Marcon International, Inc. P.O. Box 1170 9 NW Front Street, · PDF file ·...

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

November 2013

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

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

Jan 2008 3 21 8 17 8 8 1 0 3 13 82

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

Feb 2010 5 25 22 47 15 16 18 6 12 1 167

Feb 2011 4 31 36 36 19 18 25 9 10 30 218

Nov 2011 5 21 33 30 19 15 27 5 8 27 190

Feb 2012 4 21 34 34 19 15 30 6 11 21 195

May 2012 7 21 32 36 19 16 23 9 11 19 193

Aug 2012 5 20 33 34 21 17 26 8 11 22 197

Nov 2012 6 20 37 35 23 17 28 10 11 24 211

Feb 2013 6 22 37 34 19 11 25 7 9 22 192

May 2013 5 14 33 33 18 10 23 8 8 27 179

Aug 2013 6 15 34 24 15 9 18 6 6 24 157

Nov 2013 - Worldwide 5 15 32 21 14 11 13 4 5 22 142

Nov 2013 - U.S. 0 0 2 0 0 1 0 0 0 1 4

Nov 2013 – Foreign 5 15 30 21 14 10 13 4 5 21 138

Avg. Age Worldwide 1981 1985 1992 1996 1990 1983 1990 1992 1997 1992

Avg. Age U.S. 0 0 1999 0 0 1978 0 0 0 1983

Avg. Age Foreign 1981 1985 1991 1996 1990 1983 1990 1992 1997 1993

For Charter Worldwide 0 3 10 17 20 8 8 19 15 17 117

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

For Charter Foreign 0 3 10 17 20 7 8 19 15 17 116

Marcon International, Inc. Supply Vessel Market Report – November 2013

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Market Overview Of 12,664 vessels and 3,846 barges tracked by Marcon, 3,167 are supply and tug supply boats. Tug supply boats

officially on the market for sale decreased from 211 to 142 vessels since November 2012 and down 9.55% or 15

vessels from August. At the time of this report, 46 tug supply boats for sale were either built within the last 10 years or

are newbuilding re-sales. 61.27% of the tug supply boats are 25 years of age or over. Counter-balancing these “old

ladies” are nine newbuilding resales, in the 4,200-12,240BHP range, scheduled for delivery in 2013 and 2014. Other

vessels not officially on the market may be able to be developed on a private and confidential basis. 50.24% of foreign

and 97.56% of U.S. flag supply / tug supply boats we have officially listed for sale are direct from Owners. So far in

2013, actual sales price of all vessels and barges sold by Marcon has averaged 87.39% vs. 2012’s 81.79% and 2011’s

93.03%.

Platform Supply Boats

Under 150 – 160 – 170 – 180 – 190 – 200 - 220 – 240’ Total

150’* 160’ 170’ 180’ 190’ 200’ 220’* 240’* Plus

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

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

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

Feb 2010 3 3 13 12 35 12 5 19 15 117

Feb 2011 3 4 13 7 48 15 13 22 16 141

Nov 2011 1 6 10 9 31 10 11 15 16 109

Feb 2012 3 7 11 8 28 9 10 16 21 113

May 2012 5 9 11 10 28 10 12 22 22 129

Aug 2012 7 8 11 10 30 10 8 23 15 122

Nov 2012 7 7 12 10 30 10 9 30 16 131

Feb 2013 8 8 9 8 27 8 10 30 15 123

May 2013 7 7 8 8 29 8 10 31 14 122

Aug 2013 6 7 8 4 30 6 9 28 13 111

Nov 2013 - Worldwide 6 8 7 1 26 9 10 22 19 108

Nov 2013 - U.S. 1 3 5 1 11 1 3 12 0 37

Nov 2013 – Foreign 5 5 2 0 15 8 7 10 19 71

Avg. Age Worldwide 1990 1995 1982 1984 1978 1988 1993 1992 2005

Avg. Age U.S. 2003 1987 1985 1984 1980 1999 1998 1989 0

Avg. Age Foreign 1988 2000 1974 0 1977 1987 1990 1995 2005

For Charter Worldwide 4 2 3 2 8 1 5 5 12 42

For Charter U.S. 0 1 0 1 1 0 0 0 4 7

For Charter Foreign 4 1 3 1 7 1 5 5 8 35

Up Since Last Report Down Since Last Report


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The number of platform supply boats for sale decreased 17.56% from 131 to 108 since November 2012. There was a three vessel decrease in supply boats on the sales market since our last report in August. As of the time of this latest report, Marcon International has available 25 supply boats built within the last ten years, which includes 13 newbuilding re-sales scheduled for delivery between 2013 and 2015. 61 PSVs, or 56.48%, are 25 years of age or older, with the oldest PSV listed built in 1969. The dominant location for second-hand tonnage on the market is the U.S. with 17.6%, followed by Southeast Asia with 16.0%, Far East with 15.6% and the Mid-East with 13.2%. “By arrangement” or where location is unknown makes up 6.8%. The rest of the globe makes up the final 30.8% of locations. CATs are the principal U.S. main engine suppliers to this sector and power 48 of the supply & tug supply vessels listed for sale, followed by EMDs in 31, Cummins 17 and GMs in 10 vessels. MAK leads foreign manufacturers with 18, then 14 Wartsila, 13 Bergen (acquired by Rolls-Royce in ‘99), 9 Nohab/Polar Nohab (long taken over by Wartsila) and 78 units powered by others. In addition to those for sale, Marcon has 159 straight supply and tug supply vessels listed for charter worldwide, down 10 from August.

Crude Oil Prices

US$ 13-Apr 13-May 13-Jun 13-Jul 13-Aug 13-Sep 13-Oct 13-Nov

WTI - Cushing, Oklahoma 92.02 94.51 95.77 104.67 106.57 106.29 100.54 93.86

Brent - Europe 102.25 102.56 102.92 107.93 111.28 111.6 109.08 107.79

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

Recent Marcon Sales

Marcon brokered the private sale of a 2010 built, dynamic positioning, firefighting, anchor handling tug supply vessel. The Conan Wu Design (now part of Wartsila Ship Design) 55.0m x 13.8m x 5.5m depth vessel is classed ABS A1 Towing Vessel, AH, Fire Fighting Vessel Class 1, Offshore Support Vessel, AMS, DPS-1, Unrestricted Service. The 1,102mtdw AHTS is powered by a pair of 1,894kW CAT 3516B-HD main engines driving Berg controllable pitch propellers in kort nozzles via Reintjes WAF 873 gearboxes and developing a total of 5,150BHP, class certified bollard pull of 68.57 tons and free running speed of 13kn. Ship’s power is provided by two 400kW / CAT C18 auxiliary and two 600kW Leroy Somer shaft generators in addition to one 80kW / Perkins emergency generator installed above the main deck in a special compartment. Maneuverability is assisted by electrically-driven 325kW

Kawasaki transverse tunnel thrusters fore and aft. Towing gear consists of a 120 ton line pull double drum anchor-handling / towing winch, two 10 ton tuggers, a 200 ton SWL stern roller and 200 ton SWL retractable shark jaws and one set of hydraulic vertical towing pins. The 2,400m3/h firefighting system was provided by FFS with main engine driven pumps, two foam / water monitors joy-stick controlled from the pilothouse and a self-drenching system. Fully air conditioned accommodations are provided on three decks for a total of 30 persons and include a hospital, large mess room and separate recreation room. Marcon acted as sole broker in the sale and has handled numerous sales, purchases and charters for both Buyer and Seller in the past.


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Worldwide Sale & Purchase News Hornbeck Offshore Services of Covington LA sold one of their DP1 platform supply vessels this past quarter. Moving to newer pastures was the “HOS Express” (ex-Candy Express) measuring 220’ x 46’ x 16’ depth, sold to Louisiana Tugs LLC of Cut Off, Louisiana for an unreported sales price. Built 1998 at Swiftships the 1,600T dwt vessel carries 1,000T of deck cargo on a 138’ x 38’ clear deck; and is powered by twin EMD 16-645E2s totaling 3,900BHP. Vessel has been renamed “Lily Jane”.

Sanko Steamship has sold its newest AHTS “Sanko Elegance” to US operators Tidewater who renamed it “Coxon Tide”. The 16,000BHP, 180T bollard pull AHTS was built in 2012 by Universal Shipbuilding in Yokohama, Japan. The ABS classed AHTS measures 75.3m x 18.0m x 8.1m and is powered by twin Wartsila 12V32s. This is the second time Sanko and Tidewater concluded an S&P agreement. In 2010, Tidewater bought five 9,500BHP AHTSs from Sanko, who have being unloading non-core offshore assets to add liquidity to the books.

GulfMark’s UT 705 PSV “Highland Champion” (ex Balblair, Tender Champion) was sold to Norwegian owners COG Offshore (formerly Continental Oceangoing AS) and has been renamed “NSO Champion”. Built at Ulstein Hatlo, Norway in 1979, the 265’ x 59’ vessel has deadweight of 3,900T and a deck load of 2,700T. Powered by twin MAK 453AK engines, the vessel has a horsepower of 4,800BHP and a speed of 11kn.

GulfMark also dispatched to new owners another UT 705 PSV, this one being the “Highland Pride” sold to UK based Fletcher Shipping for reportedly GBP 6.6m. The 269’ x 59’, 3,075dwt vessel was built in 1992 at Brattvaag Ships in Norway and powered by twin Bergen BRM6 mains creating 6,600BHP. Fletcher Shipping has renamed vessel “FS Pisces”.

Jaya Holdings sold their 2012 built DP2 support vessel “Jaya Pioneer” to Malaysian IES Energy Marine who have renamed her “IES Pioneer”. Built at Jaya Asiatic’s yard in Batam, Indonesia, the vessel measures 269’ x 67’ and is powered by twin Niigata 8L28HXs creating a total of 6,000BHP driving azimuthing props. The vessel is equipped with a 700m2 clear deck, a 50T crane and a helideck. “IES Pioneer” is able to accommodate 120 persons. The vessel is classed with ABS and is notated +A1(E) Offshore Support Vessel, +AMS, +DPS-2 SOLAS.

In early December, Banc of America Leasing & Capital disposed of a pair of sister AHTSs to as yet unknown buyers. Heading for new ownership are the U.S. flagged “San Miguel” and “Santa Cruz”, built at Eastern Shipbuilding in 1999, measuring 190’ x 44’ x 16’ depth and rated at 4,000BHP from twin CAT3516B main engines. Equipped with Smatco 72 DAW double drum winches, the pair came equipped with the normal array of AHT accoutrements. After delivery from the shipyard to Rincon Marine, both vessels were committed on a four year contract servicing Nuevo Energy / Torch (ex-Unocal) rigs in Southern California. Seacor Marine purchased the vessels early in 2001 through the auspices of Marcon International acting as sole broker.

JP Knight Group sold their 1987 built AHTS “Anglian Earl” (ex-Maersk Logger) sold to US based salvage group Resolve Marine for reportedly around $1.6 million. Built by B.V. Scheepswerf Waterhuizen J. Pattje; Holland, the 12,000BHP unit is powered by twin 4,413kW MAK 8M35s driving Kamewa CP props in kort nozzles developing about 135 tons of bollard pull. Measuring 229’ x 52’ x 26’ depth, the AHTS is equipped with a Rauma Repola four drum waterfall winch. Before this transaction, “Anglian Earl” was stationed off the UK Coast on ERRV duties, but when the contract ceased she became excess to their needs. Resolve Marine renamed her “Resolve Earl”. This is the second

recent JP Knight / Resolve transaction; the other being the 152 ton bollard pull “Anglian Monarch”, renamed “Resolve Monarch”, which was purchased earlier in the year for assistance on the “Rena” salvage.


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DOF Subsea Rederi AS, an entity in the DOF Subsea Group, entered into an agreement whereby the DP2 offshore support vessel “Skandi Bergen” is to be sold to Chinese buyers COOEC Subsea with expected delivery early 2014. Based on today’s USD/NOK exchange rate, estimated gain on sale of tangible assets will be approx. NOK 200 million (abt. US$ 33m). Newbuild price was reported at US$ 113 million. The Aker OSCV 11 design was built at Vard Soviknes in June 2013 and measures 120m x 22m x 9m depth. This is the second such named / design combination vessel sold by DOF in the past 18 months. Vessel is to be renamed “Bergen 289”.

French vessel owner Bourbon sold a pair of AHTSs for a total of US$ 130 million. The sale of the two large 10-year-old DP2 UT722 LX built ships, ”Bourbon Surf” (ex Havila Surf) and “Bourbon Borgstein” (ex Havila Borgstein), generated a total capital gain of about US$ 63 million. Bourbon plans to continue operating the vessels for between two to five years, with an annual bareboat charter cost of US$ 16.9 million representing 13% of the transaction value. The company said the sale continues Bourbon’s aim of standardizing its fleet and focusing on modern and fuel-efficient

series-built ships. Both vessels were built at Langsten, Norway and their 20,000BHP develops about 220 tons of bollard pull. Finance group behind the purchase and leaseback scheme is currently unknown. Louisiana based Adriatic Marine entered into a contract with Harvey Gladiator, a wholly-owned subsidiary of Harvey Gulf International Marine, for the purchase of six 205’ DP-1 offshore supply vessels. The transaction closed in early fourth quarter 2013. The six vessels were part of a larger acquisition by Harvey Gulf of substantially all of the assets of Abdon Callais Offshore earlier in 2013 (see News Section). All the vessels were built by Master Boat Builders around 2006-2007 and are powered by twin CAT 3512Bs developing a total of 3,150BHP. With the acquisition of the six 205’ OSVs, Adriatic Marine will have a fleet of 17 DP-1 and DP-2 OSVs, ranging in length from 170’ to 205’, with an average age of four years. The vessels to change hands in this transaction were the: “ACO Isaure Bienvenu” which is now the “Mallard”; “ACO Keith Duggan” now ”Green Wing”; “ACO Tom Bienvenu” now the “Pintail”; “Ada B Callais” now “Blue Wing”; “Caitlyn A Callais” now the “Widgeon”; and “Danielle Callais” which is now “Gadwall”.

Late on Marcon’s 2013 radar was the sale of the “Toisa Tiger “ which Toisa Ltd. sold to undisclosed interests earlier in the year. Built at Richard Dunston in the UK in 1983, the vessel measured 202’ x 38’ beam and is powered by twin Yanmar 6Z-STs creating a total of 3,520BHP. The vessel can carry 650mt of cargo on 250m2 of clear deck. The vessel was laid up in Malaysia awaiting a buyer and previously classed with Lloyds.

Atlantic Marine and Aviation of the UK purchased the subsea utility vessel “Deepworker” (ex Kinterbury) from co-patriots Panmarine Inc. Corp., and renamed it “Atlantic Explorer”. Built in 1981 by Appledore for the UK Government as a munitions carrier, she was subsequently sold in 2005 by Babcock Disposal. She was then converted to provide a platform to the offshore subsea market. Measuring 231’ x 39’ x 20’ depth, the unit is powered by twin Blackstone ESL12 engines creating 3,000BHP. The vessel comes with dynamic positioning and is registered to the Panamanian register. The vessel can deploy a ROGE-ROV and recover 15 tons of lost equipment in one move with no diver or ROV support. The ship has the capability to cut through several decks of a sunken liner, peel back the holds to reveal and remove the cargo.

EDT Offshore, Cyprus-based provider of OSVs, expanded its fleet with a new vessel. EDT bought the DP2 “EDT Kennedy”, a platform supply vessel, currently under construction at Fujian Southeast Shipyard in China. The vessel is scheduled for delivery December 2013, after which it will begin a long term charter with Noble Mediterranean. The 3,300dwt vessel measures 75 x 17.2m and can carry 1,200T on 700m2 of clear deck. The vessel is ABS classed and flies the Cypriot flag.


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It is reported that Lamnalco has sold AHTs “Lamnalco Fisa” and “Lamnalco Fulmar” to two separate West African parties. It is believed that the “Fisa” was bought by Smu-Tuns Nigeria, whilst the “Fulmar” was picked up by Joetek Engineering and Construction. Both tugs were built at Fuijan Fishery in China in 1997 and are powered by twin Yanmar Z280AEN main engines creating 4,000BHP and around a reported 50T of Bollard Pull. Measuring 121’ x 35’ x 16’ depth, the tugs were used primarily for Single Buoy Mooring maintenance.

GC Rieber Shipping entered into an agreement with the UK Ministry of Defence (MoD) on sale of the in-house designed ice-breaker "HMS Protector" (ex-PolarBjorn). This vessel has been on a bareboat charter to the MoD since the spring of 2011. The sale provides GC Rieber Shipping with an accounting gain of about NOK 370 million, while the cash effect is NOK 485 million (about US$ 78m). "HMS Protector" was purpose-built in 2001 for long expeditions to the Antarctic and for subsea assignments offshore. The UK MoD, a long standing client of GC Rieber Shipping, has been using the ship as an icebreaker and patrol vessel for the Royal

Navy in the South Atlantic and the Antarctic since 2011. It has also provided support for UK Foreign & Commonwealth Office and British Antarctic Survey. "HMS Protector" is the second vessel which MoD has chartered and later purchased from GC Rieber Shipping. The first one was the "HMS Endurance". Malaysia-based TAS Offshore’s subsidiary Tuong Aik Shipyard Sdn Bhd of Sibu Malaysia has secured a contract to sell an anchor handling tug supply (AHTS) vessel for approximately MYR 38m (US$ 11.9m). The vessel was sold to one of their new (unreported) foreign customers. The vessel is expected to be delivered in October 2013. Though not stated we believe it to be possibly the “Tuong Aik 21116” which is now registered to Marine Regent of Singapore.

Malaysian Perdana Petroleum has purchased three AHTS vessels that it was operating on bareboat charters for a total of $50m. The vessels brought into the Perdana fold were the “Perdana Liberty” (67m x 20m, 3,000BHP, built at Nam Cheong 2009), “Perdana Frontier” (DP1, 60m x 16m, 5,200BHP, built 2008 at Fuijan Crown Ocean), and “Perdana Horizon” (DP2, 70m x 16m, 10,800BHP built 2008 at Fuijan Crown Ocean) which were on charter from subsidiaries of Intra Oil Services. Before going on charter, all three vessel names were originally prefixed with “Petra” instead of “Perdana”.

The DP2 PSV “Dina Supplier” owned by the Norwegian operators Myklebusthaug Group has been sold to Topaz Energy’s subsidiary BUE Caspian. Built in 2007 at Simek in Norway, the 3,300dwt UT-755LC designed vessel measures 76.6m x 16m and is powered by twin Bergen C25:33L8P main engines creating 6,300BHP. The vessel was renamed “Caspian Supplier” and now flies the Azerbaijan flag. The vessel not surprisingly is now operating in the Caspian Sea.

It is reported the Sentinel Marine sold a pair of DP2 KCM75M newbuild supply vessels to private buyers, believed to be Malaysian’s Bumi Armada. To change hands were the “Daring Sentinel” and “Epic Sentinel” that measure 246’ x 56’ x 26’ depth which were built at Xiamen Shipbuilding Industry Co. Ltd. With deadweight of 3,300T, the vessels can take 1,200mt of deck cargo on 700m2 of deck. The vessels have been renamed “Armada Tuah 303” and “Armada Tuah 304” respectively. The sales prices were not reported.

Siem Meling Offshore entered into an agreement for the sale of the 2004 built DP2 PSV “Siddis Skipper” to an undisclosed buyer at a price of US$ 24.5 million. The vessel is scheduled for delivery first quarter 2014. Sales proceeds will partly be allocated to repayment of mortgage debt of approx. US$ 13.5 million. The 3,600dwt vessel measures 240’ x 54’ x 25’ and was constructed at Kleven Verft on a Malta Shipbuilding Co. hull. “Siddis Skipper” is powered by twin CAT 3606s generating 5,500BHP and driving two CP props. Maneuverability is enhanced by two each 588kW bow and stern thrusters.


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Bourbon Offshore reported that it has sold three vessels, including a tug, an MPSV from the subsea services fleet and a PSV, for an approx. total amount of US$ 38 million generating a total capital gain of approx. US$ 18 million. The three vessels are diesel mechanical, rather than diesel electric, propulsion and are 10, 14 and 21 years old, respectively. They are now in the possession of and operated by their new owners. Bourbon says the three separate sales align with its strategy that aims to build its fleet with modern ships, built in series and equipped with diesel-electric propulsion systems, "in order to offer its most demanding clients the service quality of a standardized fleet of modern and efficient vessels." The 21 year old vessel

mentioned (see picture) was the “Bourbon Eko” (ex Havila Eko, Rescue Eko) which was purchased by Atlantic Offshore of Norway. The vessel was constructed at Brattvaag Skipsverft and measures 63.0m x 15.0m x 7.0m depth and powered by twin 2,500HP Bergen KRMB8s driving CP props. Her new owners, Atlantic Offshore Rescue Ltd. of the UK, have renamed her “Ocean Tay”. The identity of the other two vessels at this point is unknown. Blue Ship Invest, a subsidiary of Ulstein Verft, have sold all their six DP2 PSVs to Nordic American Offshore (NOA), partly owned by Nordic American Tankers. NOA will continue the management agreement with Atlantic Offshore on “Blue Power”, “Blue Thunder” and “Blue Protector”. The other vessels are “Blue Guardian”, “Blue Fighter” and “Blue Prosper”. All six vessels were built at Ulstein’s yard at Ulsteinvik in Norway after the hulls were initially fabricated at Zaliv in the Ukraine. All six sisters are the PX121 X-Bow design. Ulstein’s original decision to focus on these ship types resulted from careful market analysis. In the North Sea these platform supply vessels are considered medium-sized and they have an optimum combination of fuel efficiency and deadweight. They have a capacity and performance that approaches those of larger PSVs. They can take on most of the tasks usually handled by slightly larger PSVs, but at a lower operating cost. See Corporate News Section.

The Board of Directors of Otto Marine Limited announced that its wholly owned subsidiary, Deep Sea 1 Pte. Ltd. (DS1PL) entered into a Memorandum of Agreement to sell a vessel known as “Deep Sea 1” to PT GO Marine International (GMI) incorporated in Indonesia, in which Otto Marine Limited owns 49%, for a sum of US$ 95 million. The vessel was built in Otto Marine’s own shipyard in Batam. This is one of the four original AHTS that Mosvold Shipping had purchased but cancelled due to delays. See News & Delivery sections.

Separately, Otto Marine reported that one of its subsidiaries Go Rigel Private Limited has signed a MOA to dispose of one of its DP2 AHTS vessel, the “Go Rigel”, also to PT GO Marine International for US$ 25 million. The 8,000BHP “Go Rigel” (ex Redfish 2) measures 221’ x 52’ x 23’ depth and was built at Yuexin Shipbuilding in 2011.

Sealink International Berhad has secured contracts for disposal of a vessel. On 4 November 2013, Euroedge Sdn Bhd, a wholly owned subsidiary of Sealink and registered owners of “Duyong Dua” (ex Roxanne 43, Permata 1) a 58.3m x 13.8m x 5.5m 2010 built PSV, secured a contract for the disposal of the 1,410dwt vessel for a total cash consideration of US$ 3.5million to an unknown overseas purchaser.

