Market Report June 130627

www.fearnleyoffshoresupply.com

Offshore Support and Specialized Vessels

THE OFFSHORE REPORT

27 th June 2013www.fearnleyoffshoresupply.com

No. 3 | 2013


Front page photo: “Pacific Orca” in action during March 2013 for AF DECOM OFFSHORE at H7 platform. Charter concluded with the assistance of Fearnley Offshore Supply. With courtesy of Swire Blue Ocean A/S.

© FEARNLEY OFFSHORE SUPPLY ASCopyright 2013 Fearnley Offshore Supply AS. Reproduction in any form is strictly forbidden without direct licensed permission from Fearnley Offshore Supply AS. While information is presented in good faith, Fearnley Offshore Supply AS cannot accept liability for any errors of fact or opinion. No liability can be accepted for any loss incurred in any way whatsoever by any person who may seek to rely on the information contained herein.

TABLE OF CONTENTS

ON THE SIDE

1.0 FRANKLY SPEAKING2.0 SPOTLIGHT 3.0 FROM THE TIGER’S MOUTH4.0 FROM DEEP DOWN TO SKY HIGH 5.0 PERIOD MARKET 6.0 ON THE ROAD

7.0 UNVOCERED REQUIREMENTS 8.0 CORPORATE 9.0 THE SALE & PURCHASE MARKET 10.0 THE NEWBUILDING MARKET 11.0 IN THE WAKE 12.0 COMPANY INFO

3 4 5 6 714

151516182223

SHIP OF THE YEAR 2013 - “SEVEN VIKING”

We congratulate Eidesvik Seven AS – Eidesvik Offshore ASA and Subsea 7 S.A. (50/50) with Skipsrevyen’s prestigious SHIP OF THE YEAR 2013 award at Nor-Shipping 4th June.

The vessel of ULSTEIN SX148 design’s scope of operation will be to install subsea structures, maintain and repair the subsea control systems, repair and replacement of riser systems and flow lines, tie-in of pipelines and umbilicals, scale treatment of subsea wells and ROV inspections. Designed with an X-Bow hull line, MS “Seven Viking” will now serve Statoil for a period of five years.


1.0 FRANKLY SPEAKINGSamba!

After more than one year without long term awards of vessel contracts, Petrobras re-entered the OSV scene when the dust from the Carnival and Easter holiday settled, and in course of one month they had absorbed 31 PSVs from the market and ensured 23 newbuild contracts being placed at Brazilian yards. The first contracts were awarded to 2012 bidders of the PSV 3,000 tenders, where 24 vessels were fixed for 4 years firm + 4 x 1 year options. The next award was 8 years contracts to 23 newbuildings, 9 PSVs for the PSV 4,500 General Cargo tender and 14 Response vessels for the OSRV 750 tender. In early May seven more PSVs were awarded 4 + 4 years contracts, with rate levels at USD 32,500-35,000 per day.

This wave of contracts did not affect the international market directly, as most of these vessels are already operating in Brazil, but it was nevertheless a boost for the market’s confidence in more tenders and award activity in Brazil.

Nor-Shipping 2013 took place in Oslo in the beginning of June. This bi-annual exhibition is one of the most important shipping events globally and attracts a lot of attention from the international shipping market. The weak market for conventional shipping has led many to sniff at the offshore market, and Nor-Shipping embraced this development by arranging a special focus day for offshore shipping, similar to what they arranged in 2011. The same did Tradewinds, which launched a one-day conference focusing on the OSV market.

A common theme during Nor-Shipping, and in the market in general, is the high activity level in exploration and construction we are currently witnessing, and the consequences of the rapid announced growth. The question is whether we will see a strong market in the next 5-7 years or whether the increasing cost level will choke the development and lead to more delays and cancellations. Oil production from offshore reserves has declined in the recent years, but this will shift to growth in the coming years. This is apparent from the current high drilling rig utilization and the numerous awarded EPCI tenders for field development. At the Tradewinds event Managing directors of Vroon and K-line debated their largest challenges at the moment and agreed that the challenge was not to be overly excited about this market outlook and balance the expected technology development from the charterers that is driving up the capex.

