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

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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

April 2009

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 8,744 vessels and 2,889 barges tracked by Marcon, 1,949 are supply and tug supply boats. Tug supply boats officially on the market for sale have increased from 99 to 124 vessels over the one year period since April 2008, and is up 22 vessels from January 2009. At the time of this report, 36 tug supply boats for sale were either built within the last 10 years or are newbuilding re-sales. 62.90% of the tug supply boats are 25 years of age or over. Counter-balancing these “old ladies” are 32 newbuilding resales, in the 4 – 12,000BHP range, scheduled for delivery in 2009 through 2011. Other vessels not officially on the market may be able to be developed on a private and confidential basis. 55.70% of foreign and 95.56% of U.S. flag supply / tug supply boats we have officially listed for sale are direct from Owners. So far in 2009, actual sales price of all vessels and barges sold by Marcon has averaged 92.86%. 2008’s average sales price to asking price was 95.15%.

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

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

Jul 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 3 21 8 17 8 8 1 0 3 13 82

Apr 2008 4 26 12 19 8 6 4 0 4 16 99

Jul 2008 3 26 14 21 10 7 7 0 6 21 115

Oct 2008 2 18 12 17 12 5 6 0 2 13 87

Jan 2009 3 17 14 19 11 8 8 2 4 16 102

Apr 2009 - Worldwide 5 22 13 25 11 10 11 4 6 17 124

Apr 2009 - U.S. 0 10 1 2 2 1 1 0 0 0 17

Apr 2009 – Foreign 5 12 12 23 9 9 10 4 6 17 107

Avg. Age Worldwide 1973 1980 1987 1998 1984 1977 1993 1980 1999 1997

Avg. Age U.S. - 1981 1983 1979 1984 1975 1975 - - -

Avg. Age Foreign 1973 1979 1987 2000 1984 1977 1995 1980 1999 1997

For Charter Worldwide 6 8 11 14 5 10 8 3 10 12 87

For Charter U.S. 0 0 0 1 0 0 0 0 0 0 1

For Charter Foreign 6 8 11 13 5 10 8 3 10 12 86

Marcon International, Inc. Supply Vessel Market Report – April 2009

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The number of platform supply boats for sale increased from 64 to 70 since April 2008. There was a two vessel decrease since the last report in January 2009. As of the time of this report, Marcon has available 18 supply boats built within the last ten years, which includes five newbuilding re-sales scheduled for delivery in 2009 and 2010. 44 PSVs, or 62.86%, are 25 years of age or older, with the oldest PSV being built in 1957.

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 29

Jan 1998 2 1 7 5 5 0 5 25

Jan 1999 2 2 6 5 7 3 6 31

Jan 2000 2 3 13 12 17 4 9 60

Mar 2001 4 5 16 12 16 3 3 59

Jan 2002 2 6 17 12 17 2 5 61

Jan 2003 4 7 20 16 22 5 5 79

Jan 2004 2 7 13 10 32 7 19 90

Jan 2005 2 6 15 9 67 16 8 5 4 132

Jan 2006 5 3 12 7 60 9 7 6 6 115

Jan 2007 6 1 8 5 29 6 3 8 4 70

Apr 2007 5 1 5 5 24 2 4 5 2 53

Jul 2007 5 1 4 6 22 2 5 3 2 50

Oct 2007 2 1 8 5 25 3 4 2 3 53

Jan 2008 2 2 7 5 23 3 4 1 4 51

Apr 2008 1 2 8 6 30 5 7 1 4 64

Jul 2008 4 2 10 6 31 5 8 2 7 75

Oct 2008 3 0 5 4 29 7 4 1 3 56

Jan 2009 3 5 6 6 32 7 6 2 5 72

Apr 2009 - Worldwide 3 5 7 7 22 5 6 8 7 70

Apr 2009 - U.S. 0 4 4 3 11 2 2 2 0 28

Apr 2009 – Foreign 3 1 3 4 11 3 4 6 7 42

Avg. Age Worldwide 2000 1999 1981 1981 1981 1973 1983 1994 2000

Avg. Age U.S. - 1999 1980 1978 1978 1980 1994 1996 -

Avg. Age Foreign 2000 - 1984 1983 1984 1966 1978 1994 1998

For Charter Worldwide 4 3 2 4 5 2 4 3 10 37

For Charter U.S. 0 0 0 2 1 0 0 0 0 3

For Charter Foreign 4 3 2 2 4 2 4 3 10 34

Up Since Last Report Down Since Last Report

The USA remains the dominant location for second hand tonnage with 24.2% of the vessels for sale. South East Asia, Far East and Mid East combined make up 41.8% of the market. The rest of the globe makes up the final 34.0% of locations. EMD and CAT are the principal main engine suppliers to this sector and power 45 and 29, respectively, of the Supply & Tug Supply Vessels listed for sale. GM power 10 vessels. MaK leads the foreign manufacturers with 13, then MANs in 10 and 75 units powered by other various engines. In addition to those for sale, Marcon has 124 straight supply and tug supply vessels listed for charter worldwide, up from 110 in January 2009.

Platform & Tug Supply Boats - Engine Types

Other

41.2%

EMD

24.7%

CAT

15.9%

MAK7.1%

GM

5.5%

MAN

5.5%


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US Energy Policy WASHINGTON, D.C. – Saying he needed to restore order to a broken process, Secretary of the Interior Ken Salazar announced (in early February) his strategy for developing an offshore energy plan that includes both conventional and renewable resources. His strategy calls for extending the public comment period on a

proposed 5-year plan for oil and gas development on the U.S. Outer Continental Shelf by 180 days, assembling a detailed report from Interior agencies on conventional and renewable offshore energy resources, holding four regional conferences to review these findings, and expediting renewable energy rulemaking for the Outer Continental Shelf. “To establish an orderly process that allows us to make wise decisions based on sound information, we need to set aside the Bush Administration’s midnight timetable for its OCS drilling plan and create our own timeline,” Salazar said.

On Friday, January 16, its last business day in office, the Bush Administration proposed a new five year plan for offshore oil and gas leasing. The proposal was actually published in the Federal Register on January 21st, the day after the new Administration took office. The deadline for public comment that the Bush Administration established – March 23, 2009 – does not provide enough time for public review or for wise decisions on behalf of taxpayers, the Secretary said. “The additional time we are providing will give states, stakeholders, and affected communities the opportunity to provide input on the future of our offshore areas. The additional time will allow us to restore an orderly process to our offshore energy planning.”

Salazar said this evaluation of the proposed plan also needed better information about what resources may be available in the offshore areas. “In the biggest area that the Bush Administration’s draft OCS plan proposes for oil and gas drilling – the Atlantic seaboard, from Maine to Florida - our data on available resources is very thin, and what little we have is twenty to thirty years old,” he said. “We shouldn’t make decisions to sell off taxpayer resources based on old information.” Salazar directed the United States Geological Survey, the Minerals Management Service, and other departmental scientists to assemble all the information available about the offshore resources – conventional and renewable – along with information about potential impacts. The report was due in 45 days. Based on that report, the Department will then determine what areas need more information and create a plan for gathering that information. The Department of the Interior oversees more than 1.7 billion acres on the Outer Continental Shelf – an area roughly three fourths of the size of the entire United States. “To gather the best ideas for how we accomplish the task of gathering the offshore information we need, I will convene four regional meetings in the 30 days after MMS and USGS publish their report,” Salazar said. “I will host one meeting in Alaska, one on the Pacific Coast, one on the Atlantic Coast, and one on the Gulf Coast.” Salazar will ask all interested parties for their recommendations on how to move ahead with a comprehensive offshore energy plan. The Secretary also will build a framework for offshore renewable energy development, so that the Department can incorporate the significant potential for wind, wave, and ocean current energy into its offshore energy strategy. “The Bush Administration was so intent on opening new areas for oil and gas offshore that it torpedoed offshore renewable energy efforts,” Salazar said. As a senator, Salazar helped to craft and pass the Energy Policy Act of 2005 which required Interior to move quickly and issue, within 9 months, rules and regulations to guide the development of offshore energy resources, such as wind, wave, and tidal power. It took three years for the Bush Administration to prepare a “proposed” rule for offshore renewable energy development. They left office without putting “any” final regulations in place because it was not their priority, Salazar said, notwithstanding the requirement of the law. “I intend to issue a final rulemaking for offshore renewables in the coming months, so that potential developers know the rules of the road,” Salazar said. “This rulemaking will allow us to move from the ‘oil and gas only’ approach of the previous Administration to the comprehensive energy plan that we need.”


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“We need a new, comprehensive energy plan that takes us to the new energy frontier and secures our energy independence,” Salazar said. “We must embrace President Obama’s vision of energy independence for the sake of our national security, our economic security, and our environmental security.”

By adding the 180 day extension to the original 60-day period, interested parties will have had a total of 240 days (8 months) to comment on the proposed plan. The current comment period opened on January 21, 2009. Crude Oil Prices

USD Aug 08 Sep 08 Oct 08 Nov 08 Dec 08 Jan 09 Feb 09 Mar 09

WTI - Cushing, Oklahoma $116.67 $104.11 $76.61 $57.31 $41.12 $41.71 $39.09 $47.94

Brent - Europe $113.24 $97.23 $71.58 $52.45 $39.95 $43.44 $43.32 $46.54

Source: Energy Information Administration, Office of Oil and Gas.

Natural Gas

Est. Average Wellhead Prices Aug 08 Sep 08 Oct 08 Nov 08 Dec 08 Jan 09 Feb 09 Mar 09

Price ($ per Mcf) $8.32 $7.27 $6.36 $5.97 $5.87 $5.15 $4.16 $3.72

Price ($ per MMBtu) $8.09 $7.07 $6.18 $5.80 $5.70 $5.00 $4.04 $3.62

Source: Energy Information Administration, Office of Oil and Gas.

Marcon Recent Sales The sale of the high quality VS-470 MKII design, dynamically positioning PSV “Viking Nereus” was sold by Eidesvik Shipping AS of Norway to private buyers. The vessel was built in 2004 by West Contractors AS in Olensvag, Norway. She measures 73.4m length overall x 16.6m beam x 7.6m depth with a loaded draft of 6.5m with 3,550dwt. Vessel is classed by Det Norske Veritas + 1A1, Supply Vessel, SF, Dynpos AUTR, E0, with register notation dk (+), Unlimited trade, Fi-Fi 1. Main engines are a pair of MAK 8M25 with a total rating of about 6,570BHP driving controllable pitch props providing a max speed of abt. 14.5kn and service speed of abt. 12kn. Vessel is fitted with two each 800HP Brunvoll FU-63-LTC-1550 bow and stern side thrusters. Complete integrated maneuvering, dynamic positioning and vessel management is through Simrad SDP 11 dynamic positioning, fan beam laser reference, Seatex DPS 102 DGPS, Kongsberg Simrad manual joystick and a Scania Volda maneuvering system. Accommodations include berths for a total of 32 personnel.

TMM Division Maritima S.A. de C.V. of Mexico has sold their 1982 built anchor handling tug supply vessel “Isla Coronado” to private buyers. The 3,900BHP, Mexican flagged, AHTS was originally built by Halter Marine of New Orleans as the “Petromar Norseman”, one of five ABS classed sister-vessels, for Petromar Offshore Corp. of Rockport, Texas. The vessel was taken over with the rest of the fleet by the U.S. Maritime Administration during the last big industry downturn in the mid-1980’s. After 1991 she traded as the “Pike” at various times for Compagnie Nationale de Navigation (CNN) and Seacor before being picked up by TMM in 1999 and operated

in the Mexican Gulf out of Ciudad del Carmen. The 185' x 40' x 14', 1200ltdw vessel is powered by a pair of EMD 16-645C diesels driving fixed pitch propellers providing approx. 49 tonnes of bollard pull and a free running speed of abt. 14 knots. “Isla Coronado” is fitted with a 300HP bow thruster and a Smatco 66 DAW 200 double drum towing & anchor-handling winch. She can accommodate up to 18 persons on board. Vessel was reflagged to Panamanian registry upon her delivery to the new owners. Marcon acted as the sole broker in the transaction. Marcon International has handled approx. a half dozen sales and purchases for TMM over the years.


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Worldwide Sale & Purchase News The 1980 Halter Marine built “Grayson Lab”, a 3,900BHP AHTS has been sold by Gulf Coast based Laborde Marine to Alaska-based Ocean Marine Services, and will work in Alaskan waters as an escort vessel, replacing its vessel “Monarch” which sank earlier in the year. The “Grayson Lab” has now been renamed “Resolution”. It was reported several weeks back that the AHTS UT708 “Maersk Terrier” built in 1983 producing 12,240BHP was sold to Omega Offshore Logistics by Maersk Supply Service/AP Moeller in Singapore on March 3 and renamed “Sea Terrier”. The asking price for the vessel was originally USD 14-15 million but we suspect that it has gone for less than that amount. However in subsequent filings – it now appears the vessel was purchased by Hind Offshore of India, renamed “Sea Cheetah” for a reported sales price of $9.5m.

“Highland Sprite”, from Gulf Offshore North Sea Limited and is currently in an UK East port, will be converted to multipurpose ADSV/Survey/ Seismic support duties and is expected to be available for charter under her new name MV “SeaMar Splendid” from mid/late April 2009. The PSV was built in 1986 in Cochrane has 117.75' x 33.5' deck space and is powered by twin B&W 6L28/32V producing 3,590BHP via a pair of CP propellers The original asking price was in excess of USD 5 million.

The 1976, BV Sheepswerf Waterhuizen J. Pattje built ERRV “Grampian Fame” has been sold by Aberdeen based Craig Group subsidiary North Star Shipping to Greek Buyers, Environmental Marine Services on private terms. The vessel has already been delivered to Greece and renamed “Aegis”. The vessel is powered by twin MAK 6M452AK producing abt 3,200BHP. It is estimated the sales price was just under $1m. Marco Polo Marine Ltd has announced that it secured a buyer for an AHTS currently being built at its shipyard at Batam for a contract value of US$15.5 million (about S$23.3 million). The vessel is scheduled to be completed and delivered to the client by 30 September 2009. Commenting on the sale, Mr. Sean Lee Yun Feng, CEO of Marco Polo Marine, said: “The sale is a stamp of confidence by the buyer on our shipyard’s proficiency in delivering high value vessels. The completion and delivery of the 60m AHTS vessel built at our shipyard will mark a significant milestone for our group as we move up the ship building value chain.” The Sale is expected to contribute positively to the Group’s consolidated profit after tax for the second half of the financial year ending 30 September 2009.

It has been reported that the 2006 Aker Built VS470 type PSV “Sical Torino” has been sold by Indian based Sical Logistics Ltd to Grupo TMM Mexico at a price in the region of USD 27-28 million.

Sealink International Berhad announced that Sealink Marine Sdn Bhd, a wholly owned subsidiary of Sealink Int. had signed and concluded the disposal of a vessel “Sealink Maju 26” on 5th January 2009 for a cash consideration of approximately RM30 million to Pacific Basin Shipping Ltd. The vessel was built by Sealink Shipyard Sdn Bhd, a wholly owned subsidiary of Sealink Int. in 2007. The vessel was purchased by Sealink Marine for RM17 million. The 2008 built vessel was renamed “PB Kaituna”.


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The 1976 Schichau-Unterweser built Anchor Handling Tug “Borverve” (ex-Salverve, TS61 Force) has been sold by Global Marine Services of the UAE to Bahrain Bulk Trade for an undisclosed price. The 6,000BHP twin screw vessel, powered by a pair of twin MAK 9M453AKs, has been renamed “BBT 101”. In addition Global Marine Services reportedly bought the “Crest Hercules”, a 2008 Guangdong Jiangmen Shipyard Co Ltd built 5,150BHP AHTS from Pacific Radiance Ltd. The vessel has been renamed “Sharief Reliance”.

It has been reported that the 1975 D.W. Kreemer Sohn built AHTS ”Seabulk Plover” (ex- Red Plover, Leiv Viking) 8,600BHP has been sold by Seacor Holding Inc to Greek Buyers for an undisclosed price. Powered by twin MAK 12M453AK engines, it produces 8,600BHP via twin VPP in Kort nozzles.

The 7,200BHP, 1984 Allied Shipbuilders built Anchor Handling Tug “Sea Biscuit 1” (ex- Seaways 4, Britoil 7, Arctic Nanabush) has been sold reportedly for approximately C$10 million from Seaways International to Canadian based Northern Transportation Co Ltd (NTCL). The vessel has been renamed “Michael Amos”. The vessel was now classed with BV, was Ice Class 1 Lloyds. The flag remains Panamanian for the time being.