Earlier in the year – McDermott Canada sold their cable layer “Bold Endurance” (ex Astana, Fastov, Stakhanovets Petrash) to Trinity Offshore of Singapore for $2m. Built 1978 by Holling Oy in Finland as a Ro/Ro heavy load carrier, the 139.4m x 20.2m x 12.6m vessel is powered by twin Wartsila 6PC2-3L-400s developing a total of 6,400BHP at 520RPM and fitted with two 1,500BHP tow thrusters plus two stern thrusters. Rumors had been circulating beforehand that the vessel was heading for the scrap yard. To further quash this, Trinity has just put her through her 5 year Special Survey with DNV.


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Charter News

Bordelon Marine has secured a term contract with Baker Hughes to utilize the first vessel in its new Stingray series, the MV “Connor Bordelon”, as a well stimulation vessel, using a Baker Hughes skid-mounted StimFORCE modular stimulation system. "We are very excited to work with a marque client like Baker Hughes," says President and CEO Wes Bordelon. "They have an outstanding record and give the highest priority to the safety and well-being of their people and the environment. This culture aligns perfectly with ours, and for this reason and others, they are a company that we want to work for. The StimFORCE modular

stimulation system is also a highly effective and proven system for well intervention. We are proud to be a part of this team and look forward to working with a wide range of clients throughout the Gulf.” The three vessels in the 260ft Class DP2 PSV and MPSV Stingray series are being built by Bordelon Marine Shipbuilders in Houma, LA. The ABS classed, DP-2 “Connor Bordelon” measures 252’ x 52’ x 18’ and has deadweight of 3,285LT. She has a 8,272ft2 clear deck and capacities for 158,400g fuel oil, 121,900g fresh water, 4,000ft3 dry bulk and 9,600bbl liquid mud. The vessel is powered by two Tier 3 compliant Cummins QSK-60-Ms turning Schottel 1215 azimuthing props and two STT2 FP electric 950HP bow thrusters. There are accommodations for a total of 50 persons. Singapore's CH Offshore Ltd has put two AHTS vessels on bareboat charters to a Mexican operator, believed to be Marinsa de Mexico SA de CV. The charter concerns the “Amethyst” and the “Turquoise”, both 2007-built 12,240BHP anchor-handling tug supply vessels, for a period of three years each, with an option to purchase at the expiration of the charter. Both units have been reflagged to Mexico. Subsequently Veripos has been awarded a three-year contract by Marinsa de Mexico SA de CV of Cd Del Carmen for provision of services aboard the “Amethyst” and the “Turquoise”. Operating in the Bay of Campeche in Mexico, both vessels are being provided with Veripos’ Standard 2 dual beam service featuring both GPS and Glonass capabilities while significantly increasing observational redundancy to ensure more robust positioning accuracies of better than 1m. (See News Section also.)

Jackson Offshore Operators signed a multiyear agreement worth over $100 million with BP America for the chartering of two of its Jones Act deepwater platform supply vessels. The “Squall” and the “Lightning” will be 252’ x 60’ x 25' 3" vessels equipped with a complete Rolls-Royce system packages including Azi-pull electric propulsion thrusters, tunnel thrusters, a low voltage front end diesel electric system, an Acon automation and an Icon dynamic positioning DP-2 system. The diesel electric, 3,500dwt PSVs, both of which are under construction at BAE Systems Southeast Shipyards in

Jacksonville, Florida, should be ready for service in 2015. “This contract represents long term employment for many mariners and their families. This is yet another great example of BP’s commitment to America and the Gulf of Mexico,” said Lee Jackson, chairman and CEO of Jackson Offshore. “We have had a good working relationship with BP for a number of years and are excited to see our relationship grow with the signing of this agreement.” In March, Jackson Offshore exercised an option with BAE Systems for two more of Guido Perla & Associates-designed PSVs, bringing the total number of vessels on order with BAE to four – Hulls 255, 256, 256 and 258. The first of these PSVs is scheduled for delivery in May 2014, and the second vessel is scheduled for delivery in September 2014. Havila Shipping ASA has entered into a new contract with Subsea 7 for their Inspection, Maintenance and Repair vessel “Havila Subsea”. The contract is for a firm period of one year and will keep the vessel working for Subsea 7 to the end of 2014. Contract includes two optional periods each of one year. Vessel was built in 2011 at Havila’s yard at Leirvik, Norway and measures 320’ x 65’ x 33’ depth. It is classed DNV + 1A1 E0 Dynpos Autr SF DK (+) Clean Design COMF (C3) (V3) NAUT AW HELDK SH Ice C, Deice. Six CAT3516C diesel electric engines with a total 17,538HP drive six each 2,100kW 690vAC generators. Thrusters include two 1,500kW retractable, directional plus one 1,500kW tunnel forward and one 1,500kW tunnel thruster aft in addition to the two 3,500kW electric motors driving Ulstein Aquamaster AZP 120 stern drives. Vessel is DP II class.


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Havila Shipping has also entered into a contract with Centrica for the PSV “Havila Fortune”. The contract is for supporting the rig “Noble Byron Welliver” for two wells firm, estimated to 280 days, with four 1 well options estimated at 180 days. “Havila Fortune” is a MT6009 design, built in 2009 at Havyard Solstrand and is DP2 rated. The vessel measures 246’ x 54’ x 24’ depth and has a deadweight of 3,250mt. It can carry 1,600T on 683m2 clear deck. The vessel is powered by four Cummins KTA-50M2 diesel electric engines, each driving an AC generator

connected to two 1,470kW electric motors connecting to azimuthing drives. Two 800HP CP tunnel thrusters are also fitted forward. “Havila Fortune” accommodates a total of 31 persons in 11 one-berth and 10 two-berth cabins. Viking Supply Ships entered into a contract with an unidentified oil major for charter of AHTSs "Loke Viking", "Magne Viking", "Brage Viking" and "Balder Viking". The contract applies to drilling seasons 2014 and 2015, with options for drilling seasons 2016 and 2017. The drilling season is expected to commence around April / May each year. Total value of contract's firm period including mobilization is around US$ 120 million. The contract further adds to Viking’s backlog, which now accounts for NOK 2,845 million including charterer's options - an increase of NOK 1,675m since 1st January 2013. With the recent contract the AHTS fleet has an estimated contract coverage including charterer options of 62% for 2014 and 57% for 2015.

Aberdeen-based subsea installation contractor Bibby Offshore signed a charter agreement for the construction support vessel (CSV) “Olympic Ares”. The agreement with Olympic Shipping will initially be seasonal, beginning the end Q1 2014 with options to extend. The 7,150dwt vessel will be mobilized with ROVs from Bibby Offshore’s sister company Bibby Remote Intervention Ltd., and the companies, together with Olympic Shipping, shall jointly market “Olympic Ares” from when it arrives in Aberdeen in November. Andrew Duncan, president and managing director of Bibby Subsea said: “Adding to our fleet increases our offering to the IRM and construction market, which is

an important growth area for the business. We have recently secured a number of major contracts in these areas and ‘Olympic Ares’ will be used to execute large and complex projects in the UKCS, Denmark and elsewhere in the North sea, whilst offering our clients greater choice and availability.” “The ‘Olympic Ares’ is a superior vessel with excellent specifications, including a 250 ton heave compensated crane for subsea use and 1,300m2 of clear back deck space.” Bjorn Kvalsund, executive VP Olympic Shipping said: “We are very pleased to begin this relationship with Bibby Offshore and to have signed this first charter agreement with them. The ROV Services Agreement with sister company Bibby Remote Intervention will allow us to both take advantages of additional opportunities together and we hope to grow and expand this working relationship in the future.” The DP2, MT-6022 design, multi-purpose offshore support vessel was built in 2013 by Kleven Verft AS in Usteinvik at a reported cost of US$ 100,500,000 and classed by DnV with notation +1A1 Ice-C SF LFL *, Comf-V(3)C(3) Heldk-S Crane De-Ice EO Dynpos-Autr Naut-OSV(A) Clean Design DK (+). The 115.4m x 22.0m x 9.0m vessel is powered by six CATs developing a total of 12,174HP, each driving an AC generator connected to two electric motors reduction geared to two azimuthing electric drive units. Two tunnel bow thrusters; one forward mounted retractable, directional thruster and one tunnel thruster aft are also fitted.

Orders Louisiana based Adriatic Marine LLC contracted with Master Boat Builders, Inc., of Mobile, Alabama, for construction of six 220’-class DP-2 OSVs. Construction is scheduled to begin in January 2014. Delivery of the first vessel is scheduled for the first quarter of 2015, with deliveries of the five subsequent vessels following every four months thereafter. In addition, Adriatic Marine say they currently have five 200’ and two 260’ DP-2 OSVs under construction at C&C Marine and Repair of Belle Chasse, Louisiana. Deliveries of the seven vessels from C&C Marine are slated for every three months through first quarter 2016. With the construction of the six 220’-class OSVs from Master Boat Builders and the seven remaining 200’ to 260’ OSVs from C&C Marine, Adriatic Marine will have a fleet of thirty DP-1/DP-2 OSVs by first quarter 2016.


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Oceaneering International, Inc. commissioned the construction of a DP2 subsea support vessel from BAE Systems Southeast Shipyards. Expected delivery is by end first quarter 2016. BAE Systems says that the subsea support vessel ordered at its Mobile, Alabama shipyard will be built to the MT6022 design from Norway's Marin Tekknik. The U.S.-flag, Jones Act compliant vessel will be used to augment Oceaneering's ability to provide subsea intervention services in the ultra-deep waters of the Gulf of Mexico. The vessel will measure 353’ long with a 72’ beam and will be

equipped with a 250T active heave compensated crane capable of reaching 4,000m water depth. It will berth 110 personnel and have a helideck and working moon pool. The vessel will be outfitted with two 13,000’-rated Oceaneering work class remotely operated vehicles. The vessel will also be equipped with a satellite communications system capable of transmitting streaming video for real-time work observation by shore personnel. The new vessel will be powered by GE Tier 4 emission compliant engines. Kevin McEvoy, President and CEO of Oceaneering, stated, “We are

pleased to announce the construction of a vessel that will allow us to maintain our competitive position to meet what we believe will be growing demand and more rigorous technical requirements for our ultra- deepwater Subsea Projects services in the GOM. Additionally, by being Jones Act compliant this vessel will minimize the need for and risks of vessel-to-vessel hardware transfers. Deepwater drilling rig use in the GOM is currently at a historically high level of 40 rigs, and recent industry market reports have forecast that it may grow to as many as 60 rigs by the end of 2015. Our vessel will be equipped to perform increasingly complex deepwater field development installation work and life-of-field IMR projects resulting from the increased drilling activity. In particular, this vessel will have a crane that is capable of handling lifts 100-tons greater than any of the vessels we currently operate. This will increase our capability to meet our customers’ demand to safely handle heavier subsea payloads in deeper water depths.” Expected delivery of this vessel is by the end of the first quarter of 2016. Projects currently under construction at BAE Systems’ Mobile and Jacksonville, Florida, shipyards include two dump scows and six platform supply vessels. Pheranzy Offshore Ltd, Lagos, Nigeria has signed contracts with Hongda Marine Company Ltd of Guangzhou, China, to build two 78m, FiFi class 1, DP2 OSVs. Construction for this 78m Focal design will begin immediately with delivery for the first and second vessels slated in November 2014 and February 2015, respectively. “We are very excited to have this opportunity to begin this partnership with a Company like Hongda Marine Co, Ltd.” said Chris Ezeude, Chairman/CEO of Pheranzy Offshore Ltd. Chris Ezeude noted “We have worked very closely with Mr. Wang Quan Biao CEO and Mr. Eric Toh GM of Hongda Marine Co, Ltd for many months to make this happen. This is in line with the Nigerian government’s aspiration to have local indigenous Companies involved in the marine transportation sector of the oil and gas industry in Nigeria, thereby creating more jobs for Nigerians and exposing our people to the latest technologies in the maritime industry. These vessels will primarily service the deep offshore oil and gas locations offshore Nigeria and after an extensive review process, we are pleased to have selected Hongda Marine for this building program.”

Singapore-listed Vard Holdings Limited secured a new contract for design and construction of one PSV for Carlotta Offshore Ltd., a newly established player in the offshore support vessel market. The vessel is a multi-functional PSV of VARD 08 design with a total length of 265.7’ (81m), beam of 59’ (18m) and a cargo deck area of 8,934ft2 (830m2). The vessel of approx. 4,000 deadweight tons will be prepared for standby, rescue, firefighting and oil recovery operations. Delivery is scheduled from Vard Vung Tau in Vietnam in 4Q 2014. The VARD 1-Series comprises a wide range of Platform Supply Vessels designed by Vard Design in Ålesund, Norway. Vessels are designed with high focus on cargo capacity and excellent maneuvering capabilities combined with low fuel consumption.


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Wärtsilä Corp. says the Norwegian maritime services provider Siem Offshore has hired it to provide designs for a new LNG-powered platform supply vessel. The 89.2m long vessel, which can accommodate a 25-member crew, is being built at the Remontowa shipbuilding yard in Poland and will be operated by A/S Norske Shell. Starting in 2015 it will be used to support offshore drilling and production in the North Sea. Wärtsilä will provide the ship design, the complete diesel electric system, featuring dual-fuel generating sets, the Wärtsilä LNGPac gas storage and handling system, and the complete electrical and automation system, which includes a four-split Wärtsilä Low Loss Concept (LLC) solution. “We have created a paradigm shift that benefits our customers and the industry” said Magnus Miemois, Vice President, Wärtsilä Solutions "Wärtsilä is the marine sector's leading total solutions provider and this capability has enabled us to develop comprehensive integrated solutions that enhance efficiency, reduce operating costs, and promote environmentally sustainable shipping." Siem Offshore ordered its first LNG-powered PSV, using a Wärtsilä power and propulsion system, late last year. Family owned shipping and energy services firm, Craig Group, announced the investment of £ 70million to build six new vessels at the Balenciaga Shipyard in Northern Spain. Four D class IMT 950 Emergency Response and Rescue Vessels (ERRVs) and two F class IMT 958 ERRVs will be delivered during 2014 and early 2016, replacing existing tonnage in the fleet. Douglas Craig, Chairman and Managing Director of Craig Group, said: “This significant investment

is part of our continued drive to operate the largest and most modern wholly British owned fleet engaged in the UK offshore industry. A new-build programme of this size and scale underlines our commitment to the marine industry and means that we continue to offer our customers an unrivalled service.” The fleet expansion comprises of four D Class vessels, complementing the existing four D Class vessels already in service within the fleet. 50 meters in length, the vessels will be outfitted as a minimum with one Daughter Craft and one FRC as well as state of the art survival facilities. Two F Class vessels will also be brought into service. Slightly larger at 58 meters long with diesel electric propulsion via twin Azimuth Stern Drives, they will also be outfitted with Daughter Craft and FRCs as well as being able to transfer and store limited deck

cargo and provide offshore locations with fresh water and fuel if required. North Star managing director, Callum Bruce, said: “We are constantly looking at ways of expanding and modernizing our fleet. The new vessels will feature the most up to date technology and designs, meeting our customers’ needs in terms of safety, quality and efficiency.” Singapore based Pacific Radiance Group ordered two platform supply vessels of the Ulstein PX121 design for construction at Shanghai Waigaoqiao Shipbuilding Co Ltd. The vessels are estimated for deliveries in Q2 and Q3 2015. The contract includes options for two more vessels. The Pacific Radiance Group is currently managing over 120 vessels. “After researching a few designs we found that the PX121 design suits our targeted markets in the best possible way”, says Mr James Pang in Pacific Radiance, continuing: “Our team is striving towards operating cleaner and more fuel efficient vessels that meets and exceeds all the latest regulatory requirements. In addition, the crews’ and special charterer’s personnel comfort and operability of a vessel in rough weather conditions and strong currents are of increasing importance to our clients. This design meets most of our clients’ operational expectations in terms of e.g. deck space, capacities, speed, position holding capabilities and fuel efficiency. We believe this is achieved by the unique hull design and longer lines that allow for better transit speed and efficiency, saving time and cost for both us and our clients.”

MK Marine of Singapore has inked more deals at Xiamen Shipbuilding. Broker house Clarksons says the company has signed up for five 3,600dwt platform supply vessels. Delivery is from the end of 2014 to mid-2015. MK ordered two 3,300dwt PSVs in

January at the same yard. Per MK Marine’s website, the five vessels are 78m x 18.6m x 7.8m PSVs with twin geared four stroke cycle diesel engines driving two azimuth CP propellers, two bow thrusters, with firefighting equipment and oil recovery capability. The vessels will be classed ABS +A1 (E) Offshore Support, Fire Fighting Class 1, OSR-C, +AMS, +ACCU, +DP2, +HNLS SPS, UWILD and able to accommodate 60 in 23 cabins.


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Delta Logistics Ltd of Trinidad has ordered a 70m, 2,500dwt PSV from Scheepswerf De Hoop Lobith B.V. of the Netherlands. The 70m by 15.8m vessel is a further development of De Hoop’s KISS design, which was recently built and delivered for Pemex in Mexico. De Hoop has evolved the PSV design, widening the vessel to allow for deadweight of over 2,500 tons. The hull form is optimized for fuel efficient operations, during both transit and dynamic positioning modes. Delta’s new vessel will also be fitted with a specially developed bulbous bow, designed to maintain a service speed of 12 knots, whilst saving almost 17% of power during transit. In close consultation with the shipyard, Delta has chosen a diesel-electric propulsion concept to achieve enhanced flexibility and economical superiority. As with the KISS design, the generators

will be located on the main deck to allow for larger cargo volumes and easier access for maintenance. The PSV design has deep water capabilities and will be used by Delta for operation in offshore fields near Trinidad and Tobago in the Caribbean Sea. De Hoop is scheduled to deliver the vessel in Q3 2014.

Kleven signed a contract with Østensjø Rederi in Haugesund, Norway, for building a 150m long by 27m wide offshore construction vessel with 2,300m2 of total deck space. Total contract value is NOK 1.4 billion (US$ 237 million), making it the largest contract ever for Kleven. The highly advanced 13,500mtdw vessel of SALT 304 OCV design, “Kleven Verft 373”, will be equipped with a 400T crane, a 70T crane, Vertical Lay System and carousel. "It is very positive that we can have this vessel built in Norway. Our former experience with Kleven is good, and we look forward to continue the cooperation. Kleven is a highly competent and innovative ship building company," said Johan Rokstad, CEO of Østensjø Rederi. "It is a great pleasure for us to be able to welcome Østensjø back to Kleven, ten years after our last delivery to them," said Ståle Rasmussen, CEO of Kleven. "We operate in a highly competitive international market, and it is very satisfying that we win contracts to build extremely advanced vessels like this. We have made large investment over the past few years to ensure that we can continue the proud ship building traditions we have, and parts of this vessel will be produced on our new robotized welding line in Ulsteinvik," Rasmussen said. The ship will be delivered with a new diesel electric hybrid propulsion system with azimuthing electric drives, which is an integrated part of Østensjø Rederi’s environmental concept, Mindset. System (Siemens BlueDrive+C) is developed in cooperation with Østensjø Rederi. By using variable rotational speed with optimal operation of the diesel generator in combination with batteries, the system will significantly reduce fuel consumption and emissions of nitrogen oxides (NOx) and greenhouse gasses (CO2/methane). Vessel to be delivered from Kleven Verft in Ulsteinvik, Norway Q1 2016, and will enter into a five and half year charter with four one year options for Deep Ocean. Vessel will accommodate 140 persons.

Coastal Contract Bhd’s two subsidiaries have secured contracts for the sale of six offshore support vessels for some RM 318 million, further strengthening the group’s order book. Executive chairman Ng Chin Heng said the vessels are comprised of one subsea support maintenance vessel, one platform supply vessel and four anchor handling tug supply vessels. To date, the group has about RM 1.28 billion worth of vessel sales orders awaiting delivery up to next year.

Norfield, an international shipping company specializing in vessels for the offshore and energy sector, has ordered two 69.8m x 17.0m seismic support vessels of SALT 450 SSV design. The vessels, which will be operated by Vestland Offshore AS, are ordered from Cemre Shipyard in Turkey and will be delivered mid-2015. Vessels will have an HFO / MDO cargo capacity of 2,000m3, working deck area of 500m2, accommodations for 60 passengers, bollard pull of 55 tons and fitted with a streamer winch.


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Ulstein is to supply COSCO (Guang Dong) Shipyard Co. Ltd, China, with ship design, power and control equipment and on-site follow-up services for two further X-bow PX121 platform supply vessels ordered by Vroon Offshore Services of the Netherlands as a result of declaring its options under an earlier contract. "These two vessels are part of the Vroon commitment to our business partners and will support us in meeting their service requirements in the best possible way. All at Vroon are excited to welcome these new vessels to our fleet in 2015,'' says Jan-Piet Baars, Managing Director of Vroon Offshore Services. Each of Vroon's four PSVs is scheduled for delivery in 2015 and intended for operation in European waters. Measuring 83.4m in length, with beam of 18m, they will have a rectangular

cargo deck of 830m2 and load capacity of 4,200 tons. Flexible tank capacities allow the PX121 to support drilling activities with longer and deeper boreholes and activities further from shore. In addition to tanks for oil, water and drilling fluids, the vessel also has two stainless steel tanks for flammable liquids or corrosive chemicals. Each ship will be equipped with dynamic positioning system Class II and meets requirements of Clean Design, according to ABS class. The PX121 has a maximum speed of approx. 15kn and provides modern accommodation for 23 people. Dayang Enterprise Holdings Bhd has entered into a shipbuilding contract for the construction and delivery of a unit of an offshore accommodation workboat worth RM 70mil (US$ 21.7m equiv.). The contract was signed between Dayang wholly-owned subsidiary DESB Marine Services Sdn Bhd and Shin Yang Shipyard Sdn Bhd and is expected to deliver in 2015.

Swissco Holdings Limited, a leading marine service provider for shipping and offshore oil and gas industries, has placed orders for three more vessels worth an aggregate of US$ 28.15 million or SGD 35 million (excluding owner supplied equipment) consisting of two AHTSs and one Multipurpose Utility Tug. The two AHTSs with 80 tons bollard pull will be built at a Northern Chinese shipyard, while the multipurpose utility tug will be built at a Southern Chinese Yard. The newbuild vessels are expected to be delivered in fiscal year 2015, adding to the Group’s fleet capabilities.

Island Offshore and Edison Chouest Offshore (ECO) have ordered two new offshore construction vessels through the company Island Ventures II LLC. The two vessels will be of Ulstein SX165 design; one to be built at Ulstein Verft in Norway – “Ulstein 302”, and one at Edison Chouest’s own yard, LaShip, in the United States. The contract with the US yard also includes options. SX165 is designed to meet the requirements of the owners. The vessels are 145.7 meters long with a width of 28 meters, 11,500mtdw and accommodations for 200 people. She is equipped with two cranes that can lift 400 tons and 140 tons, respectively and is also featuring a large moon pool. In addition, two smaller moon pools with ROVs are installed in a centrally located hangar. This design will be the largest ever to be built at Ulstein Verft.