The shipping industry is keen on getting a piece of the OSV pie, while the OSV owners themselves are busy with getting a piece of the Subsea niche pie. We believe that the owners’ focus on subsea construction vessels leave renewal of other segments, like the high end PSV and AHTS fleet, unattended, potentially leading to an undersupply in a few years’ time.

Looking ahead, we foresee continued high activity in Asia and more Samba from Brazil. The North Sea market spot and term market is starting to make owners jolly, and we see signs that 2013 can be a year where the market turned after several years of declining market rates.


April 2013 May 2013 June 2013

AHTS 16,500 bhp + 14,000 - 125,000 9,250 - 133,300 22,500 - 108,330

AHTS 10-16,499 bhp 7,000 - 95,000 8,500 - 100,000 10,000 - 55,000

PSV (Deck 750m2 +) 6,500 - 26,100 6,700 - 33,300 13,500 - 32,780PSV (Deck - 750m2) 7,000 - 25,500 8,500 - 21,000 15,500 - 30,550

2.0 SPOTLIGHT

Please find below the high and low North Sea spot market ranges March - May 2013. (Rates in Pounds Sterling per day excl. fuel):

To follow the North Sea Spot market more closely, visit our web-site for spot positions and the latest fixtures: www.fearnleyoffshoresupply.com

Since our last market report in March, the spot demand and spot rates for AHTS, varied substantially. The daily rates peaked up to in excess of NOK 1,500,000 per day but, importantly also with ‘low’s’ down to rates below NOK 100,000 per day. During June 2013 however, the general spot rate levels rose considerably as even medium size AHTS, fixed at rates up to GBP 85,000 per day. Already now, by the end of June, the rates for these vessels have come down to GBP 35,000-50,000 per day level. The large and powerful AHTS are still enjoying rates varying from GBP 65,000 to above GBP 100,000 per day. Right now there are signs of a possible weakening in the short term market as 10 AHTS + are seeking work but few rig moves to pick them up. A few AHTS have, or will shortly, depart the North Sea for other geographical areas like Egypt, Canada and the Caribbean. Most of these vessels are expected back in the North Sea during late summer/early autumn.

The large, modern PSVs have enjoyed a market which gradually has strengthened the last few months. Now, the spot rates for these type PSVs are up to NOK 300,000 per day. Despite new vessels leaving North European Shipyards entering the spot market, the market remains strong. Due to the lack of available high specifications PSV’s in May 2013, we saw a few AHTS taking on cargo runs only. After the rise of AHTS market, this is no longer the case as AHTS vessels for cargo runs hardly pay more than NOK 200,000 - 250,000 per day. A few high specification PSVs have, or will shortly, depart the North Sea for areas like West Africa and Canada to support modern, advanced Dynamically positioned operations.

The medium size PSVs have also enjoyed a strengthening

in the spot market. Today a UT-755, VS470, MT6009 or similar is obtaining up rates up to GBP 25,000 per day level. Older PSVs are presently fixing in the U.K. at rates between GBP 13,500 and 17,500 per day.

When trying to look ahead, we should not forget the simple fact that the spot market has always been very unpredictable. With a very high activity level in the North Sea , also pulling some AHTS into work scope like Subsea support, bundle tows etc., we dare predict that the short term future for AHTS vessels looks balanced and fair.

For the PSVs we forecast a bright summer with high spot rates. The lack of available large/modern PSVs may be a challenge for Charterers. `

AHTS “Havila Jupiter” seen in Las Palmas loading chains, before moving on to Egypt. With courtesy of Blue Water Shipping.


3.0 FROM THE TIGER’S MOUTHThe second quarter is drawing to a close and it has resembled the first three months of the year with plenty of ‘action’. Fixing activity has been high with most of the region contributing to higher utilization for owners.

Indonesian cabotage is still being adhered to, a number of vessels have been reflagged and a number are in the process of flagging. We have seen a gradual shift among the oil companies in Indonesia to award longer term contracts rather than well by well contracts. This makes it possible for owners to justify the flag change. Over the last few months three 12,000 BHP AHTS vessels and two 3,500 dwt PSVs have been flagged Indonesian and we expected to see larger horsepower anchor handlers to follow suit in the very near future.

Malaysian activity came off to a slow start to the quarter with a number awards being held up due to the elections. Activity is however back to normal and a handful of medium sized anchor handlers and supply vessels have left Singapore for work in Malaysia. Despite an increase in number of Malaysian flagged vessels, foreign flagged vessels are still in strong demand.

