higher than initial estimates and that growth has been slowed by bottlenecks at equipment suppliers. As a result, the

investments made in oil fields are expected to be spread out over time and generate a positive extension of the production cycle. Within the group, the sale of the port towage business to the Spanish company Grupo Boluda Corporación Marítima, which was closed on December 21, 2007, gives Bourbon new maneuvering room in the two remaining Divisions: Offshore (which now includes the salvage business of Les Abeilles International), and Bulk transport.


www.marcon.com


19

Facing these major changes, Bourbon has decided to update its strategic plan and enlarge it to 2012. The new Horizon 2012 plan, covering the 5 years from 2008 to 2012, is characterized by:

• expected average annual revenue growth of 17%, including 21% for the Offshore Division, • a large increase in the number of vessels, • a ratio of EBITDA (Gross Operating Income) to average capital employed of 18% in 2012, • investment, in addition to the installments paid in 2007, of 2 billion euros, 85% of which will be devoted

to the Offshore Division and largely financed by cash flow. Within the Offshore Division, the Horizon 2012 plan is characterized by: • an expansion of the offer, by integrating and developing a new “Subsea Services” Activity, which results

in a new organization for the Division:

• expected average annual revenue growth of 21% a year for the Offshore Division, including 17% for the

Marine Services Activity and 38% for the Subsea Services Activity, • investment of 1.7 billion euros, in addition to the installments paid in 2007, essentially for the expansion

of the fleet of Offshore vessels and ROVs. To this end, 10 GPA 696 type IMR vessels were ordered at the beginning of 2008 at a cost of 450 million euros.

As of February 6, 2008 No. of units No. of units on order

Marine Services 219 169

Offshore Support Vessels (OSV) 70 100

Crewboats 144 69

Salvage tugs 5 -

Subsea Services

IMR vessels (Inspection, Maintenance and Repair) 11 19

ROVs (Remotely Operated Vehicles) 7 4

Total Offshore fleet (exc ROV’s) 230 188


www.marcon.com


20

Featured Listings: SU18021 Supply Boat ‘Santa Barbara I’ Exclusive Listing 180’ x 38’ x 14’ depth with 12’ loaded draft. Built

1977 by Halter Marine. US Registry (no restrictions). GRT/NRT (ITC) – 641/172; GRT/NRT (domestic) - 192/117; DWT: 1,000 t. Fuel: 84,000 g. Fresh Water: 13,000g. Drill Water: 518m³. Drybulk (none - tanks removed). Liquid Mud (none). Clear Deck: 117’ x 28’. Driven by two GM16V-149TI main engines, 2,240 total BHP @ 1,800 rpm. Twin fixed pitch propellers (no kort nozzles). Bowthruster driven via GM-8V71. Speed: 12-14 knots. Two 125kW / GM8-71 gens. Subject vessel had been flagged out of US Registry and later (2007) re-documented under US flag with unrestricted coastwise endorsement. Owner’s intent was to refurbish the boat to regain COI and ABS Class, then

work it in offshore oil & gas service. Much work was done to accomplish this, but Class and COI have still not been obtained. Investors in the project have become frustrated resulting in the boat being offered for sale. Since early 2007, owners have spent excess $1.25MM on repairs, renewals and upgrades. The boat is crewed and operational, tied up at Bollinger S/Y, Sulphur, LA, where it may be inspected by arrangement through Marcon. Further details including surveys, photos, audio gauge reports, invoices, etc. may be viewed on our website. Please call or email for price guidance or questions.

File SU19438 DP-1 AHTS Newbuild 194.3' / 183.7' x 49' x 20' x 16.2' draft. Built end 2008. Singapore Flag. GRT 1500. 1400tdw. Class ABS A1(E) OSV & Firefighting Vessel Class-1, + AMS - DP1. Clear Deck area 350m2 @ 7.5ts /m2. Cargo rail 2.5m high; 75mm Wood sheathing. FO 600m3; FW 500m3; DW/SWB 400m3; Liq. Mud 350m3; Bulk 187m3 (4 x 1650ft3); Foam 13m3; Detergent 13m3. Driven by two 2,575 BHP CAT engines, driving 2 - ZF CPP, producing 62ts bollard pull @ 100%MCR. Aux.

Engine – CAT 315kW x 3 415V, 3P, 50Hz; 1 x Perkins 52kW Emergency Genset. Bowthruster Kawasaki, 1 x 6ts. Max Speed 13knts (100% MCR). Range 14days. Fuel type MGO. AH/Towing Winch 1 x 150ts Tonnes Line Pull; Brake Holding 200ts Towing Winch. Hydraulic double drum, waterfall c/w spooling device. Upper Drum 56mm dia @1000m / Lower drum 56mm dia @1000m / Reel Capacity 56mm dia @1000m. Crane 3ts @ 9m reach; Stern Roller (5m x 1.6m SWL 200ts); Capstan 2 x 5ts @15m/min; Tugger winch 2 x 10ts @ 15m/min; Karmoy Tow pins / Karm fork Shark Jaws - both 200ts SWL 2 x 1,300kg Bow High holding Anchors; Anchor Windlass 1 x 8ts @ 12m/min 36mm dia chain. Accommodations for 42 in 2 x 1 man; 4 x 2 man; 8 x 4 man cabins. 1 man Hospital. Cold Room / Freezer 15m3. Fifi equipment - 2 x 1,400m3/hr @13bar PTO to M/E Fire pumps; 2 x Water Monitors (one with double barrel fir foam discharge) 1,200m3/hr 12 bar at 120m throw meeting FIFI 1 requirement. Water curtain. Full Navaids. Vessel available ex SE Asia on strictly "as is where is" basis. Marcon can guide as to price ideas. Inspection only allowable upon agreement of terms. Seller will also have 2 sisters available for delivery Q1 2009. Please contact this office directly for further information.