Malaysia's Nam Cheong Limited has sold four PSVs worth a total of approximately US$ 120 million (approx. SGD 150 million). The customer is new to

Nam Cheong and is an emerging offshore marine services company based in Latin America. Leong Seng Keat, Nam Cheong’s CEO said, “We are delighted to have secured one of our largest contracts for the year to bring our cumulative order book to $521.4 million (MYR 1.7 billion). These four vessels bring our total sales for the year to 20, which is close to surpassing our record of 21 vessels sold last year. The global oil and gas industry remains robust amid growing demand for energy. With global exploration and production spending expected to reach a record $678 billion by 2013, we expect OSV demand to continue growing. This brings us on track to overtaking last year’s sales record.” The four vessels are being constructed as part of the Group’s build-to-stock series in its subcontracted yard in China. They are scheduled for delivery in 2014 and are expected to contribute positively to the Group’s earnings for the financial years ending Dec. 31, 2013 and Dec. 31, 2014. Each of the four 3,200dwt Det Norske Veritas-class PSVs is 258.2 feet (78.7 meters) long, equipped with diesel electric propulsion and dynamic positioning system class 2. Though not reported – Marcon believes they may be UT755-CD designs.


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UAE based ADNOC has ordered ten PSVs from Shipyard De Hoop after a competitive tendering process. The first vessel is to be delivered early 2015, whilst the delivery of the other nine is equally spread over almost 1.5 years, with the last PSV to be handed over at end 2016. The complete production of the ten vessels will be split between the two De Hoop shipyard locations in Lobith and Foxhol. The vessels will operate in the offshore oil and gas fields of the United Arab Emirates, under operating company ESNAAD, a member of the ADNOC Group. These ships, having dimensions of 65m x 15.8m, heralds another evolution of proven De Hoop PSV designs. The vessels will meet imposing operational and environmental requirements for working in the Arabian Gulf. This PSV design will have the highest possible DNV Environmental Regularity Number (ERN) score of quadruple 99. This represents the highest score in optimal use of all thrusters and the effect of a single-thruster failure or the worst-case single failure(s). The diesel-electric propulsion system of the vessel consists of two azimuthing thrusters in the stern and two bow thrusters. The hull form below the waterline is optimized to reduce drag, allowing for a transit speed of 13 knots at lowest possible power of 2,500kW, whilst the shape above the waterline is designed to obtain a very low drag coefficient (Cd), thus reducing the power requirements in DP-mode considerably. The vessel will have three generator sets of 1,600kW each, driven by medium speed diesels, to power the propulsion. The high level of redundancy guarantees the vessel remains fully operational even with one complete generator set out of service. The PSV will be kept on station with a dynamic positioning Lloyd’s Class DP (AA/DP2) system, when carrying out loading / unloading ops around offshore drilling rigs or production platforms. This advanced ship will benefit from Shipyard De Hoop’s knowledge and experience in luxury cruise vessels to provide a high standard of accommodation. This includes meeting the low noise and vibration levels required by Lloyd’s Rules for Crew Accommodation Comfort, for which the PSV will be assigned with the CAC3 class notation. The forward located superstructure offers accommodation to 28 people in single-berth or two-berth cabins with en suite bathrooms. The accommodation is spacious with optimized air treatment and other features to provide the crew with an exceedingly high level of comfort. The full width navigation bridge, with a 360 degree enhanced visibility, comprises an extensive package of nautical, navigation and communication equipment. The bridge wings are enclosed and each has a navigation console containing all relevant controls from which the vessel can be operated. Furthermore the accommodation consists of ample office spaces, mess rooms, day rooms, galley, laundry and stores. To facilitate the Islamic worship, a prayer room will be provided. Following are 72 supply vessels on order at U.S. shipyards per MarineLog & Colton Company, as of November 12, 2013. This is a decrease of three vessels from our last report in August and one more than the same time last year.

Shipbuilder Location Type Customer Name Description Price ($mm)

Delivery

U.S. Shipbuilding Contracts

BAE Systems Jacksonville FL PSV Jackson Offshore 252-ft 2014




BAE Systems Mobile AL PSV Gulfmark Offshore 286-ft 48 2013

BAE Systems Mobile AL PSV Gulfmark Offshore 286-ft 48 2013

Bay SB Sturgeon Bay WI PSV Tidewater Marine Miss Marilene Tide 303-ft. 2014

Bollinger SY Amelia LA PSV Bee Mar Acqn. Worker Bee 300 ft. 2015

Bollinger SY Amelia LA PSV Bee Mar Acqn. Honey Bee 300 ft. 2015

Bordelon Marine Houma LA PSV Bordelon Marine Connor Bordelon 257 ft. 13-Apr

Bordelon Marine Houma LA PSV Bordelon Marine Sheila Bordelon 257 ft. 14-Jan

Bordelon Marine Houma LA PSV Bordelon Marine Brandon Bordelon 257 ft. 14-Dec

Candies SB Houma LA PSV Otto Candies Grace Candies 2014

Candies SB Houma LA PSV Otto Candies 2014

Eastern SB Panama City FL MPSV Hornbeck Offshore 310 ft. 45 1Q15

Eastern SB Panama City FL MPSV Hornbeck Offshore 310 ft. 45 2Q15

Eastern SB Panama City FL OSV Harvey Gulf Marine 300 ft. 13-Apr

Eastern SB Panama City FL OSV Harvey Gulf Marine 300 ft. 13-Oct


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Eastern SB Panama City FL OSV Harvey Gulf Marine 300 ft. 14-Apr

Eastern SB Panama City FL PSV Boldini SA (Brazil) Bravante VI 55 13-Nov

Eastern SB Panama City FL PSV Boldini SA (Brazil) Bravante VII 55 14-Feb

Eastern SB Panama City FL PSV Boldini SA (Brazil) Bravante VIII 55 14-May

Eastern SB Panama City FL PSV Boldini SA (Brazil) Bravante IX 55 14-Aug

Eastern SB Panama City FL PSV Hornbeck Offshore HOS Renaissance 300 ft. 45 4Q13

Eastern SB Panama City FL PSV Hornbeck Offshore HOS Riverbend 300 ft. 45 1Q14

Eastern SB Panama City FL PSV Hornbeck Offshore HOS Bayou 310 ft. 45 1Q14

Eastern SB Panama City FL PSV Hornbeck Offshore HOS Black Foot 310 ft. 45 2Q14

Eastern SB Panama City FL PSV Hornbeck Offshore HOS Black Rock 310 ft. 45 3Q14

Eastern SB Panama City FL PSV Hornbeck Offshore HOS Black Watch 310 ft. 45 4Q14

Eastern SB Panama City FL PSV Hornbeck Offshore HOS Brass Ring 310 ft. 45 4Q14

Eastern SB Panama City FL PSV Hornbeck Offshore HOS Briarwood 310 ft. 45 1Q15

Gulf Coast SY Group Gulfport MS PSV Harvey Gulf Harvey Energy 10,500 hp 55 13-Nov

Gulf Coast SY Group Gulfport MS PSV Harvey Gulf Harvey Power 10,500 hp 55 14-Mar

Gulf Coast SY Group Gulfport MS PSV Harvey Gulf Harvey Liberty 10,500 hp 55 14-Jul

Gulf Coast SY Group Gulfport MS PSV Harvey Gulf 10,500 hp 55 14-Nov

Gulf Coast SY Group Gulfport MS PSV Harvey Gulf 10,500 hp 55 15-Mar

Gulf Coast SY Group Gulfport MS PSV Harvey Gulf 10,500 hp 55 15-Jul

Leevac Shipyards Jennings LA PSV Tidewater Marine 270 ft. 2014


Leevac Shipyards Jennings LA PSV Aries Marine 270 ft. 14-Oct

Leevac Shipyards Jennings LA PSV Aries Marine 270 ft. 15-Feb



Master BB Bayou La Batre AL OSV Abdon Callais Seacor Strong 200 ft. 13-Jul

Master BB Bayou La Batre AL OSV Abdon Callais Seacor Resolution 200 ft. 13-Nov

North American Larose LA AHTS Edison Chouest 2013

North American AHTS Ice Edison Chouest

North American AHTS Ice Edison Chouest

North American MPSV Edison Chouest

North American Houma LA PSV Edison Chouest Russell Adams 280 ft. 2013

North American Houma LA PSV Edison Chouest 280 ft. 2013

North American Houma LA PSV Edison Chouest Blue Orca 280 ft. 2014

North American Larose LA PSV Edison Chouest 280 ft. 2014

North American PSV Edison Chouest 280 ft. 2014

North American PSV Edison Chouest 280 ft. 2014

North American Larose LA PSV Edison Chouest 280 ft. 2014

North American PSV Edison Chouest 17 boats/20 options 312 ft.

Thoma-Sea Marine Lockport LA PSV Harvey Gulf Jim Davis 295 ft. 2013

Thoma-Sea Marine Houma LA PSV Thoma-Sea Marine 180 ft. 2012

Thoma-Sea Marine Houma LA PSV Thoma-Sea Marine 265 ft. 2012

Thoma-Sea Marine PSV Gulfmark Offshore 271-ft 36 2013

Thoma-Sea Marine PSV Gulfmark Offshore 271-ft 36 2013

VT Halter Pascagoula MS PSV Hornbeck Offshore HOS Commander 320 ft. 45 4Q13

VT Halter Pascagoula MS PSV Hornbeck Offshore HOS Carolina 320 ft. 45 4Q13

VT Halter Pascagoula MS PSV Hornbeck Offshore HOS Claymore 320 ft. 45 1Q14

VT Halter Pascagoula MS PSV Hornbeck Offshore HOS Captain 320 ft. 45 1Q14

VT Halter Pascagoula MS PSV Hornbeck Offshore HOS Clearview 320 ft. 45 2Q14

VT Halter Pascagoula MS PSV Hornbeck Offshore HOS Crockett 320 ft. 45 2Q14

VT Halter Pascagoula MS PSV Hornbeck Offshore HOS Caledonia 320 ft. 45 3Q14

VT Halter Pascagoula MS PSV Hornbeck Offshore HOS Crestview 320 ft. 45 3Q14

VT Halter Pascagoula MS PSV Hornbeck Offshore HOS Cedar Ridge 320 ft. 45 4Q14

VT Halter Pascagoula MS PSV Hornbeck Offshore HOS Carousel 320 ft. 45 1Q15


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News New Orleans-based Tidewater Inc. is investing $30 million to start a new service helping companies maintain drilling equipment thousands of feet underwater. Tidewater contracted with Houston-based FMC Technologies Inc. to build six remotely operated underwater vehicles, or ROVs, to kick-start a new subsea operations business, called Tidewater Subsea. The ROVs will be delivered before the end of the year, according to a statement from FMC Technologies. Joe Bennett, Tidewater executive VP and chief investor relations officer, said the investment marks an effort to diversify Tidewater’s revenue stream, which now rises and falls with the number of rigs actively drilling for oil

and gas in its offshore markets. "Our business has been mostly, though not totally, tied to the success of the number of working rigs around the world," Bennett said. "As they go down or up, so does our activity level," Bennett said. Tidewater Subsea and its fleet of ROVs will be able to serve clients before a drilling rig is brought on site, working to install, maintain and repair key equipment on the ocean floor, he said. "This is more of a life-of-field activity level," Bennett said. "We're there from start to finish instead of only if the rig is there." Tidewater Subsea will focus on maintenance rather than well control services in the event of incidents similar to the 2010 spill, he added. "That's much more technical than what we care to get into at this point in time," Bennett said. Ultrapetrol entered into two Memorandums of Agreement with Fujian Mawei Shipbuilding whereby they agreed to acquire two 5,145dwt newbuilt Chinese sister PSVs, named “UP Agate” and “UP Coral”, which were subsequently delivered on October 29, 2013. Purchase price for these vessels is approx. $32.0 million each including some minor works still underway. In addition they exercised an option to acquire the third sister 5,145dwt newbuilt Chinese PSV, to be named “UP Opal”, and consequently, on October 30, 2013, entered into an MOA for the same price as the previous two. All three vessels will undergo certain upgrading to conform to Ultrapetrol’s operation at the yard where they were built and are expected to commence operations during first quarter 2014. Ultrapetrol also cancelled the reported $22 million shipbuilding contract for Hull No V-387 “UP Onyx” / VS4408 design on account of shipyard delays by Bharati in delivering the vessel. Repayment demands have been made under refund guarantees issued by certain banks. SBM Offshore agreed but then cancelled the proposed sale of the “SBM Installer”, a newbuild Diving Support and Construction Vessel (DSCV), to Daya Vessels Limited, a subsidiary of Daya Offshore Construction Sdn Bhd, for US$ 180 million in cash. Both parties had signed a memorandum of agreement, subject to the buyer securing transaction

financing, and was expected to close the transaction in Q1 2014. SBM said the deal failed when the buyers constantly failed to meet performance obligations. SBM are now seeking alternative buyers. “SBM Installer” is a MT-6024 design from Marin Teknikk in Norway built to DNV rules and international regulations. Built by Keppel Singmarine in Singapore in 2013, “SBM Installer” features the SBM Offshore patented 'double-deck' design, which improves safety as well as providing significantly more deck space.

The vessel is equipped with a class III DP system as well as a fully integrated 12-man saturation diving system capable of operating in up to 300m of water. A 250T knuckle boom crane and 150T winch will enable the vessel to carry out offshore construction and installation work in water depths of up to 1,500m. Harvey Gulf International Marine acquired all the assets and business of rival Abdon Callais Offshore (ACO). The purchase includes all 48 offshore supply vessels in the ACO fleet, of which four are currently under construction. With its roots in the Callais family tracing back to

1945 and under the later leadership of Harold J. Callais followed by his sons, ACO has one of the youngest and largest fleets operating in the U.S. Gulf of Mexico with a focus on providing a wide variety of cargo and personnel transportation services to both shallow water and deepwater locations. Of ACO’s 48 vessel fleet, 92% is dynamically positioned (DP1 or DP2) and 58% is of 205’ or longer in length. Harvey Gulf says the acquisition expands the company’s vessel classes and allows them to broaden its service offering to customers in the U.S. Gulf of Mexico.


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On April 9, 2013, Bourbon announced that the terms of the first phase of the “Transforming for beyond” action plan were signed with Chinese company ICBC Financial Leasing

(ICBCL) for a ten‐year fixed rate (10.66%) bareboat charter of up to 51 supply vessels either in operation (24 on that date) or under construction (27 with delivery expected before June 2014) for a total of up to US$ 1.5 billion. Furthermore, following transfer of ownership of the first nine vessels to ICBCL and payment of US$ 144 million, Bourbon announced that the ten‐year bareboat charter period of those nine vessels by Bourbon has commenced. Transfer of the remaining 15 vessels currently under operation is expected to be completed within two months and the transfer of the 27 vessels under construction within ten months.

Otto Marine Limited and the Mosvold Supply Group have reached an amicable agreement to end the disputes and all the arbitrations between the two groups of companies arising out of the terminated contracts for four AHTS vessels constructed by the Otto Group. The parties have agreed to settle without admission of liability and on a confidential basis.

Singapore-based CH Offshore has commenced legal proceedings against the subsidiaries of Venezuelan state oil firm PDVSA over unpaid charter fees amounting to approx. $56m from two anchor handlers. The pair of anchor handling tug supply vessels involved are the 2007-built, 12,240BHP “Amethyst” and the 2007-built, 12,240BHP “Turquoise”. CH Offshore said it is seeking to recoup the unpaid charter fees from PDV Marina and Astilleros De Venezuela, via a legal proceeding lodged in London. “The company had arrested vessels belonging to PDV Marina as security for its claim. PDV Marina has made payment of $70m into court as security for the company's claim including interest and costs. Accordingly, the company has released PDV Marina's vessel,” CH Offshore said in a statement. The vessels had each been on four year charters to PDVSA’s subsidiary for a daily rate of $47,600 in January 2008. The charter party was shortly thereafter assigned to Asterilleros De Venezuela who, within a few months, started to default on payments; even though PDV Marina remained liable for hire payment.

One of the country’s major shipping firms PT Logindo Samudramakmur has allocated US$ 150 million to buy new offshore vessels, mostly to be used for offshore oil platforms, during the 2013 - 2014 fiscal year in a bid to capitalize on the growth of offshore marine services. The company plans to operate around six to eight new AHTS

vessels until the end of 2014. “As of today, we have received two new AHTS vessels with Class 2 Dynamic Positioning systems from China and we will be receiving the third one very soon this quarter,” Rudy Kusworo, one of the firm’s board members, said. One of these vessels is the “Logindo Energy”, a 78.2m x 18.5m x 8.0m depth, 152 ton bollard pull AHTS delivered this year by Fujian Southeast Shipyard in Fuzhou as “SK-Line 205”. “By having more AHTS vessels, we will be able to transport supplies to and from offshore drilling rigs more efficiently.” He said that around 70% of the investment was from loans obtained from some banks in Singapore, while remaining 30% was from the firm’s equity. Indonesian National Shipowners Association recent data showed that were are 87 domestically owned AHTSs in the country as of August 2013. “This is why we are committed to serving the marine offshore industry, the demand for this sector keeps increasing every single year, in line with growth of our economy. Yet, not many domestic players are willing to tap into the opportunities. Thus, we plan to continue supporting the nation’s oil, mining and gas sector with our marine services in the future,” he went on. Logindo’s clients include Total E&P Indonesie, PT Pertamina Hulu Energi, Conoco Phillips, Chevron, CNOOC SES Ltd. and Santos with contracts of around three years on average. In addition, director Eddy Kurniawan Logam said that Logindo secured a $60 million offshore marine service contract in January - September 2013, up by around 30% compared to the same period last year. “We are now in the process of extending some contracts that will end in 2014 with some of our long-time customers as well as seeking new contracts with new partners. We are optimistic about securing more contracts in the future,” Eddy said. Moreover, in a bid to be more accountable and transparent, Logindo aims to go public in the near future. Tidewater scrapped another two supply vessels, the “Ken Tide” & “Louie Tide”. "Ken Tide" was a 1,055T dwt, supply boat built in 1982 at Champion Shipyard measuring 178.0' x 40.0' x 14.0' with 1,860BHP. The 1,260T dwt AHTS "Louie Tide" measured 205.0' x 42.1' x 16.5', was built in 1983 at McDermott Shipyard Inc. and had total power of 6,140BHP.


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Resolve Marine’s naval architectural and marine engineering firm Elliott Bay Design Group's New Orleans office partnered with Gulf Island Marine Fabricators on the class design and production engineering for the EB-210CC Offshore Support Vessel. Scope of the new design project included detail design, structural, mechanical, piping and outfitting design as well as 3-D assembly drawings of the structure utilizing ShipConstructor software. In addition, EBDG is primary point of contact for all regulatory body requests for information. EB-210CC features a unique tank farm specific to the vessel's mission, which is confidential. "This is not a regular OSV

design," explained EBDG Gulf General Manager, Keith Keller. "It would be considered a Specialty Vessel, and design was developed from concept to production here in the Gulf Coast office." Davie Shipyards in Canada is expected soon to deliver the first of Cecon’s three new DP3 Offshore Construction Vessels “Cecon Pride”, albeit four years behind schedule. Measuring 130m x 28m, “Cecon Pride” has 2,000m2 deck space, a 250T AHC crane and accommodate 100 persons. “Cecon Pride” is a Vik and Sandvik 4220 design and classed with DNV. The two sisters are to be named “Cecon Excellence” and “Cecon Sovereign”. “Cecon Pride” was ordered in Spring 2007 and keel laid in October 2007 for delivery in 2009. The diesel electric vessels are powered by three GE16V250s driving three props and fitted with two tunnel and one retracting thruster forward.

The Hindu Business Line reported that Mumbai-based Varun Shipping could lose its license to operate ships, if it fails to honor financial commitments, including payment of wages. The maritime regulator, Director General of Shipping, issued a notice to Varun with a warning that it would withdraw its Documents of Compliance if Varun continued to operate ships without paying wages to seafarers and not adhering to statutory provisions that threatens safety of its ships. According to officials, Varun

Shipping, a listed company, has not been paying wages to employees for six to eight months. Its financial position is so precarious that it defaulted on payments to surveyors of classification societies and suppliers of spares and provisions. “We have given the company enough time to honor its commitments. We cannot allow a situation that threatens the safety of ships and seafarers’ lives,” said an official at the Directorate General of Shipping. “We have issued a show-cause notice-cum-advisory to the company, asking why its DOC cannot be withdrawn and also advising it to lay up those vessels which are not in a position to honor its commitments,” he added. Given Varun’s financial position, the show-cause notice could result in laying up most of its vessels, said a shipping analyst. Varun has about 20 ships, including LPG tankers, crude carriers and seven OSVs. Once Varun loses its DOC, it will also lose its insurance cover. This will be a dangerous situation, he said. Hit by prolonged recession and management’s inability to raise resources, Varun has been facing financial difficulties for the past couple of years. A few months ago, two independents directors quit for personal reasons, followed by resignation of the company secretary. ASL Marine will begin a build to stock program through which they hope to capture demand by reducing waiting time for their customers. In keeping with the Group’s conservative approach to risk, its build to stock program will commence on a smaller scale of S$ 85.0 million (abt US$ 68 million) for five vessels: four AHTS and one Maintenance Work Vessel.

Rederi AB TransAtlantic subsidiary Viking Supply Ships opened an office in St. John’s, Newfoundland, Canada. Viking Supply Ships has had several vessels working in Canada over the last few years and says that opening of the

Canadian office will strengthen their strategic position in the Canadian market. Gerard Dunphy has been employed as Managing Director. Mr. Dunphy has been in the offshore business for over 20 years in Atlantic Canada, the Canadian Arctic, Alaska, Greenland and the North Sea. He graduated from the University of Plymouth, with a M.Sc. in international shipping in 1988 and Memorial University, Marine Institute, with a degree in naval architecture in 1984. Though not mentioned – it’s quite possible this news may be related to the charter provision of four AHTS to

an unidentified oil major for the next couple of summer drilling campaigns (see Charter news). Again it could be entirely coincidental. Watch this space.


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Supply Vessels Worldwide According to Lloyd’s Register Fairplay Sea-Web, as of November 18, 2013, there were 6,975 “sea-going” supply vessels over 100GRT worldwide. This is up 1.0% or 69 vessels since our August report. Total horsepower of this fleet is 38,007,016BHP, up 620,310BHP or 1.66% 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 964 sea-going supply vessels over 100GRT, or 13.82% of the world market, totaling 4,165,065HP (10.96% of global horsepower) with a 15 year average age. The registry with the youngest supply fleet is a tie between Iceland and Myanmar with each having one 2013 built OSV.