Cancelled Sale & Purchase News Pursuant to the announcement made in October 2008 by Marco Polo Marine Ltd in connection with the S$74.5 million contract entered into between their wholly-owned subsidiary, Bina Marine Pte Ltd and Hallin Marine Subsea International PLC for construction of a DP2 subsea operations vessel, Marco Polo announced that the Contract has been discontinued on mutual consent as certain pre-completion conditions to the Contract have yet been fulfilled. Notwithstanding the discontinuance, Bina Marine and Hallin Marine are reviewing their respective options in the light of the world current economic turmoil, including the possible re-negotiation on the Contract should the Conditions Concerned be met. As the necessary construction activities for the Contract have yet been commenced, the discontinuance of the Contract has no material financial impact on the financial performance of the Company and its subsidiaries. Odd Brevik’s Deep Sea Supply axed an AHTS newbuilding following substantial delivery delays. Brevik said the delay to the vessel came after the gearbox was “burned” during testing. A replacement could only be fitted seven months after the ship’s contracted delivery date. The 140TBP “Sea Hawk 1” was originally scheduled to deliver during January 09 from Jaya Shipbuilding.

Siem Offshore and Ulsteinvik, Norway-based Kleven Yard have agreed to cancel two shipbuilding contracts for anchor handling tug supply (AHTS) vessels for the mutual benefit of both parties. Capacity issues with major subcontractors as well as the general market turmoil were instrumental factors for both Siem Offshore and Kleven yard to arrive at this decision. The canceled contracts had contractual delivery dates in August and September 2009, and represented two of 10 shipbuilding contracts for AHTS vessels ordered by Siem Offshore. The yard has confirmed that it expects to deliver the remaining AHTS vessels under construction on or about the contractual

delivery dates. The pre-delivery installments paid on the two canceled shipbuilding contracts shall be off-set towards remaining pre-delivery installments on the remaining number of vessels.


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Spanish shipbuilder Factorias Vulcano has informed Petroleum Geo-Services (PGS) and its subsidiaries, Arrow Seismic Invest II and Arrow Seismic Invest III, that newbuild hull number 532 will be delivered under the shipbuilding contract for hull number 533. As a result, PGS will not take delivery of 532 and the newbuild contract is canceled. Factorias Vulcano took this step in order to deliver a vessel under the shipbuilding contract for hull number 533 prior to the cancellation date of July 29. Both newbuilds were to be chartered to Schlumberger subsidiary, WesternGeco, who has been informed of the situation. Arrow has made all contractual payments to the yard for newbuilds 532 and 533, except the final installments due on delivery, EUR 36 million (US$45.5 million) per vessel, which would be matched by a similar amount by WesternGeco at the time of delivery. If a shipbuilding contract is canceled due to late anticipated delivery by the yard, Arrow will be entitled to repayment from the yard of all installments made on the vessel, which amounts to EUR 39 million (US$49.2 million), of which EUR 32 million (US$40.42 million) is secured by on-demand refund guarantees. Charter News

Great Offshore Ltd has entered into a 3 year charter commencing end April with the Oil and Natural Gas Corporation, under which the former will supply ONGC for an aggregate contract value of USD 65 million. The vessels comprise one platform supply vessel and two anchor handling tug-cum-supply vessels. Two of the vessels will commence their respective charters on expiry of their earlier long-term charters of around 3 years, while one vessel will migrate from its existing spot fixture to long-term charter.

Trico Marine Services subsea services segments, DeepOcean and CTC Marine, have received new contract awards and extensions of certain contracts representing over US$100 million in value. CTC Marine has been awarded contracts and extended further work under a previously announced contract representing approximately US$70 million in value. The contracts include an additional installation of a life of field seismic (LoFS) system in the North Sea. The primary workscope for CTC will involve engineering, installation and trenching of over 200 kilometers (124 miles) of fiber optic LoFS cable in a field in the Ekofisk field in the North Sea. The contract has an overall value of at least US$23 million. China Offshore Oilfield Engineering Company, through Bluewhale Offshore Engineering Technology, extended its work with CTC Marine in China with two more projects, ploughing work on the LeDong project and inspection, maintenance and repair (IMR) and installation and construction support. These projects represent around US$38 million in value, which includes the mobilization of the construction support vessel Atlantic Challenger from Mexico to China. CTC Marine was also awarded extended workscope on CTC Marine's previously announced North Bardawil project for Petrobel offshore Egypt, an increase of over US$12 million from the original contract value. DeepOcean has secured contract awards representing around US$20 million in value. The company has secured Solstad Offshore construction support vessel “Normand Flower” (pictured) for subsea services work from now until the end of August 2009. Using “Northern River”, an existing platform supply vessel from the company's North Sea towing and supply fleet, DeepOcean has secured additional subsea services contract work through August 2009. The vessel now operates permanently with a DeepOcean ROV [remotely operated vehicle] spread on board. A contract for support vessel “Deep Endeavour” was extended through at least the end of the third quarter for IMR work for PEMEX.


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Orders The Irving-owned Halifax shipyard got a welcome boost with the awarding of a contract to build a 73.6m UT 755LN offshore supply vessel for EnCana Corp. The successful bid by another Irving-owned company, Atlantic Towing, means work on the $60 million vessel will create 200 new jobs at the shipyard. The new vessel will service Calgary-based EnCana's $760-million Deep Panuke offshore gas project off Nova Scotia. The construction phase will generate an estimated payroll of $20 million, and will result in about $14 million in purchases of goods and services from Nova Scotia suppliers. “We've built four of these ships in the past, a little bit different, but similar ... so it's a great day to make this announcement,” Jim Irving, president of J.D. Irving Ltd.,

said to applause from shipyard workers. He said work on the vessel could take up to 18 months to complete. The project is expected to add some 200 jobs to the shipyard's workforce of 600. Irving said landing a contract during a global recession was “huge”. “It's very, very important,” he said. “It was a real team effort and it's great for Nova Scotia.” Engineering and design work is expected to begin immediately, with delivery of the vessel scheduled for the fourth quarter of 2010. Workers at the yard said the contract gave them hope that there may be a future for shipbuilding in Halifax. Alan Adamson, an electrician, said the announcement likely means he can retire with the company. “I won't have to go west again ... but this will see me through, I've only got a couple of years before I

retire,” said Adamson, who has worked on and off at the shipyard since coming to Canada from England in 1974. He said the timing of the contract was fortunate given that layoffs are about to happen as work on a small cruise ship contract winds down. “So this is big time, lots of work,” he said. Jamie Vaslet of the CAW Marine Workers Federation called the contract a great way to stimulate the economy. “This is a great industry to do it with, you have well paying jobs and with every job that a shipyard worker has, there are three spin-off jobs created in other industries.” Under a 2006 agreement signed with the province, EnCana agreed to provide more than one million hours of work in Nova Scotia. But the company was given regulatory approval last year to hire a company in Dubai to build its offshore accommodations because of cost pressures. Nova Scotia Premier Rodney MacDonald said the 426,000 person hours promised with the new contract is proof the agreement is paying off. “We fought hard to ensure person hours of work and today is evidence of those benefits,” he said. Deep Panuke is expected to start producing natural gas for major U.S. markets in late 2010. Engineering and design work will begin immediately and the cutting of the first steel is forecasted for the third quarter of this year. Delivery of the vessel will occur in the fourth quarter of 2010. Wärtsilä, ship power system integrator for the marine industry, has received a ship design order from the Norwegian shipping company Sartor Shipping AS. The order is for two Vik-Sandvik 465 FSV design vessels that will be built at the Wison Heavy Industry shipyard in China. Wärtsilä scope of supply also includes two main engines, gear boxes and propellers. Sartor Shipping has options for further newbuildings at the yard. The vessels are due for delivery in 2010 and 2011. The design incorporates a hybrid system that offers considerable fuel savings compared to a purely diesel mechanical solution. This is because the available power can be adjusted to meet the various demands of the different operations that this type of vessel will be used for. The savings will be particularly notable when operating at lower power loads. Multi-functionality is an extremely important feature of this design as the vessels are intended for use in a multitude of different tasks. These are likely to include offshore standby service, emergency towing, oil spill recovery, ROV (Remotely Operated Vehicle) operations, fire fighting, tanker assistance and surface surveillance. The vessels will have redundant Dynamical Position system, DP II. The vessels' length is 216ft and the beam 59ft. They will comply with the Bureau Veritas (BV) “Clean Ship” notation for pollution prevention. Wärtsilä acquired the global ship design group Vik-Sandvik in July 2008.


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Offshore support vessel giant Tidewater is building the latest generation of platform supply vessels specifying diesel-electric power. Tidewater says the propulsion choice was specified as it offers greater operational flexibility and efficiency. The flexibility of diesel electric allows for a one or more of the engines to be shut down when full power is not required. A series of 12 vessels is planned, with the first to deliver in 2010. Each of the Vanuatu-flagged vessels will be classed by ABS as A1, (E) Offshore Support Vessel, AMS, DPS 2 and FFV Class 1. The design is from MMC Ship Design & Marine Consulting Ltd. of Poland and the vessels are being built in China at Fujian Mawei Shipbuilding Ltd.

Bergen Group ASA, through its subsidiary Bergen Group Fosen, has signed contracts with BOA Group for the outfitting of 4 VS495 design Multipurpose PSVs and 1 MT6007 PSV. The total value of the contracts is NOK 2739 million. All contracts are subject to financing and board approvals. All 5 vessels will have hulls from Nantong Mingde, China. The designs of the vessels are 4 VS495 and 1 MT6007. The VS495 MPSVs have 96.9m LOA, 21m beam and are 4,200dwt. The MT6007 has a 79.67m LOA, 16.4m beam and is 3,500dwt. BOA Group, a leading Norwegian operator of offshore vessels headquartered in Trondheim, has earlier signed contracts for 6 vessels at Bergen Group Fosen. The first of 2 electromagnetic seabed logging vessels operated by EMGS has been delivered and the second will be delivered this summer. Also 4 AHTS have been contracted for delivery 2010-2011. Included the 5 new contracts, BOA Group has committed to outfitting a total of 11 vessels at Bergen Group Fosen. “We are very pleased to continue the close cooperation with BOA Group”, says Arnar Utseth, Managing Director at Bergen Group Fosen. “To be awarded a total of 11 contracts by one ship owner proves that the yard provides the service and craftsmanship required in the market”, Utseth added. CEO of Bergen Group ASA, Pål Engebretsen, is also very pleased about the contracts. “These contracts for 4 MPSVs and 1 PSV are an important indication that there still is activity in the market. Despite the financial unrest also hitting the shipping industry the latest months”, Engebretsen states.

STX Europe subsidiary STX Norway Offshore AS has signed contracts to build three icebreaker tugs for JSC Circle Marine Invest. A JSC Circle subsidiary, Caspian Offshore Construction in Kazakhstan will operate the vessels in the Kashagan field of the northern Caspian Sea. The vessels will be delivered in 2010 and 2011, and the total value of the three contracts is around NOK 750 million (about $112.4 million).

“With Caspian Offshore Construction being a new customer to STX Europe, these contracts are of strategic importance to us. The Caspian Sea is of great interest to STX Europe, especially the Northern part where our ice breaking expertise is required” says Roy Reite, President for STX Europe's business area Offshore & Specialized Vessels. Designed by STX Europe subsidiary Aker Arctic, the tugs will have a length of 65 meters and a beam of 16.4 meters. Built to Finnish-Swedish Ice class notification 1A* Super, they will be equipped and designed for operations, such as fire fighting, rescue operation and towing in shallow waters as well as icebreaking. “The Caspian icebreaker tugs are based on the first Aker Arctic DAS (TM) icebreakers, having operated for more than 10 years in the Kashagan oil development. They are also showing the good synergies between Aker Arctic and STX Europe”, says Mikko Niini, President of Aker Arctic Technology Inc.


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Supply Vessels Worldwide While information in Lloyds Register-Fairplay Seaweb only covers “sea-going” vessels of over 100GRT, there are many supply vessels either under that tonnage or in inland service. According to Lloyds, as of April 20th, 2009, there were 5,561 “sea-going” supply vessels over 100GRT worldwide. This is up 1.91% or 104 vessels since our last report in January. Total horsepower of this fleet is 28,409,565BHP. This is up 918,345BHP or 3.34% since our last report. The largest national fleet of supply vessels worldwide in horsepower and count sails under U.S. registry. The U.S. operates 976 sea-going supply vessels over 100GRT, or 17.55% of the world market, totaling 3,678,164 horsepower (12.95% of the global horsepower) with a 15.0 year average age. The registry with the youngest and smallest supply vessel fleet is Jamaica, with a single 2008-built 4,200BHP vessel.

Top 50 “Sea-Going” Supply Vessel Fleets By Units As Of April 2009 According to Lloyds Register Flag Total BHP % # SVs % Avg BHP Avg Age

Worldwide 28,409,565 100.00% 5,561 100.00% 5,109 1993 United States Of America 3,678,164 12.95% 976 17.55% 3,769 1994 Singapore 2,596,623 9.14% 410 7.37% 6,333 2004 Panama 1,366,128 4.81% 338 6.08% 4,042 1985 Malaysia 1,297,185 4.57% 276 4.96% 4,700 2003 Vanuatu 1,620,548 5.70% 268 4.82% 6,047 1994 Norway 2,954,320 10.40% 263 4.73% 11,233 2003 Mexico 629,243 2.21% 178 3.20% 3,535 1989 China, People's Republic Of 747,118 2.63% 173 3.11% 4,319 1987 St Vincent & The Grenadines 705,639 2.48% 161 2.90% 4,383 1991 India 775,747 2.73% 158 2.84% 4,910 1991 United Arab Emirates 382,970 1.35% 139 2.50% 2,755 1986 Brazil 846,549 2.98% 137 2.46% 6,179 1998 Unknown 303,706 1.07% 126 2.27% 2,410 1978 United Kingdom 674,048 2.37% 124 2.23% 5,436 1995 Indonesia 204,954 0.72% 93 1.67% 2,204 1985 Nigeria 297,142 1.05% 89 1.60% 3,339 1984 Bahrain 378,588 1.33% 88 1.58% 4,302 1995 Marshall Islands 439,703 1.55% 82 1.47% 5,362 2002 Italy 438,438 1.54% 79 1.42% 5,550 1988 France (Fis) 511,628 1.80% 71 1.28% 7,206 2005 Norway (Nis) 582,001 2.05% 69 1.24% 8,435 2003 Bahamas 446,304 1.57% 66 1.19% 6,762 1994 Belize 287,770 1.01% 64 1.15% 4,496 1984 Egypt 187,796 0.66% 52 0.94% 3,611 1983 Liberia 362,978 1.28% 51 0.92% 7,117 1995 Azerbaijan 259,901 0.91% 50 0.90% 5,198 1985 Cyprus 302,190 1.06% 45 0.81% 6,715 2001 Isle Of Man 530,966 1.87% 44 0.79% 12,067 1995 Honduras 70,658 0.25% 42 0.76% 1,682 1972 Russia 391,523 1.38% 40 0.72% 9,788 1988 Denmark (Dis) 559,519 1.97% 39 0.70% 14,347 1997 Comoros 114,727 0.40% 36 0.65% 3,187 1983 Iran 137,304 0.48% 35 0.63% 3,923 1979 Japan 73,558 0.26% 33 0.59% 2,229 1982 Qatar 133,502 0.47% 32 0.58% 4,172 1994 Trinidad & Tobago 55,270 0.19% 31 0.56% 1,783 1983 Canada 292,445 1.03% 30 0.54% 9,748 1988 Venezuela 51,135 0.18% 29 0.52% 1,763 1978 Vietnam 147,537 0.52% 28 0.50% 5,269 1985 Australia 90,060 0.32% 25 0.45% 3,602 1992 Saudi Arabia 80,490 0.28% 25 0.45% 3,220 1990 Cayman Islands 169,335 0.60% 24 0.43% 7,056 2001 Antigua & Barbuda 254,245 0.89% 23 0.41% 11,054 2000 Dominica 88,192 0.31% 23 0.41% 3,834 1982 Netherlands 112,449 0.40% 21 0.38% 5,355 1989 Turkmenistan 76,195 0.27% 21 0.38% 3,628 1981 Thailand 58,624 0.21% 19 0.34% 3,085 1999 Germany 180,048 0.63% 18 0.32% 10,003 2007 Luxembourg 105,175 0.37% 18 0.32% 5,843 2006 France 94,828 0.33% 17 0.31% 5,578 1994


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New Construction, Shipyard and Conversion News New construction continues, but at a declining pace. According to “Fairplay”, as of 20 April 2009, there were 12,028 ships over 299GRT on the World Orderbook. This is down 389 or 3.13% from 12,417 January 2009. Of the 12,028 ships recorded on order, 857 (down 19) are Offshore Supply Vessels and 193 (down 11) are designated as “Offshore – Other”. Of the 857 OSVs under construction, China leads the Orderbook with a total of 247 (up 9) OSVs being built. They are followed by Singapore at 78; India and the U.S. at 77 each; then Malaysia 65; Indonesia 43; Romania 33; Brazil 29; Japan 23; Poland and Spain 20 each; Italy 19; Norway 15; Turkey 13; UAE 12; Thailand 11; South Korea 9; Germany and Ukraine 8 each; Vietnam 7; 6 in Saudi Arabia; the Netherlands and Sri Lanka 5 each; Argentina and Russia 4 each; France and Iran with 3 each; Chile, Egypt, Mexico, Portugal and the UK with 2 each; and 1 each in Bulgaria, Canada and the Philippines.