Philippines, Vietnam, Thailand and Myanmar have all done their part in keeping vessels at work. Judging by current tender and market screening activity we should expect healthy demand for the third and fourth quarter of the year.

UT 755CDE “Posh Shearwater” - working for Inpex Indonesia

In previous years the 5,150 bhp AHTS has been the commodity boat in the sale and purchase market. Today the Asian designed medium size PSV has assumed that role, with deadweight ranging from 3,200 to 3,800 tons, around 700 m2 deck area, 50 men accommodation and DP2. The boat proves good value and is suitable for most markets. Between ten and fifteen of these PSVs have changed hands in recent months and appetite amongst buyers remains strong for this size of boat. PSVs have for years been workhorses in other regions, however in South East Asia it is only in the latter years we have seen a spike in their popularity. With more focus on fuel consumption, emissions and economies of scale, the medium sized PSV has a bright future in South East Asia.

One would expect that with the activity levels described above some significant moves in dayrates could be expected. Unfortunately for owners the rate curves remains flat as a result of the high level of supply.

Sitting in Singapore one is left with the feeling that for every boat that sails off to work, a new vessel arrives from a yard. New orders are still being placed by established owners as well as speculators, so saying that the rate situation will improve any time soon would be giving false hope.

0

5 000

10 000

15 000

20 000

25 000

30 000

35 000

40 000

45 000

50 000

USD

Term fixture rates - South East Asia

AHTS 12-16,499 BHP

PSV larger than 750m2 deck

PSV less than 750m2 deck

AHTS 10-11,999 BHP

AHTS 7-9,999 BHP

AHTS 5 - 6,999 BHP

© Fearnley Offshore Supply


4.0 FROM DEEP DOWN TO SKY HIGHThe right fundamentals are in place for a continued strong subsea industry, with all indicators pointing towards high offshore construction activity; oil price, rig-demand, E&P spending and forecasted subsea Capex. We have however over the last couple of months started to see a mix of news and signals which may result in more soberness and caution going forward with respect to new subsea vessel orders.

We are unfortunately reading too often these days negative market comments like E&P companies’ concern about rising cost levels, E&P majors’ postponements of projects (ref. Mad Dog II and Johan Castberg), negative profit warnings from one of the largest subsea contractors and even a contract termination of a long term vessel charter. In the short term this is part of creating a cloudy picture of the subsea industry and with the orderbook of large subsea construction vessels already bulging we feel the balance currently being in place may be vulnerable. An additional potential worry is the fact that even though many vessels have been booked up on 3 to 5 years contracts many of the charterers are tier-2 or 3 charterers and they do not necessarily have contract coverage and these contractors have to compete amongst themselves and also upwards, with the tier-1 subsea majors. One example is the last Statoil IRM tender where three subsea contractors decided to book newbuild vessels as part of their bid efforts and strategy, but in the end only one of them secured the long term contract, leaving two companies with long term contract commitments and consequent capex as a result. Also a potential “killjoy” is the announcement of between 4-8 US built, Jones Act, high capacity Offshore Construction Vessels. These vessel may, when delivered, replace European tonnage and reduce the overall demand for such tonnage in the US Gulf.

So with some clouds on the horizon, at least for the short term, it unfortunately appears that the announced subsea demand bonanza will be pushed further into the future and this may very well leave the rush of vessels built on speculation in a vacuum when leaving yards in 2013 and 2014.

As mentioned earlier the various subsea vessel segments are in fact fairly balanced, and the long term rates recorded for modern LCV/CONs are giving owners’ a decent return on their investment, but there is nothing exceptional about the figures we have seen so far. The charter periods recorded are however notably longer than what we have been used to in the past – while 3 year firm contracts used to be more the norm in the past there is now a higher volume of 5-8 year firm charters entered in the last 12 months than we have ever seen before.

Construction and ROV vessel “Skandi Bergen”, STX OSCV 11L design, recently delivered from Vard Søviknes, Norway (ex STX OFFSHORE Søviknes). The vessel has 120.8 m loa, 22 m breadth, 250 ts crane and accommodation for 100 persons.