Top 50 “Sea-Going” Supply Vessel Fleets By Units as of November 2013 According to Lloyds Register

Flag Total BHP % # SVs % Avg BHP Avg Age

Worldwide 38,007,016 100.00% 6,975 100.00% 5,449 1998

United States Of America 4,165,065 10.96% 964 13.82% 4,321 1998

Singapore 3,272,101 8.61% 525 7.53% 6,233 2008

Norway 2,284,386 6.01% 211 3.03% 10,826 2007

Malaysia 1,973,422 5.19% 373 5.35% 5,291 2007

Panama 1,919,899 5.05% 447 6.41% 4,295 1991

Vanuatu 1,851,562 4.87% 268 3.84% 6,909 2004

Brazil 1,615,987 4.25% 234 3.35% 6,906 2006

China, People's Republic Of 1,320,271 3.47% 193 2.77% 6,841 2001

Unknown 1,149,894 3.03% 310 4.44% 3,709 1986

Norway (Nis) 1,085,539 2.86% 100 1.43% 10,855 2004

Mexico 1,062,474 2.80% 257 3.68% 4,134 1993

India 963,268 2.53% 204 2.92% 4,722 1996

Indonesia 962,266 2.53% 253 3.63% 3,803 1996

St Vincent & The Grenadines 868,881 2.29% 200 2.87% 4,344 2002

Nigeria 802,824 2.11% 204 2.92% 3,935 1989

Denmark (Dis) 778,727 2.05% 68 0.97% 11,452 2003

Marshall Islands 708,477 1.86% 114 1.63% 6,215 2007

Cyprus 684,431 1.80% 89 1.28% 7,690 2006

United Kingdom 649,102 1.71% 123 1.76% 5,277 2000

Bahamas 610,234 1.61% 59 0.85% 10,343 2002

Russia 586,039 1.54% 63 0.90% 9,302 1995

Bahrain 553,072 1.46% 114 1.63% 4,852 2002

United Arab Emirates 538,501 1.42% 165 2.37% 3,264 1992

Liberia 511,349 1.35% 60 0.86% 8,522 2000

Italy 502,358 1.32% 80 1.15% 6,279 1996

Luxembourg 425,874 1.12% 65 0.93% 6,552 2010

Isle Of Man 392,374 1.03% 31 0.44% 12,657 2001

Azerbaijan 369,156 0.97% 55 0.79% 6,712 1993

Canada 362,572 0.95% 35 0.50% 10,359 1991

France (Fis) 333,902 0.88% 48 0.69% 6,956 2004

Vietnam 264,242 0.70% 46 0.66% 5,744 1995

Iran 248,923 0.65% 67 0.96% 3,715 1986

Belize 236,758 0.62% 46 0.66% 5,147 1993

Antigua & Barbuda 234,307 0.62% 21 0.30% 11,157 2005

France 206,867 0.54% 24 0.34% 8,619 2009

Egypt 200,858 0.53% 53 0.76% 3,790 1986

Qatar 196,885 0.52% 40 0.57% 4,922 2002

Netherlands 178,217 0.47% 33 0.47% 5,401 2003

Malta 175,702 0.46% 25 0.36% 7,028 1996

Cayman Islands 148,610 0.39% 23 0.33% 6,461 2004

Hong Kong, China 146,211 0.38% 17 0.24% 8,601 2011

Thailand 146,130 0.38% 42 0.60% 3,479 2007

Comoros 133,347 0.35% 40 0.57% 3,334 1984

Australia 131,380 0.35% 34 0.49% 3,864 2000

Turkmenistan 124,385 0.33% 30 0.43% 4,146 1990

Tuvalu 110,783 0.29% 21 0.30% 5,275 2003

St Kitts & Nevis 101,623 0.27% 30 0.43% 3,387 1981

Kuwait 94,213 0.25% 25 0.36% 3,769 2002

Kazakhstan 87,979 0.23% 24 0.34% 3,666 1991

Belgium 86,679 0.23% 8 0.11% 10,835 2006


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New Construction, Shipyard and Conversion News According to “Fairplay”, as of November 18, 2013, there were 6,607 ships over 299GRT on the World Orderbook. This is up 259 or 4.08% from 6,348 August. Of the 6,607 ships recorded on order, 728 (down 17) are Offshore Supply Vessels and 334 (up 1) are designated as “Offshore – Other”. Of the 728 OSVs under construction, China leads the Orderbook with a total of 290 (up 7) OSVs being built. They are followed by USA 78, Brazil and India 59 each, Malaysia and Singapore 38 each, Indonesia 29, 27 Vietnam, the UAE 18, 15 Romania, 10 each Japan and South Korea, 9 Norway, Poland and Spain 7 each, Thailand 6, 4 each The Netherlands and Turkey, 3 Russia, 2 each Chile, Italy, Saudi Arabia, South Africa and Sri Lanka and 1 each Denmark, Egypt, Greece, Iran, Malawi, the UK and the Ukraine. The 728 OSVs on the order books represents 10.44% of the global OSV fleet of “sea-going” vessels over 100GRT which has an average age of 15 years.

The below graph shows the estimated delivery dates for those OSVs on order.


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CAT power leads by far the propulsion packages, with engines in 203 OSVs followed by Cummins in 121, Niigata in 55, MaK 45, 35 MAN/MAN-B&W, Wartsila 34, Yanmar 21, MTU 17, Bergens 11, 5 General Electric, 4 each Daihatsu, and Rolls Royce, 2 each Baudouin, Mitsubishi and Scania and 1 each Chinese Standard Type, Guangzhou, Pielstick and Volvo Penta. Engines were not listed for 163 OSVs.

The highest portion of OSVs over 299GRT being built worldwide are in the 3 – 4,000BHP with 101 OSVs or 13.9% of those OSVs where the horsepower is listed, followed by 87 OSVs or 12.0% being built in the 7 – 8,000HP category. No OSVs are shown under 1,000BHP, but this is most likely because most of the OSVs being built in this horsepower range will be under 299GRT.

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

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

OSVs 0 12 42 101 65 86 66 87 16 16 35 202 728

Deliveries Fincantieri subsidiary Bay Shipbuilding Co. of Sturgeon Bay, Wisconsin delivered two large PSVs to New Orleans based Tidewater. The MMC 887 designs are named “Dean Edward Taylor” (Hull No. 771), after recently retired CEO, and “Miss Marilene Tide” (Hull No. 772). As reported by Tidewater – both these units were delayed during construction. Both diesel electric powered, 92.48m x 18.8m x 8.0m depth vessels are US flag, classed with ABS and notated A1, Ice Class PC7, FiFi Vessel Class 2, Offshore Support Vessel,

Circle E, + AMS,+ ACCU, + DPS-2, ENVIRO, GP. The units are now trading in the US Gulf.

The new PSV “Atlantic Spirit” was delivered by St John’s Shipbuilding of Palatka, Florida to Inland and Offshore / Southern Towing of Trinidad and Tobago. Measuring 157’ x 38’, the ABS Class vessel is equipped with a DP1 system and is powered by twin CAT 3508Cs providing 2,000BHP. “Atlantic Spirit” is registered out of St. Vincent & The Grenadines.

Norwegian/US owned Island Offshore took delivery of the PSV “Island Duchess” from Vard Brevik. This is the second vessel in a series of four UT 717 CD designed units. The 3,800dwt vessel measures 84.4m x 17m x 7.3m depth and has a clear deck of 800m2. “Island Duke” was delivered earlier this year and “Island Dawn” and “Island Dragon” are scheduled for delivery first to early second quarter range 2014.


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Hornbeck Offshore Services of Covington, Louisiana took delivery of two sister newbuilds from Panama City, Florida shipyard Eastern Shipbuilding this quarter. In October they took delivery of “HOS Red Rock” and in November delivery of “HOS Renaissance”. The deliveries represent the second and third of four vessels designated as the HOSMAX 300 series by Hornbeck Offshore. They are diesel-electric powered, twin Z-drive propelled OSVs measuring 292’ x 64’ x 24’-6”. These high-tech vessels feature four Caterpillar 3516C 16-cylinder turbo-charged Tier III diesel generator engines each rated at 1,825kW at 1,800RPM. Main propulsion power is provided by two GE Energy furnished Hyundai 2,500kW 690vAC electric motors driving two Schottel SRP 2020 FP Z-Drives with nozzles rated at 2,500kW at 1,025RPM each for a total of 6,704HP. The vessels are classed ABS with DP2 notation. STX Canada Marine provided the design for both vessels which is the basis for the proven Eastern Shipbuilding “Tiger Shark Class” series.

Frontline’s Seatankers/Deep Sea Supply took delivery of sisters, the “Sea Spark” (Hull ZJ2019), “Sea Frost” (Hull ZJ2016) and “Sea Spear” (Hull ZJ2020), from Sinopacific’s Zhejiang Shipbuilding yard in China. The vessels are of the Ulstein PX105 design with the X-Bow hull. The 4,600dwt vessels measure 88m x 19m x 8m depth and are powered by four 1,765bkW CAT 3512 diesel electric main engines developing a total of 9,600HP. Each has 1,000m2 clear deck. These represent the third, fourth and fifth units in a five unit newbuild series. The DP-2 vessels are all classed with DNV.

The platform supply vessel “Blue Protector” was delivered from Ulstein Verft. The 4,200dwt vessel is owned by Blue Ship Invest and managed by Atlantic Offshore of Norway. The vessel is going to the spot market in the North Sea. “Blue Protector” is the final newbuild in a series of six platform supply vessels of the PX121 design and Atlantic Offshore already has the management for two vessels in this series. The latest vessels in the series have been adapted to requirements for work in the Norwegian sector. That includes more power in order to keep position in foul weather at rig and NOx reduction for the exhaust emissions. In addition, the latest vessels carry the light ice class (ICE-C), to be prepared for work further north. “Blue Protector’” has a length of 83.4m by a beam of 18.0m, and has a maximum speed of approx. 16 knots. She has a load capacity of 4,100T dwt, and the 850m2 cargo deck can carry a deck load of 2,200 tons. In addition to tanks for oil, water and drilling fluids, the vessel has four stainless steel tanks for flammable liquids. “Blue Protector” has modern accommodation for 23 persons, is equipped with a dynamic positioning system IMO class II and meets the requirements of DNV’s Clean Design notation.

Singapore's Otto Marine completed the “Go Phoenix”, the second of four 24,000BHP AHTSs being built at its Batam, Indonesia shipyard. The two remaining vessels will be completed by next month and by early 2014. Otto Marine says this will free up shipyard capacity to capitalize on increased offshore and marine activities in Asia. Newly appointed CEO Garrick Stanley wants to grow Otto's ship chartering fleet and refocus the shipyard on repairs, conversion and fabrication projects. Norwegian designed and DNV classed, “Go Phoenix” is a highly complex VS 491 24,000BHP Anchor Handling Tug Supply vessel with a hybrid propulsion diesel

electric drive. It is DP 2 and FiFi 2 capable, delivering up to 260T of bollard pull. This unit was the second of four units initially ordered by Mosvold Shipping in 2006; but who cancelled the order due to lengthy delays. Norwegian Norshore Management has just taken delivery of their DP3 MT 6022XL design Well Stimulation Vessel “Norshore Atlantic” from PT Batamec. Measuring 115m x 28m x 9m depth, the unit is powered by four MAK 9M25, four AvK DSG 125 and two AvK DSG 114s creating a total power output of 14,400kW. The vessel is primarily designed for riserless operation utilizing known and field proven technology. It can replace large drilling units in the initial stages of the drilling operations resulting in significant cost reduction. The vessel is also equipped for performing Light Well Intervention work, riserless well completion, P&A and subsea construction work in both shallow and deep water. In addition the vessel is prepared for installation of riser tensioning system enabling the vessel to perform slender well drilling and well intervention with riser. The vessel berths 98 persons and is classed with DNV.


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The 66m DP2 Maintenance / Work Vessel “Construct Tide II” built by Yuexin Ocean Engineering for Tidewater was delivered successfully in August. A Wartsila Ship Design of Singapore, vessel is classed under ABS as a Maintenance Work Vessel. With length overall of 66m, breadth moulded of 20m, a 5.9m depth moulded and draft of 4.3m, she can carry 500m3 fuel and 600m3 potable water. At the same time, the vessel can carry up to 60 persons at one time and max speed of 13 knots. “Construct Tide II” is powered by four CAT3512Cs driving Marathon 1,405kW generators connected to two electric azimuthing drives. This is the first unit to be equipped with electric propulsion

system to reduce environmental pollution caused by the diesel generator. In accordance with PSPC requirements, the double bottom / hull enables her to have a safer operation. Moreover, Fire Fighting Class 1 DPS-2 and ENVIRO notation endows the vessel with high automation and multifunction environment safety, A kingpost deck crane with 40T lift capacity is installed. At the time of going to press, sister “Lift Tide II” was close to being delivered as well. Irish offshore vessel owners Mainport took delivery of their new offshore support vessel, “Mainport Cedar”, from Shin Yang Shipyard / Piasau Slipways Sdn Bhd in Miri, Sarawak, Malaysia while the sister-ship “Mainport Pine” will deliver early in 2014. A Wartsila Ship Design of Singapore, the 54.6m by 13.8m seismic support vessels’ main engines are a pair of Cummins QSK60M-MCRS IMO Tier II. Each engine produces 2,200BHP at 1,800RPM and turns a four-blade Berg Propulsion controllable pitch propeller through a Twin Disc MGRP1817VC gear with a 7.59:1 ratio. This power will give the vessels speeds of 12 knots and 53T bollard pulls. Each vessel is fitted with three 360ekW, 50Hz main gensets powered by Cummins KTA19D(M) engines. A Cummins 6CTA8.3DM powers a 135ekW emergency genset. A 300ekW 50Hz shaft alternator driven by a PTO on the gearbox can generate additional electric power. Each vessel is fitted with an electric bow thruster. The vessels each have accommodation for 50 crew and passengers. Tankage includes an 80m3 urea tank and a 20m3 sludge tank. Total fuel capacity is approx. 1,100mt. “Mainport Cedar” and “Mainport Pine” are built to BV class. Both vessels will work with one of the major seismic acquisition companies for the next seven years. Fujian Southeast Shipyard delivered the 75m platform supply vessel “Crest Alpha 1” (hull number DN75M-18) to the

Pacific Radiance in early September. This vessel was built at Southeast Shipyard’s Funing facility in Fu’an Ningde. The ABS class, 3,335dwt vessel measures 75.0m x 17.25m x 8.0m depth / 6.5m draft, has DP 2 and FiFi 1. “Crest Alpha 1” is powered by two Niigata 8L28HXs total 5,098BHP and fitted with two 600kW athwartships CP bow thrusters. Service speed is 14.5 knots.

EDT Offshore of Cyprus finally took delivery of their new DP2 PSV “EDT Jane” after the original builders went bankrupt. The Ulstein PX105 design was delivered in October 2013 over six years after being ordered from original builders Astilleros de Sevilla SA with an original delivery date in 2010. The partially constructed hull was eventually moved and completed at Construcciones Navales del Norte in Bilbao. “EDT Jane” measures 88.8m x 19.0m x 8.0m depth and has a clear deck space of 985m2. Four 1,665bkW Wartsila 9L20 diesel electric oil engines totaling drive four 1,580kW AC generators connected to two 2,200kW electric motors driving azimuthing props. She is also fitted with one each 1,200kW tunnel and 850kW retractable, azimuthing bow thrusters. The vessel has been in Poland since 12th November where she will be altered to become an ROV Support Vessel with ROV Hangars and additional 50 person accommodations. The vessel then will proceed to Norway for installation of a 70T crane. “EDT Jane” is anticipated to be ready for charter in January 2014.

As a final act before selling out to Harvey Gulf, Abdon Callais Offshore took delivery of their new DP2 PSV from Master Boat Builders named the “Rachel A Callais”. Measuring 201’ x 48’ x 16’ depth, the vessel is powered by twin CAT 3512C main engines creating around 3,150BHP and fitted with two 450HP bow and a single 450HP stern thruster. The 1,600dwt vessel has a 146’ x 40’ clear deck. Harvey Gulf renamed the vessel “Harvey Wave”. Vessel is classed ABS + A1 + AMS, DPS 2, Offshore Support. US Domestic Service.


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Jaya Holdings Limited confirmed the on-time delivery of its second new 83.6m x 20m x 9.0m multipurpose platform supply vessel “Jaya Vigilant”. She sailed from Jaya’s Asiatic shipyard in Batam and was immediately put on hire by its charterer for a term program in East Africa. The vessel will load a ROV spread and mobilize across the Indian Ocean to load further subsea equipment for the client in Durban in October. The 8,000BHP vessel has a 50T subsea crane with active heave compensation for service in water depths of up to 3,000m. Jaya installed two HiPAP ultra short base line transponders to give very accurate station keeping for subsea work, in addition to the standard DGPS and Cyscan systems on board. In order to save the client’s mobilization time and cost, the vessel was delivered fully equipped with a mezzanine deck for the ROV spread, additional cables, survey area on the bridge and additional satellite broadband internet connection in place. Similar to her sister ship, “Jaya Valour”, there is a gym and an internet café on board for crew. “Jaya Vigilant” has accommodation for 60 people on board and is fully compliant with the SPS Code 2008. She has 1,000m2 of clear deck space, a modern fast rescue craft, FiFi One for emergency response and full under deck cargo capacities for mud, bulk, brine and marine gas oil. Jaya has added additional power supplies on deck to support the seabed coring, ROV and hydrographic survey spread requirements, and the vessel has its own water maker to increase autonomy. The next deliveries from Jaya’s Batam yard will be a DP2 work boat with accommodation for 249 people and two DP2 ROV support vessels with 100T cranes.

Dutch Heavy lift operators Heerema took delivery of their two new AHTSs “Bylgia” and “Kolga” from Spanish builders Armon Vigo Astilleros SA. Rated DP2 with 16,000BHP, the units were commissioned to replace HMC’s aging tugs “Husky” and “Retriever” which have both been in service for over 30 years. Both new tugs are equipped with a retractable bow thruster and have DP 2 capabilities. With a length of 72m and width of 18m, the fully custom-built tugs are larger than “Husky” and “Retriever”. The new tugs are powered by four 3,000bkW CAT 6M32C diesels driving two CP props. Each tug has a bollard pull of 180 tons and can hold up to 2,500m3 of fuel, sufficient to sail directly from Rotterdam to Cape Town, South Africa. The anchor winch capacity is able to install anchors in water depths

of up to 1,500m. Each tug has accommodation for 40 people. “Bylgia’s” first hire was an anchor handling job in the North Sea for HMC’s 154m x 86m x 42m depth Semi-Submersible Crane Vessel “Hermod”. Eastern Shipbuilding Group, Inc. announced the delivery of “Bravante V” (Hull 155) on Friday November 29, 2013, to Boldini S.A., Bravante Group of Brazil. “Bravante V” is the first STX SV290 design of five vessels in a series which are all ABS, SOLAS, DPS-2, AC diesel-electric powered, twin azimuthing-drive propelled PSVs measuring 284’ x 60’ x 24’6”. These high-tech vessels feature four Cummins QSK-60DM 16-cylinder turbo-charged IMO Tier II diesel generator engines each rated at 1,825kW at 1,800RPM. Cummins also furnished the four Marathon Model 744 690VAC main generators. Main propulsion power is provided by two 690vAC electric motors driving two Schottel Combi-Drives SCD 2020 single fixed pitch propellers with nozzles rated at 2,500kW at 750RPM each for a total of 6,700HP. Schottel also provides two STT 4 fixed pitch reversing tunnel thrusters rated at 1,180kW at 1,170RPM, each with direct coupled Hyundai 690vAC electric motors. GE Energy provides the complete system integrated diesel electric package, including the thruster drives, motors, control systems, DP system, switchboards, motor control centers, automation and navigation/ communication electronics. These vessels are capable of a maximum speed of 14 knots with a cruising speed of 12 knots. The fully integrated bridge is arranged for increased visibility and features the latest technology in navigation, communication equipment. “Bravante V” is the first of five in a series of platform supply vessels under contract, each with below-deck segregation capacities: fuel oil: 1,600m3; fuel oil day-tanks: 237m3; drill water/ballast: 1,944m3; potable water: 100.6m3; drill/brine water: 800m3; fuel/liquid mud: 5,030bbl; dry-bulk mud: 244m3. The clear deck measures 882m2. All five vessels under contract are Marshall Islands flag, IMO/SOLAS, ABS Class A1, Offshore Support Vessel Ocean Service, Loadline, AMS, ACCU, Circle E, with additional ABS Class notations UWILD, ENVIRO, DPS-2. Each vessel reportedly costs close to $58.4 million.


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The National Oceanic Atmospheric Administration (NOAA) has taken delivery of “Reuben Lasker”, the agency’s newest high-tech fisheries survey vessel from Marinette Marine Corporation, a Fincantieri company. The 208’ ship will primarily support fish, marine mammals and turtle surveys off the U.S. West Coast and in the eastern tropical Pacific Ocean. The vessel measures 208’ x 49’ x 28’ depth, is powered by four CAT engines creating around 3,000BHP and classed by ABS with the notation +A1, Ice Class C0, (E), +AMS, +ACCU, +DPS-1. “’Reuben Lasker’ represents a significant milestone in the agency’s efforts to provide world-class marine science platforms,” said Rear Adm. Michael S. Devany, director of the NOAA Office of Marine and Aviation Operations and the NOAA Corps. “This state-

of-the-art ship will play a key role in supporting NOAA’s mission and serving the nation.” Built at MMC’s shipyard in Marinette, Wisconsin, and funded through the American Recovery and Reinvestment Act, “Reuben Lasker” is the fifth in a series of Oscar Dyson-class ships built for the agency. The ship is equipped with the latest technology for fisheries and oceanographic research, including advanced navigation systems, acoustic sensors, and scientific sampling gear. “MMC has a long, established history of delivering exceptionally crafted and complex vessels,” said Chuck Goddard, MMC’s president and CEO. “The talented and skilled workers of MMC are proud to deliver this high quality vessel to NOAA in support of its important mission.” NOAA plans to commission “Reuben Lasker” in 2014. The ship will be home-ported in San Diego, Calif.

Corporate News Siem Offshore and Birch Hill Equity Partners Inc. have entered into an agreement whereby Siem Offshore acquired 50% ownership in Secunda Canada LP at a purchase price of CAD 16.25 million paid in cash. Secunda has more

than two decades of offshore experience in serving the oil and gas industry and currently owns and operates a fleet of six offshore support vessels on Canada’s east coast. Secunda has a total of 170 employees onshore and offshore and has offices in St. John’s and Halifax. The Parties agreed that each party shall have an equal Board representation in Secunda. Birch Hill established Secunda in March 2012 following an asset transaction. The 2012 financial statements for Secunda, covering the period from March - December 2012, includes revenues of CAD 33.4 million and an operating margin of CAD 7.8 million. Total assets was CAD 60.6 million at 31 December 2012. Shareholder equity was CAD 27.8 million. The ownership in

Secunda will give Siem Offshore a strategic position in Canada’s east coast offshore sector. The aim is to grow the business of Secunda and also to develop Siem Offshore’s current business through the position represented by Secunda.

AIG Commercial Asset Finance (AIGCAF) and its affiliates have provided a $400 million loan for vessels owned and operated by Nautical Solutions, LLC, which is an operating unit of Edison Chouest Offshore. Proceeds from the loan were used to refinance existing notes and to provide for the construction of new vessels. Charlie Comeaux, CFO of Chouest, said "Chouest is proud to be doing business with AIG and their entire team. They are among the best in the industry, having deep experience in marine finance. We plan to do more financial transactions with AIG." Kirk Phillips, Senior Vice President of the Direct Finance Group

at AIGCAF, said that due to AIG's extensive experience in offshore marine and energy lending, AIGCAF was able to creatively and quickly meet Nautical Solutions' needs.