Worldwide Offshore Supply Vessels On Order Over 299 GRT

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Credit: Fairplay New buildings Online 04/09

The below graph shows the estimated delivery dates for those OSVs on order. We expect to see a number of those dates in 2009 and 2010 slip.

Delivery Dates Worldwide Orderbook

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Credit: Fairplay Newbuilding Online 04/09


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CAT power lead by far propulsion packages with engines in 217 OSVs followed by Cummins in 127, MaK in 82, Wartsila 72, Bergens 65, Yanmar 48, Niigata 36, MAN-B&W 29, General Electric 10, M.T.U. and Mitsubishi with 8 each, Rolls Royce in 5, EMD 3, A.B.C., Baudouin, Hyundai and Weifang with 1 each. Engines were not listed for 143 OSVs.

Summary of Engines Worldwide Offshore Supply Vessels

Orderbook Over 299 GRT

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Credit: Fairplay Newbuilding Online 0409 The highest portion of OSVs over 299GRT being built worldwide are in the 3 – 4,000HP category with 163 OSVs, or 19.0% of those OSVs where the horsepower is listed. Followed by 17.0% being built in the 5 – 6,000HP and 14.5% in the over 10,000HP categories. Only 1 OSV is 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 1 17 58 163 74 146 41 39 26 29 124 139 857

Deliveries

STX Norway Offshore AS in Brevik, Norway delivered platform supply vessel (PSV) “Far Serenade” on March 31 to Farstad Supply AS, a wholly owned subsidiary of Farstad Shipping ASA. The UT 751 CD vessel immediately commenced on a long-term contract for StatoilHydro. A long-term facility of NOK 280 million (US$ 41.27 million) has been drawn with Eksportfinans ASA to finance the vessel. The loan is guaranteed by Fokus Bank.

Garware Offshore Services has taken delivery of a newly built platform supply vessel named “M V Makalu”, in Norway. The company’s principal activity is to support drilling and oil exploration activities.


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The most powerful offshore vessel ever built – the “Far Samson”, which has been designed and equipped by Rolls-Royce, entered service with Farstad Shipping of Norway, following a naming ceremony in Edinburgh. Rolls-Royce developed the special UT 761 CD design, working closely with the ship owner. “Far Samson” has demonstrated a continuous bollard pull of 423 tonnes using all available power and more than 377 tonnes using the main propulsion system. Rolls-Royce President – Offshore, Anders Almestad said: “This vessel is truly a world class combination of high technology and new capabilities, pushing new boundaries in the offshore market.” “Far Samson” was built by STX Europe Langsten, Norway and incorporates a wide range of new technology. The DP-3 vessel is multifunctional and capable of carrying out heavy ploughing operations for pipes and cables on the seabed, as well as subsea installation work in ultra deep water, towing, remote underwater (ROV) and other challenging subsea operations. It can cut trenches in the seabed in water up to 1,000m deep. The vessel is 121.5m long with a 26m beam, gross tonnage of 15,260 with a hull strengthened to Ice Class 1B, and is capable of more than 19 knots at top speed. A Rolls-Royce propulsion system combining diesel electric and diesel mechanical transmission provides optimal operating flexibility, fuel economy and minimum exhaust emissions. “Far Samson” is powered by four Rolls-Royce Bergen 32:40V12P four stroke 12 cylinder 6,000kW (8,158HP) at 750RPM diesel electric engines, which meet clean design class rules and catalytic converters are also fitted to the generator sets, giving a 95% nitrogen oxide (NOx) reduction. These drive two controllable pitch props producing a total power of 24,000kW (32,632HP). Vessel is also fitted with two retractable, azimuthing bow thrusters, one retractable, azimuthing stern thruster, one CP tunnel bow thruster and two fixed pitch tunnel stern thrusters. During sea trials in March, the vessel also delivered an impressive maximum speed of 18.9kn at service draft.


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Swiber Holdings Ltd. has completed the sale and leaseback of its 248-person capacity pipelay barge, “Swiber Concorde”, which was delivered on Feb. 28 to Tioman Offshore A.S. “Swiber Concorde” is currently being prepared for its first pipelay job in Southeast Asia. The completion of the sale and leaseback of Swiber Concorde is part of US$ 95 million sale-and-leaseback agreement previously announced in October 2007, which comprised four anchor handling tug supply vessel (AHTS) and a pipelay barge. Among the four AHTS, two vessels, the “Swiber Valiant” and “Swiber Gallant”, have already been delivered. Of the 15 vessels under sale and leaseback arrangements, seven are still under construction, and Swiber expects its gearing to fall with the completion and delivery of each vessel. The addition of “Swiber Concorde” to the fleet "is timely as it will help Swiber reduce our third party charter and sub-contracting costs, and also significantly ease the vessel shortage situation we were facing to support our brimming pipeline of projects," said Anders Schau, managing director of R.S. Platou Finans Singapore Pte Ltd. The Cochin Shipyard Limited delivered the sophisticated Platform Supply Vessel constructed for the NFC Offshore, Norway. The ship is of the popular UT-755-LN design for the offshore industry. It is designed for satisfying the specific demands of transport of deck cargo, pipes, liquid cargo, cement and barite and unloading to rigs and production platforms and pipe-laying barges. The protocol documents were signed by Cherian George, chief general manager (Shipbuilding) of the Cochin Shipyard and Michael B Kennedy, managing director of the NFC Offshore. Platform supply vessels, which carry all the operational supplies and stores to far offshore installations are the workhorse of the offshore oil field industry. As the offshore industry moves into deeper waters, demand for such advanced vessels is expected to increase. “The ship is built and classified under the most stringent rules and regulations of the Det Norske Veritas (DNV) and is classed for unmanned engine room and dynamic positioning grade- II. … The vessel also satisfies ‘CLEAN’ notation of the DNV which signifies high standards of environmental safety,” CSL authorities said in a press release. N M Paramesh, director (Finance) and Cmde K Subramaniam, director (Operations) were also present at the function.

The first of two Damen Anchor Handling Tug Suppliers (AHTS 6615) for Brodospas has been successfully launched on Friday 10th April. The construction took place at Damen Shipyards Galati in Romania and the delivery of both vessels is scheduled for the third and fourth quarter of this year. Brodospas, the well established Croatian operator with their main office in Split, operates supply boats, anchor handlers and tugs. The newly ordered vessels will boost the fleet renewal program which started with the Damen Fast Crew Supplier 3507 “Silni”. The vessels will be deployed worldwide, however since the main activities of Brodospas are currently in

Mediterranean, it is most likely that the vessels will start there. The AHTS 6615 is one of the latest designs from the Damen Offshore Series. The Offshore Series include both AHTS and Platform Supply Vessel (PSV) type of vessels covering a bollard pull range from 80 to 200 ton (AHTS) and a deadweight range varying from 2,000 to 4,500 ton (PSV). The Brodospas’ AHTS 6615 have the following main characteristics:

Length o.a. 67.00 m Breadth 15.00 m Draft design 5.00 m Speed 15 knots Bollard pull 120 ton AH Winch holding force 250 tons

Accommodation is provided for 29 persons divided over single, double and quadruple cabins. The bollard pull of over 120 ton will be the highest ever achieved by Damen. The vessels will be classed by Bureau Veritas and the Croatian Register. The notation includes FiFi-1, oil recovery and DP-2.


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“Sea Eagle 1” (a 12,000BHP AHTS-vessel) has been delivered from Jaya Shipbuilding & Engineering Pte Ltd in Singapore to Deep Sea Supply Plc, which has a 15 month firm bareboat charter agreement with owners, Java Marine Lines Pte Ltd, and has also secured a purchase option at the end of the 15 month BB charter. “Sea Eagle 1” will, together with “Sea Ocelot”, on 8 May 2009 start a 6-8 month contract with Gazflot for operations off the Sakhalin peninsula. (20th April 2009 Deep Sea Supply Plc) Drydocks World, the global maritime arm of Dubai World, announced the delivery of “OSA Goliath”, one of the world’s largest multi-purpose OCVs at its Drydocks World – Pertama yard on April 23. “OSA Goliath” is built for

Coastline Maritime, a prominent Singapore-based group with a 30-year history of vessel ownership design, construction and operation. The vessel dimensions are 590.5ft by 105ft by 39.5ft and 22,000dwt. It is equipped with DP-3 and a 2,000-tonne crane to install offshore platforms and pipelines in deep waters. In addition to “OSA Goliath”, Coastline has a similar vessel, “Samson”, currently under construction at the same shipyard, scheduled for delivery in the first quarter of 2010. Terry Highlands, CEO of Coastline Maritime said, “Our ships, constructed at Drydocks World – Pertama yard, are the world’s largest multi-purpose offshore construction vessels. The

projects could not have been realized without the focus on high safety standards, technical expertise and teamwork evident at the yard.”

Hornbeck Offshore took delivery of the 250 EDF Class “HOS Westwind” on April 1 from Leevac Industries. The “HOS Westwind” is conducting support work in the US Gulf. Leevac Industries launched the “HOS Eagleview” on March 31. When the “HOS Eagleview” is fitted out and delivered, it will mark the fourth in a series of nine 250 EDF Class PSVs that Leevac Industries will have constructed for Hornbeck Offshore. GreatShip (India) Limited (GIL), a wholly owned subsidiary of The Great Eastern Shipping Co. Ltd. has informed that it has taken delivery of “Greatship ASMI”, an 80T Anchor Handing Tug cum Supply Vessel. The company stated in an official release, that the vessel has been built at Labroy Shipbuilding and Engineering Pte Limited (part of the Drydocks World Group) at their facilities in Batam, Indonesia. “Greatship ASMI” is a DP2, FiFi 1 full service vessel built to exact specifications, and capable of supporting offshore exploration and production in various regions across the world. GIL and its subsidiaries currently own and/or operate 6 PSVs, 5 AHTSVs and 1 jack up rig.

The dive support vessel “Adams Challenge” was recently delivered by Astilleros Balenciaga shipyard in Spain to Adams Offshore. The vessel is the fourth vessel built by the yard for Adams Offshore (UK) Ltd. “Adams Challenge” is also Balenciaga's largest and most complex delivery for the offshore support vessel market, a field in which the shipyard has gaining an excellent reputation over the last decade. “Adams Challenge” is 85.74m overall and has diesel electric machinery. She bears the class notation ABS, +A1, circle E + AMS +DPS2, Survey/Diving/ROV Support Vessel, Unrestricted Service, Special Purpose Ship. She will be engaged in underwater surveying,

pipeline construction and maintenance tasks by means of divers and ROVs. In addition, “Adams Challenge” is fitted with a 12-man SAT dive system rated to a water depth of 300m.


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Oceanteam ASA’s second DP2 construction support vessel (CSV) “North Ocean 102” was christened in a ceremony at Metalships shipyard in Vigo, Spain, at the end of last year, and has now started work on a project by project basis for the Mexican Offshore Construction and inspection, maintenance and repair (IMR) company CICSA. “North Ocean 102” is configured as a construction support/installation vessel and is now at work under the terms of a five-year deal with Cisca. The ship is 137m in length and has a 27m beam and, on delivery, was fitted with two 100 ton cranes, a large moon pool (7m x 7m) and had been upgraded to be able to accommodate a crew of up to 199. “North Ocean 102” is the second example of the Oceanteam 100 series, a series of vessels that are similar in most respects, if not identical, having been designed primarily for field support, construction, and installation work, or to work as IMR support vessels. All of the 100 Series vessels are built at Metalships, with the third ship in the series, “North Ocean 103”, due to be delivered later in 2009, after which the vessel will go to work on behalf of Technip UK Ltd, Oceanteam having recently announced that it had signed a contract with Technip UK Ltd for a vessel charter plus additional services, and agreement that will commence in 2009 for a minimum period of eight years plus options for worldwide operations.

Stril Offshore AS, as manager for owners Simon Mokster, took delivery of the Havyard 842 design 200 tonne bollard pull AHTS “Stril Commander” from builder Havyard Leirvik, Norway earlier in the year. This high specification vessel features DP2, FiFi 1, 280 survivor class to NMD rules, Oil Rec, Ice Class 1E, and double drum anchor handling/towing winch of 350 tonne pull/500 tonnes brake hold. The vessel is currently working in the North Sea spot market.

The name giving ceremony for “VOS Seeker” took place on February 10th at the Astilleros Zamakona Shipyard in Spain. “VOS Seeker”, a field-support vessel, built at the Astilleros Zamakona Shipyard, will join Vroon's growing fleet of modern vessels providing a range of emergency response and cargo support for the offshore industry. Delivery of the vessel was expected in the first week of March. The vessel will be operated by Vroon Offshore Services Ltd and is currently being marketed to work in the UKCS. Muggiano (La Spezia) shipyard delivered the “UOS Atlantis” the first of 12 multi-purpose AHTS ships (Anchor Handling, Towing & Supply), ordered from Fincantieri in March 2007 by the German owner, Hartmann Logistik

GmbH (Hartmann Reederei Group). The remaining 11 vessels - which will be built at the shipyards of Riva Trigoso, Muggiano and Palermo - will be delivered by mid-2010. Hartmann Reederei is a leading global player, with a fleet of over 100 vessels including container ships, gas tankers and product tankers as well as bulk carriers, multipurpose vessels and special ships and currently has a substantial newbuilding program with yards in Europe and the Far East. During the sea trials certified by ABS, the vessel proved capable of a bollard pull of close to 200 tons and a maximum speed of about 17 knots. “UOS Atlantis” has been chartered by EDT

Offshore Egypt to become part of BP Egypt's Mediterranean vessel fleet and to support BP’s offshore drilling activities. Delivery of “UOS Atlantis” also marks the start of Hartmann Group's operations in the offshore sector.


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During fiscal 2009, Tidewater took delivery of 10 AHTSs that varied in size from 6,500 to 10,000BHP. All 10 AHTSs were constructed at international shipyards for a total approx. cost of $182.6 million. Tidewater also took delivery of two 230’ and one 240’ PSVs for approx. $43.9 million. Two different international shipyards built these PSVs. Tidewater also delivered to the market three water jet crewboats, constructed at an international shipyard, for a total approx. cost of $5.3 million. Lastly, one offshore tug was delivered to Tidewater for an approx. total cost of $13.4 million. At March 31, 2009, Tidewater is constructing 16 AHTSs, varying in size from 6,500 to 13,600BHP, for a total capital commitment of approximately $335.6 million. Five different international shipyards are constructing the vessels. Five of the AHTSs are large deepwater class vessels. Scheduled deliveries for the 16 vessels began in April 2009, with the last vessel scheduled for delivery in January 2012. As of March 31, 2009, Tidewater had expended $151.4 million for the construction of these vessels. Tidewater is also committed to the construction of four 230’, seven 240’, two 266’ and twelve 280’ platform supply vessels for a total aggregate investment of approx. $608.4 million. Tidewater’s shipyard, Quality Shipyards, L.L.C., is constructing the two 266’ deepwater class vessels. One international shipyard is constructing the four 230’ vessels, while two different international shipyards are constructing the seven 240’ deepwater class vessels. Scheduled delivery for the four 230’ vessels will begin in June 2009 with final delivery of the fourth vessel in January 2010. Expected delivery for the seven 240’ deepwater class vessels began in April 2009 with final delivery of the seventh 240’ vessel in September 2009. The twelve 280’ deepwater class vessels are being constructed at an international shipyard and are expected to be delivered to the market beginning in November 2010 with final delivery of the twelfth 280’ vessel in July of 2012. As of March 31, 2009, $206.8 million has been expended on these 25 vessels. The company is also committed to the construction of two 175’, fast, crew/supply boats and one water jet crewboat for an aggregate cost of approx. $19.7 million. Two separate international shipyards are building these vessels. The water jet crewboat is expected to be delivered in May 2009 while the two fast, crew/supply vessels are expected to be delivered in August and September of 2009. As of March 31, 2009, Tidewater had expended $13.5 million for the construction of these three vessels. Tidewater is also committed to the construction of two offshore tugs for an aggregate cost of approx. $28.1 million. The offshore tugs are being constructed at an international shipyard and are expected to be delivered to the company in August and September of 2009. As of March 31, 2009, $20.6 million has been expended on these two offshore tugs. During the early part of fiscal ‘09, Tidewater expressed its belief that it had sufficient financial capacity to support a $1.0 billion annual investment in acquiring or building new vessels for the intermediate term, assuming customer demand, acquisition and shipyard economics and other considerations justified such an investment. Given continuing tight credit and capital markets, it is doubtful whether adequate capital and liquidity will be available to supplement cash generated to fully implement the continuation of its fleet replacement program at this level, or, if available, on terms and pricing as advantageous as Tidewater has enjoyed historically. Tidewater continues to evaluate its fleet renewal program, whether through new construction or acquisitions, relative to other investment opportunities and uses of cash, including the current share repurchase authorization, and in the context of current conditions in the credit and capital markets. At March 31, 2009, Tidewater had approx. $250.8 million of cash and cash equivalents. In addition, at March 31, 2009, the entire amount of Tidewater’s $300.0 million revolving credit facility was available for future financing needs. Italian owners, Augusta Offshore took delivery of the UT-755 LC “Asso Trenta” around the end of March. It had originally been anticipated that the PSV would be delivered from the Simek Yard in Norway in February. The vessel will be equipped with DP2 and will have deck space of around 690m² and 5,521BHP. Including the newbuild, Augusta Offshore will have a total fleet of six PSVs, 10 anchor handling tug supply vessels and six anchor handling tugs.