Multipurpose Subsea Support and Construction vessel “Rem Installer”, MT 6022 design, recently delivered from Kleven Verft, Norway. The vessels has 107.6 m loa, 22 m breadth, 250 ts crane and accommodation for 110 persons.


Charterer Vessel Period Del. Day Rate (Abt.)ABB, Germany PSV “Siddis Skipper” (3,600 dwt) 4 months 07.13 GBP 17,500

ADTI PSV “Rem Supplier” (3,268 dwt)PSV “Rem Provider” (3,326 dwt)PSV “Malaviya 7” (4,587 dwt)

1 well firm 1 well firm (abt. 120 days)4 wells firm + 3 wells opt.

05.1305.1305.13

GBP 15,500GBP 16,000GBP 13,750

Allseas, UK PSV “UP Jasper” (3,326 dwt)PSV “Fanning Tide” (4,800 dwt)

50 - 60 days50 - 60 days

05.1305.13

GBP 16,500GBP 16,500

Atlantic Offshore, UK Standby “Ocean Troll” (12,560 bhp) 5 years bareboat 05.13 RNR

BG group, UK PSV “Blue Power” (4,200 dwt)PSV “Kongsborg” (4,700 dwt)

5 years firm + 3 years opt.1 year + 1 year opt. + 3 x 4 monthly opt.

04.1306.13

GBP 16,500RNR

Bluewater AHTS “BB Troll” (15,000 bhp) 30 days firm + opt. 06.13 RNR

BP, UK PSV “Olympic Orion” (4,800 dwt)PSV “SBS Tempest” (3,800 dwt)PSV “Idun Viking” (3,300 dwt)PSV “Grampian Talisker” (3,890 dwt)

4 months firm + opt.9 months firm + opt.3 months firm+3 monthly opt.5 years

05.1304.1304.1306.13

RNRGBP 11,000GBP 11,000RNR

Centrica, UK PSV “Viking Nereus” (3,300 dwt)PSV “Mana” (3,289 dwt)

28 days firm + 6 weekly opt.1 well + 4x1 well opt.

04.1306.13

GBP 11,500GBP 12,500

CNR, UK PSV “Toisa Intrepid” (4,470 dwt) 3 years firm + 3 years opt. 04.13 GBP 12,750

ConocoPhillips, Norway PSV “Rem Fortune” (4,900 dwt)PSV “Stril Neptun” (2,900 dwt)PSV “Rem Fortune” (4,900 dwt)

32 days firm + 14 daily opt.84 days firm + opt.2 years firm + 1 x 3 years opt. + 3 x 2 months + 3 x 1 months opt.

05.1305.1306.13

RNRNOK 120,000NOK 170,000

ConocoPhillips, UK PSV “Lundstrom Tide” (4,435 dwt) 4 months firm + 3 months opt. 05.13 GBP 15,000

DOF Subsea, Norway AHTS “Rem Gambler” (32,440 bhp) 30 days + opt. 06.13

E.On Ruhrgas PSV “SBS Cirrus” 3 months firm + 8 weekly opt. 05.13 GBP 14,500

ENI, Norway PSV NB “Møkster TBN” (3,650 dwt) 10 years, Goliat field Barents Sea

06.15 NOK 220,000

EOG Resources, UK PSV “Ocean Surf” (3,115 dwt) 7 wells (abt. 300 days) 04.13 GBP 10,750

ExxonMobil, Norway PSV “Olympic Electra” (3,500 dwt)

PSV “Stril Odin” (4,000 dwt)

4 weeks firm + 3 weekly opt. + D/D 305 months + 3 x 1 month opt.

04.13

08.13

NOK 195,000

NOK 170-180,000

GDF Suez E&P Norge/BG NORGE

PSV “Siddis Supplier” (3,350 dwt) 3 years firm 04.13 NOK 130,000

Heerema Marine Contrac-tors

PSV “Frigg Viking” (3,300 dwt) 60 days firm 05.13 RNR

Maersk Oil, UK PSV “E.R. Georgina” (4,250 dwt) 1 year + 2 x 1 year opt. 06.13 GBP 15,500

5.1 North Sea/Europe:

5.0 PERIOD MARKET - a selection of representative fixtures since our last report, 27th March 2013.


Charterer Vessel Period Del. Day Rate (Abt.)Nexen, NorwayUK PSV “Far Server” (4,000 dwt) 3 months firm + 6 weeks opt. 06.13 GBP 16,500

Nordic Dive Enterprises AHTS “Siem Garnet” (28,000 bhp) 4 months + opt.