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Compared with the third quarter of 2012, Bourbon’s revenues grew by 8.6% to 332.4 million euros benefiting from fleet increases and steady utilization rates. “Increases in the Bourbon fleet and improvements in demand have partly contributed to growth in revenues for both the quarter and year to date period,” says Christian Lefèvre, Chief Executive Officer of Bourbon. “During the 3rd quarter 2013, vessels in transit between Regions compared to 2012 in Deepwater and Shallow water offshore vessel segments contributed to declines in average utilization rates. Foreign exchange rates in the 3rd quarter 2013 had a negative impact on Bourbon’s revenues of approximately €11 million compared with the 2nd quarter of 2013. Bourbon will continue to implement the reduction of its debt as per the Asset Smart portion of the ‘Transforming for Beyond’ action plan with the sale of the next 15 vessels during the coming weeks and the remaining 27 vessels in batches as they are delivered and before the end of June 2014, for a total of US$1.5 billion, including the nine vessels sold in early September.” During third quarter 2013, Bourbon sold three vessels, including a tug, a Multi-Purpose Supply Vessel from the Subsea Services fleet and a Platform Supply Vessel, for an approximate total amount of US$ 38 million generating a total capital gain of approx. US$ 18 million. These were three traditional diesel propulsion vessels 10, 14 and 21 years old, respectively. Compared with the third quarter of 2012, Marine Services revenues were up 4.9% to 267.0 million euros. The decline in the average utilization rate was compensated by the increase in average daily rates in both the Deepwater and Crewboat segments. Daily rate increases were seen for both new contracts as well as renewal of existing contracts.

BOURBON's Offshore Fleet Utilization Rates

Q3 2013

Q2 2013

Q1 2013

Q4 2012

Q3 2012

Q2 2012

Q1 2012

Q4 2011

Q3 2011

Average utilization rate 82.90% 82.60% 84.20% 86.20% 83.50% 84.00% 83.70% 85.70% 83.40%

IMR vessels 93.60% 88.00% 90.60% 91.70% 85.20% 89.70% 85.70% 91.00% 94.00%

Deepwater supply vessels 88.80% 90.00% 86.60% 90.20% 92.10% 91.30% 92.50% 93.70% 90.20%

Shallow water supply vessels 90.20% 89.10% 89.80% 92.20% 90.30% 92.50% 84.30% 88.30% 86.40%

Crewboats 77.50% 77.70% 80.80% 82.50% 78.40% 78.60% 81.00% 82.10% 79.70%

Compared with the third quarter of 2012, revenues from Deepwater offshore vessels in the third quarter of 2013 were up by 8.0% to 100.6 million euros. The average daily rate increased almost 10% while the average Deepwater offshore utilization rate was impacted by several vessels being in transit between Regions during the period. There was a positive effect on revenues partly due to contract renewals at higher average daily rates and partly due to the timing of vessels deliveries/sales, the latter of which resulted in an effective increase in the operational fleet by two vessels compared with 2012. Compared with the third quarter of 2012, revenues for the third quarter of 2013 for Shallow water offshore vessels were up +1.4% to 93.0 million euros. Utilization rates were stable year on year and increased more than 1 point sequentially despite the delivery of 16 vessels since third quarter 2012, including eight vessels in the third quarter of this year. The reduction of the average daily rate for the segment is partly explained by the end of contracts in Australia and by a geographic mix effect, as the majority of the new vessels were deployed in order to follow the high growth in Asia and Mediterranean/Middle East/India, where average daily rates and operating costs are generally lower than in West Africa.

The stability of oil prices since 2011 is supporting investments in Exploration/Production. The resulting activity will continue to stimulate the demand for offshore vessels. In deepwater offshore, the demand for medium size PSVs is expected to increase next year, boosted by development of deepwater projects mainly in Africa and in Southeast Asia. Activity in harsh and remote areas (Canada, Barents Sea and the Santos Basin in Brazil) is expected to pick up, having a positive impact on the market for the high end range of PSV and AHTS vessels. In shallow water offshore, the market is expected to be positively impacted by both the increase of jack-up rigs in operation (there are 128 jack-up rigs under construction) and by the acceleration of the substitution of the aging

fleet, especially in Southeast Asia and in the Middle East, driven by clients looking for quality offshore vessels. Fewer vessels are expected to be coming out of shipyards, further contributing to an improvement in the market. The strategy of fleet standardization, the focus on crew training through the use of simulators, and the systematization of maintenance and procurement procedures aim to continue to underpin Bourbon’s operational and financial

performance. Bourbon is fully committed to reducing its debt in order to build future high value-added growth.


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Farstad Shipping achieved an operating income of NOK 1,073.5 million for the third quarter (NOK 958.8 million for the same period in 2012). Operating costs for the period were NOK 618.1 million (NOK 601.5 million). The increase in both operating income and operating costs is mainly due an increased number of vessels in the fleet compared to last year. “Far Statesman” (AHTS UT 731 CD) delivered from Vard Langsten 4 June. It and “Far Senator” were sold to Ocean Yield AS and leased back on a 12 year bareboat charter. The agreement includes options for Farstad to buy back the vessels at given conditions, and will be treated as a financial lease in the accounts. After a period in the North Sea, “Far Senator” recently arrived in Brazil and started her six months contract with Shell. “Far Statesman” is trading the North Sea spot market. “Far Starling” (PSV 08 CD) was delivered from Vard Vung Tau, Vietnam 29 May. The vessel has been working on charter agreements of shorter duration in Australian waters. AHTS “Lady Cynthia” (1987, Hart Fenton) and AHTS “Lady Kari-Ann” (1982, ME 202) were sold 2 January and 21 May respectively. The sales gave a booked profit of NOK 7.0 million. In February and August, agreements were reached with Vard Group AS to build two Subsea/ IMR vessels at Vard Langsten. The newbuilds are part of the company’s expansion into the subsea market. The vessels are of OSCV 07 design, and are constructed for subsea/ IMR operations (Inspection, Maintenance and Repair). Delivery of the vessels will take place in April and July 2015 respectively. Farstad Shipping has achieved a number of new charter commitments year to date, the most significant being: Petrobras awarded both PSV “Far Strider” and PSV “Far Star” four year contracts in Brazil. Start-up of the contracts was in August, and Petrobras has the option to extend the contracts for four years. Petrobras also awarded PSV “Far Supporter” a three year contract. This contract is in continuation of the existing contract. ENI Australia awarded AHTS “Far Sky” and AHTS “Far Grip” contracts of five months duration with the option to extend both contracts with

additional five months in connection with the company’s operations at ENI’s gas field Evans Shoal off Northern Australia. BHP Billiton awarded AHTS “Far Sword” and AHTS “Far Sound” contracts to support the semi-submersible drilling rig Jack Bates off North Western Australia. The duration of the contracts is approx. five months. Woodside Energy Ltd. awarded AHTS “Far Sabre” (photo left) and AHTS “Far Scimitar” contracts to support the semi-submersible drilling rig “Atwood Eagle” off North Western Australia. Duration of the contract is estimated to 100 days. Chevron awarded AHTS “Far Strait” an 18 months contract to support the “Ocean America” offshore Western Australia. Start-up was in October. Brunei Shell Petroleum

Company SDN BHD awarded AHTS “Lady Caroline” a five months contract to support the company’s operation in Brunei waters. Start-up was in October. Shell Brazil awarded AHTS “Far Senator” a six month contract with a two month option to support Shell’s drilling campaign in Brazil. Start-up was in October. Total E&P do Brazil awarded PSV “Far Swift” a six month contract to support their drilling campaign in Brazil. Start-up of the contract was in November. Petrobras declared their five month option to extend the contract for AHTS “Far Sailor” from October. In a press release dated 29 October it was announced that IMR vessel “Far Saga” was awarded a contract with Petrobras for a period of six years with six year options. Contract includes ROV support and other subsea related activities in Brazilian waters. “Far Saga” will leave the North Sea during December after being upgraded with a new and larger crane. Petrobras also extended the contract for AHTS “Far Sea” with a further four years from November. The contract coverage of the Farstad Fleet is approx. 89% for the remaining part of 2013, and approximately 54% for 2014. These figures include the charterer’s options to extend certain contracts. Activity level offshore continues to show a positive trend, and in some regions (Gulf of Mexico and West Africa) it has been good balance between supply and demand this quarter. The North Sea market has been good during the third quarter particularly as a consequence of little or no growth on the supply side. A continued improvement in the North Sea market is dependent upon a net departure of tonnage to other markets. Demand in the Brazilian market continues to develop positively due to increased activity from international oil companies, and because Petrobras is awarding contracts again. The markets in Indian Pacific show no signs of improvement due to overcapacity of tonnage in the region. Yards in the region have considerable PSV tonnage under construction, and no improvement in the market balance is expected in the near future. The subsea market continues to develop in line with expectations. Further development in this segment will also depend on what happens on the supply side, and that the current projects are implemented as planned.


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Seacor Holdings Inc.’s net income for third quarter ended September 30, 2013 was $30.3 million. For the preceding quarter ended June 30, 2013, Seacor reported net income of $19.3 million. For quarter ended September 30, 2012, net income from continuing operations was $9.8 million. Offshore Marine Services operating income was $45.8 million on operating revenues of $156.2 million compared with operating income of $18.3 million on operating revenues of $138.7 million in the preceding quarter. In the U.S. Gulf of Mexico, operating revenues were $9.0 million higher in the third

quarter. Time charter revenues for Seacor's liftboat fleet were $7.1 million higher primarily due to the seasonal upturn in activity levels. Time charter revenues for Seacor's anchor handling towing supply vessels were $2.8 million higher primarily due to improved average day rates attributable to a modest increase in rig moving activity, partially offset by a decrease in utilization. Time charter revenues were $1.3 million lower for other vessel classes primarily due to an increase in drydocking activity and vessel dispositions. Utilization was 75.9% compared with 78.6% in the preceding quarter and average day rates increased from $15,267 per day to $19,060 per day. As of September 30, 2013, Seacor had no vessels cold-stacked in the U.S. Gulf of Mexico.

Seacor Holdings Rates & Utilization

2013 2012 2011 2010

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

Fleet Count:

AHTS 18 18 19 19 19 19 19 19 19 19 19 20

Mini-Supply 8 8 9 9 9 9 9 8 8 8 9 9

Standby-Safety 25 25 25 25 25 25 26 26 27 26 26 26

Supply/Towing

Supply 29 29 29 29 28 31 33 35 34 34 33 35

Day Rates:

AHTS $29,008 $23,635 $26,683 $25,059 $22,794 $24,541 $30,928 $27,689 $27,287 $32,179 $29,685 $27,689

Mini-Supply $8,048 $7,721 $7,666 $7,664 $7,735 $7,424 $7,409 $6,276 $7,535 $7,494 $7,677 $6,276

Standby-Safety $9,922 $9,621 $9,642 $10,001 $9,806 $9,679 $9,230 $8,806 $9,302 $9,180 $8,870 $8,806

Supply $17,541 $16,864 $14,915 $16,599 $16,567 $14,354 $16,662 $14,087 $15,459 $13,561 $13,224 $14,087

Towing Supply $10,970 $9,156 $9,349 $9,573 $8,265 $9,269 $9,301 $10,904 $8,809 $8,484 $10,388 $10,904

Utilization:

AHTS 75% 74% 74% 63% 57% 63% 77% 70% 52% 53% 34% 53%

Mini-Supply 96% 97% 74% 85% 88% 98% 98% 96% 87% 77% 62% 51%

Standby-Safety 88% 86% 88% 87% 89% 87% 86% 90% 88% 89% 84% 89%

Supply 75% 83% 72% 87% 77% 75% 84% 82% 70% 74% 65% 65%

Towing Supply 83% 79% 100% 94% 54% 51% 48% 44% 43% 33% 68% 68%

Available Days:

AHTS 1,564 1,547 1,530 1,632 1,564 1,547 1,547 1,564 1,564 1,547 1,530 1,641

Mini-Supply 552 565 630 644 644 637 637 644 644 728 779 930

Standby-Safety 2,208 2,184 2,160 2,208 2,208 2,195 2,275 2,355 2,392 2,291 2,250 2,300

Supply 1,564 1,538 1,581 1,656 1,631 1,649 1,705 1,798 1,748 1,591 1,548 1,739

Towing Supply 184 182 180 184 184 360 364 368 368 494 540 552

In international regions, operating revenues were $8.5 million higher in the third quarter. In Asia, time charter revenues were $4.0 million higher primarily due to the incremental contribution of a term contract in Sakhalin which commenced in June 2013. In West Africa, time charter revenues were $2.4 million higher primarily due to a decrease in out-of-service time for drydocking. Excluding wind farm utility vessels, utilization was 88.7% compared with 85.0% in the preceding quarter and average day rates increased from $12,177 per day to $13,211 per day.


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In the third quarter, the total number of days available for charter for Seacor's fleet, excluding wind farm utility vessels, decreased by 265 days, or 2% primarily due to net fleet dispositions. Overall utilization, excluding wind farm utility vessels, increased from 82.0% to 83.0% and overall average day rates, excluding wind farm utility vessels, increased by 15% from $13,588 per day to $15,677 per day. During the third quarter, Seacor sold six offshore support vessels and other equipment for net proceeds of $42.2 and gains of $15.3 million. During the preceding quarter, Seacor sold six offshore support vessels and other equipment for net proceeds of $14.7 and gains of $7.9 million. During the preceding quarter, Seacor acquired a 100% controlling interest in its C-Lift joint venture through the acquisition of its partner's 50% interest and recognized a $4.2 million gain, net of tax, included in equity in earnings of 50% or less owned companies upon marking its investment to fair value.

As of September 30, 2013, Seacor's unfunded capital commitments were $366.5 million and included: 15 offshore support vessels for $100.6 million; two inland river tank barges for $1.7 million; five inland river towboats for $6.3 million; two U.S.- flag product tankers for $250.5 million; and other equipment and improvements for $7.4 million. Subsequent to September 30, 2013, Seacor committed to purchase two offshore support vessels and one inland river towboat for a total of $39.2 million. During the nine months ended September 30, 2013, capital expenditures were $146.5 million. Equipment deliveries during the period included two specialty offshore support vessels, two liftboats, three wind farm utility vessels, two inland river liquid tank barges and four U.S.-flag harbor tugs. During the nine months ended September 30, 2013, Seacor sold four crew boats, one mini-supply vessel, one supply vessel, three specialty offshore support vessels, five liftboats, 16 inland river dry cargo barges, eight inland river liquid tank barges, eight U.S.-flag harbor tugs and other property and equipment. Two of the specialty offshore support vessels and the supply vessel were sold to certain of Seacor's Offshore Marine Services' 50% or less owned companies.

Havila Shipping ASA of Fosnavag, Norway achieved a profit before tax of NOK 75.8m in third quarter of 2013, compared with NOK 21.2m in third quarter of 2012. Total operating income and gains was NOK 401.5m in the third quarter of 2013, compared with NOK 360.7m for corresponding period last year. The group had 27 vessels in operation during the third quarter of 2013, compared to 28 vessels in the third quarter of 2012. Four of the vessels are operated by the 50% owned company in Singapore, Posh Havila Pte Ltd. One vessel is still leased through a bareboat contract.

Havila has already entered into refinancing agreements related to balloon repayment during 2014 for six of seven vessels. The spot market for offshore service vessel in the third quarter has been better than the previous quarter the activity has been good, but particularly for AHTS at times characterized by many available vessels in parts of the quarter. The utilisation was 95% in third quarter for the fleet, with average day rates for vessels in the spot market almost in line with the average market rates. As of October 22, 2013, Havila Shipping ASA operates 27 vessels. Four of the vessels are operated by the joint-venture company in Singapore, Posh Havila Pte Ltd. One vessel is hired on a bareboat contract. The fleet comprises: 13 PSV, 10 AHTS, three SubSea and one Rescue.


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Ultrapetrol (Bahamas) Limited recorded total revenues for third quarter 2013 of $112.6 million as compared with $82.8 million the same period 2012. Adjusted net income for third quarter 2013 was $8.4 million which excludes effect of a $0.2 million gain for deferred taxes on unrealized foreign exchange losses on U.S. dollar-denominated debt of its Brazilian subsidiary in its Offshore Supply Business, a $(1.7)

million non-cash loss from debt extinguishments and $0.1 million gain related to sale of dry barges which were subsequently leased back to Ultrapetrol. Before adjusting for these effects, recorded total net income was $7.0 million. Cecilia Yad, Ultrapetrol's CFO, said, "During this quarter, we continued to generate strong financial results enhancing our performance in line with our expectations. When comparing the quarter ended September 30, 2013, to the same period of 2012, adjusted EBITDA more than tripled. We also maintained our strong cash position during the third quarter ending the period with $123.1 million, providing a strong foothold for our strategic investment plans in the River and Offshore segments." Felipe Menéndez, Ultrapetrol's President & CEO, stated, "During the third quarter, our main business segments once again performed well, continuing the momentum we developed in the first half of the year. In our River Business, we transported significantly higher cargo volumes, capitalized on increased freight rates and delivered ten barges from our shipyard to third parties. In our Offshore Supply Business, we made further progress growing our fleet and positioning the Company to take advantage of the strong demand for PSVs. We placed into service a new ship, ‘UP Amber’ (photo right), in the third quarter and subsequently received from the yard our ‘UP Pearl’ which is on her way to Brazil where she will be delivered to Petrobras under a four year charter. We believe that these new vessels and the higher time charter rates obtained on the renewal of the contracts for the rest of the existing fleet will significantly contribute to our Offshore segment EBITDA next year." Mr. Menéndez continued, "Consistent with this important objective, just last month we made a very significant investment of about $96.0 million to add three state-of-the art diesel electric very large PSVs to our fleet. We bought these ships off the building yard in China and expect them to be in service in early 2014. With the additions of these new vessels, we have increased our Offshore Supply fleet's capacity close to 30% during a time when demand in Brazil and elsewhere is growing at a fast pace." Mr. Menéndez concluded, "Having successfully placed our new $225.0 million Senior Notes due 2021 and repaid our earlier notes, we believe we are now in an ideal position to capitalize on the opportunities that our core business segments will present in 2014 and 2015."

In the Offshore Supply Business, Ultrapetrol now operates a fleet of eleven PSVs, ten of which are contracted to Petrobras in Brazil while one operates in the North Sea. Ultrapetrol’s recently delivered 4,200dwt “UP Pearl” (photo

left) from Bharati Shipyard built at a reported cost of US$ 22 million is expected to commence operations during the fourth quarter of 2013 under a four year charter with Petrobras after finalizing the vessel's positioning trip and completing the set-up work for that charter. In addition, Ultrapetrol recently acquired three newbuilt 4,500 class PSVs delivered off the Fujian

Mawei Shipbuilding yard in China, scheduled to commence operation in the first quarter of 2014. Total revenues from its Offshore Supply Business for the third quarter of 2013 increased by $6.2 million compared with the same period of 2012. This represents a 33% increase primarily attributable to the operation of its “UP Amber” which commenced operation with Petrobras on August 1, 2013, and on account of charters of its “UP Agua-Marinha”, “UP Topazio” and “UP Diamante” which were renewed with Petrobras in second quarter 2013 for four years at $35,380/day compared to their expiring charters at $28,000/day. Also, during second quarter 2013, charter of “UP Esmeralda” was renewed for four years at $31,950/day compared to its expiring charter of $26,200/day. Ultrapetrol’s recently delivered “UP Pearl”, is expected to commence operation under a four year charter with Petrobras at $32,950/day during fourth quarter 2013. Ultrapetrol expects the full effect of these new vessels will positively impact results in the forthcoming quarters. Ultrapetrol believes that the Brazilian market should grow in line with Petrobras' capital expenditure plans. Ultrapetrol's fleet in the Offshore Supply Business has the advantage of being very modern and technologically capable of supporting deep sea oil drilling in both the Brazilian and North Sea markets.


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Hornbeck Offshore Services’ third quarter 2013 revenues were $132.9 million, an increase of $17.8 million, or 15.5%, from $115.1 million for third quarter 2012; and a decrease of $4.9 million, or 3.6%, from $137.8 million for second quarter 2013. The year-over-year increase in revenues primarily resulted from improved spot market conditions for high-spec OSVs and MPSVs in the Gulf of Mexico. The higher revenues were partially offset by an increase in days out-of-service for mobilization of four vessels to the Gulf of Mexico from Brazil during the current year quarter. Operating income was $37.2 million, or 28.0% of revenues, for third quarter 2013 compared to $24.3 million, or 21.1% of revenues, for the prior-year quarter; and $46.4 million, or 33.7% of revenues, for second quarter 2013. Average new generation OSV dayrates for third quarter 2013 were $27,545 compared to $23,990 for the same period in 2012 and $26,079 for second quarter 2013. New generation OSV utilization was 80.7% for third quarter 2013 compared to 79.5% for the

year-ago quarter and 88.3% for the sequential quarter. Hornbeck's high-spec OSVs achieved an average utilization of 82.7% for third quarter 2013, while maintaining leading-edge spot dayrates in the $38,000 to $45,000 range. After adjusting for 209 days of third quarter downtime for regulatory drydockings and mobilization of the four vessels to the Gulf of Mexico, Hornbeck's commercially available high-spec OSV fleet achieved an effective utilization of 90.1%.

On August 29, 2013, Hornbeck closed the sale of substantially all of the assets and business of its Downstream segment's tug and tank barge fleet to Genesis Marine, LLC, an affiliate of Genesis Energy, for net proceeds of approx. of $227.5 million, after deal costs. The sale resulted in a gain of $60.0 million ($38.9 million after-tax). For the partial third-quarter 2013 period prior to the asset sale, the Downstream fleet generated approx. $7.0 million of EBITDA from operating activities.