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A new offshore supply vessel has joined the Gulf Resource Management Inc. (GRMI) fleet working the Gulf of Mexico. The 140 by 34ft M/V “Luke Thomas” was designed at the owners’ direction with an accommodation space that extends the full 34ft width of the hull to maximize crew comfort. In addition to a crew of four, the OSV can accommodate up to 16 offshore workers or 22 passengers. The vessel’s distinctive design is from Sterling Marine LLC and was built by Master Marine LLC in Bayou LaBatre, Alabama. The large 88 by 30ft after deck has the capacity to carry 350 tons of cargo while the hull contains tankage for 53,000

gallons of fuel and 113,000 gallons of potable water. A pair of Cummins Tier 2 compliant QSK19-M3 engines each delivering 660HP into Twin Disc gears provides propulsion power for 12 knots. Two Cummins 6BTA5.9(DM) powered generators supply 88kW of electrical power each. A fifth Cummins engine, a 340HP QSL9, powers the bow thruster for the ABS DP 1 classed vessel. “Luke Thomas” is also fitted with a 1,200GPM Crane Denning Fi-Fi system. “Luke Thomas” is a virtual sister ship to owner’s “Andrew Charles”. Malaysia-based offshore support vessel provider Bumi Armada Berhad has launched its new anchor handling tug supply vessel (AHTS), “Armada Tuah 105”, from DryDocks World Shipyard on Batam Island, Indonesia. “Armada Tuah 105” will go to work off the coast of Nigeria. The vessel is the 13th in a 20-vessel newbuild program, with seven more vessels to be delivered this year. Another AHTS, “Armada Tuah 104”, was launched last October. This vessel will also go to work offshore Nigeria, while sister vessel “Armada Tuah 102” will work offshore Malaysia. Two of the company's mooring vessels, “Armada Mutiara 2” and “Armada Mutiara 3”, have been contracted by an international oil company for a 10-year charter off Sarawak, Malaysia. Workboat “Armada Firman 2” has arrived in Angola while its sister workboat “Armada Firman 3” will be heading to the Gulf of Mexico. Both vessels have a deck crane to support construction and installation activities. Technology

TTS is taking anchor handling to the next level with the introduction of Active Heave Compensation (AHC) on their winches. The product is developed by TTS Offshore Handling Equipment which has a long experience developing winches for both anchor-handling and subsea winches with AHC. By combining the best technology from each product, TTS has developed a winch they have identified

as the “next generation” for AHTS vessels. The solution is as simple as it is advanced, in that it can fit on any TTS standard anchor-handling/towing winch. The system does not require unique vessel design and can be fitted on any AHT or AHTS vessel. It can also be retrofitted to existing vessels. The system will enable vessels to operate in new working areas like subsea deployment, installation of large suction anchors and other operations that require AHC technology. The TTS winch can also operate regular anchor-handling and towing operations with improved safety, due to improvement of operation data in the winch system. Trenching work will also be greatly improved with the TTS winch. “We see this as a product that will improve the work carried out by the vessels, especially now, as vessel rates are falling and there is a need for increased efficiency,” says Sales Manager in TTS Offshore Handling Equipment, Sverre Mowinckel-Nilsen. “We will also be able to offer utilization of the weather window due to the AHC installation,” Mowinckel-Nilsen continued. “At the moment we, are introducing the new concept to major ship owners within the AHTS market. The initial feedback has been very positive,” said Sverre Mowinckel-Nilsen. Mowinckel-Nilsen continues: “One of the most important issues for our new technology is also that the cost will be very competitive. Comparing to a standard AHT winch we will offer a much better solution for normal operations and new working areas for a price that our clients will see to be one of the most interesting issues for the concept.”


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Off The Blocks Following is a list of AHTSs, offshore supply and platform supply vessels currently on order at U.S. shipyards per Marine Log and Colton, as of April 9, 2009. This list shows 47 supply vessels on order in the U.S., down 7 from the 54 vessels reported in January. Do note though that construction has been suspended on 3 PSVs for Gulfmark at Bender Shipbuilding. No word yet if these vessels have been moved to another yard for completion.

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

Atlantic Marine Florida, Jacksonville FL

PSV Hornbeck Offshore Services 251 HOS Silverstar 240 ft. 4Q09

PSV Hornbeck Offshore Services 252 HOS 240 ft. 1Q10

Bender Shipbuilding, Mobile AL

PSV Gulfmark Offshore 8184 Construction suspended 245 ft. 25.5 09-Nov

PSV Gulfmark Offshore 8188 Construction suspended 245 ft. 25.5 10-Apr

PSV Gulfmark Offshore 8192 Construction suspended 245 ft. 25.5 10-Jul

Bollinger Shipyards, Lockport LA

PSV Speculative 545 210 ft. 2009








C. & C. Boat Works, Belle Chasse LA

OSV TMM Isla Ciari 2009

OSV Undisclosed 2009





Candies Shipbuilding, Houma LA

PSV Otto Candies 280-ft. 2009

Cianbro Corp., Portland ME

PSV (C) Hornbeck Offshore Services HOS Centerline 370 ft. 55 4Q-2009

Eastern Shipbuilding, Panama City FL

PSV Laborde Marine Jean-Pierre Lab 260 ft. 2009

PSV Laborde Marine Genie Lab 260 ft. 2009

PSV Laborde Marine 260 ft. 2010

PSV Aries Marine Dwight S. Ramsay 292 ft.

PSV Aries Marine 292 ft.

Leevac Industries, Jennings LA

PSV Hornbeck Offshore Services 348 HOS Arrowhead 250 ft. 3Q09

PSV Hornbeck Offshore Services 349 HOS Eagleview 250 ft. 4Q09

PSV Hornbeck Offshore Services 350 HOS Pinnacle 250 ft. 1Q10

PSV Hornbeck Offshore Services 351 HOS Westwind 250 ft. 1Q10

PSV Hornbeck Offshore Services 352 HOS Wildwind 250 ft. 2Q10

PSV Hornbeck Offshore Services 353 HOS Winddancer 250 ft. 3Q10

Lockport Fabrication, Lockport LA

OSV Supreme Offshore Services 4 166-ft. 2009

Mariner Industries, Houma LA

OSV Gulf Fleet Mgmt. Gulf Wolf 170 ft. 2009

Master Boat Builders, Coden AL

OSV Abdon Callais Offshore 399 145-ft. 2009

North American Fabrication, Houma LA

PSV Edison Chouest Offshore 255 288 ft. 2009

PSV Edison Chouest Offshore 288 ft. 2009

North American Shipbuilding, Larose LA

PSV Edison Chouest Offshore 237 Dino Chouest 348 ft. 09-Apr





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Quality Shipyard, Houma LA

PSV Tidewater Marine 1271 Terrel Tide 265 ft. 09-Dec

PSV Tidewater Marine 1272 265 ft. 10-Mar

Tampa Ship, Tampa FL

OSV Edison Chouest 300-ft.

VT Halter Marine, Pascagoula MS

PSV L. & M. BoTruc 1996 230-foot 25 10-Jan

PSV L. & M. BoTruc 1997 230-foot 25 10-May

PSV Candies Shipbuilding 1998 Hull and deckhouse only 285-foot 9 10-Jan

(C) Conversion

Corporate News Strong demand for offshore support services led Swire Pacific Offshore to post a 20% surge in attributable profit to a record HK$1.7bn ($216.7m) for last year, up from HK$1.4bn in 2007. Turnover rose to HK$4bn against HK$3.1bn a year earlier. Overall, Swire’s marine services division posted an attributable profit of almost

HK$1.8bn last year, compared with HK$2.5bn in 2007, although this included a contribution of nearly HK$1.1bn from the sale of its stakes at Shenzhen’s Shekou Container Terminal. The firm said its joint venture repair and towage company, Hong Kong

United Dockyards, saw attributable profit rise to HK$78m last year, compared with HK$59m in 2007. Commenting on the results, Swire Pacific chairman Christopher Pratt said: “Continued strong offshore oil exploration activity throughout 2008 helped Swire Pacific Offshore to another record year, with very high charter rates and strong vessel utilization.” But he warned that this year is likely to be more difficult. Mr. Pratt said: “After experiencing record high demand and charter rates in 2008, Swire Pacific Offshore expects a more challenging 2009 as additional fleet capacity enters a less buoyant offshore market.” Swire Pacific Offshore has more than 70 vessels in its fleet including anchor handling tugs, platform supply vessels and specialized hydrographic and seismic survey vessels, together with around 20 newbuildings on order or under construction. Reflecting this newbuilding programmed, Swire Pacific said capital expenditure at its marine services division rose more than HK$1.4bn last year, compared with almost HK$1.4bn in 2007. Asian shipping group Ezra Holdings has received a refund of its payments to Norwegian yard Karmsund Maritime Services for two unfinished offshore vessels. Ezra said it had been paid NKr186m ($28m) from the yard’s banks after the Norwegian company went bankrupt this month. The sum covers advance payments made to Karmsund for two shipbuilding contracts. The yard was due to build two NKr620m multi-functional offshore support vessels for delivery in 2010. Ezra subsidiary Lewek Shipping ordered the two vessels in the third quarter of 2007 as part of its strategy to enter the North Sea oil and gas business. Karmsund went bankrupt in the first week of March after it failed to secure finance to finish shipbuilding projects that had run over budget because of spiraling equipment and labor costs. This also left Norwegian shipowner Solstad Offshore with two unfinished offshore vessels in the western Norway yard. Solstad was expecting its NKr500m anchor handlers to be delivered before the end of this year. The company said it cancelled the two newbuilding contracts and was trying to claw back its advance payments. It is entitled to the deposits under a bank-backed refund guarantee clause in the contract.


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Solstad Offshore ASA and Åge Remøy have entered into an agreement regarding the division of Rem Offshore. Solstad, through its wholly-owned subsidiary Solstad Rederi AS, owns 48.7 percent of the shares in Rem, while Åge Remøy, through various companies, controls 39.9 percent of the shares. Solstad said Rem's board of directors has given its support to this proposal. Pursuant to the agreement, eight vessels, including a new building

contract and certain other assets and liabilities, will be transferred to a new incorporated company in which Solstad will receive shares against redemption of Solstad's shares in Rem. The vessels that will be transferred are anchor handling, tug, supply vessel (AHTS) “Rem Balder”, multipurpose support vessels “Rem Commander” and “Rem Fortress”, construction service vessel “Rem Clough”, platform supply vessels “Rem Fortune”, “Rem Supplier” and “Rem Spirit”, and hull No. 724 at STX Norway Offshore in Brattvåg, Norway, which is an AHTS newbuild being constructed to the Aker AH12 CD design. All shareholders in Rem, except Solstad and Åge Remøy, will be offered to either maintain their shareholding in Rem, or receive shares in the new company proportionately to the capital reduction and according to their current shareholding in Rem, in other words for 48.7 percent of their current shareholding in Rem. Solstad will, as much as possible, receive shares in the new company only. To the extent that other shareholders decide to receive shares in the new firm, the redeemed part of Solstad Rederi's shareholding in Rem will be reduced correspondingly. The Åge Remøy companies will not receive shares in the new company, but will maintain their shareholding in Rem. However, if other shareholders wish to redeem parts of their shareholding against receiving shares in the new company, the Remøy companies have undertaken also to receive shares in it to the extent required to avoid that Solstad Rederi receives an ownership share of 90 percent or more. After some time, the business transferred will be integrated into the Solstad group of companies, also corporate-wise. In the event of the transfer, this will be contemplated possibly by way of a merger, alternatively by an offer to purchase the shares of the minority shareholders, based on the conversion rate between the new company and the relevant Solstad entity. The conversion rate will be based on value adjusted equity, and settlement made in SOFF shares, based on value adjusted equity. In addition to the vessels and new building contract, the new company will receive approximately NOK 240 million (US$ 35.47 million) in cash and NOK 105 million (US$ 15.52 million) paid in installments under the new building contract for hull no. 724 at STX Norway. Further, the new company will receive a claim against Rem in the amount of NOK 19 million (US$ 2.81 million) in connection with a loan in the amount of NOK 40 million (US$ 5.91 million) granted by Rem to a third party. The total booked value of the transferred assets in Rem's accounts is approximately NOK 2.3 billion (US$ 339.91 million) as of Dec. 31, 2008. The new company and/or Solstad will take over the bond loan in Rem in the nominal amount of NOK 250 million (US$ 36.95 million) at a value of NOK 237 million (US$ 35.03 million). The new company will also assume a payment obligation of NOK 615 million (US$ 90.89 million) in connection with the new building contract for hull no. 724 with delivery March 2010. Of Rem's total booked equity, the transferred activity represents approximately NOK 700 million (US$ 103.45 million). The seamen employed by Rem will, to the extent possible, be offered to continue their service on the vessels they serve today. Around 200 seamen will be offered transfer to Solstad. The division of Rem requires approval from the company's shareholders meeting. The board of directors in Rem will call an extraordinary shareholders meeting to make the required resolutions. Provided that the necessary resolutions are made, the transaction will be consummated legally as soon as the required resolutions are made, all required approvals or consents are obtained from contract counterparts/third parties, and the documentation is completed and the deadlines allow, presumably during July 2009.


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Norway’s Siem Offshore bucked the trend in the offshore market recently with positive results for first quarter. Siem recorded profits of $19.4M, from $10.7M in Q1 2008. The reason for the surprise result was the revaluation of currency exchange contracts and a further $5.2M from sale and buy back of fixed interest options. Operating revenues also rose during the quarter, hitting $43.8M, from $42.7M in Q1 last year. The positive results go against performance of the North Sea spot market, which turned down during the first quarter. The recession will also cause more cancellations of new vessel orders. “Overall this is viewed as a positive outcome, creating less potential for an oversupply situation,” Kristian Siem said. Larger vessels will fare better in the current climate. “Larger and more advanced tonnage will be favored to meet the demands of energy exploration in more challenging areas of the world,” explained Siem. Financing debt is not proving a problem for the company, which completed in January a 12-year $112M loan and guarantee facility for three vessels. Topaz Energy and Marine Ltd. recently raised $23m to finance the acquisition of the $38m “Rem Server” Platform Supply Vessel (PSV). The vessel will be deployed in the Caspian Sea in support of a ten-year $225m contract recently signed with BP. The vessel will be renamed “Caspian Server” and will operate in the waters of Azerbaijan on a ten year charter contract to global oil major BP. The loan of $23m was financed by DVB Bank of Germany, the leading specialist in international transport finance. Topaz CEO, Fazel A. Fazelbhoy said in a statement: “Being able to secure finance facilities for the expansion of our fleet in this turbulent economic

environment is a testament to Topaz's financial solidity, our blue-chip Client base and the great trust placed in our growth by our bankers.” Geir Sjurseth, Managing Director & Global Head Offshore Support group, DVB Bank SE, stated, “DVB Bank is delighted to continue to support Topaz's growth and in particular to contribute long term financing for the ‘Caspian Server’.” The handover of the “Caspian Server” is the first in a series of vessel deliveries in support of the BP contract. An Emergency Recovery and Response Vessel (ERRV) with three daughter craft and an Anchor Handling Tug Supply Vessel (AHTS) are currently under

construction and will be delivered in 2010. The BP contract was won in September 2008 in competition with several global players and Fazelbhoy was quoted as saying, “The contract award is a vote of confidence in Topaz's capabilities and commitment to the highest standards of Health, Safety, Security and Environmental Quality.” The “Caspian Server” is a DP2 PSV. The overall length is 73.6 meters with a moulded beam of 16 meters. The vessel was built by Simek, Norway and will be mobilized from Frederikshavn, Denmark via the Volga-Baltic canal to Baku in Azerbaijan. GulfMark Offshore, Inc. announced that a shipyard contracted to construct three vessels was in default of the

contract. Construction of the vessels is no longer in progress. The vessels were previously projected to be delivered to the U.S. market in the first half of 2010. Gulfmark Offshore will record an impairment charge against its construction-in-progress of $46.2 million ($29.2 million after tax, or $1.16 earnings per diluted share) in the first quarter of 2009 related to these three vessels. While Gulfmark intends to pursue all contractual and legal remedies available to recover its investment, due to the uncertainty of recovery, Gulfmark is taking an impairment charge for the full amount of its investment in these vessels. Other than costs to pursue any such remedies, which

Gulfmark does not expect will be material, this non-cash charge should not result in future cash expenditures. The shipyard in question is believed to be Bender Shipbuilding & Repair.