Norske Shell PSV “KL Brofjord” (5,000 dwt)PSV NB “Siem TBN” (5,000 dwt,VS 4411DF)PSV “Rem Fortress” (4,900 dwt)

1 months + 5 x 1 week opt.3 years + 3 x 1 years opt.

18 months + 6 x 1 month opt.

06.131Q.15

07.13

NOK 280 - 300,000NOK 190,000

NOK 185-190,000

Perenco, PSV “Malaviya 20” (3,317 dwt) 4 weeks + 3 weeks + D/D 14 06.13 GBP 15,500

Peterson, NL PSV “Skandi Waveney” (3,350 dwt)PSV “Island Endeavour” (3,180 dwt)PSV “Highland Citadel” (3,300 dwt)PSV “Olympic Princess” (4,160 dwt)

28 days firm + 2 w + D/D 141 year ext.1 year3 months + opt.

04.1308.1305.1306.13

EUR 12,500RNRRNRRNR

Ross Offshore, Norway PSV “Blue Guardian” (4,200 dwt) 2 wells support “Maersk Giant”

06.13 NOK 165,000

RWE PSV “Toisa Coral” (3,248 dwt) 28 days firm + 14 daily opt. 04.13 RNR

Shell, UK PSV “Ben Nevis” (4,000 wt)PSV “Edda Ferd” (5,122 dwt)PSV “Dina Supplier” (3,311 dwt)PSV “Edda Fram” (4,100 dwt)

1 year firm + 4 yearly opt.5 years + 5 years opt.1 month + opt.1 year ext.

05.1310.1306.1304.13

RNRRNRGBP 16,500RNR

SPD PSV “Brage Trader” (4,800 dwt) 1 well firm (60 - 90 days) 06.13 GBP 18,750

Statoil FSV “Stril Poseidon” (14,552 bhp)AHTS “Northern Commander” (14,200 bhp)

2 years ext.2 months ext.

07.1304.13

RNRRNR

Talisman, UK PSV “Solvik Supplier” (4,900 dwt)Standby “Sea Sailor” (3,100 bhp)

1 year firm + 2 x 6 m opt. ext.6 months firm + 6x1 month opt.

04.1306.13

RNRRNR

Team, UK PSV “Highland Eagle” (3,200 dwt)PSV “Normand Flipper” (4,340 dwt)PSV “FD Unbeatable” (3,300 dwt)PSV “North Vanguard” (3,118 dwt)PSV “Toisa Invincible” (4,470 dwt)

30 days firm + opt.1 well firm1 well firm + 1 well opt.400 days firm90 days firm + 4 weekly opt.

05.1304.1304.1304.1304.13

RNRGBP 18,000RNRRNRRNR

Total, UK PSV “Skandi Buchan” (4,100 dwt) 12 months ext. 08.13 RNR


Charterer Vessel Period Del. Day Rate (Abt.)Baker Hughes, India PSV “Lewek Atlas” (3,600 dwt) 3 years 04.13 USD 22,000

British Gas, India PSV “Kamet” (3,350 dwt) 7 months 04.13 USD 23,000

BHP Billiton, Australia AHTS “Far Strait” (14,700 bhp)AHTS “Far Scimitar” (15,900 bhp)AHTS “Maersk Supporter” (18,250 bhp)

Abt. 1 month45 days

06.1305.1304.13

RNRUSD 45,000RNR

Inpex, Indonesia PSV “Posh Shearwater” (3,200 dwt) 12 months + 1 months opt. 05.13 USD 22,000

Brunei Shell Petroleum AHTS “Lady Caroline” (13,200 bhp) 6 months 05.13 USD 23,500

Chevron, Thailand AHTS “Skandi Hercules” (35,000 bhp) 3 months 04.13 RNR

COOEC, China AHTS “Hai Yang Shi You 697” (12,000 bhp) Pipe laying project at the PY 34-1 field, South China Sea