Hornbeck Offshore Services’ Utilization & Day Rates

2013 2012 2011 2010


Number Vessels 50 50 51 51 51 51 51 51 51 51 51 51

Avg. Dwt 2,611 2,538 2,514 2,514 2,514 2,514 2,514 2,514 2,514 2,514 2,514 2,514

Utilization 80.70% 88.30% 86.70% 84.00% 79.50% 88.10% 81.10% 83.50% 75.30% 67.90% 59.00% 66.30%

Avg. Dayrate $27,545 $26,079 $25,142 $24,024 $23,990 $23,335 $22,419 $21,863 $20,945 $20,493 $21,011 $20,694

As of September 30, 2013, excluding four inactive non-core vessels, Hornbeck's operating fleet consisted of 50 new generation OSVs and four MPSVs. Forecasted Upstream vessel counts reflect anticipated fourth quarter 2013 and fiscal 2014 OSV newbuild deliveries. Hornbeck's active Upstream Fleet for FY 2013 and 2014 is expected to be comprised of an average of 50.8 and 60.7 new generation OSVs, respectively. For fiscal 2013, active new generation OSVs are comprised of an average of 24.9 “term” vessels currently chartered on long-term contracts and an average of 25.6 “spot” vessels operating or being offered for service under short-term charters. Hornbeck expects to operate a total of four

MPSVs in each of the fiscal years 2013 and 2014. Hornbeck's forward contract coverage for its current and projected fleet of active new generation OSVs for fourth quarter 2013 and for fiscal 2014 is currently 77% and 34%, respectively. Hornbeck's forward contract coverage for its four MPSVs for fourth quarter 2013 and for fiscal 2014 is currently 83% and 47%, respectively. These contract backlog percentages are based on available vessel-days for the guidance periods, not estimated revenue. Effective, or utilization-adjusted, new generation OSV dayrates for Hornbeck's projected average of 24.9 active “term” OSVs are expected to be in the $21,000 to $22,000 range for full-year 2013. This range does not reflect incremental impact of any revenue expected to be derived in fiscal 2013 from Hornbeck's “spot” OSVs. Hornbeck does not provide annual guidance regarding effective day rates anticipated for its “spot” new generation OSVs due to the wide range of potential outcomes of its current domestic and international bidding activity for such vessels. Improved market conditions have allowed Hornbeck to maintain leading-edge spot dayrates for its high-spec OSVs in the $38,000 to $45,000 range, up from $30,000 to $36,000 for first nine months 2012. Whether these rates can be sustained will depend on a variety of factors, including pace of permitting, the future rig count and timing of anticipated drilling rig and OSV newbuild deliveries in the Gulf of Mexico. Hornbeck expects that its maintenance capital expenditures for its


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Upstream fleet of vessels will be approx. $51.6 million and $44.3 million, respectively, for the full-years 2013 and 2014, respectively. These maintenance capital expenditure guidance figures have been adjusted downward to reflect the impact of the sale of the Downstream assets in August 2013. In September 2012, Hornbeck awarded a contract for upgrading and stretching six of Hornbeck's Super 200 class DP-1 OSVs, converting them into 240 class DP-2 OSVs. The project costs for these discretionary vessel modifications are expected to be approx. $50.0 million, in the aggregate ($8.3 million each), and Hornbeck expects to incur approx. 799 vessel-days of aggregate commercial downtime for the six vessels (133 vessel-days each), as follows:

Two vessels each were re-delivered to Hornbeck in May and September 2013 and the current schedule projects re-deliveries of the last two vessels in December 2013. Hornbeck Offshore's fifth OSV newbuild program consists of four 300 class OSVs, six 310 class OSVs, ten 320 class OSVs and four 310 class MPSVs. As of October 30, 2013, Hornbeck has placed two vessels in-service under this program – one in June 2013 and one in October 2013. The 22 remaining vessels under this 24-vessel domestic newbuild program are currently expected to be delivered in accordance with the table below:

Based on above schedule, Hornbeck expects to own and operate 54, 67 and 69 new generation OSVs as of December 31, 2013, 2014 and 2015, respectively. These vessel additions result in a projected average new generation OSV fleet complement of 50.8, 60.7 and 68.8 vessels for FY 2013, 2014 and 2015, respectively. Based upon above schedule of projected vessel in-service dates, Hornbeck expects to own and operate four, four, six and eight MPSVs as of December 31, 2013, 2014, 2015 and 2016. These vessel additions result in a projected average MPSV fleet complement of 4.0, 4.0, 4.8 and 7.1 vessels for FY 2013, 2014, 2015 and 2016, respectively. Aggregate cost of Hornbeck's fifth OSV newbuild program, excluding construction period interest, is expected to be approx. $1.24 billion, of which $490.0 million, $342.5 million, $108.7 and $24.2 million is expected to be incurred in 2013, 2014, 2015 and 2016, respectively. From inception of this program through September 30, 2013, Hornbeck incurred $603.4 million, or 48.7%, of total expected project costs, including $115.9 million spent during third quarter 2013. Hornbeck expects to incur approx. $161.1 million of project newbuild-related project costs during fourth quarter 2013.

Baker Hughes, provider of reservoir consulting, drilling, pressure pumping, formation evaluation, completion and production products and services to the worldwide oil and gas industry, revenue for third quarter 2013 was $5.787 billion, up 5.47% compared to $5.487 billion for second quarter 2013 and up 7.47% compared to $5.355 billion for third quarter 2012. “During the quarter, we achieved record revenue and strong earnings growth. In addition, we increased margins

sequentially in each of our four geographic segments,” said Martin Craighead, Baker Hughes' Chairman and CEO. “Specifically, in our Eastern Hemisphere operations, we increased revenue 20% compared to the same quarter last year at higher margins as a result of increased activity and improved mix. This growth was led by strong performance in the Middle East, Asia Pacific, Africa, and Russia Caspian. North America also delivered higher margins with the seasonal recovery in Canada and improved performance in all of our product lines. Across the region, growth was led by our Drilling Services, Completions Systems, Artificial Lift, and Upstream Chemicals businesses. The increasing complexity of oil and gas production aligns with our strength in technology and reservoir expertise…..”


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Sembcorp Marine achieved a 3Q 2013 net profit of $130 million, 12% higher as compared with $116 million earned in the corresponding period in 2012. Third quarter Group operating profit grew 32%, or $41 million from $126 million in 3Q 2012 to $167 million in 3Q 2013. At pre-tax level, Group profit at $171 million was 23% higher as compared with $139 million for the same period in 2012. Group turnover in 3Q 2013 was $1,659 million. This was 86% higher as compared with $892 million in 3Q 2012, attributable to higher revenue contributions from the rig building and repair sectors. Turnover from the rig building sector soared $714 million from $428 million in 3Q 2012 to $1,142 million in 3Q 2013. A total of five rigs comprising a well intervention semi-submersible rig, a harsh-environment semi-submersible rig and three jack-up rigs (two units of Pacific Class 400 rigs and one unit of F&G 3000N jack-up rig) achieved initial recognition in 3Q 2013. In comparison to the corresponding period in 2012, only one jack-up rig achieved initial recognition. The conversion and

offshore sector registered a decline of 10% in turnover at $271 million in 3Q 2013 as compared with $300 million for the same period in 2012. The decline was due to timing in recognition of projects that achieved initial recognition and the value of the projects. For 3Q 2013, there was no initial recognition of project as compared with one major FSO conversion in 3Q 2012. Turnover for the repair sector increased 34% from $153 million in 3Q 2012 to $204 million in 3Q 2013. Sembcorp has secured contract orders worth a total of $3.9 billion (excluding repairs) since the start of the year, growing the Group’s net order book from $12.7 billion as at end 2012 to

$13.5 billion, with completion and deliveries extending till 2019. The long-term industry fundamentals for the offshore and marine sector remain sound underpinned by exploration activities with increasing interests in harsh environment and field development programs. Demand for high specification and ultra-deepwater rigs with advanced technical features are expected to remain strong. Sembcorp Marine with its track record and proven capabilities is well-positioned to benefit from the opportunities in this sector. Sembmarine Integrated Yard @ Tuas commenced operations in August 2013. The integrated yard is equipped with four VLCC size drydocks with a total capacity of 1.55 million deadweight tons as well as finger piers and basin lengths totaling 3.9 kilometers. The new yard is capable of undertaking FPSO conversions as well as servicing a wide range of vessels, including VLCCs, new generation of mega containerships, LNG carriers, cruise ships, semisubmersible rigs, offshore vessels and fixed platforms. In October, Schlumberger Ltd. reported third quarter 2013 revenues of US$ 11.61 billion $11.61 billion versus $11.18 billion in the second quarter of 2013, and $10.50 billion in third quarter 2012. Income from continuing operations excluding charges and credits, was $1.71 billion - an increase of 12% sequentially and an increase of 24% year-on-year. Oilfield Services revenue of $11.61 billion was up 4% sequentially and increased 11% year-on-year. Oilfield Services pretax operating income of $2.50 billion was up 10% sequentially and increased 20% year-on-year. Schlumberger CEO Paal Kibsgaard commented: “Schlumberger third-quarter results reached new highs in both revenue and pretax operating income driven by consistent performance across all geographic Areas through strong execution based on integration, quality and efficiency. International business grew further, with leading margins expanding in spite of some operational delays. Performance in North America was particularly strong despite continued pricing weakness in the land market. Operating margins exceeded 20% in all Areas and expanded in all Product Groups. Results were led by North America with a new high in overall revenue, supported by solid offshore activity and the seasonal rebound of activity in Western Canada. US land operations showed impressive resilience through improved efficiency, new technology penetration and market share gains in a highly competitive market with largely constant rig count. International results were led by the Middle East & Asia with growth in key markets in Saudi Arabia and Iraq, while offshore activity strengthened in Asia, and land drilling and stimulation activity improved in China. Europe/CIS/Africa saw strong summer activity in Russia and Central Asia and a seasonal increase in WesternGeco marine activity in the Area…… The global economic outlook remains largely unchanged as relatively encouraging news among OECD countries and in China has offset lower growth expectations in some of the major emerging economies. In the US, the underlying trends are positive and the level of macroeconomic uncertainty was reduced in the near term following the temporary resolution of the fiscal debate. Demand for oil in 2013 has again been revised upward and current estimates for 2014 point to even stronger growth in demand. Overall, the market continues to support Brent prices at current levels while international natural gas prices remain steady. The upward E&P spend revision made in June continues to be confirmed by rig count improvement and increased customer activity. Within this landscape, we remain positive on the outlook for the industry.”


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GulfMark Offshore, Inc. reported consolidated revenue for the third quarter ended September 30, 2013 of $121.8 million and net income of $32.3 million. Quarterly results include a gain of $6.0 million related to sale of three vessels. Quintin Kneen, President and CEO, commented, “We are pleased to report our best quarter in over four years. The steady strengthening of utilization has allowed the industry to continue to increase the average day rate, but we still need additional improvements in the rate to justify the through-the-cycle return on our investment in these high-end

vessels. During the third quarter, we took delivery of the first four vessels in our 11-vessel new build program. Another vessel was delivered just last week in Italy and is en route to the U.K. All of these vessels will be in the North Sea market; two of which are on term contracts, while three will be operating in the spot market. We anticipate that all of these vessels will operate at rates above our through-cycle target return after the normal multi-week introductory period. We continue to progress with our second vessel-enhancement program in the U.S. Gulf of Mexico, the 260-class stretch program, with the first completed vessel going on hire upon its completion earlier this month, and another forecasted to be completed in the middle of the fourth quarter. Our next vessel deliveries will

be in the first quarter of 2014, when we will take delivery of the first U.S.-built PSV in our new build program, the second Arctic class vessel in Norway, and the second of our Italian-built PSVs for the U.K. market. This reflects a delay in the delivery of some of our vessels, but overall we are pleased with the quality and progress of the new build program. We sold three of our older PSVs during the third quarter. We will lose revenue and operating income from the sale of these vessels in the near-term, however, we believe the value we received is adequate compensation and allows us to continue our ongoing strategy to maintain a young, high-margin, technologically advanced fleet. We will continue to look for acceptable sales opportunities to divest our older and non-core vessels.” Revenue for the Americas was $51.9 million, consistent with the second quarter. Utilization rate fell 3 percentage points compared to the previous quarter; however the average day rate increased by 3%. The drop in utilization was impacted by GulfMark’s vessel stretch program, which will continue to impact utilization for the remainder of the year. Continued strength in the Americas region is being driven mainly by drilling activity in the U.S. Gulf of Mexico sub-region. Utilization, and average day rates, in the U.S. Gulf of Mexico remained strong, and GulfMark anticipates continued strength in the coming quarters. In the North Sea, revenue was $51.1 million, up $8.4 million, or 20%, from the second quarter. During the quarter GulfMark delivered three PSVs which had a major effect on the increase in revenue. Average day rate for the region increased 13% and utilization increased 4 percentage points from the second quarter, which also contributed significantly to the revenue. Revenue in Southeast Asia was $18.8 million, an increase of approx. $2.1 million, or 13%, from the second quarter. Increase in revenue was due to an 8 percentage point increase in utilization and a 2% increase in the average quarterly day rate. These increases reflect effects of the ongoing management turnaround as well as market improvements for the region. Even though the market is driven by short-term contracts, GulfMark anticipates steady improvement in utilization and day rates in coming quarters.

GulfMark Offshore’s Utilization & Day Rates

2013 2012 2011 2010


Utilization

North Sea 92.0% 88.5% 89.9% 84.5% 93.1% 93.0% 87.8% 91.7% 96.5% 94.1% 87.1% 93.5%

Southeast Asia 87.8% 79.7% 50.3% 70.4% 88.7% 80.5% 78.0% 86.0% 87.9% 83.0% 83.2% 78.5%

Americas 89.6% 92.1% 88.1% 83.4% 82.7% 90.2% 74.0% 85.4% 81.5% 84.3% 70.5% 73.0%

Avg. Day

Rates

North Sea $23,626 $20,974 $19,933 $19,848 $19,821 $21,231 $19,351 $20,923 $21,358 $20,014 $17,789 $17,046

Southeast Asia $15,043 $14,784 $13,734 $14,165 $14,844 $14,110 $14,336 $14,690 $15,063 $15,228 $15,248 $16,209

Americas $22,120 $21,527 $20,363 $18,339 $17,939 $16,761 $15,634 $14,867 $14,766 $14,217 $14,194 $14,674

No. Vessels

North Sea 25.6 25.0 25.0 24.7 24.0 24.0 24.0 25.2 25.0 25.0 25.0 19.0

Southeast Asia 16.0 16.0 16.0 15.3 15.0 15.0 14.3 14.0 14.0 14.0 14.0 20.0

Americas 28.7 29.0 29.0 29.7 30.8 32.7 34.4 35.0 35.0 35.0 35.0 21.0

Capital expenditures during the third quarter totaled $87.2 million, which included $76.6 million for construction of new vessels. As of September 30, 2013, GulfMark had approx. $125.0 million of remaining capital commitments related to construction of seven vessels.


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Tidewater Inc. of New Orleans, reported second quarter net earnings for the period ended September 30, 2013, of $54.2 million on revenues of $367.9 million. For the same quarter last year, net earnings were $41.4 million on revenues of $311.9 million. The preceding quarter ended June 30, 2013, had net earnings of $30.1 million on revenues of $334.1 million. Net earnings for the September 30, 2013 quarter reflect $4.1 million ($3.0 million after tax) loss on early extinguishment of debt

associated with bonds issued in April 2013 by Troms Offshore Supply AS, a wholly-owned subsidiary of Tidewater acquired in June 2013. The price of crude oil decreased slightly during the beginning of Tidewater’s fiscal year due to lower than expected worldwide demand during first half 2013 but has rebounded during the current quarter. This rebound is due to intermittent recovery in European markets and improvements in the U.S. economy, and, as a result, analysts believe that this will result in modest growth in emerging markets such as China and Brazil. It should be noted, however, that improvements in the U.S. economy are fragile and are hinged upon debt ceiling negotiations and decisions made by the Federal Reserve Board in regards to monetary policy. Overall crude demand is expected to increase during the remaining months of calendar year 2013 and into 2014 as a consequence of these worldwide economic improvements. Looking forward, some economists believe that oil demand for the upcoming year will be unchanged from 2012. There is significant growth expected from China and other developing countries while U.S. demand is expected to remain stable, however, there are also factors exerting significant downward pressure on demand forecasts, including the possibility that instability of the Euro may lead to a deeper recession in Europe and the failure of U.S. political leadership to agree on fiscal priorities. Tidewater anticipates that its longer-term utilization and day rate trends for its vessels will be correlated with demand for and the price of crude oil, which in early October 2013, was trading around $103 per barrel for West Texas Intermediate (WTI) crude and around $110 per barrel for Intercontinental Exchange (ICE) Brent crude. These elevated crude oil prices generally bode well for increases in drilling and exploration activity, which would support increases in demand for Tidewater’s vessels, both in the various global markets and the deepwater sectors of the U.S. Gulf of Mexico.

During fiscal 2014, natural gas prices have trended lower primarily due to increased supply, which has resulted in increases in natural gas inventories. Causes of the lower demand in natural gas include milder weather patterns and a reduction in the number of nuclear power plant outages. In particular, the continuing rise in production of unconventional gas resources in North America, in part due to increases in onshore shale production resulting from technological advancements in horizontal drilling and hydraulic fracturing and the commissioning of a number of new, large, LNG exporting facilities around the world have

contributed to an oversupplied natural gas market. As of the beginning of October 2013, natural gas was trading in the U.S. at approx. $3.70 per Mcf which is down from approx. $4.00 per Mcf in March 2013. Oversupplied natural gas inventories in the U.S. continue to exert downward pricing pressures on natural gas prices in the U.S. Prolonged periods of oversupply of natural gas (whether from conventional or unconventional natural gas production or gas produced as a byproduct of crude oil production) will likely continue to suppress prices for natural gas, although over the longer term, relatively low natural gas prices may also lead to increased demand for the resource. High onshore gas production along with a prolonged downturn in natural gas prices can negatively impact the offshore exploration and development plans of E&P companies, which in turn, would suppress demand for offshore support vessel services, primarily in the Americas segment (specifically Tidewater’s U.S. operations where natural gas is a more prevalent, exploitable hydrocarbon resource).


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According to IHS-Petrodata, there were 430 new-build offshore support vessels (deepwater platform supply vessels, deepwater AHTS vessels and towing-supply vessels only) under construction as of October 2013, most of which are expected to be delivered to the worldwide offshore vessel market within the next two years. Also as of October 2013, the worldwide fleet of these classes of vessels is estimated at approx. 3,000 vessels, of which Tidewater estimates more than 10% are currently stacked. An increase in worldwide vessel capacity would tend to have the effect of lowering charter rates, particularly when there are lower levels of exploration, field development and production activity. The worldwide offshore marine vessel industry, however, also has a large number of aged vessels, including approximately 730 vessels, or 25%, of the worldwide offshore fleet, that are at least 25 years old and nearing or exceeding original expectations of their estimated economic lives. These older vessels, approx. 40% of which Tidewater estimates are already stacked, could potentially be removed from the market 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 determined with certainty, Tidewater believes that retirement of a sizeable portion of these aged vessels could mitigate the potential negative effects of new-build vessels on vessel utilization and vessel pricing. Additional vessel demand could also be created by the addition of new drilling rigs and floating production units that are expected to be delivered and become operational over the next few years, which should help minimize the possible negative effects of the new-build offshore support vessels being added to the offshore support vessel fleet.

At September 30, 2013, Tidewater had 304 owned or chartered vessels (excluding joint-venture vessels and vessels withdrawn from service) in its fleet with an average age of 11.0 years. Tidewater recorded $702.0 million in revenues during the first six months of fiscal 2014, which is an increase of $95.7 million over revenue earned during the same period of fiscal 2013, primarily due to a 17% increase in Tidewater’s total worldwide fleet average day rates attributable to operation of newer and more sophisticated vessels in a generally improving market environment and $24.1 million in revenues contributed from Troms Offshore acquired in June of 2013.

Americas-based vessel revenues increased 24% or $19.6 million during the quarter ended September 30, 2013 compared to the same period of the prior fiscal year, due primarily to revenues earned on deepwater vessels which increased $17.1 million or 38%. Increase in deepwater revenues during the quarter ended September 30, 2013 compared to the same period fiscal 2013 is the result of a 12% increase in average day rates and an increase in the number of vessels operating in the Americas segment transferred from other segments because of increased demand for deepwater drilling services in Brazil and the U.S. Gulf of Mexico during the current fiscal year. Revenues earned on the other vessel class increased 43%, or $2.8 million during the quarter ended September 30, 2013, compared to the same period the prior fiscal year, due to increase in average day rates of 29%, as well as increases in utilization rates of 19 percentage points. Revenues from towing-supply/supply vessels during the quarters ended September 30, 2013 and 2012 were comparable. At the beginning of fiscal 2014, Tidewater had 26 Americas-based stacked vessels. During the first six months of fiscal 2014, Tidewater stacked three additional vessels, returned one vessel to service from the previously stacked vessel fleet and sold six vessels from the previously stacked vessel fleet, resulting in a total of 22 stacked Americas-based vessels as of September 30, 2013. Americas-based vessel revenues increased 13%, or $11.7 million, during second quarter fiscal 2014 compared to first quarter fiscal 2014, primarily due to higher revenues earned on deepwater and towing-supply/supply vessels. Revenues from deepwater increased 12%, or $6.8 million, during the same comparative periods, primarily due to an increased number of deepwater vessels operating in the segment transferred in from other segments because of increasing demand for deepwater drilling services in Brazil and the U.S. Gulf of Mexico. In addition, revenues from towing-supply/supply vessels increased 12%, or $3.2 million, during the same comparative periods, due to a six percentage point increase in utilization rates.


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Asia/Pacific-based vessel revenues decreased 18% or $8.3 million during the quarter ended September 30, 2013, compared to the quarter ended September 30, 2012, primarily due to lower revenues from both towing-supply/supply and deepwater vessel classes. Revenues from towing-supply/supply vessels decreased 18% or $3.7 million during the quarter ended September 30, 2013 compared to the same period fiscal 2013. Revenues from deepwater vessels also decreased 19% or $4.7 million during the same respective comparative period. Decreases among both vessel classes are attributable to vessel transferring to other segments where market opportunities are currently more robust. At the beginning of fiscal 2014, Tidewater had nine Asia/Pacific-based stacked vessels. During the first six months of fiscal 2014, Tidewater sold five vessels from the previously stacked vessel fleet and stacked no additional vessels, resulting in a total of four stacked Asia/Pacific-based vessels as of September 30, 2013. Asia/Pacific-based vessel revenues decreased 13%, or $5.5 million, during second quarter fiscal 2014 as compared to first quarter fiscal 2014, primarily due to a decrease in revenues earned on the deepwater vessels. Deepwater vessel revenue decreased 18%, or $4.4 million, during the same comparative period, due to a 13 percentage point decrease in utilization rates. Middle East/North Africa-based vessel revenues increased 42% or $13.3 million during the quarter ended September 30, 2013, compared to the same period fiscal 2013, due to increased revenues on towing-supply/supply and deepwater vessels. Towing-supply/supply vessel revenue increased 53% or $9.9 million during the quarter period ended September 30, 2013, compared to the same period during fiscal 2013, due to a 26% increase in average day rates, a 15 percentage point increase in utilization rates, as well as an increase in number of vessels operating in the segment. Deepwater vessel revenue increased 28% or $3.5 million during the quarter ended September 30, 2013, due to a 21% increase in average day rates as well as increase in vessels operating in the segment during the comparative period. Increases in dayrates and overall utilization in Middle East/North Africa segment is primarily the result of increased operations in the Mediterranean Sea and offshore Saudi Arabia since the prior fiscal year. At the beginning of fiscal 2014, Tidewater had six Middle East/North Africa-based stacked vessels. During the first six months of fiscal 2014, Tidewater sold all six of these vessels and stacked no additional. Mid-East/North Africa-based vessel revenues increased 10% or $4.2 million, during second quarter fiscal 2014 as compared to first quarter fiscal 2014, primarily due to higher revenues earned on towing-supply/supply vessels. Revenues earned on towing supply/ supply vessels increased 17%, or $4.3 million, during the same comparative period, due to a 14 percentage point increase in utilization rates as a result of ships working during second quarter fiscal 2014 which were offhire and/or in drydock for a portion of the previous quarter. Sub-Saharan Africa/Europe-based vessel revenues increased 20%, or $29.2 million, during second quarter fiscal 2014 compared to second quarter fiscal 2013, primarily due to higher revenues earned on deepwater vessels. Revenues from deepwater vessels increased 57%, or $38.8 million, during the same period, due to a 20% increase in

average day rates due to use of newer, higher spec equipment moved into the area to meet customer needs as older vessels were transferred to other segments or stacked. Revenues from deepwater vessels during the quarter ended September 30, 2013 also included $20.7 million from vessels related to the June 2013 acquisition of Troms Offshore. Revenues from towing-supply/supply vessels decreased 11%, or $6.8 million, during the same periods, due to retroactive rate increases on certain vessel charter agreements recorded as vessel revenue in second quarter fiscal 2013. Revenues from the other class of vessels decreased 15%, or $2.8

million, during the period, due to a 9% decrease in average day rates and a seven percentage point decrease in utilization. At beginning fiscal 2014, Tidewater had 10 Sub-Saharan Africa/Europe-based stacked vessels. During first half fiscal 2014, Tidewater stacked three additional vessels, sold one previously stacked vessel and returned to service one vessel, resulting in a total of 11 stacked Sub-Saharan Africa/Europe-based vessels as of September 30, 2013.