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Seacor Holdings Inc. announced net income for the first quarter ended March 31, 2009 of $53.0 million on operating revenues of $399.5 million, compared to net income of $36.6 million on operating revenues of $354.4 million in the same quarter 2008 and the preceding quarter’s $70.5 million on operating revenues of $454.9 million. Offshore Marine Services Operating income in the first quarter was $76.5 million on operating revenues of $164.8 million compared with operating income of $97.2 million on operating revenues of $186.0 million in the preceding quarter. First quarter results included $14.4 million in gains on asset dispositions compared with $34.2 million in gains in the preceding quarter. Excluding the impact of gains on asset dispositions, operating income was $1.0 million lower in the first quarter. Overall operating revenues were $21.2 million lower in the first quarter primarily due to net fleet dispositions, a shorter quarter, a reduction in rig moving activity in the U.S. Gulf of Mexico and lower overall utilization primarily due to cold-stacking eighteen vessels in the U.S. Gulf of Mexico. The number of days available for charter in the first quarter decreased by 919, or 6%. Overall utilization decreased from 87.5% to 80.9% and overall average day rates increased to $12,777 per day from $12,402 per day in the preceding quarter. Time charter revenues decreased by $0.1 million and other operating revenues, including third party vessel brokerage activity, bareboat charter revenues and other marine services, increased by $10.2 million. In overall terms, the decrease in time charter revenues was due to a 2,059 day, or 13%, reduction in days available for charter due to net fleet dispositions, partially offset by an 8% improvement in average day rates and a 4% increase in utilization. On a regional basis, including net fleet dispositions, mobilizations between geographical regions and other changes in fleet mix, days available for charter were 18% lower in the U.S. Gulf of Mexico, 24% lower in West Africa, 5% lower in Asia and 12% lower in the Middle East. Days available for charter were 16% higher in Mexico, Central and South America, and 3% higher in the North Sea.

2009 2008 2007

31-Mar 31-Dec 30-Sep 30-Jun 31-Mar 31-Dec 30-Sep 30-Jun 31-Mar

Fleet Count:

AHTS 21 20 20 20 20 20 21 21 22

Mini-Supply 15 16 19 20 21 21 22 23 23

Standby-Safety 28 29 29 29 29 29 28 27 27

Supply/Towing Supply 41 41 42 44 44 46 54 53 60

Day Rates:

AHTS $47,719 $43,558 $45,800 $41,038 $32,173 $35,408 $33,970 $29,077 $32,673

Mini-Supply $5,811 $6,152 $6,859 $6,838 $7,072 $6,407 $6,205 $6,431 $6,797

Standby-Safety $7,756 $8,376 $10,040 $10,278 $10,146 $10,517 $10,440 $9,725 $9,514

Supply $16,323 $17,020 $17,917 $16,250 $15,537 $14,716 $13,396 $13,241 $12,931

Towing Supply $11,581 $11,387 $11,135 $10,532 $10,227 $10,714 $13,010 $11,365 $10,143

Utilization:

AHTS 73% 83% 85% 69% 82% 86% 89% 93% 88%

Mini-Supply 73% 80% 80% 67% 61% 57% 68% 71% 60%

Standby-Safety 90% 91% 90% 88% 89% 90% 91% 91% 92%

Supply 82% 84% 90% 90% 88% 88% 92% 89% 87%

Towing Supply 90% 87% 95% 94% 80% 74% 90% 88% 84%

Available Days:

AHTS 1,506 1,540 1,547 1,618 1,547 1,586 1,638 1,720 1,800

Mini-Supply 1,378 1,664 1,748 1,795 1,820 1,884 1,937 1,995 1,994

Standby-Safety 2,160 2,147 2,116 2,093 2,093 2,111 2,021 1,911 1,890

Supply 1,800 1,885 1,942 2,123 2,099 2,037 2,032 2,093 2,160

Towing Supply 871 1,091 1,152 1,253 1,300 1,725 1,996 2,212 2,631


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In the U.S. Gulf of Mexico, time charter revenues were higher in first quarter ‘09 compared with first quarter ‘08 primarily due to the commencement in first quarter ‘08 of the repair and regulatory upgrade program of Seacor’s large AHTS vessels, which resulted in 87 days of out-of-service time. Average day rates improved in most other regions except Mexico, Central and South America, where average day rates declined due to lower rates for vessels that had mobilized from other geographical regions. Average rates also declined in the North Sea due to unfavorable currency exchange rate movements between the U.S. dollar and the pound sterling.

The improvements in average day rates contributed additional time charter revenues of $10.8 million before the impact of unfavorable changes in currency exchange rates, which reduced time charter revenues by $5.4 million. Net fleet dispositions, the impact of vessels mobilizing between geographic regions, changes in utilization and other changes in fleet mix reduced time charter revenues by $5.5 million. Operating expenses were $14.6 million lower in the first quarter primarily due to net fleet dispositions, the impact of cold-stacking vessels, reduced regulatory drydocking and mobilization activity and lower insurance expense. Administrative and general expenses were lower primarily due to cost reductions following the restructuring of the international group ($2.6 million cost reduction) and a reduction in the provision for doubtful accounts following the collection of outstanding receivable balances. Seacor’s unfunded capital commitments as of March 31, 2009, consisted primarily of offshore marine vessels, helicopters, ocean liquid tank barges and inland river towboats and totaled $124.6 million, of which $87.0 million is payable during 2009 and the balance payable through 2010. Of the total unfunded capital commitments, $22.9 million may be terminated without further liability other than the payment of liquidated damages of $3.1 million in the aggregate. Subsequent to the end of the quarter, Seacor committed to purchase additional equipment for $8.0 million. As of March 31, 2009, Seacor held balances of cash, cash equivalents, restricted cash, marketable securities, construction reserve funds and title XI reserve funds totaling $749.2 million.

During the three months ended March 31, 2009, capital expenditures were $25.7 million. Equipment deliveries during the period included one offshore marine vessel, one inland river towboat and two helicopters. During the same time period, Seacor sold eight offshore marine vessels and four inland river dry cargo barges. One leased helicopter was a total loss after an accident in the North Sea. Seacor received $43.9 million on the disposition of these assets, including the insurance proceeds for the helicopter, and recognized net gains of $16.8 million.


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Hornbeck Offshore Services’ first quarter 2009 revenues increased 12.4% to $109.6 million compared to $97.5 million for the first quarter of 2008. Operating income was $45.4 million, or 41.4% of revenues, for the first quarter of 2009 compared to $37.0 million, or 37.9% of revenues, for the prior-year quarter. Net income for the first quarter of 2009 was $27.1 million compared to $22.6 million for the year-ago

quarter. EBITDA for the first quarter of 2009 was $60.3 million compared to first quarter 2008 EBITDA of $49.2 million. The primary reasons for the increase in revenues, operating income, net income and EBITDA were the incremental contribution of vessels added to Hornbeck's fleet since the first quarter of 2008 and favorable new generation OSV market conditions. Upstream Segment. Revenues from the Upstream segment were $90.6 million for the first quarter of 2009, an increase of 34.2% from $67.5 million for the same period in 2008. Upstream operating income increased 52.4% to $44.2 million for the first quarter of 2009 from $29.0 million for the first quarter of 2008. The higher Upstream revenues and operating income were driven by the full or partial-quarter contributions from seven new generation OSVs and two MPSVs that were placed in service on various dates since the first quarter of 2008, and, to a lesser extent, a market-driven increase in new generation OSV dayrates working internationally. Average new generation OSV dayrates for the first quarter of 2009 improved to $23,085 compared to $21,020 for the same period in 2008. New generation OSV utilization was 93.0% for the first quarter of 2009, which was in-line with the same period in 2008.

Hornbeck Offshore Services’ Utilization & Day Rates

2009 2008 2007


Number Vessels 40.6 38.3 36.8 35.6 35 35 30.9 25 25

Avg. Dwt 2,389 2,352 2,333 2,320 2,312 2,312 2,331 2,362 2,362

Utilization 93.00% 96.40% 96.10% 96.60% 92.10% 90.40% 95.20% 96.70% 91.50%

Avg. Dayrate $23,085 $24,385 $23,884 $22,168 $21,020 $22,315 $22,605 $21,358 $19,073

Hornbeck’s forward earnings guidance assumes that current Upstream and Downstream market conditions remain constant. Fleetwide average new generation OSV dayrates are anticipated to be in the $20,000 to $22,000 range and fleetwide new generation OSV utilization is anticipated to average in the high-80% to low-90% range for the annual 2009 guidance period. The Downstream segment is projected to contribute 2009 EBITDA in the range of 6% to 10% of the mid-point of Hornbeck-wide 2009 guidance range. Hornbeck's full-year 2009 Upstream guidance includes a partial-year contribution from additional vessels to be delivered under its MPSV program and its fourth OSV newbuild program with the estimated newbuild delivery expectations discussed below. In recognition of substantially reduced demand on the shallow-shelf for conventional vessels in early 2009, the annual 2009 guidance reflects the recent stacking of five conventional OSVs, which Hornbeck considers non-core assets. Update on Maintenance Capital Expenditures. Hornbeck expects total maintenance capital expenditures for the full-year 2009 to be approximately $32.6 million. Over the next couple of years beyond 2009, Hornbeck expects that its annually recurring maintenance capital expenditure budget, inclusive of regulatory drydockings, for its growing fleet of vessels will range between $40.0 million and $50.0 million per year.


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Update on OSV Newbuild Program #4. Hornbeck’s fourth OSV newbuild program currently consists of vessel construction contracts with three domestic shipyards to build six 240 ED class OSVs, nine 250 EDF class OSVs and one 290 class OSV, respectively. Eleven of these 16 new generation DP-2 OSVs have been awarded customer contracts prior to their shipyard delivery. Four of the 240 ED class OSVs under this program, the “HOS Polestar”, the “HOS Shooting Star”, the “HOS North Star” and the “HOS Lode Star”, were placed in service in May 2008, July 2008, November 2008 and February 2009, respectively. Two of the 250 EDF class vessels under this program, the “HOS Resolution” and the “HOS Mystique”, were placed in service in October 2008 and January 2009, respectively. The only 290 class OSV, the “HOS Coral”, was placed in service in March 2009. The remaining nine OSVs under this newbuild program are expected to be placed in service in accordance with the schedule shown in the table below:

2Q2009E 3Q2009E 4Q2009E 1Q2010E 2Q2010E 3Q2010E 4Q2010E

Estimated In-Service Dates:

240ED class OSVs 1 1

250EDF class OSVs 2 1 2 1 1

- 2 2 3 1 1 -

Based on the above schedule of projected vessel in-service dates, Hornbeck expects to own and operate 46 and 51 new generation OSVs as of December 31, 2009 and 2010, respectively. These vessel additions result in a projected average new generation OSV fleet complement of 42.9 and 49.1 vessels for the fiscal years 2009 and 2010, respectively. Inclusive of the vessel deliveries referred to above, the aggregate cost of Hornbeck's fourth OSV newbuild program is expected to be approximately $450.0 million. From the inception of this program through March 31, 2009, Hornbeck has incurred $311.9 million, or 69.3%, of total expected project costs, including $40.5 million incurred during the first quarter of 2009.

Update on Liquidity. Hornbeck believes that its current working capital, available capacity under its existing revolving credit facility and projected cash flows from operations for the fiscal years 2009 and 2010 will be sufficient to meet its anticipated operating needs, as well as the total remaining cash requirements under its MPSV and OSV newbuild programs of approximately $194.1 million. These construction payments are expected to be incurred over the next two years ($158.4 million in the remainder of 2009 and $35.7 million in 2010). As of March 31, 2009, Hornbeck had $20.9 million of cash and approximately $100.0 million of credit immediately available under its $250.0 million revolving credit facility. Subsequent to March 31, 2009, Hornbeck has drawn an additional $10.0 million for construction milestone payments. The total amount outstanding under Hornbeck's revolving credit facility is currently $160.0 million. Hornbeck is in compliance with all applicable financial covenants of its debt obligations. Its three principal long-term debt obligations do not mature until September 2011, December 2014 and October 2026, the latter of which may, under certain conditions, be subject to early maturity in October 2013.


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GulfMark Offshore’s net income for the first quarter of 2009 was $14.2 million. Revenue for the first quarter of 2009 was $108.8 million, an increase of 30.5% over the same period in the prior year. Operating income, excluding special items, was $43.2 million in the first quarter of 2009, an increase of 25% over the same period in 2008. GulfMark Americas, which was acquired on July 1, 2008, contributed revenue of $36.3 million during the first quarter and operating income of $15.0 million. Operating income, excluding special items, decreased $13.9 million, or 24.4%, for the first quarter of 2009 compared to the fourth quarter of 2008. The decrease came primarily from lower utilization in the North Sea, although both Southeast Asia and the Americas were slightly below the record levels obtained in the fourth quarter. A decrease in the average number of vessels also contributed to the reduction in operating income and reflected fewer available vessel days resulting from vessel sales in both the fourth quarter of 2008 as well as the first quarter of 2009. The overall decrease in day rates from $20,441 in the first quarter of 2008 to $19,151 in the current year quarter negatively impacted revenue by $9.3 million. Commenting on the results, Bruce Streeter, President and CEO, said, “This year, as in most past years, we anticipated lower first quarter demand in the North Sea. We took advantage of the seasonal weakness through a number of actions designed enhance the North Sea fleet position for future periods including: (1) mobilization of two vessels back to the North Sea from Egypt; (2) maintenance actions on two vessels; (3) completion of three planned dry docks; (4) upgrade of two vessels to DP2 (dynamic positioning); and (5) the completion of DP1 installation on a third vessel…. Although we experienced a slight improvement in the consolidated average day rate as compared to the fourth quarter of 2008, the impact of currency and the actions mentioned above resulted in a minor reduction in the North Sea average day rate. In the Gulf of Mexico, contract cover allowed rates and utilization to hold until late in the quarter when day rates and utilization opportunities for the smaller PSVs and the FSV/crewboats came under significant pressure. We took delivery of two vessels during the quarter: the ‘Swordfish’, a Gulf of Mexico crewboat that we announced in the last earnings release; and late in the quarter we took delivery of the ‘Cherokee’, a 250 foot AHTS vessel that went immediately on a long term contract in Southeast Asia. In addition, we took delivery of the ‘Blacktip’, a 181 foot FSV, in mid-April that went immediately to work in the Gulf of Mexico….“We continually monitor market conditions to determine the optimal mix of term versus spot contract coverage. The impact of the overall economic conditions and the resulting reduction in industry activity will increase the number of vessels available in the spot market. We expect that this will put pressure on near-term utilization. Our best protection from current conditions is our forward contract cover, the percentage of days existing vessels are under contract or option. Currently, our contract cover for the remainder of 2009 is 64%. Despite the market developments of the first quarter of 2009, our contract cover for 2010 increased to 38% from the 34% we reported last quarter, a level that is consistent with the forward year contract cover we experienced for 2007 and 2006.”

Following are special items that impact comparability of first quarter ‘09 to previous quarters. GulfMark previously announced an impairment of the construction in progress balance related to three vessels it was

constructing for the Gulf of Mexico market for delivery in the first half 2010. The impairment charge was $46.2 million with an after-tax impact of $29.2 million. While GulfMark intends to pursue all contractual and legal remedies available to recover its investment, due to uncertainty of recovery, it is taking an impairment charge for the full amount of its investment in these vessels. Gains on disposal of vessels of $4.6 million include the sale in the first quarter of the 1986 built “Highland Sprite”, which resulted in a net gain of $3.2 million. During the first quarter one of GulfMark’s vessels, the 1976 built “Sea Searcher”, sustained damage that resulted in a total loss for insurance purposes. Insurance proceeds

resulted in a gain of $1.4 million on this involuntary conversion. First quarter ‘09 also includes a net tax benefit of $5.5 million related principally to changes enacted in January ‘09 by the Norwegian taxing authority.