RNR

Emas, Thailand AHTS “Jul Sofus K” (5,150 bhp) 4 weeks 05.13 USD 10,500

ExxonMobil, Malaysia AHTS “Omni Victory” (8,000 bhp) 3 months 06.13 USD 16,000

Exxon Neftegaz, Russia ICE “Aleksey Chirikov” (24,473 bhp) 10 years 06.13 RNR

Fugro, Qatar AHTS “Smit Kamara” (6,700 bhp) 6 months 04.13 USD 19,000

Galoc, Philippines AHTS “Maersk Searcher” (18,250 bhp)AHTS “Pacific Battler” (12,240 bhp)

4 months4 months

05.1305.13

RNRRNR

Gazprom, Russia AHTS “Posh Commander” (16,000 bhp)AHTS “Posh Concorde” (16,320 bhp)AHTS “Posh Champion” (16,000 bhp)

86 + 60 days4 months4 months

05.1305.1306.13

USD 32,000USD 32,000USD 32,000

Geokinetics, Malaysia AHT “Omni Astrid” (4,200 bhp) 3 months 06.13 USD 9,000

GSP, Russia PSV “Toisa Coral” (3,248 dwt)AHTS “Toisa Elan” (24,129 bhp)

3 months3 months

05.1305.13

RNRRNR

Hess, Malaysia AHTS “Sea Ocelot” (10,880 bhp)PSV “Tanjung Piai 1” (3,500 dwt)

1 + 1 years1 year

04.1305.13

USD 19,000USD 22,000

KPOC, Malaysia AHTS “Sealink 178” (12,000 bhp)AHTS “Toisa Dauntless” (12,240 bhp)PSV “Sea Flyer” (4,700 dwt)

6 months3 months1 month

05.1305.1305.13

USD 25,000USD 21,500USD 23,000

Kris Energy, Indonesia AHTS “Jaya Chieftain” (8,160 bhp) 2 months 04.13 RNR

McDermott/Saudi Aramco

AHT “Britoil 50” (6,600 bhp)AHT “Britoil 65” (5,400 bhp)

14 months14 months

06.1306.13

RNRRNR

Mitra Energy, Vietnam AHTS “Sea Comanche” (10,760 bhp) Abt. 1 month 05.13 USD 19,000

Mubadala, Malaysia AHTS “Pacific Barbarian” (12,240 bhp)AHTS “Lewek Petrel” (10,880 bhp)

150 days150 days

05.1305.13

USD 22,000USD 22,000

Murphy Oil, Malaysia AHTS “Posh Conquest” (16,320 bhp) 18 months 04.13 USD 28,000

Niko, Indonesia AHTS “Maersk Supplier” (18,250 bhp)AHTS Pacific Defiance” (17,250 bhp)

60 days +30 days

04.13 USD 40,000USD 28,000

Oil Search, Australia AHTS “Far Fosna” (14,400 bhp) 3 + 3 months 04.13 USD 45,000

5.2 Asia/Australasia/Sakhalin/Middle East:


Charterer Vessel Period Del. Day Rate (Abt.)ONGC, India PSV “PFS Supplier” (3,100 dwt)

AHTS “PFS Brave” (6,500 bhp)AHTS “PFS Courage” (6,500 bhp)PSV “Ocean Amethyst” (3,000 dwt)AHTS/Safety “Malaviya 23” (10,800 bhp)

44 days firm + 31 days opt.44 days firm + 31 days opt.44 days firm + 31 days opt.44 days firm + 31 days opt.3 years

04.1304.1304.1304.1304.13

RNRRNR RNRRNRRNR

Origin Energy, New Zealand

AHTS “Skandi Emerald” (16,300 bhp)AHTS “SKandi Pacific” (16,000 bhp)

160 days + opt.160 days + opt.

08.1308.13

RNRRNR

Origin Energy, Vietnam AHTS “Sea Choctaw” (10,760 bhp)PSV “Highland Guide” (2,800 dwt)AHTS “Go Canopus” (10,800 bhp)

60 days60 days1 + 1 well

06.1306.1305.13

USD 18,000RNRUSD 21,000

Otto Energy, Philippines AHTS “Pacific Battler” (12,240 bhp)AHTS “Maersk Searcher” (18,250 bhp)