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At September 30, 2013, Tidewater had six 7,100BHP towing-supply/supply vessels under construction at an international shipyard, for a total expected cost of $113.4 million. The vessels are expected to be delivered beginning in July 2014 with final delivery in April 2015. As of September 30, 2013, Tidewater invested $46.5 million for these vessels. Tidewater is also committed to construction of two 246’, four 261’, one 264’, ten 275’, one 268’ and four 300’ deepwater PSVs for a total estimated cost of $739.8 million. Two 300’ and one 264’ deepwater class vessels are being constructed at a U.S. shipyard and a different U.S. shipyard is constructing the two other 300’ deepwater PSVs. Two different international shipyards are constructing four and six 275’ deepwater PSVs, respectively. Three other international shipyards are constructing two 246’, four 261’ and one 268’ deepwater PSVs, respectively. The 246’ deepwater PSVs are expected to deliver in March and June 2014, and the 261’ deepwater PSVs have expected delivery dates ranging from April 2015 to October 2015. The 264’ vessel is expected to deliver in April 2014. The ten 275’ deepwater class vessels are expected to be delivered beginning May 2014, with final delivery of the tenth vessel in July 2015. The four 300’ deepwater PSVs are scheduled for delivery between October 2013 and February 2016. The 268’ deepwater PSV is scheduled for delivery in January 2014. As of September 30, 2013, $233.4 million was invested in these 22 vessels. At September 30, 2013, Tidewater agreed to purchase one deepwater PSVs for a total purchase price of $46.8 million. Tidewater took delivery of the PSV in October 2013; however, as of September 30, 2013, Tidewater had not expended funds related to this vessel. During the first six months of fiscal 2014, Tidewater disposed of 20 vessels, including 13 towing supply vessels, three deepwater and three others. Five were disposed from Asia/Pacific, seven from the Americas, seven from the Mid-East/North Africa and one from the Sub-Saharan Africa/Europe fleet. During the same period 2013, Tidewater disposed of 16 vessels, including 11 towing supply vessels and five other. During first half fiscal 2014, Tidewater took delivery of two waterjet crewboats and one towing-supply/supply vessel, acquired two deepwater PSVs from third parties, and acquired a fleet of four vessels as a result of acquisition of Troms Offshore Supply. The two waterjet crewboats were constructed at an international yard for a total aggregate cost of $6.0 million. The one 220’ towing-supply/supply PSV was constructed at an international yard for a total cost of $25.6 million. Tidewater acquired one 290’ deepwater PSV for a total cost of $46.8 million from a third party, and acquired a fleet of four deepwater PSVs, ranging from 280’ to 285’, as a result of the Troms Offshore Supply acquisition. Based on preliminary fair value analysis performed on Troms Offshore at acquisition date, the purchase price allocated to these four vessels total an aggregate $234.9 million. In addition, Tidewater also assumed two vessel construction contracts in various stages of completion. One vessel (a 270’, deepwater PSV) was completed mid-June 2013 for a total cost of $50.2 million.

Quarterly Utilization and Average Day Rates for Tidewater Inc.

2013 2012 2011 2010


Towing-Supply Utilization (includes stacked & in drydock)

Americas Fleet 49.50% 43.30% 48.00% 48.00% 48.20% 53.40% 53.10% 54.20% 42.90% 43.30% 48.30% 41.00%

Asia Pacific Fleet 73.00% 64.50% 54.50% 52.40% 52.20% 54.90% 43.10% 43.80% 36.30% 42.50% 43.50% 46.80%

Mid-East / No. Africa Fleet 86.10% 72.10% 74.70% 80.10% 71.20% 77.20% 73.30% 59.20% 49.70% 57.60% 66.60% 72.50%

Sub-Sahara Africa / Europe 66.80% 67.60% 73.30% 66.90% 67.80% 60.30% 55.60% 58.10% 55.80% 57.90% 60.00% 62.50%

New (Post-2000) 85.70% 81.70% 84.80% 87.60% 89.30%

Towing-Supply Average Day Rates

Americas Fleet $15,520 $15,161 $14,330 $13,721 $14,103 $14,135 $13,704 $13,812 $14,786 $14,031 $14,411 $13,741

Asia Pacific Fleet $12,430 $13,022 $13,976 $12,592 $12,663 $14,229 $13,751 $12,836 $11,974 $12,519 $12,688 $12,305

Mid-East / No. Africa Fleet $12,440 $12,567 $12,689 $12,020 $9,857 $9,812 $8,992 $8,604 $8,513 $7,738 $7,693 $7,595

Sub-Sahara Africa / Europe $15,737 $15,386 $14,996 $14,318 $15,721 $13,572 $13,479 $13,004 $12,665 $12,812 $11,848 $11,563

New (Post-2000) $14,484 $14,595 $14,490 $14,456 $13,663

Towing-Supply Average Vessel Count (includes stacked)

Americas Fleet 44 46 48 48 50 50 57 52 57 65 70 70

Asia Pacific Fleet 20 24 27 32 33 36 38 37 40 38 42 44

Mid-East / No. Africa Fleet 29 30 30 30 29 29 31 29 30 33 30 30

Sub-Sahara Africa / Europe 59 58 58 62 65 66 74 72 76 79 82 83

New (Post-2000) 103 103 103 101 101


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Vard (formerly STV OSV and now a Fincantieri company) generated revenue of NOK 2.37 billion for 3Q 2013, representing a minor decrease from 2.46 billion for 3Q 2012. Operating profit for 3Q 2013 was NOK 72 million, down from NOK 301 million in 3Q 2012. The weaker performance is mainly attributable to Vard Niterói in Brazil still suffering from an overload situation, leading to further delays and cost overruns. However, Vard’s margins represent a slight improvement over the previous quarter and Vard returned to a net profit for the period. Operations in European shipyards and in Vietnam were stable. Vard witnessed successful deliveries of four projects from Norwegian yards, including two complex non-offshore related vessels. Workload in Romania is gradually reverting back to normal, while yard utilization in Vietnam improved on winning a new contract.

Vard continued to strengthen the project organization and reorganize production processes at the Niterói shipyard. As implementation is still in progress, results are taking a longer than expected time to show. While Vard Niterói has hit an all-time high manning, with approx. 1,250 employees and 750 subcontractors at the yard, access to qualified personnel continues to be a concern. Of the four delayed vessels in the order book in Niterói, the first one has reached about 95% completion, and is expected to be ready for sea trials shortly. Key shipyard infrastructure for Vard’s second yard in Brazil, Vard Promar, was completed in the third quarter. The ramp-up of production capacity at the new yard is underway, and the first blocks have been produced. Recruitment and training to integrate

approx. 80 new employees per month into the organization are ongoing, and about 600 staff have been employed so far. Financial performance of the yard for 3Q 2013 is in line with previous estimates. With shipbuilding works in progress at the new yard, Vard has put in place the foundations for sustainable operations and future growth in Brazil. In 3Q 2013, Vard secured the largest order in Vard’s history, worth a combined NOK 6.5 billion for four Pipe Lay Support Vessels (PLSV) from DOF ASA with two 140m x 28m, 10,800dwt Design 316 vessels to be built in Brazil with a high national content for delivery Q4 2016 and Q2 2017. The second two 150m x 30m, 13,200dwt, Design 305 PLSVs with 650 ton laying tension capacity for ultra-deep water environments are to be built in Soviknes, Norway with delivery scheduled for Q2 and Q4 2016. DOF Subsea’s part of the capital expenditure will be approx. US$ 625 million and expected EBITDA contribution for DOF Subsea when all vessels are in operation is approx. US$ 110 million. The order not only extends Vard’s order book to 2016-2017 in both Europe

and Brazil, but also reinforces key client relationships with repeat customers DOF and Technip, and strengthens Vard’s leading position in the global Offshore Subsea Construction Vessel market. Following the delivery of four vessels during the quarter, Vard’s order book comprised 43 vessels as at 30 September 2013. Total order book value stood at NOK 19.6 billion, the highest since 2009. Vard holds a positive outlook for new order wins for the remainder of 2013 and going into 2014. Exploration and Production spending continues to grow, driving demand especially in the market for subsea support and construction vessels. High growth areas such as the Barents Sea and other challenging environments call for new technology. Notwithstanding a highly competitive environment, Vard is currently seeing high tendering activity and continues to explore opportunities with existing and new clients, both within and outside of its core markets.


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Grupo TMM, S.A.B. reported financial results for third quarter 2013. José F. Serrano, chairman and chief executive officer of Grupo TMM, said, “Maritime had a solid performance in the 2013 third quarter, recording improved revenue, operating profit and EBITDA compared to last year’s third quarter. Additionally, our offshore fleet reached 94.9% utilization, maintaining utilization of over 90% thus far in 2013. Likewise, our product tanker fleet has sequentially improved its utilization throughout 2013, from 71.2% in the first quarter, to 89.6% in the second quarter and 90.7% in the third quarter” Serrano concluded, “With the sale of the Company’s trucking and auto hauling assets and operations, we have sharpened our focus on growing TMM’s core businesses. The sale of these non-strategic assets eliminated operating-related losses beginning in the third quarter, and will continue to lead to improved consolidated results. We will continue to work on alternatives to improve the Company’s balance sheet, while targeting new business opportunities at our Maritime and Port divisions.” Third-quarter 2013 Maritime revenue improved 10.1% compared to the prior-year third quarter due to improved revenue at all business segments except for the shipyard, which reported a weaker revenue mix compared to the 2012 third quarter. As of September 30, 2013, Maritime’s backlog was $1,609.4 million pesos. Third-quarter 2013 Maritime operating profit grew 7.3% compared to third quarter 2012. This increase was partially offset by profit reductions: at

offshore, mainly due to additional operating costs; at chemical tankers attributable to having one vessel in dry dock; and at the shipyard due to reduced revenue. Third-quarter 2013 consolidated operating profit decreased 27.0% to $121.8 million pesos from $166.8 million pesos in the 2012 third quarter. Third-quarter 2013 consolidated EBITDA was $268.1 million pesos, down 15.3% from $316.5 million pesos in the same period last year. Grupo TMM’s Maritime revenue the first nine months of fiscal 2013 grew year over year by over 9% or by $155.1 million pesos to $1,815.4 million pesos. The improvement was primarily a result of: a 7.8% revenue increase at offshore due to higher utilization; a 25.1% revenue improvement at chemical tankers as a

result of operating one additional leased vessel during the 2013 first quarter and half of the second quarter to service higher freight volumes; 21.8% revenue growth at harbor tugs due to an improved revenue mix; and a 4.3% revenue increase at product tankers due to an improved revenue mix attributable to operating one vessel in the spot market in the second and third quarter of 2013. Higher revenue was partially offset by a 22.3% revenue reduction at the shipyard. Still, despite the shipyard business reporting lower revenue in the year-over-year comparisons, revenue sequentially improved during 2013, from $6.9 million pesos in the first quarter, to $9.8 million pesos in the second quarter and $18.4 million pesos in the third quarter. Going forward, management expects to take advantage of new business opportunities at Maritime, as Mexico’s Energy Reform is approved. Additionally, TMM anticipates announcing an agreement for a new project to grow TMM before year end. Grupo TMM expects to reach an agreement for development of a container terminal at Tuxpan in 2013 and work to expand revenue and profit base through addition of specialized vessels to its fleet to meet increased demand for deep water transportation. TMM’s intent is to escalate these services by taking advantage of the Mexican Navigation Law which grants priority to Mexican ship owners performing cabotage (intra-Mexican movement between Ports) in Mexican waters. The Maritime Operations division provides maritime transportation services, including offshore vessels that provide transportation and other services to the Mexican offshore oil industry, tankers that transport petroleum products within Mexican waters, parcel tankers that transport liquid chemical and vegetable oil cargos from and to the United States and Mexico, and tugboats that provide towing services at the port of Manzanillo, Mexico. The firm provides these services through its fleet of 40 vessels, which includes product tankers, a variety of offshore supply vessels, harbor tugs and chemical tankers. The offshore vessels unit has a fleet of 27 vessels mainly for transport of dry and liquid cargo, anchor handling tug vessels, crew boats, firefighting vessels, four point mooring vessels and dynamic positioning vessels.


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Royal Boskalis Westminster N.V. (Boskalis) concluded an exceptionally good third quarter. Revenue, adjusted for the sale of 40% stake in Archirodon, and earnings were higher than first and second quarters 2013 against stable market conditions. The order book increased compared to the end of the first half of the year and adjusted for the sale of the stake in Archirodon, to EUR 4.3 billion. Based on current insights the second half of the year is expected to be strong with a high, stable workload and a good operational contribution. Various dredging projects with close-out results as well as settlement of a longstanding equipment-related insurance claim also made a significant contribution. In view of these developments Boskalis is raising its earnings outlook and now expects a 2013 net profit of at least EUR 360 million. The Dredging segment achieved a good result in the third quarter. Compared to the first half of the year utilization of the hopper fleet remained high whereas utilization of the cutter fleet was lower. Contracts in South Korea, Russia and Qatar among others, were added to the order book in the third quarter. On balance the Dredging order book increased compared to mid-2013 to EUR 1,366 million. The Offshore Energy segment, in which Dockwise has been included since the second quarter of 2013, had a good third quarter. In line with the first half of the year the activity level at both Subsea Contracting and Marine Contracting was high. As in the first half of the year, the Marine Services transport equipment utilization level was relatively low while the floating sheerlegs utilization level remained high. Subsea Services had a busy third quarter after a weak start to the year. The fleet utilization at Dockwise was at a slightly lower level than in the first half of the year. Despite the fact that market conditions continue to be very competitive, the spot market for heavy marine transport picked up and

utilization will be high in the fourth quarter. The Dockwise order book increased in the third quarter, due in part to two contracts for the “Dockwise Vanguard”. At Towage & Salvage the level of activity was stable compared to the first half of the year. SMIT Salvage had a relatively quiet period with a limited number of emergency response assignments. In mid-September Boskalis signed an agreement with Sudamericana Agencias Aéreas y Marítimas S.A. (SAAM) to merge the harbor towage operations of SMIT and SAAM in North and South America. The combined entity will be formed in 2014 by means of two joint ventures, following the required approval of the regulators and local financiers. In the first half of October

the harbor towage activities in Gladstone, Australia, were transferred to Smit Lamnalco. This transaction will not have a material impact on 2013 earnings. For the remainder of the year the Board of Management expects market developments to be in line with the first three quarters, barring unforeseen circumstances. Based on current insights the second half of the year is expected to be strong with a high, stable workload and good results anticipated on a number of dredging projects with close-out results. At the publication of the first-half results net profit was expected to amount to at least EUR 330 million for the full year. Due in part to the close-out result realized on the Port Rashid project and the favorable settlement of a longstanding equipment-related insurance claim, Boskalis is raising its earnings outlook. For 2013 net profit is now expected to amount to at least EUR 360 million. Capital expenditure is expected to total around EUR 330 million in 2013, funded from Boskalis’ own cash flow. Boskalis and Royal Volker Wessels Stevin N.V. combined their forces in the field of offshore cable installation by establishing a 50/50 joint venture to respond to growth in the market for offshore cable installation projects, particularly in relation to offshore wind farms. Boskalis and VolkerWessels each hold a 50% stake in the joint venture Visser & Smit Marine Contracting Holding B.V. (VSMC) through Boskalis Offshore Subsea Contracting B.V. and VWS Civil and Offshore Constructions B.V., respectively. VSMC will have two cable-laying vessels at its disposal, the “Stemat Spirit” and “Ndurance”. The “Ndurance” is expected to be delivered at the end of this year. Both vessels are fitted with DP class 2 equipment with a cable turntable capacity of around 5,000 tons. Boskalis and VolkerWessels have already been working successfully together for some years on a project basis, for example on the installation of power cables for sizeable offshore wind farms such as Nordsee Ost and Meerwind in Germany and Westermost Rough and Humber Gateway in the United Kingdom.


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Singapore based Miclyn Express Offshore reports that it has executed a sale and purchase agreement to acquire the 50% stake in Thailand's Uniwise Towage Limited (UWT) held by Svitzer Asia Pte. Ltd., a subsidiary of A.P. Moller-Maersk Group, for a consideration of US$ 18.9 million. UWT operates a fleet of five state of the art marine support vessels (MSVs) and utility vessels, the 3,500HP, 45.0m AHTS “UniSvitzer Phuket” (ex Swissco Sky), 45.6m, 4,400BHP ASD tug “UniSvitzer Songkla” , 45.6m, 65 ton bollard pull ASD tug “Uniwise Chonburi”, 45.0m tug “Uniwise Ratchaburi” and 40.2m, 55 ton bollard pull ASD tug / support vessel “Uniwise Rayong”, supporting

tanker lifting, static tow, drilling rig activities, anchor handling, SPM maintenance, floating hose maintenance, cargo transportation, stand-by, fire-fighting and oil spill response. The vessels are all chartered long term to oil companies in Thailand. The business has been operating since 1999 as a

joint venture between Svitzer and the Unithai Group, MEO's existing joint venture partner in Uniwise Offshore. Commenting on the acquisition, Miclyn Express Offshore, Mr. Diederik de Boer, said: "This acquisition is a natural extension of the position we have built up in Thailand in offshore vessel support services. We are very comfortable with our Joint Venture partners having worked with them for a number of years. The integration of UWO and UWT will be seamless given that the two businesses already share office space and resources. We look forward to developing this new venture and working with our customers in Thailand to continue to uncover new opportunities for growth

through delivery of operational excellence." Nordic American Tankers (NAT) announced recently that it is coordinating the establishment of Nordic American Offshore Ltd. (NAO), a new company that plans to purchase, on certain conditions, six 4,200dwt platform supply vessels (PSVs) – “Blue Fighter”, “Blue Guardian”, “Blue Power”, “Blue Prosper”, “Blue Protector”, “Blue Protector” and “Blue Thunder”. These 83.4m x 18.0m x 8.0m depth ships were built in 2012 and 2013 by the Ulstein Group in Norway. The strategy

of NAO is expected to be essentially the same as for NAT with dividend as an important element. Nordic American Offshore is expected to undertake a private equity placement to finance at least 80% of the acquisition price of the vessels. 20% or less of the cost is expected to be financed via debt. NAT and Ulstein Shipping AS will participate in the private placement with 15%-20% and 5% respectively. The NAT investment is planned to be about $50 million. Establishment of Nordic American Offshore and investment in the new company do not in any way constitute a departure from NAT's commitment to a homogenous Suezmax tanker fleet. There will be no change as to how NAT operates its business, including

how it determines quarterly dividends from its fleet of Suezmax tankers. Nordic American Offshore will seek listing on the New York Stock Exchange as soon as possible. Because of the investment in NAO and as Manager of Nordic American Offshore, the objective for Nordic American Tankers is to pay a higher dividend to NAT shareholders than otherwise would be the case. The new company will have existing contracts in place for several of these vessels and spot charters for the remainder. As with NAT, NAO can be expected to operate on a cash break-even basis that is highly competitive within the industry. "The establishment of Nordic American Offshore with a capital contribution from NAT is a move with the objective to increase the dividend payments to shareholders of Nordic American Tankers,'' said NAT Chairman and CEO Herbjørn Hansson. "We have significant expertise in the offshore sector, and we think this new offshore business venture will help maximize total return to NAT shareholders. We wish to extract cost synergies and to leverage the NAT customer relationship in the energy business. Our presence in the US capital market will also help us to achieve our objectives for this new project."


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Featured Listings For Sale Direct From Owners File: SU28577 Supply Boats (2 each) - 285.5' loa x 61.7' beam x 24.3' depth x 19.36' draft. Built in 2013. GRT: 3,671. Class: ABS, A1, E, Offshore Support Vessel, FiFi Class 1 + AMS + DPS-2 + ACCU. Deadweight: 5,145mt. Deck Cargo: 2,600MT on 1,000m2

deck. FO: 939.9m3. FW: 168.23m3. DW: 502.2m3. BW: 1,829m3. Dry Bulk: 400.7m3 in 5 tanks. Liq. Mud: 1,979m3. Crane: 2MT @ 10m provision. Winch: 2 -10T MacGregor tuggers & 2 - 10T capstans. Main Engines: 4 x Cummins QSK60-D(M) total 6,000BHP. Rolls Royce azimuthing prop(s). Diesel elec. propulsion.4 - 2,282kVA gens drive 2 - 2,000kW elec. motors. Bowthruster 1 - 910kW. Dynamic Positioning. Speed about 12-14.5kn on 15.7-24MTpd. Pump(s): FO/FW: 150m3/h; FW/DW: 150m3/h & 80m3/h; Liq Mud: 4 - 150m3/h. Genset(s): 1 - 350kW /Cummins emerg 480vAC 3ph 60Hz. Firefighting: 2 - 1,200m3/h pumps. 52 persons in 10 cabins. AirCon. Two MMC 887 design PSVs. Sea trials completed. Vessels alongside shipyard's wharf. Kongsberg Dp-2. Three wind sensors. Three MRU, Three DGPS, Two Radius systems, independent joystick & interface for future HIPAP. Fitted with 800kW Rolls Royce CP retractable bow thruster in addition to

tunnel. K-Master integrated bridge system. Methanol capacity: 429.24m3 in two tanks. Butterworth mud cleaning system. 2 - 1,100m3/h Ingersoll Rand dry bulk compressors with air dryers. SOLAS six person MOB with davit. Further technical details, small scale g.a., tankage and price on request. Far East. Prompt. File: SU23649 Supply Boat - AHTS - 236.0' loa x 49.0' beam x 22.9' depth x 16.00' draft. Built in 1982 by C. Amels & Zoon, Holland. GRT: 2,070. Class: DNV + 1A1 Tug/Supply FiFi II Ice C Oil Rec E0. Special Survey passed. Deadweight: 1,430T. Deck Cargo: 700T on 430m2 clear deck. FO: 536.5m3. FW: 428.4m3. DW: 1,142m3. Dry Bulk: 175m3. Crane: 1 - 2T @ 18m / 1 - 4T @ 2.1m. Winch: 1 - 350T Brake, 2 - 20T Tugger. Line Pull: 250T. Stern Roller. Main Engines: 4 x Bergen total 10,560BHP. 2 - VP prop(s). Kort nozzle(s). 1 - Stern. 2 - Bowthruster. Bollard Pull: 101.9T. Speed about 10-15kn. Pump(s): 2 - Fire Pumps 3,600m3/hr. Firefighting: FiFi II, 4 - 1,800m3/hr Monitors, 1 - Foam Monitor. Quarters: 14 crew.. Passengers: 27. Four point mooring system. 2 - 6m dispersant spray booms. Keen Seller. Mediterranean. Prompt.