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Revenues in the North Sea decreased by $16.6 million, or 27%, to $43.9 million first quarter ‘09. The decrease was primarily a result of a combination of strengthening of the U.S. Dollar against both the GBP and NOK and decrease in day rates from $24,974 to $21,073, which contributed $8.5 million to the decrease in revenue. The region also experienced a decrease of $4.1 million in capacity resulting primarily from sale of the “North Fortune” and “North Crusader” in 2008, and “Highland Sprite” in March ‘09, coupled with mobilization of the “Highland Piper” to the Americas Region in the first quarter of 2008. Utilization decreased from 92.4% in the first quarter of 2008 to 84.5% first quarter ‘09 resulting in decreased revenue of $4.0 million. Direct operating expenses decreased by $2.7 million due primarily to lower crew salaries and travel cost. Drydock expense decreased by $0.9 million due to lower cost per drydock day. Depreciation expense decreased due mainly to the sale of the vessels mentioned above. Operating income decreased $7.0 million over the prior year quarter, due to decrease in revenue offset by the decrease in operating expenses coupled with the gain of $3.2 million from sale of the “Highland Sprite” in the ‘09 quarter.….Revenues for the Southeast Asia based fleet increased by $1.4 million, or 9%, to $17.7 million during first quarter ‘09 partially resulting from an increase in day rates from $14,335 in 2008 to $20,699 in 2009. Revenue was also positively impacted by $2.6 million due mainly to increase in capacity resulting from additions of the “Sea Cherokee” in early 2009 and the full quarter effect of “Sea Choctaw” and “Sea Apache” delivered in ‘08; offset partially by sale of “Sem Valiant”, “Sea Diligent” and “Sea Eagle” throughout ‘08 and loss of the “Sea Searcher” first quarter ‘09. Utilization for first quarter ‘08 was 96.8% compared to the ‘09 quarter of 87.2%, which decreased revenue by $1.1 million. Operating income for Southeast Asia was $14.2 million in the first quarter of 2009 compared to $11.1 million in the same 2008 quarter. The increase is due mainly to the increase in revenue offset by decreases in direct operating and drydock expense totaling $0.8 million, coupled with the gain of $1.4 million related to the disposition of the “Sea Searcher”. ….Americas revenues increased by $40.6 million compared to first quarter ‘08. The increase in revenue is due primarily to the July 1, 2008 Rigdon Acquisition, which contributed $36.3 million in the current year quarter. The overall mix resulting from the Rigdon Acquisition increased day rates from $13,062 in the first quarter of 2008 to $17,302 in 2009 contributed $0.2 million to the increase in revenue. Utilization also increased from 88.0% in the first quarter of 2008 to 92.9% in the first quarter of 2009 contributing $0.3 million to the increase in revenue. In 2008, both the “Highland Piper” and “Sea Kiowa” were mobilized into the region, which full quarter effect had a positive impact to revenue of $3.8 million. Excluding the $46.2 million impairment charge, operating income increased $17.4 million from the prior year quarter due mainly to the effect of the Rigdon Acquisition.

GulfMark Offshore’s Utilization & Day Rates

2009 2008 2007


Utilization

North Sea 84.5% 96.8% 94.1% 95.3% 92.4% 93.0% 94.5% 92.6% 90.4%

Southeast Asia 87.2% 99.2% 97.2% 86.6% 96.8% 93.2% 96.6% 90.6% 95.4%

Americas 92.9% 95.7% 93.9% 85.5% 88.0% 97.0% 94.2% 97.2% 90.0%

Avg. Day Rates

North Sea $21,073 $21,176 $23,449 $21,766 $24,974 $28,324 $22,941 $23,788 $21,120

Southeast Asia $20,699 $19,928 $18,844 $17,992 $14,335 $13,475 $10,470 $8,373 $8,636

Americas $17,302 $17,090 $16,815 $15,854 $13,062 $12,292 $11,132 $11,364 $10,827

No. Vessels

North Sea 25.9 26.3 27.0 27.0 28.3 29.0 28.2 29.3 29.1

Southeast Asia 11.2 11.3 12.8 14.8 13.0 11.6 12.0 12.5 12.0

Americas 33.2 32.7 31.0 7.0 6.3 6.0 6.0 6.0 6.0

Cash flow from operations totaled $37.1 million for the three months ended March 31, 2009, compared to $23.0 million for the same period in 2008. Estimated cash commitments for the remainder of 2009 for the new build program total approximately $71.1 million and are expected to be funded from cash on hand. Liquidity at quarter-end was $259.1 million, consisting of $168.4 million of working capital and $90.7 million available under the $175.0 revolving credit facility. Total debt at March 31, 2009 was $477.2 million and cash on hand was $116.4 million.


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Trico Marine Services announced its financial results for the first quarter of 2009. Total revenues for the first quarter of 2009 were $121.8 million, compared to $177.9 million for the fourth quarter of 2008 and EBITDA was $2.5 million compared to $30.3 million for the same period. Contributing to the decrease from the fourth quarter was weakness in the spot markets in the U.S. Gulf of Mexico and the North Sea, lower utilization of Subsea Trenching and Protection vessels due to lower ploughing activity and the mobilization of two vessels in order to commence new

contracts in China and Australia. Also contributing to the lower utilization in the Subsea Services segment was Trico's decision not to market the “Atlantic Challenger”, a 120 meter subsea services vessel, in the first quarter in preparation for a long-term contract in China, which was recently awarded. Partially offsetting the reduction in revenues was a decrease in expenses of $28.3 million driven by overall lower activity and Trico's ongoing efforts to reduce costs. These efforts included reducing personnel in the U.S. operations and consolidating offices internationally. There was a net loss of $747,000, which includes the effect of a non-cash gain of $10.8 million (pre-tax) on conversion of Trico’s 6.5% convertible debt and a one-time $18.6 million tax benefit related to a change in Norwegian tax law. The prior quarter end had a net loss of $150.7 million. Chairman and CEO, Joseph S. Compofelice, commented, "Our first quarter results were adversely affected by the sharp decline in day rates and utilization in our Towing and Supply segment in the North Sea and U.S. Gulf of Mexico, lower utilization of our Subsea Services vessels and lower activity in our Subsea Trenching and Protection segment both due to seasonality and vessels in transit. Since the beginning of 2009, we have reduced our exposure to the North Sea by mobilizing two of our Subsea Trenching and Protection vessels to commence new contracts in China and Australia, expanded the scope of work related to contracts in the Mediterranean and completed the sale of a North Sea PSV for $26 million. Importantly, each of the 16 vessels at DeepOcean and CTC Marine are now earning revenue under contracts of various lengths at margins consistent with those realized in 2008, and we expect this to translate into improved operating results in the second and third quarters. We continue to see the fundamentals of subsea sector growth remaining strong in the second and third quarters of 2009." "In addition," Mr. Compofelice continued, "we have recently taken steps to reduce our debt and capital expenditure commitments to strengthen our balance sheet for the remainder of 2009 and we will continue to aggressively pursue further reductions and refinancing of debt." Since the beginning of 2009 and through May 4th, Trico has, through a series of transactions, continued to deliver and to reduce its capital expenditures, which also reduced the face value of debt by approximately $40 million, as follows: • Reduced by $25 million the amount due on the 6.5% convertible senior notes through holder conversions for

$6.9 million in make whole interest payments and the issuance of 0.6 million shares; • Closed the sale of a North Sea PSV for gross proceeds of $26 million, of which $15 million was used to pay

down debt; and • Terminated obligation to fund the construction of a new vessel, the “Deep Cygnus”, when financing terms

were not favorable to Trico - reducing Trico's capital expenditure obligation by an additional $42 million. At March 31, 2009, Trico had $60.5 million in cash and $702.9 million in net debt. During the first quarter of 2009, Trico converted $23 million of convertible debt into equity and drew down $31 million under its credit facilities. Trico realized a gain on the conversion of debt of $10.8 million. At March 31, 2009, taking into account the cancellation of its funding obligation related to the “Deep Cygnus”, Trico's cash and credit availability to fund capital expenditures was $146 million. Committed capital expenditures through the end of 2011 have been reduced to $136 million. In Trico's Subsea Services segment, principally DeepOcean, operating results were below Trico's expectations due to exceptional seasonal softness in the North Sea, completion of projects in the fourth quarter and the decision not to market a vessel in the first quarter in preparation of a long-term contract which commenced in April 2009.


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In March 2009, Trico took title to one newbuild, the first of eight multi-purpose platform supply vessels acquired through Trico’s purchase of Active Subsea, with the second vessel due in July. The delivered vessel is expected to commence a three-year contract during the second quarter. Trico also expects delivery, on a five-year time charter, of a Brazilian newbuild, which will replace the existing front runner at substantially lower costs on a two-year contract with Petrobras. In Trico's Subsea Trenching and Protection segment, CTC Marine, as expected, experienced a seasonally slow quarter, primarily resulting from less ploughing activity and the mobilization of two vessels to China and Australia, both of which are now earning revenues under contract.

Quarterly Utilization and Average Day Rates for Trico Marine's Towing & Supply

2009 2009 2008

April 31-Mar 31-Dec 30-Sep 30-Jun 31-Mar

Day Rate

AHTS $14,859 $25,012 $31,871 $37,476 $32,983 $39,373

PSVs $16,828 $15,364 $17,219 $18,991 $17,486 $17,959

OSVs $6,857 $7,168 $8,439 $7,856 $7,252 $7,163

Utilization

AHTS 71% 70% 90% 97% 78% 87%

PSVs 81% 90% 89% 96% 92% 91%

OSVs 65% 67% 83% 87% 82% 77%

Vessels

AHTS 6.0 6.0 6.0 6.0 6.0 6.0

PSVs 6.9 7.0 7.0 7.0 7.0 7.0

OSVs 38.0 38.0 38.0 38.0 38.0 38.2

Pricing for Trico’s subsea segments' contracts remains consistent with pricing received in 2008. For the Towing and Supply segment, day rates and utilization reflected the weakness in the North Sea and U.S. Gulf of Mexico spot markets. Looking forward, Trico anticipates results to improve in the second and third quarters of 2009 due to recently announced developments which include:

• Receiving a six-month contract for the “Atlantic Challenger” in China which commenced in April, totaling $25 million in anticipated revenues;

• Expanding a current contract in the Mediterranean resulting in the expected total value of the contract increasing from $20 million to $32 million;

• Receiving an additional contract for the installation of a life of field seismic (LoFS) system in the North Sea for Ekofisk, commencing March 2010 for $23 million in anticipated revenues;

• Awarded a $12 million contract for “Assister” which recently began ploughing related work in China; • Securing the “Normand Flower” for subsea services work totaling over $7 million in anticipated revenues

through August 2009; • Utilizing the “Northern River” from Trico's North Sea towing and supply fleet for subsea services contract

work for over $8 million in anticipated revenues. The vessel now operates permanently with a DeepOcean ROV spread on board;

• Extending work for the “Deep Endeavour” totaling almost $6 million in anticipated revenues through at least the end of the third quarter for IMR work for Pemex.

Trico's backlog remains healthy at approximately $0.9 billion of termed out or long-term contracts spread across all segments. In the first quarter of 2009, approximately 90% of Trico’s business was with major or national oil companies and 95% of Trico's business was in international waters.


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Tidewater Inc. of New Orleans announced fourth quarter net earnings for the period ended March 31, 2009, of $109.7 million on revenues of $341.6 million. For the same quarter last year, net earnings were $85.4 million on revenues of $331.4 million. For fiscal year ended March 31, 2009, net earnings were $406.9 million on revenues of $1,390.8 million, a 17% increase, compared to net earnings of $348.8 million on revenues of $1,270.2 million the previous fiscal year. Approx. 670 new-build support vessels (PSVs & AHTSs) are currently under construction and are expected to be delivered to the worldwide offshore vessel market over the next four years according to ODS-Petrodata. The current worldwide fleet of these classes of vessels is estimated at approx. 2,100 vessels. An increase in vessel capacity could have the effect of lowering charter rates, particularly in the context of declining levels of exploration, development and production activity. However, the worldwide offshore marine vessel industry has a large number of aging vessels, including approx. 860 that are at least 25 years old, that are nearing or exceeding original expectations of estimated economic lives. These older vessels could potentially retire within the next few years if the cost of extending the vessels’ lives is not economically justifiable. Although the future attrition rate of these aging vessels cannot be accurately predicted, Tidewater believes that retirement of a portion of these aging vessels would likely mitigate the potential negative impacts that new-build vessels and reduced exploration, development and production activity may have on offshore support vessel demand. Additional vessel demand should be created with addition of new drilling rigs and floating production units over the next few years, which should help minimize negative effects of the 670 new-build support vessels being added to the offshore support vessel fleet. However, it is unknown at this time how the global recession will influence the utilization of equipment currently in existence or the ultimate delivery and placing into service of new drilling rigs, floating production units and vessels currently under construction. During fiscal 2009, Tidewater continued its focus on increasing its presence in international markets, maintaining its competitive advantage and modernizing its vessel fleet in order to generate future earnings capacity. Tidewater is effectively utilizing its strong cash position to support the construction of the industry’s largest fleet of new vessels. Operating management focuses on improving day rates and utilization and maintaining disciplined cost control. During fiscal ‘09, Tidewater recorded $1.4 billion in revenues, which is an increase of approx. $120.7 million, or 9%, over fiscal ‘08 revenues. This increase reflects strong industry fundamentals that were present in first half fiscal ‘09, primarily in international markets, which pushed total average day rates approx. 18% higher than total average day rates achieved during fiscal ‘08. Tidewater’s international ops continue to be the primary driver of earnings and, during fiscal ‘09, revenues generated from international vessel ops as a percentage of Tidewater’s total revenues were 87%. Tidewater’s U.S. results of ops are primarily dependent on the demand and supply relationship for natural gas. U.S.-based revenues decreased approx. 8%, or $12.9 million, during fiscal 2009 as compared to fiscal ‘08, due to a decrease in the number of vessels operating in the U.S.-based portion of the Gulf of Mexico and to an approx. 4% decrease in utilization rates on the remaining U.S.-based vessels despite an approx. 11% increase in average day rates. U.S.-based operating profit increased approx. 16%, or $4.8 million, due to approx. 17% lower vessel operating costs and approx. 15% lower depreciation expense. U.S.-based vessel operating costs decreased approx. 17%, or $16.8 million, while international-based vessel operating costs increased approx. 19%, or $92.9 million, during the same comparative period. Tidewater’s international results of operations are primarily dependent on the demand and supply relationship for crude oil. During fiscal 2009, international-based revenues and operating profit increased approx. 15% and 11%, or $154.1 million and $42.9 million, respectively, as compared to fiscal 2008, due to strong market fundamentals during the first half of fiscal 2009, which resulted in vessel day rate escalations and increases in the number of vessels operating internationally (because of vessel transfers from the U.S. market and the addition of newly constructed vessels that were added to the fleet). Fiscal 2009 international-based vessel revenues increases were partially offset by approx. 19% higher operating costs and 8% higher depreciation expense, as compared to fiscal 2008, due primarily to an increase in the number of vessels operating internationally.


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During the last half of calendar 2008, worldwide demand for oil and gas dropped precipitously and energy prices sharply declined as a result of a global economic recession. Tidewater continues to evaluate how a prolonged global recession might affect the development plans of exploration and production companies and global demand for offshore vessels. Tidewater also continues to evaluate the potential impacts of the global recession and distress in credit and capital markets on the ability of shipyards to meet their scheduled deliveries of new vessels or the ability of the company to renew its fleet through new vessel construction or acquisitions. Also unknown is the potential effect that the recession may have on Tidewater’s more highly-leveraged competitors, including those companies’ ability to continue to fund their construction commitments. Assessing the current situation with a high

degree of confidence is challenging given the instability in the financial and commodity markets and the global economic recession. The recession may ultimately result in a decrease in demand for offshore support vessel services which would reduce charter rates and/or utilization rates and therefore have a material adverse effect on the company’s results of operation and financial condition. During fiscal 2009, Tidewater did not experience any significant negative effects from the financial crisis or tight credit markets. Trends in exploration, development and production activity, however, are generally negative and customers are actively seeking pricing concessions in regards to services provided. The number of operating drilling rigs in the U.S. offshore market is generally the primary driver of expected activity levels and future profitability in the U.S. market. The offshore rig count in the GOM remains at historically low levels, in part, because the strength of the international drilling market has attracted numerous offshore drilling rigs from the U.S. to various international markets over the past few years. In addition, exploration and development activity in the GOM has fallen off significantly, particularly in non-deepwater areas. As a consequence, the demand for offshore marine vessels in the shallow water GOM diminished and is expected to remain weak, unless recent trends are reversed. Over the longer term, Tidewater’s U.S.-based fleet should be affected more by the active offshore rig count in the United States than by any other single outside influence. In addition, consolidation could result in the absorption of an oil and gas company with which Tidewater has a strong commercial relationship into another company with which Tidewater does not have such a relationship. The prices of crude oil and natural gas are critical factors in E&P companies’ decisions to retain their drilling rigs in the GOM market or mobilize the rigs to international markets. United States results of operations are primarily dependent on the supply and demand relationship for natural gas, while international results of operations are primarily dependent on the supply and demand relationship of crude oil. Prices for crude oil and natural gas have fallen dramatically from their respective peaks achieved in calendar year 2008 due to a global recession that has caused a precipitous drop in worldwide demand for oil and gas. Before the recession onset, natural gas prices had declined because inventory levels for natural gas increased more than expected during the 2008 summer season largely due to strong, land-based natural gas drilling results. Production shut-ins in the offshore drilling market caused by Hurricanes Gustav and Ike eased some production growth but were insufficient to offset the natural gas supplied by land-based drillers. Inventories continued at high levels even during the winter drawdown season, despite a relatively cold winter, due to strong supply growth and declining demand resulting from the recession. Natural gas prices were in the range of $3.45 to $3.60 per Mcf in mid-April 2009, a significant decline from its peak of $13.00 per Mcf in July 2008. Analysts expect gas prices to deteriorate further during calendar year ‘09 until forced production shut-ins reverse gas supplies or demand increases. Given the historically strong correlation between commodity prices, drilling and exploration activity and demand for vessels in the GOM, if gas prices remain weak during calendar year 2009, Tidewater expects utilization rates and day rates for its vessels in the GOM market will continue to be depressed and, as such, management is unable to predict with confidence what Tidewater’s actual experience will be in calendar year 2009.