www.marcon.com


21

File SU21202 AHTS 64.72m / 56.93m x 14.13m x 6.91m depth / 5.914m maximum draft. Built 1979 by Marystown Shipyard; Marystown, Newfoundland, Canada. St. Vincent flag. G / NRT 1314 / 395. Classed DnV +1A1 Tug Supply Vessel through Feb. 2008. Abt. 1,947mtdw. 782mt cargo on 418m2 clear deck aft. 5mt/m2 uniform deck load. FO @ 750m2. FW @ 525m3. DW @660m3. Dry bulk @ 6,000cft. Liq.Mud @ 323m3. Brine 191m3. (Capacities from previous owner and subject to correction). Pumps FW 95m3/h, FO 95m3/h, DW 95m3/h, Dry bulk 50m3/h and Liq.Mud 80m3/h. 3.0m x 1.83m 250mt SWL stern roller. 250mt brake Norwinch

waterfall double drum anchor handling / tow winch. 150mt line pull. Capacity 1,000m 57mm wire. Ulstein remote hydraulic towing pins and shark jaws. 2 capstans. 5T @ 7m hydralift crane. 2-3 ton anchors on 14 shots each chain. 2 x Wichmann 9AXAG 2SA 9 cylinder 300 x 450mm total 5,920BHP. Liaaen controllable pitch props in fixed kort nozzles. Bollard pull abt. 72 tonnes. Speed abt. 12.0 / 10.0kn. Twin Becker rudders. 500HP, 6.5 ton thrust bow thruster. 2-170kW / CAT D343 and 1-56kW / CAT 3304 60Hz AC generators. Accommodations for 14 in 1-2, 1-4 and 1-8 berth cabins. Full com / navaids including GMDSS (A3), Inmarsat, Sat Mini-M, HF, VHF, EPIRB, Autopilot, 2 radars, Gyro, Navtex, Echo Sounder and GPS. 2-20 man liferafts and 2-24 man lifeboats. Vessel recently completed a rebuild Fall 2007. Inspection / delivery Southeast Asia by arrangement through this office. Further details, small scale drawings, photographs, class / survey status & price / rate ideas on request. File SU16617 Supply Boat 166.0’ / 155.2’ x 38.0’ x 13.0’ depth x 7.5’ light / 10’ laden draft. Built 1976 by Halter Marine; Pierre Part, Louisiana. Cook Islands flag. G / NRT 559 / 167. Caribbean Cargo Ship Safety Code. Drydocked September / October 2006 when Special Survey completed and received 5 year trading certificates. Originally built to ABS +A1, +AMS requirements. Abt. 1,000dwt. Abt. 500 tons cargo on 106’ x 30’ clear deck aft. New wooden wear deck in August 2007, but presently removed for current work. Wear deck can be re-installed. FO abt. 43,454g. FW abt. 49,430g. DW abt. 50,000g. Liq.Mud abt. 1,000bbl. Drybulk abt. 3,000cft. 2-1,500lb. Danforth type anchors on 7 shots of chain. HBL electric anchor windlass. 2 x GM16V149 total 1,800BHP. Twin Disc MG540 3.1:1 gears. Fixed pitch props. Bollard pull abt. 20 tons. Speed free running abt. 9.5kn service / 12.0kn maximum. Consumption abt. 96gph at 12kn. 300BHP Bow thruster. 2-75kW / GM6-71 generators. 30 SOLAS Type 1 lifevests, 2-20 man liferafts. 6 liferings with lights. EPIRB. Tender with 9HP outboard. Accommodations for 7 crew and 13 passengers. Fully air conditioned for hot and cold climates. 3 VHFs, 2 radars, AIS, Fathometer, 2 GPS, Computerized logs, SSB and magnetic compass. Inspection / delivery Caribbean. Further details, price guidance, photographs and inspection arrangements available on request from this office.

See our website at www.marcon.com for new and updated OSV and AHTS listings.

We are also interested in receiving information on any other vessels surplus to your requirements and available for sale or charter - especially if you are interested in selling out of your area. This can be on a published or private & confidential basis. The market for second-hand equipment is tight and it is a good time to get rid of under-utilized vessels. In 2007, Marcon brokered 54 vessels and barges. We expect to conclude on several sales within the next thirty days.

January 2008 .pdf - Marcon International, Inc. · Marcon International, Inc. Supply Vessel Market...

Documents

Transcript of January 2008 .pdf - Marcon International, Inc. · Marcon International, Inc. Supply Vessel Market...