File: SU22084 / SU22083 Supply Boat (Two Available) - 220.0' loa x 46.0' beam x 16.0' depth x 9.00' light x 13.68' loaded draft. Built 1999/2000 respectively by Swiftships; Morgan City, LA. U.S. flag. GRT: 1,254. ABS Loadline. USCG SubCh "I" & "L". No SOLAS. Deadweight: 1,651mt. Deck Cargo: 1,046MT on 138’ x 38' clear deck. FO: 333m3. FW: 363m3. Dry Bulk: 230m3. Liq. Mud: 3,050BBL. Calcium Chloride / Brine: 3,050BBL. Main Engines: 2 x EMD 16-645E2 total 3,900BHP. 2 - FP 4-blade prop(s). 755BHP Stern Thruster. Bowthruster 1 - 525BHP. Genset(s): 2 - Cummins NT 855. Quarters: 22 in 10 staterooms. Air Conditioned. Galley. U.S. Gulf Coast.

File: SU22050 Supply Boat - 220.0' loa x 46.0' beam x 16.0' depth x 9.00' light x 13.80' loaded draft. Built in 1997 by Swiftships Shipbuilders; Morgan City. U.S. flag. GRT: 454. ABS Loadline. USCG "L" & "I", No SOLAS. Deadweight: 1,651mt. Deck Cargo: 1,046MT on 144’ x 38' clear deck. FO: 120,000g. FW: 27,850g. DW: 123,000g. Dry Bulk: 8,135ft3. Liq. Mud: 3,050BBL. Calcium Chloride / Brine: 3,050BBL. Main Engines: 2 x EMD 16-645E2 total 3,900BHP. 525BHP Stern thruster. Bowthruster 530HP. Dynamic Positioning. Speed about 10-12kn on 120-215gph. Genset(s): 2 - 250kW / Cummins NT-855. 1 - FiFi Monitor. Quarters: 22 in 10 cabins. AirCon. Galley. Dynamic positioning - ASR-400 Nautronix system. ABS classed DP-O. Trimble NT-3000. Upgraded with enhanced mud pumps & stern thruster. May develop on a private basis. U.S. Gulf Coast.

File: SU22042 Supply Boat - 220.0' loa x 40.0' beam x 14.0' depth x 7.00' light x 11.50' loaded draft. Built in 1984 by Moss Point Marine. U.S. flag. GRT: 385. ABS Loadline only. Annual Loadline Survey 2 overdue. Deadweight: 1,096lt. Deck Cargo: 800LT on 150’ x 31' clear deck. FO: 50,500g. FW: 11,923g. DW: 78,276g. Dry Bulk: 6,200ft3. Liq. Mud: 2,496BBL. Main Engines: 2 x EMD 16-645E2 total 3,900BHP. Kort nozzle(s). Bowthruster 600HP. Bollard Pull: 26.4ST. Speed about 10-12.5kn. Pump(s): DW: 500gpm; FO: 500gpm; FW: 500gpm; Liq Mud: 800gpm. Genset(s): 2 - 125kW / GM8V71. Firefighting: monitor. Quarters: 23 bunks in 8 cabins. AirCon. “As is, where is” out of competition. Laid up. Some

steel work required. P-tanks no longer operational. U.S. Gulf Coast.


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File: SU21642 Supply Boat - AHTS - 216.2' loa x 42.0' beam x 16.0' depth x 14.00' draft. Built in 1985 by Halter Marine. Panama flag. GRT: 999. Class: ABS Ice Class C. Deadweight: 1,200T. Deck Cargo: 675LT on 336m2 clear deck. FO: 116,000g. FW: 275,000g. DW: 87,734g. BW: 180,412g. Dry Bulk: 6,000ft3. Liq. Mud: 2,100BBL. Calcium Chloride / Brine: 137,440g. Winch: Smatco 96 DAW-250 double drum. Line Pull: 275T. Wire Capacity: 1,148m x 76mm. Main Engines: 2 x EMD 16-645E7B total 6,140BHP. Kort nozzle(s). Bowthruster 500HP. Bollard Pull: 90MT. Speed about 14kn. Pump(s): FO/FW/DW/Brine: 100m3/h; Liquid mud: 270m3/h. Genset(s): 2- 150kW, 2 - 99kW / GM 120/440vAC 60Hz. 1 - 570m3/hr @ 155m head monitor. Quarters: 22 total. Rig chain locker & cable reels fitted. 2 - 20,000lb tuggers. Mid East.

File: SU21248 Supply Boat - AHTS - 212.1' loa x 46.7' beam x 22.6' depth x 10.80' light x19.38' loaded draft. Built in 1982 by Husumer Kroeger; Germany. GRT: 1,309. Class: ABS + A1, AMS exp. June 2017. Deadweight: 1,887mt. Deck Cargo: 740MT on 38m x 11m clear deck. Winch: Double drum waterfall + 2 - 10T tuggers. Line Pull: 500,000lbs. Wire Capacity: 4,590’ x 2.5". Stern Roller. Main Engines: 2 x MAK 9M453AK total 7,240BHP. Ulstein CP prop(s). Range @ 12kn abt. 12,101nm. Bowthruster 680HP. New bow thruster engine fitted. Bollard Pull: 72MT. Speed about 10/12/15kn on 103/153/271gph. Pump(s): FW / FO: 160MT/h, Bulk: 55MT/h, Liq.Mud: 100MT/h. Genset(s): 2 - 640kW / Shaft, 2 - 244kW 440vAC 60Hz. Firefighting: 2,400m3/h. Quarters: 10 - 1, 1 - 2, 1 - 7 man + hospital. AirCon. UT-704 design. 2 storage reels for 3,280' 2.2" wire. 550ST SWL

Karmfork. 4,130ft3 locker & wildcats for rig chain. 2 capstans. Joystick control. Sale and/or charter. Mediterranean. Prompt. File: SU20743 Supply Boat - AHTS - 207.0' loa x 43.3' beam x 19.8' depth x 16.40' draft. Built in 1981 by Astilleros de Huelva S.A.; Spain. GRT: 1,171. Class: RINA 100 A 1.1 Nav. I.L. Rec. Oil. Deadweight: 1,243T. FO: 446m3. FW: 70m3. DW: 453m3. Crane: 1 - 8Tx14m hydraulic. Winch: Double drum 126MT brake. Wire Capacity: 1,150m / 700m x 64mm. Stern Roller. Main Engines: 2 x Deutz RSBV8M540 total 8,800BHP. Nava lips CP prop(s). Kort nozzle(s). Bowthruster 2 - 400BHP. Bollard Pull: 110MT. Speed about 14.5kn. Genset(s): 3 - 362kW / Baudouin; 1 - 70kW 380vAC 50Hz. Firefighting: 1 - 1,300m3/h @ 120m monitor; 45m3 foam. Quarters: 10 - 1, 5 - 4 berth. Equipped for oil recovery, FiFi -1 and as stand-in communications center for rescue / standby operations. Can perform deepwater anchor handling. Lifter for anchor handling. 2 tugger winches. Two folding bitts. 144m3 chain locker. 45m3 dispersant. 218m3 recovered oil. 400m Mannesman oil booms. 200m Vikoma oil booms. OCS skimmer 50/220m3. Vikoma 30 skimmer. Vessel has been engaged in light standby duty for many years with low engines hours (Main engines: Port: 35,360 hours / Stbd: 34,930 hours). Owners replaced substantial steel in 2008/2009 costing about Euro 1m and have a RINA statement which has her conventional age reduced by 14 years given her condition. Please note this vessel is not fitted with liquid mud or drybulk. Mediterranean.

File: SU20346 Supply Boat - AHTS - 203.4' loa x 46.2' beam x 22.3' depth x 18.99' loaded draft. Built in 1987 by Cantiere Navale Ferari La Spezia. Marshall Islands flag. GRT: 1,352. Class: BV 1 + Hull + Machinery FiFi 2. Special Survey due 03/2012. 390m2 clear deck. FO: 486.7m3. FW: 143.8m3. DW: 626.5m3. Dry Bulk: 200m3 in 4 tanks. Liq. Mud: 262.5m3. Crane: 1.8T @ 10.5m. Winch: Triple drum waterfall 275T brake, 2 - 10T tuggers, 2 - 15T stern capstans. Line Pull: 250T. Main Engines: 4 x Wartsila total 8,430BHP. 2 - CP prop(s). Kort nozzle(s). M/E: 2 x 12V22HF = 5,060BHP, 2 x 8R22 = 3,370BHP. Bowthruster 2 -

450HP. Bollard Pull: 100T. Speed about 11-11.5kn on 10-12Tpd. Pump(s): FO: 2 - 150m3/h, DW/BW: 150m3/h, Dryblk: 2 - 50m3/h, Liqmd: 2 - 55m3h. Genset(s): 2 - 800kW / Shaft; 1 - 60kW / Diesel & 1 - 30kW / Diesel 440vAC 60Hz. Firefighting: FiFi 1. 2 - 1,800m3/h monitors. Quarters: 14 crew. Passengers: 12 pax. Two 51.5m3 rig chain lockers. Two spray booms. Dispersant storage tank. Reportedly excellent condition & well maintained. Keen Seller. Call for new lower sale price. Mediterranean. Prompt. File: SU19738 Support Vessel - 197.8' loa x 38.7' beam x 17.4' depth. Built in 1997 by Ishii Zosen; Japan. Panama flag. GRT: 998. Class: NKK, Ocean Going International SOLAS Compliant. Deadweight: 1,174T. Deck Cargo: 500T on 98.4’ x 32.8' deck. FO: 450m3. FW: 514m3. Winch: Waterfall, 70T brake. Line Pull: 45T@4m/mm. Wire Capacity: 46mm-1,000m. Main Engines: 2 x Yanmar 6N260EN total 4,000BHP. 2 - Variable pitch prop(s). Kort nozzle(s). 13,500nm range. Bowthruster 520BHP. Bollard Pull: 45T. Speed about 12.5-14.25kn. Genset(s): 2 - 250kVA 440/220vAC 60Hz; 1 - 125kVA 440/220vAC 60Hz. Quarters: 40. 4 point mooring system on board optional. 14 - 1, 5 - 2, 2 - 4 & 1 - 8 man rooms. Joystick control. Two 7T tuggers. Available for sale or charter. Contact Marcon for details. Africa West Coast. February 2014.


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File: SU19346 Supply Boat - AHTS - 193.5' loa x 40.1' beam x 18.4' depth x 12.60' light x 14.00' loaded draft. Built in 1975 by Bolsnes Werft, Norway. Panama flag. GRT: 990. Class: International Maritime Bureau. Deadweight: 942mt. Deck Cargo: 570T on 111’ x 32' deck. FO: 236,168g. FW: 58,646g. DW: 736MT. Dry Bulk: 6,000ft2 in 4 tanks. Winch: Brattvaag Double Drum 80T. Line Pull: 80T x 2. Wire Capacity: 1,200m - 2. Stern Roller. Main Engines: 2 x Nohab F216V825 total 7,040BHP. 2 - Liaaen CP prop(s). Kort nozzle(s). Bowthruster 600HP. Bollard Pull: 80MT. Speed about 12.5-14.5kn on 12-26Tpd. Genset(s): 2 - 275kW / GM; 1 - 192kW / Mercedes Benz 440vAC 60Hz. Quarters: 12 crew. AirCon. Passengers: 18 supernumeraries. UT 704 design. Photos, 2009 drydock work summary, copies of certificates & price on request. Sale “as is, where is”. Marcon previously sold vessel in 1991. In warm lay-up. Can be sold up to date in class. U.S. Gulf Coast.

File: SU18943 Supply Boat - AHTS - 189.9' loa x 43.3' beam x 16.1' depth x 14.43' loaded draft. Built in 1972 by Carrington Slipways; Australia. Foreign flag. GRT: 883. Class: LR Ocean (disc. 05/2001) now Isthmus. Deck Cargo: 500T on 27.4m x 10.1m clear deck. FO: 275T. FW: 115T. DW: 320m3. Dry Bulk: 3,500ft3 (3 tanks). Winch: Double drum Swaan/CATD334. Main Engines: 4 x Daihatsu 8PSHTCM26D total 4,400BHP. 2 prop(s). Kort nozzle(s). Bowthruster 3.5T. Bollard Pull: 50MT. Speed about 10kn. Genset(s): 2 - 250kW / CAT D343 415vAC 50Hz. Firefighting: 120Tph. Quarters: 24 total. AirCon. Inviting best offers. Africa East Coast.

File: SU18847 Supply Boat - AHTS - 188.6' loa x 38.4' beam x 18.4' depth x 14.80' loaded draft. Built in 1974 by J.G. Hitzler, W. Germany. Rebuilt: 2001. GRT: 910. Class: Lloyds 100 A1. Deadweight: 927T. Deck Cargo: 500LT on 98.4’ x 32.8' clear deck. FO: 400MT. FW: 132T. DW: 296MT. Dry Bulk: 186m3. Crane: 10MT. Winch: Hitzler. Line Pull: 250,000lb. Wire Capacity: 2,624' of 57mm. Stern Roller. Main Engines: 2 x MWM TBD441V12 total 4,600BHP. 2 - CP 3-blade prop(s). Bowthruster 400HP. Bollard Pull: 60MT. Speed about 10-14kn. Genset(s): 2 - 140kVA / MWM 175HP 400v 50z; 1 - 420kVA 606amp 400v 50Hz. Firefighting: 600m3 pump + 10,000L monitor. Quarters: 23 in 12 cabins. Air Conditioned. Galley. Mid East.

File: SU18438 Supply Boat - AHTS - 184.6' loa x 38.6' beam x 16.7' depth x 10.80' light draft x 15.40' loaded draft. Built in 1971 by Cochrane & Sons; UK. Canada flag. GRT: 700. Class: ASPPR Arctic "A" Marpol. Now only Canadian Home Trade II. Deadweight: 706T. Light Disp. 1,008mt. Deck Cargo: 350T on 82’ x 28.2' deck. FO: 446.1m3. FW: 66.8m3. DW: 344.7m3. Dry Bulk: 3,600ft3 in 3 tanks cement. Crane: 1 - 8T boom. Winch: Hydraulic double drum waterfall. 1 - 5T tugger. Line Pull: 136T. Wire Capacity: 2,500' 2 1/8"/ 900' 2 1/2". Stern Roller. Main Engines: 2 x Deutz 12MSBV628 total 5,280BHP. Seffke 4-blade stainless CP prop(s) on 314mm shaft(s). Turbo charged. Repowered 1982. Bowthruster 350HP. Bollard Pull: 60MT. Speed about 10.5-13kn. on 11.5-15.4m3/d. Pump(s): FW: 80m3/h; FO: 80m3/h; BW: 44.7m3/h; DW: 80m3/h. Genset(s): 1 - 350kW/CATD346, 1 - 125kW/CATD3306, 1 - 350kW/CAT3408 new Fall 2001. Quarters: 13 crew. AirCon. Passengers: 3 supers. Ice strengthened anchor handling towing supply vessel. Moonpool. High speed rescue craft. 3.5m3/d watermaker. Working seismic service last four years on Canadian east coast. Marcon sold to present owners. Canada East Coast.

File: SU18064 Supply Boat - AHTS - 180.0' loa x 39.4' beam x 14.1' depth x 11.90' loaded draft. Built in 1972 by Burton Shipyard; Port Arthur, TX. Bahrain flag. GRT: 558. Class: BV 1 Tug Unrestricted Navigation, SS due in 2014. Deadweight: 1,145. Deck Cargo: 471T on 108’ x 31.5' clear deck. FO: 250T. FW: 400m3. Dry Bulk: 57m3 in 4 tanks. Crane: 3T. Winch: Markey Model TDSD-28 D/Drum. Line Pull: 113T. Wire Capacity: 610m x 45mm. Stern Roller. Main Engines: 2 x EMD 16-567 BCRL total 4,200BHP. 2 - FP prop(s). Bowthruster 300HP. Bollard Pull: 50MT. Speed about 8.5kn on 5.8T/d. Genset(s): 2 - 75kW Delco / GM6-71 220vAC 60Hz. Quarters: 16 total. Air Conditioned. Reportedly in good condition. Mid East.

File: SU17835 Supply Boat - AHTS - 178.8' loa x 36.0' beam x 13.0' depth x 11.30' draft. Built in 1970 by J.G. Hitzler; Germany. GRT: 490. Class: GL +100A5 (E) OSV, Tug. Deadweight: 694T. Light Disp.: 1,383T. Deck Cargo: 300T on 87’ x 27.5' clear deck. FO: 436MT. FW: 203MT. DW: 220MT. Dry Bulk: 1 - 50m3; 2 - 25m3. Crane: 1 - 50T. Winch: 80T Hatlapa Double Drum; 1 - 5T tugger. Wire Capacity: 2 - 600m x 46mm. Stern Roller. Main Engines: 2 x MAN V22/30ATL total 2,960BHP. Kort nozzle(s). Bowthruster 205HP. Bollard Pull: 40T. Speed about 11kn on 6T/d. Pump(s): FO: 54m3/h; FW: 80m3/h; DW: 80m3; Dry bulk 80m3/h. Genset(s): 1 - 250kVA / Scania; 2 - 152kVA / Scania 400v 50Hz. Firefighting: 2 - monitors 50MT/h. Quarters: 21 (1 - 6, 4 - 1, 4 - 2, 1 - 3). Galley. Mid East.


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File: SU16620 Supply Boat - 166.0' loa x 36.0' beam x 12.0' depth x 7.60' loaded draft. Built in 1978 by Bollinger; Machine; Lockport, LA. U.S. flag. GRT: 199. ABS loadline. USCG COI. Deck Cargo: 350LT on 109’ x 27' deck. FO: 110,960g. DW: 141,204g. Main Engines: 2 x GM 16V149 total 2,050BHP. 2 - FP 72" prop(s). Bowthruster. Dynamic Positioning. Speed about 13kn on 100gph. Genset(s): 2 - 75kW Delco / GM6V-71. Quarters: 4 double, 4 quad berths. Air Conditioned. Galley. Passengers: 22. Steel hull standard supply vessel. Recently installed big bow thruster and DP-1 positioning. Call for price U.S. Gulf Coast. Prompt.

File: SU15760 Supply Boat - AHTS - 157.5' loa x 36.1' beam x 11.5' depth x 11.16' loaded draft. Built in 2010 by Southeast Asian shipyard. Malaysia flag. GRT: 494. Class: LR +100A1 Offshore Tug/ Supply, +LMC. Special Survey & Docking Surveys due 12/2015. Deadweight: 509mt. 208m2 clear deck. FO: 290MT. FW: 300MT. Winch: 10MT tugger, 2 - 5MT capstan. Main Engines: 2 x Cummins KTA-38-M2 total 2,434BHP. 2 - FP prop(s). Kort nozzle(s). Bowthruster 350kW. Speed about 12kn. Pump(s): FO: 120m3/h; FW: 80m3/h. Genset(s): 2 - 150kW / Cummins 6CTA8.3-D(M) 415vAC 50Hz. Firefighting: 1/2 FiFi. Quarters: 24 berths. Air Conditioned. Galley. Dispersant system with pump & spray boom. Bulbous bow. Although not officially on the market, we may be able to develop for sale direct from Owners. Southeast Asia. January 2014.

File: SU15736 Supply Boat - 157.4' loa x 36.1' beam x 11.5' depth x 9.18' loaded draft. Built in 2002 by Southeast Asian Shipyard. Malaysia flag. GRT: 490. Class: ABS A1 + AMS Unrestricted. Special Survey due 08/2017. Deadweight: 579mt. Light Disp.: 850mt. 320m2 clear deck. FO: 250m3. FW: 200m3. Winch: 1 - 5MT capstan & 1 - 5MT tugger. Main Engines: 2 x CAT 3412 total 1,440BHP. FP prop(s). 3MT Schottel tunnel jet type thruster / CAT3306TA. Bowthruster 294HP. Speed about 10-11kn. Genset(s): 2 - 95kW 415v 3ph 50Hz. Firefighting: Provisions for installation of 1-2 FiFi pump(s). Quarters: 18 berths. AirCon. Galley. Multi-purpose supply boat. 6 reefer points. Endurance @ 18 days. Lifesaving apparatus for 20 man complement. Southeast Asia. Prompt.

File: SU15729 Supply Boat - 157.5' loa x 36.1' beam x 11.5' depth x 8.20' loaded draft. Built in 2005 by Southeast Asian shipyard. Singapore flag. GRT: 496. Class: ABS A1(E) + AMS, Unrestricted Service. Continuous Hull survey due 02/2015. Deadweight: 593mt. 320m2 clear deck. FO: 433m3. FW: 42m3. Crane: 2MT SWL @ 6m davit. Winch: 2 - 5MT capstans. Main Engines: 2 x CAT 3412 total 1,440BHP. FP prop(s). Endurance 28 days. Water maker: 5m3/day. Bowthruster 3.8T. Speed about 10-11kn. Genset(s): 2 - 150kW 415vAC 3ph 50Hz. Quarters: 20 berths. Air Conditioned. Multi-purpose platform supply vessel. 6 reefer plugs. Lifesaving apparatus for 20 man complement. Although not officially on market, we may develop on a private & confidential basis direct from Owners. On charter but can develop for sale. Southeast Asia. January 2014.

File: SU15010 Supply Boat - 150.0' loa x 36.0' beam x 11.5' depth x 5.00' light draft x 9.79' loaded draft. Built in 1999 by Bollinger Shipyards; Lockport, LA. U.S. flag. GRT: 90. Class: U.S. Coast Guard Subch "L". ABS Loadline. (COI valid till July 2014). Deadweight: 500lt. Light Disp.: 390lt. Deck Cargo: 365LT on 97’ x 30' clear deck. FO: 39,119g. FW: 14,250g. DW: 59,312g. Liq. Mud: 1,195BBL. Crane: 18T Telescoping Hydraulic. Main Engines: 2 x GM 8V149TI total 1,520BHP. 2 - FP stainless 62" x 54" prop(s). Bowthruster 300HP. Speed about 10-12kn on 55-60gph. Pump(s): DW/FW: 200gpm @ 150', FO: 200gpm @ 150', Liq Mud: 500gpm @ 150'. Genset(s): 2 - 75kW. Firefighting: 1,250gpm fire monitor. Quarters: 16 berths in 5 cabins. Air Conditioned. Galley. Mini-supplier. EEP

equipped. Open stern with side gates port and starboard for deployment and streaming of spill response equipment. Methanol tanks have been switched to oil spill recovery storage, but can be switched back easily. Reportedly very good condition. U.S. Northwest.

We are also interested in receiving information on any other vessels which you may have surplus to your requirements and available for sale or charter on either a published or a private and confidential basis.

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

Marcon International, Inc. P.O. Box 1170 9 NW Front Street, · PDF file ·...

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