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Crude oil prices had also retreated from the all time closing high of approximately $147 per barrel in mid-July 2008 and were in the $48 to $52 range in mid-April 2009. OPEC responded to falling crude prices by cutting production by 4.2 million barrels per day (a nearly 5% cut in global oil supplies) as of January 1, 2009 in an effort to stabilize prices. It is unknown whether crude oil prices will stabilize at levels that will continue to support significant levels of exploration and production spending by oil and gas companies. In addition, even if prices stabilize at levels that do support high levels of spending, it is uncertain if E&P companies will be able to sustain their level of capital expenditures because of reductions in available capital and liquidity. Given the historical strong correlation between commodity prices, drilling and exploration activity and demand for vessels in the various international markets, if crude oil prices remain weak during calendar year 2009, Tidewater expects that utilization and day rates for international-based vessels will weaken. However, with the volatility of oil pricing and demand, management is unable to predict what the actual experience will be in calendar year 2009. Oil and gas industry analysts have reported in their 2009 E&P expenditures (both land-based and offshore) surveys that global capital expenditures are forecast to decline by approx. 12% from calendar year 2008 levels. The surveys forecast that international capital spending will decline modestly, while North American capital spending is forecast to decrease more than 25% due to the continuing uncertainty in commodity pricing, tight credit markets and the global recession. In addition, these spending estimates may prove to be overly optimistic as they were based on average assumptions of approximately $58.BBL oil and $6.35/mcf natural gas for calendar 2009. The GOM market consists primarily of the independents and smaller companies that employ more financial leverage and, as such, may face challenges raising capital funding for their respective drilling programs. During the quarter ended September 30, 2008, both U.S. President Bush and the U.S. Congress allowed the moratorium on offshore drilling in federal waters along the U.S. Pacific and Atlantic coasts to expire effective October 1, 2008. Although the lifting of the moratorium will not result in immediate drilling, the prospects for the future of offshore drilling in the new regions of the U.S. could be promising; however, in January 2009, U.S. President Obama took office, and it is not yet clear what the energy policy of his administration will be or what impact such policy will have on the offshore energy industry. The deepwater offshore energy market is a growing segment of the energy market. Worldwide rig construction escalated in the past few years as rig owners capitalized on the high worldwide demand for drilling. Reports published during the most recently completed quarter suggest that over the next four years, the worldwide

moveable drilling rig count will increase as new-build rigs currently on order and under construction stand at approximately 170 rigs, which will supplement the current approximately 745 movable rigs worldwide. In addition, investment is also being made in the floating production market where approximately 60 new floating production units are currently under construction and are expected to be delivered over the next five years to supplement the current approximately 310 floating production units worldwide. Given the recent financial crisis and global economic recession, it is possible that some of the drilling rigs currently on order might be delayed or cancelled. Moreover, to the extent built and delivered, it is believed that the

new-build rigs will largely target international regions rather than the GOM due to longer contract durations, generally lower operating costs and higher drilling day rates available in the international markets.


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Demand for Tidewater’s vessels in the shallow water GOM offshore vessel market steadily diminished over the past three years as numerous drilling rigs migrated to international areas to capitalize on strong market fundamentals. In response to the drilling rigs departure from the GOM, the company relocated 10 vessels (including two deepwater vessels) to international locations during fiscal 2009, where the vessels secured more attractive term contracts at generally higher day rates. During December 2008 and throughout the fourth quarter of fiscal 2009, the company experienced day rate and utilization weakness on its U.S.-based vessels that provide service in the GOM shallow and mid-water depths. Tidewater’s U.S.-based vessel revenues decreased approx. 8%, or $12.9 million, during fiscal ‘09 as compared to fiscal ‘08, due to fewer vessels operating in the GOM (because vessels had been transferred to international markets) and to a four percentage point decrease in total utilization rates on the remaining U.S.-based vessels, somewhat offset by an approximate 11% increase in average day rates. Due to a relatively weak GOM market, the company transferred 10 vessels to international markets (including two deepwater vessels) during fiscal 2009. The weakening macroeconomic environment in the GOM resulted in lower U.S.-based vessel utilization during fiscal 2009 as compared to fiscal 2008. Tidewater’s deepwater class of vessels was responsible for approximately 7%, or $0.9 million, of the loss in revenue during fiscal 2009 as compared to fiscal 2008, because two deepwater vessels were transferred to international markets. The active towing supply/supply class of vessels, Tidewater’s major income producing vessel class in the domestic market, were responsible for approximately 46%, or $5.9 million, of the loss in revenue during fiscal 2009 as compared to fiscal 2008, due to an approx. 5% drop in utilization and the transfer of four towing-supply/supply vessels to international markets. Average day rates, however, increased approximately 14% on these vessels. The company’s crew/utility class of vessels was responsible for approximately 47%, or $6.0 million, of the loss in revenue during the same comparative periods due to the transfer of four crewboats to international markets and because of an approx. five percentage point decrease in utilization and approximately 6% lower average day rates. U.S.-based vessel operating profit increased approx. 16%, or $4.8 million, during fiscal 2009 as compared to fiscal 2008, due to approximately 17%, or $16.8 million, lower U.S-based vessel operating costs (primarily crew costs, repair and maintenance costs, and insurance and loss reserves) and approximately 8%, or $8.3 million, lower depreciation expense during the comparative periods resulting from fewer vessels operating in the U.S. GOM market. Crew costs decreased approximately 10%, or $6.2 million, during fiscal 2009 as compared to fiscal 2008, due to the transfer of vessels to international markets. Repair and maintenance costs decreased approximately 24%, or $3.7 million, due to fewer drydockings performed during fiscal 2009 and to a decrease in the average cost per drydock performed and to lower routine repair and maintenance costs during fiscal 2009 as compared to fiscal 2008.

International-based vessel day rates averaged higher during fiscal 2009, due largely to an increase in drilling activity in the international markets. In 2008, capital spending budgets for E&P which were based on strong crude oil pricing during the first half of 2008. The price of crude oil peaked at $147/BBL in mid-July 2008 and has since fallen to the $48 to $52 range by mid-April 2009. OPEC responded to falling crude prices by cutting production in an effort to stabilize prices. It is unknown whether crude oil prices will stabilize at levels that will continue to support significant levels of exploration and production spending by oil and gas companies. Demand for Tidewater’s vessels in the various international markets was

strong during most of fiscal 2009, but started showing some signs of weakness as the fiscal year ended.


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While international vessel revenues improved during fiscal ‘09, revenues were adversely affected by an increased number of maintenance days on several larger deepwater class of vessels resulting from a higher level of drydockings during fiscal ‘09. The increased number of maintenance days lowered utilization and average day rates of Tidewater’s deepwater class during fiscal ‘09 compared to fiscal ‘08. The international deepwater class, towing-supply/supply class and offshore tug class of vessels generated approx. 15%, 80% and 4%, respectively, of revenue growth during fiscal ‘09 compared to fiscal ‘08. Tidewater’s deepwater and towing-supply/supply class generated increases in revenue due to an increase in the number of vessels operating internationally (approx. four additional deepwater and 15 additional towing-supply/supply vessels, excluding vessel dispositions) and due to higher average day rates. Average day rate on deepwater and towing supply/supply vessels increased approx. 10% and 20%, respectively. Revenues on international-based offshore tugs increased due to a 2% increase in utilization and an approx. 21% increase in average day rates during the comparative periods, despite a decrease in the number of offshore tugs operating internationally due to vessel dispositions. Revenues earned during fiscal 2009 on Tidewater’s crew/utility class of vessels were comparable to the revenues earned in fiscal 2008. International-based vessel operating costs increased approx. 19%, or $92.9 million, during fiscal ‘09 compared to fiscal ‘08, primarily due to higher crew costs, repair and maintenance costs and depreciation expense related to the increased number of vessels operating internationally. International-based crew costs increased approx. 20% during comparative years due to inflationary increases in labor costs and because of transfer of 10 vessels from the GOM and addition of 17 newly-constructed vessels to the international fleet at various times during fiscal ‘09. Repair and maintenance costs were approx. 19% higher during comparative years because of an increase in scheduled drydockings performed during fiscal ‘09, including several relatively more expensive drydockings of some of newer, deepwater vessels. International-based vessel operating profit increased approx. 11%, or $42.9 million, during fiscal ‘09 compared to fiscal ‘08, primarily due to higher revenues which were partially offset by increases in vessel operating costs.

Tidewater Rates and Utilization

2009 2008 2007


Utilization

Domestic

Towing/Supply 42.30% 49.00% 48.00% 49.80% 46.20% 46.10% 56.60% 61.00% 55.90%

International

Towing/Supply 74.60% 76.00% 75.70% 77.20% 76.70% 79.20% 76.90% 77.40% 79.70%

Offshore Tugs 66.80% 65.20% 60.40% 53.40% 56.70% 54.70% 59.80% 63.40% 70.70%

Avg. Day Rates

Domestic

Towing/Supply $5,352 $13,947 $12,867 $11,633 $9,863 $10,399 $11,856 $11,951 $12,461

International

Towing/Supply $12,787 $12,745 $12,375 $11,660 $11,117 $10,455 $10,080 $9,478 $9,142

Offshore Tugs $8,457 $8,149 $8,302 $8,931 $7,413 $7,092 $6,511 $7,044 $6,501

No. Vessels

Domestic

Towing/Supply 26 32 33 34 33 34 35 38 39

International

Towing/Supply 230 224 224 226 229 225 221 218 217

Offshore Tugs 30 32 33 36 36 37 38 37 37

During fiscal ‘09, Tidewater sold to third party operators or to scrap dealers 12 AHTSs, 11 PSV, seven crewboats, six utility vessels, eight offshore tugs and three other type vessels. Five of the 47 vessels were sold from the U.S. GOM vessel fleet while 33 were sold from the international fleet. The remaining nine vessels were sold from vessels previously withdrawn from service.


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Featured Listings Direct From Owners File SU16041 Supply Boat 166.0’ x 38.0’ x 14.2’ built 1981 by Houma Fabricators, Houma, LA. ABS loadline exp Jun 2013. U.S. Coast Guard COI exp Jun 2013. U.S. flag. GRT 237. 107’ x 29’ clear deck aft. FO 32,022g. FW 2,356g. DW 74,508g. Dry bulk 2,840cft in 4 tanks. Liq.Mud 1,400BBL. 2 x CAT D398TA total 1,700BHP. Abt. 10kn cruise speed. 165HP bow thruster. Accommodations for 5 crew + 9 others. Drydocked September 2008. U.S. Gulf Coast. Working. Price on request. SU16644 Supply Boat 164.0’ x 43.3’ x 17.1’ built 2010 by Chinese Shipyard. Classed BV 1 Hull Mach Supply Vessel + FiFi Ship Unrestricted Nav. GRT 1,030. FO 565m3. FW 215m3. Double drum 65 tonne winch. 2 x CAT 3516B total 5,150BHP at 1,800RPM. Reintjes 7.526:1 gears. 2 CP props. Bollard pull abt. 65 tonnes. Speed abt. 13kn free. Bow thruster. 2-315kW CAT generators. Fifi 1. Quarters for total 38 persons. First unit to be delivered April 2010 with second delivered end 2010. Full details available on request. Far East.

File SU22546 Supply Boat 225.0’ x 48.0’ x 16.0’ depth / 13.3’ draft. Built 2008 by Thoma-Sea Shipyard; Lockport, Louisiana. U.S. flag. G/NRT 996 / 677. ITC 1214 / 381. ABS International Loadline thru Jul 2013. U.S. Coast Guard COI Subch. “L”, Grade “D” & Lower Combustible & NLS Drilling Fluids thru July 2013. Abt. 1,200 long tons cargo on 159’ x 41’ deck aft. FO 118,000g. FW 10,000g. DW 80,000g. Liq.Mud 6,000BBL. Dry bulk 6,000cft in 6 tanks. Pumps BW/DW 400gpm @ 280’, FO 400gpm @ 280’, FW 400gpm @ 280’, Liq.Mud 800gpm @ 220’, Dry bulk 735ft3 @ 100’. Two

Mission Magnum 5”x4”x14” 40HP Liq.Mud pumps + 4”x3”x12” backup. 2xCAT 3512B total 3,620BHP drive Rolls Royce / Ulstein Aquamaster US 205 Mk.1 azimuthing thrusters. Rolls Royce / TT 1650 CPP bow thruster. Speed abt. 10 – 12kn (cruise / max) on abt. 84 – 105gph (7.6 – 9.5m3/day). Air conditioned quarters for 16 persons in 5 cabins. Coast Guard Certified to carry 16. Galley seats 10. MT Electronics DP-1 + JX dynamic positioning. Furuno com / navaids including two FR-8122 radars, GP-37 GPS, FS-1503 SSB, two FM-8800S VHFs, FA-150 AIS, FE-700 fathometer. Advanced Logistics SAMM Iridium e-mail / com system. SU18063 Supply Boat 180.0’ x 40.0’ x 14.0’ built 1976 by Halter Marine. Honduran flag. G / NRT 269 / 182. Unclassed, but has general cargo certificates for Caribbean. Abt. 630 ton cargo on 118’ x 31’ deck. 300ft2 cooler and freezer. FO 79,396g. FW 15,470g. DW 169,285g. BW 756bb. 2 x EMD 12-645BC total 2,000BHP at 750RPM. Lufkin 3:1 gears. 300HP bow thruster. 2-99kW / GM8V71 generators. 17 berths in 8 air conditioned cabins. Converted to general cargo and fitted with ramp. Caribbean. Asking US$ 975,000.

SU18142 AHTS 180.0’ x 38.0’ x 14.0’ built 1975 by American Marine. Foreign flag. GRT 224. ABS +A1 Towing Vessel, +AMS. Drydocked 03/08. 480LT on 105’ x 30’ deck. FO 336mt. FW 144.7mt. DW 227.7mt. 4,000cft dry bulk. Smatco DAW-66 double drum waterfall winch + tugger. 144.8 / 695m 2” wire. 2 x EMD 16-567BC total 3,280BHP at 835RPM. 2.98:1 gears. Fixed pitch props. 210HP bow thruster. 2-75kW and 1-100kW generators. Fire monitor and hydrants. A/C quarters for 12 persons. Vessel totally rebuilt in Oct ’98. Drydocked Dec 2008 under ABS supervision. Inspection Southeast Asia.


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File SU18525 AHTS 185.0' (56.4m) x 40.0' (12.2m) x 14.0' (4.3m) depth x 12.0' (3.7m) maximum draft. Mexican

flag. G / NRT 294.02 / 199.93. Built 1982 by Halter Marine, Inc. ABS +A1 Towing Service, AMS - Unrestricted Service. Surveys Due Annual Hull Survey 3 - 31 Dec 2009; Annual Machinery Survey 3 - 31 Dec 2009; Drydocking Survey 21 Feb 2010; Intermediate Hull Survey 5 - 30 Jun 2009; Special Periodical Survey - Hull 5, 31 Dec 2011; Special Periodical Survey - Mach 5 - 31 Dec 2011; Tail Shaft Survey - P/S 21 Feb 2011. 518 tons cargo on clear deck of abt. 100' x 32' (30.0 x 9.87m). Uniform deck load 5mt/m2. FO 61,816g. DW 2,785BBL. FW 1,693g. Liq.Mud 870BBL in 2 tanks. Dry bulk 4,000ft3 in 4 tanks. Bulk tank compressors and Mission Magnum liquid mud pumps presently disconnected. Smatco 66 DAW 200

waterfall 250,000lbs. anchor handling / tow winch. 8' x 5' stern roller. 3.6 ton tugger. Two EMD 16-645C total 3,900BHP at 900RPM. Lufkin 3.0:1 gears. Fixed pitch open props on stainless steel shafts. Bollard pull abt. 43 tons. Speed max. 13kn on abt. 180gph. Endurance 14.3 days. Range 4,464nm. Economic speed abt. 11kn on 144gph with endurance of 18 days and range of 4,722nm. 300HP / GM8V71 bow thruster. Two 99kW / GM8V71 Delco generators. 600m3/h fire pump with two monitors and 225m3/h fire pump with one monitor. Air conditioned accommodations for 18 crew in 7 cabins. Two radars, VHF, SSB. Vessel currently working short to medium term charters, but Owners will consider selling. Sale strictly “as is, where is”. Inspection / delivery East Coast Mexico. Further details, price guidance and inspection arrangements available on request from this office. SU19013 AHTS 190’ x 43.3’ x 16.4’ depth built 1984 by Santan Engineering, Singapore. Singapore flag. G/NRT 1,037 / 311. ABS. 700 ton cargo on 30m x 10m deck aft. FO 375m3. FW 239m3. DW 311m3. 4,200ft3 in 4 tanks. Liq.Mud 198m3. Base Oil 197m3. Double drum 190 ton brake tow winch. Capacity 900m 56mm wire. 2 x Yanmar 8Z280L-ET total 4,800BHP. Bollard pull abt. 58 tonnes. 2-200kW & 1-100kW 60Hz generators. 2-3,000lpm fire monitors. 10 tonnes foam. 360m3/h fire pump. Spray booms. Dispersant. Ulstein shark jaw. Located Singapore. Price on request. SU19210 AHTS 192.0’ / 176.6' x 40.0' x 15.0' depth with 12.8' loaded draft. Built 1981 by Halter Marine, USA.

Australian Flag / Registry. GRT 789 / NRT 236. DNV 1A1 Tug Supply. Class expires Sept 2012, Last Drydocked June 2007. DWT 1,200ts. Deck area 346m2 (33.5m x 10.35m); Deck Cargo 600ts. Capacities: Fuel 187.6m3; Pot Water 700m3; Liquid Mud 226m3; Dry Bulk 141m3. Double drum Smatco 72-DAW-250 AH/T winch. Single Line Pull 300,000lbs. Capacity 3,000’ 2.25”. 2–5t Smatco HT25-10-hydraulic tugger winches. 8’ long x 5’ dia stern roller. 2 x EMD 12-645 E7B total 4,610BHP / 5,200IHP @ 900RPM. Fixed pitch propellers. Lufkin RHS-2120 2.973:1 gears. Bollard Pull abt. 50.6ts. Max speed 10kts free running. Consumption abt. 6m3/day on 9.5kts. Standby abt. 1T/day. Bow thruster Schottel Model 152-7 powered by GM8V71, 4t thrust. 2 – 125kW Delco / GM8V71 440V

/ 220V / 110V / 3 Ph / 60Hz generators. 12 berths total in 3 - 1, 3 - 2, 1 - 3 berth cabins. Lounge equipped with Digital Satellite TV system. Solas Approved Fast Rescue craft, 12 person capacity, 149 HP outboard. ½ FIFI, 1 Fire/Foam Monitor 1,200m3/hr remote control from bridge. 2 - 10cm ARP Furuno LCD RDP150 Radars, Inmarsat C Thrane & Thrane; Icom ICM7000 HF, 2 - Sailor RT2048 VHFs. Furuno DFax-208A Weather Fax. Vessel is available for delivery beginning March 2009, ex-Australian port.


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SU19244 AHTS 192.0’ x 42.0’ x 14.0’ depth built 1981 by Halter Marine and refurbished in 2008. St. Vincent flag. GRT 737. ABS. 1,000mtdw. 610mt cargo on 32m x 10m clear deck. FO 227m3. FW 225m3. DW 204m3. 6,000cft dry bulk. Smatco 66 DAW double drum winch. Stern roller. 2 x EMD 16-645C total 3,900BHP. Bollard pull abt. 43mt. 350HP bow thruster. Free running speed abt. 10 – 12kn. 350HP bow thruster. 2-99kW and 1-150kW 60Hz generators. 2 fire monitors total 1,200m3/h. Quarter for 18. SU19433 AHTS 194.0’ x 47.8’ x 18.0’ built 2009 China. Classed BV 1 Hull Mach Supply Vessel & FiFi Ship Unrestricted Nav. DP-1. GRT 1,450. FO 475m3. FW 230m3. DW 460m3. BW 460m3. Dry bulk 170m3. Double drum 60 tonne anchorhandling / tow winch. 2 x CAT 3516B total 5,150BHP at 1,600RPM. Reintjes 7.455:1 gears. CP props in kort nozzles. Bollard pull abt. 65mt. Speed abt. 13.5kn free running. 6T CPP bow thruster. 2-350kW / CAT and 2-750kW shaft generators. Quarters for 16. Two units for delivery in October and December 2009 respectively. Full details on request.

SU19230 AHTS 192.5’ x 47.9’ x 18.0’ built 2009 by Chinese shipyard. 3 sister-vessels under construction. ABS +Hull, +DPS 1, +Mach Unrestricted. Singapore flag. GRT 1,470. Abt. 1,350mtdw. 500mt cargo on 370m2 deck. FO 482m3. FW 212m3. DW 463m3. BW 463m3. Liq.Mud 259m3. 200mt brake double drum tow winch. Shark jaws. Tow pins. Wire capacity 1,000m 56mm. Stern roller. 2 x Wartsila 9L20 total 4,800BHP. CP props in korts. Bollard pull abt. 60mt. 2-800kW CP bow thrusters. 3-569kW & 1-99kW 50Hz generators. Fifi 1. 1,200m3/h fire monitors. Oil dispersant system. Quarters for 42. First sister to be delivered late May 2009. Southeast Asia.

SU19439 AHTS 194.3’ x 49.0’ x 20.0’ built 2009. ABS +A1 (E) OSV FiFi 1, +AMS (DP1 Optional). Singapore flag. GRT 1,500. Abt. 1,400mtdw. Clear deck abt. 350m3. FO 600m3. FW 500m3. DW 400m3. Liq.Mud 350m3. Hydraulic double drum waterfall winch. 2-10T tuggers. 3T crane. Stern roller. Shark jaws & tow pins. 2 x CAT 3516 total 5,150BHP. CP props. Bollard pull abt. 64 tons. 6T bow thruster. 3-315kW + 1-52kW 50Hz generators. Water curtain. FiFi 1. 2-1, 4-2 and 8-4 berth cabins. Full com / navaids. Delivery Singapore. Price on request.

SU19707 AHTS 196.8’ x 52.5’ x 19.7’ built 2009. Singapore flag. GRT 1,700. ABS +A1 (E) FiFi 1, +AMS, +DPS. Abt. 1,300mtdw. FO 500m3. FW 450m3. DW 400m3. Dry bulk 165m3. Liq.Mud 235m3. 5 ton crane. 180mt SWL stern roller. 200mt brake double drum w/f winch. Spare rope reel. 2 tuggers. Karmoy 300t SWL shark jaws. Hydraulic retractable tow pins. 2 x MAK 6M25 total 5,310BHP. 4-blade CP props in kort nozzles. 8 ton bow & stern thrusters. Becker hi-lift rudders. Bollard pull abt. 60mt. Speed abt. 12.5kn free running. Dispersant tanks and spray booms. 2-370kW / aux, 1-94kW

emergency and 2-750kW / shaft 60Hz generators. 2-1,500m3/h fire pumps. 2-1,200m3/h monitors. Second of two units (first sold) available December 2009 with additional units under production. Southeast Asia.


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SU18953 AHTS 190’ x 40’ x 14’ built 1979 by Quality Shipyard, USA. Panama flag. GRT 715. ABS +A1 Towing Service. Special Survey completed March 2009. Abt. 918mtdw. 530.7 ton cargo on 30.4m x 9.4m deck. FO 291.9T. FW 167.2T. BW 422.2T. Dry bulk 164.3m3 in six tanks. Smatco double drum 250,000lb. waterfall tow winch. Tow pins. Stern roller. 2 x EMD 16-645E2 total 4,680BHP. Reintjes 3:1 gears. 93” x 76” fixed pitch props. 300HP bow thruster. 2-99kW generators. 500gpm fire monitor. Full com/navaids. Currently employed Mid-East.

File SU21500 AHTS 215.9’ x 49.2’ x 23.0’ built 1981 by Frederikshavn Vaerft. Foreign flag. G / NRT 1,887 / 566. Classed RINA (formerly LR +100A1). Certified for 250 survivors. Abt. 2,160mtdw on 19.7’ draft. 116.8’ x 39.4’ clear deck. FO 708mt. FW 73mt. DW 703mt. Liq.Mud 273mt. 16 ton crane. Hydraulic triple drum 260 ton waterfall winch. Triplex sharkjaw fitted. Storage drum for 1,036m wire. 2 x MAK 12M453AK total 9,000BHP. CP props in kort nozzles. Free running speed abt. 15kn. 600HP bow and stern thrusters. Joystick control. 3-623kW generators.

File SU19738 Multi Purpose/ Supply 197.78' x 38.7' x 17.38'. Built 1997 at Ishii Zosen, Japan. Panama Flag. G/NRT 998 / 299. NK Class, Ocean Going International. 1,174 dwt. Clear Deck 98.4' x 32.8' for 500T of deck cargo. Fuel 450m3, Fresh Water 514m3. 5T/day water maker. One 7.5T @ 7.5m knuckle revolving crane. Waterfall winch 70T brake, line pull 45T @ 4m/mn with 46mm-1,000m wire. Two Yanmar 6N260EN main engines create 4,000BHP via two variable pitch propellers in Kort Nozzles, producing 45mt BP. Speed 12.5/14.25kn with 13,500nm range. 520BHP bowthruster. Two 250kVA / AC /

440 / 220v / 60Hz and one 125kVA / AC / 440 / 220v / 60Hz generators. Radars, Echosounder, VHF, Satellite Communications, SSB, GPS. Quarters total 40 (12 crew/28 other). Multi-purpose workboat presently employed for survey work. Joystick control. Two 7T tuggers. For Sale or Charter. Location: West Africa. File SU21443 AHTS 215.0’ x 46.0’ x 19.3’ built 1976 by BV Schpsw. Waterhuizen J. Pattje. St. Vincent flag. G / NRT 1,369 / 411. DnV +1A1. Abt. 1,000mt cargo on 290m2 deck. FO 510m3. FW 186m3. DW 290m3. Liq.Mud 255m3. 2 x MAK 6M452AK total 3,200BHP. Fixed pitch props. 450HP bow thruster. Speed abt. 13kn service free running. 2-160kW 440vAC 60Hz generators. Quarters for 26. Sold to present Owners thru Marcon. Caribbean.

File SU20650 AHTS 206.1’ x 49.0’ x 20.0’ built 2004 in Batam, Indonesia. Singapore flag. G / NRT 1,750 / 525. Abt. 1,500mtdw. 800mt on 400m2 deck. FO 610m3. FW 460m3. DW 400m3. BW 410m3. Dry bulk 200m3 in 4 tanks. 1-5.9mt crane. Double drum waterfall Brattvaag winch. Wire capacity 1,200m 52mm wire. 2 x Wartsila 6L26A total 5,500BHP. CP props in kort nozzles. Bollard pull abt. 68mt. 2-515kW bow and 1-515kW stern thrusters. Range 5,500nm at 12kn. 2-

1,228kW shaft and 3-370kW aux 60Hz generators. 2-1,614m3/h fire pumps. 2-1,200m3/h fire pumps. A/C quarters for 42. Inspection / delivery Southeast Asia.


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File SU21549 AHTS 215.2’ x 49.2’ x 22.9’ built 1981 by Frederikshavn Vaerft, Denmark. Foreign flag. GRT 1,933. Classed RINA. Fresh docking April 2009. Abt. 2,143mtdw on 19.6’ draft. 1,000mt cargo on 422m2 deck aft. FO 737m3. FW 283m3. DW 740m3. Liq.Mud 301m3. Drybulk 273m3. 1-6T @ 4m crane. Triple drum 260 ton waterfall towing / anchor handling winch. Stern roller. Shark jaws. Hydraulic guide pins. 2 x MAK 12M453AK total 9,000BHP. CP props in kort nozzles. Bollard pull abt. 105mt. Speed abt. 12 – 16kn free running. 600HP bow and stern thrusters. 3-624kW 400vAC 50Hz generators. Inspection / delivery by arrangement through this office.

SU22254 AHTS 222.6’ x 51.1’ x 24.4’ depth built 1984 by Daedong Shipbldg; Busan, Korea. Vanuatu flag. G / NRT 2,024 / 607. Classed GL +100A5 (E) Supply Tug, Ice 1C. Pusnes triple drum waterfall winch. 4 x Wichmann 7AXAG total 12,320BHP. Hjelset 133.8” CP props in kort nozzles. Bollard pull abt. 132 tons. 2 bow and 1 stern thrusters. Free running speed abt. 16kn max. 2-1,415kW, 2-302kW & 1-120kW generators. South America.

File SU22546 DP-1 Supply Boat 225.0’ / 201.0’ x 48.0’ x 16.0’ depth / 13.3’ draft. Light displ. Abt. 1,048.7 long tons. Built 2008 by Thoma-Sea Shipyard; Lockport, Louisiana. U.S. flag. G / NRT 996 / 677. ITC 1,214 / 381. ABS International Loadline through July 2013. U.S. Coast Guard Certificate of Inspection Subchapter “L”, Grade “D” & Lower Combustible and NLS Drilling Fluids thru July 2013. Abt. 1,200 long tons deck cargo on 159’ x 41’ (6,519ft2) clear deck aft. FO 118,000g. FW 10,000g. DW 80,000g. Liq.Mud 6,000BBL. Dry bulk 6,000cft in 6 tanks. 2 x CAT 3512B total 3,620BHP. Two Rolls Royce / Ulstein Aquamaster US 205 Mk.1 360 degree azimuthing thrusters aft. Rolls Royce / TT 1650 CPP bow thruster powered by CAT C-32 720BHP diesel. Speed abt. 10 – 12kn (cruise / max) on abt. 84 – 105 gph (7.6 – 9.5m3/day). Air conditioned quarters for 16 persons in 5 cabins. Coast Guard Certified to carry 16. MT Electronics DP-1 + JX dynamic positioning. Furuno com / navaids including two FR-8122 radars, GP-37 GPS, FS-1503 SSB, two FM-8800S VHFs, FA-150 AIS, FE-700 fathometer. Advanced Logistics SAMM Iridium e-mail / com system. Inspection / delivery U.S. Gulf Coast by arrangement. Further details, price guidance, ABS status, photographs and small scale drawing available on request from this office.

File SU23043 AHTS 230.0’ x 43.0’ x 19.0’ depth built 1975 by Halter Marine and rebuilt 1988. U.S. flag. G / NRT 462 / 314. ABS +A1 AMS. Drydocking overdue. DP-1. Abt. 1,249dwt on 16.3’ draft. 900LT cargo on 127’ x 35’ clear deck. FO 119,000g. FW 20,000g. DW 321,000g. Dry bulk 3,000cft. Liq.Mud 1,728BBL. Brine 1,728BBL. Smatco 85-250 double drum el/hyd. 551,250lb. winch. Capacity 2-4,000’ 3.5” wire. 2 x EMD 20-710G7B total 8,800BHP. CP props in kort nozzles. 360 deg. White Gill 1,500HP bow thruster. 2-300kW 440vAC 60Hz generator. Accommodations for 18 in 8 cabins + 20 pax. U.S. Gulf Coast.

File SU22841 AHTS 228.0’ x 41.0’ x 17.0’ depth built 1975 by Halter Marine and rebuilt 1988. ABS +A1 (E) Towing. U.S. flag. G / NRT 488 / 332. 1,032dwt on 14’ draft. 850LT on 136’ x 32’ deck. FO 157,500g. FW 125,000g. Dry bulk 4,775cft. Liq.Mud 1,928BBL. Smatco 72DAW w/f 400,000lb. winch with 2-4,000’ 3.5” wire capacity. Stern roller. 2 x EMD 20-645E5 total 7,200BHP. Reintjes 4:1 gears. CP props in kort nozzles. 500HP bow thruster. 110mt bollard pull. 2-150kW/GM12V71 gensets. 22 berths in 7 cabins. U.S. Gulf Coast.


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File SU23755 AHTS 237.6’ x 55.7’ x 24.6’ built 2009 in China. Classed ABS +A1 (E) OSV AH, Towing Service, Fifi 1, +AMS. (DPS-2 configured, but not installed). Singapore flag. G / NRT 2,880 / 864. Abt. 2,200mtdw on 20.0’ draft. 600mt cargo on 500m2 deck. FO 1,000m3. FW 600m3. DW 400m3. BW 400m3. Dry bulk 200m3. Liq.Mud 600m3. 5mt @ 12m Nor crane. 450mt brake double drum w/f Brattvaag winch + 2 tuggers. 2-El/hyd 300mt SWL Karmforks. Two pins. Oil dispersant system. 2 x MAK 8M32C total 10,800BHP at 600RPM. Bollard pull abt. 120mt. Speed abt. 12 – 13.5kn free

running. CP props in kort nozzles. 2 bow and 1 stern 10.5 ton CP thrusters. Fifi 1. Configured, but DP not installed. Southeast Asia. File RV25600 / 1 DP-2 ROV / Dive Support (2 each) 255.8’ x 65.6’ x 21.3’ depth newbuilding to be delivered April and June 2010 respectively by Chinese shipyard. ABS +A1 (E) “Offshore Support”. FiFi 1. +AMS. +DP2. Abt. 2,000mtdw on 15.7’ draft. 800mt cargo on 650m2 deck. Midships moon pool. 50 ton @ 20m and 2T cranes. FO 800m3. FW 860m3. DW 1,250m3. Dry bulk 300m3. 2-50mt/day watermaker. 2 x Yanmar total 5,200BHP. 4-blade CP props in kort nozzles. 680kW bow and stern thrusters. 2-825kW main; 2-1,600kW shaft and 1-99kW emergency 415vAC 50Hz generators. 2-1,600m3/h @ 14 bar fire pumps. 2-1,200m3/h fire monitors. Fixed water spray. Full com / navaids. Accommodations for 188 persons in 51 cabins. Delivery Far East April 2010. Price, full details, builder’s specs, drawings, and inspection arrangements available on request.

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