1 + 1 well1 + 1 well

04.1304.13

RNRRNR

Pertamina, Indonesia AHTS “Pacific Valour” (8,810 bhp) Long term 05.13 RNR

Petrofac, Malaysia AHTS “Jasa Marin TBN” 3 years + 1 year opt. 07.13 USD 10,700

Petronas Carigali, Malaysia

AHTS “Setia Tegap” (5,000 bhp)PSV “Setia Gigih” (5,220 bhp)AHTS “Swissco Superior” (4,750 bhp)

5 years5 years + 1 year opt.40 days

07.1304.1304.13

USD 7,500USD 7,500USD 7,500

PetroVietnam, Myanmar AHTS “Sea Victor” (10,000 bhp)AHTS “Jaya Confidence” (8,000 bhp)

supporting the jackup Trident 16supporting the jackup Trident 16

04.1304.13

RNRRNR

Premier Oil, Indonesia AHTS “Parkit” (3,900 bhp)DSV “Ullswater” (5,520 bhp)

8 months30 days

05.1306.13

RNRRNR

Punj Lloyd, India AHTS “Albatross 01” (5,400 bhp) 1 month 05.13 RNR

Rawabi Swiber, Singapore AHTS “UM Superior” (5,220 bhp) 4 months USD 13,000

Saipem, China MPSV “Normand Baltic” (4,050 dwt) 03.13 RNR

Saipem, Saudi Arabia AHT “Britoil 49” (8,000 bhp) 6 months 06.13 RNR

Saipem, Malaysia AHTS “Hobart Trader” (8,000 bhp) 50 days 04.13 RNR

Santos, Australia PSV “Mermaid Leveque” (6,700 bhp) Abt. 1 month 05.13 RNR

Seadrill PSV “Highland Guide” (2,800 dwt) Supply duties “West Auriga” 04.13 USD 18,000

Shell Sarawak, Malaysia AHTS “Sea Weasel” (6,800 bhp) 2 + 1 months 03.13 USD 10,000

Spex AHTS “Maersk Supplier” (18,250 bhp)PSV “Greatship Dhriti” (3,330 dwt)

1 month4 months

USD 19,000USD 30,000

Teras, Singapore AHTS “Interspray” (5,150 bhp) 6 months USD 8,000

TLO, Malaysia AHT “Britoil 80” (8,160 bhp) 110 days 05.13 RNR

Total, Indonesia AHTS “Transko Andelas” (5,218 bhp)AHTS “Transko Celebes” (5,218 bhp)

3 years3 years

05.1305.13

RNRRNR


Charterer Vessel Period Del. Day Rate (Abt.)Shell Global, West Africa PSV “Havila Borg” (3,787 dwt)

PSV “Ben Nevis” (4,097 dwt)PSV NB “Garware TBN” (4,000 dwt)Frontrunner PSV “Havila Fortune”

1 year firm + 4 yearly opt.1 year + 4 x 1 year opt.1 year + 4 x 1 year opt.80 days firm +20 daily opt.

07.1307.1307.1307.13

USD 28-30,000USD 28-30,000USD 28-30,000USD 28-30,000

5.4 West/South/East Africa

5.3 Mediterranean/North Africa:

Charterer Vessel Period Del. Day Rate (Abt.)BG, Tunisia AHTS “Maridive 229” (6,130 bhp) 6 months ext. 04.13 RNR

EDT/Maersk, Egypt AHTS “Havila Jupiter” (23,392 bhp) 30 days firm + 60 daily opt. 05.13 USD 65,000

ENI, Italy PSV “Vos Prudence” (3,300 dwt) 2-3 years + opt. 07.13 RNR

Gupco, Egypt AHTS “Vos Apollo” (5,150 bhp) 2 years 05.13 RNR

5.5 Americas:

Charterer Vessel Period Del. Day Rate (Abt.)Anadarko, Brazil AHTS “UOS Liberty” (16,000 bhp)

AHTS “UOS Challenger” (16,000 bhp)PSV “Seabulk Angra” (3,300 dwt)

90 days + opt.90 days + opt.5 months

06.1306.1306.13

RNR RNRRNR

Chevron, Canada PSV “Troms Capella” (4,800 dwt) 3-4 months 07.13 RNR

Marinsa, Mexico PSV “Stanford Condor” (1,350 dwt) 623 days 05.13 RNR

Noble Energy, Nicaragua AHTS “Maersk Topper” (15,300 bhp)AHTS “Maersk Tracer” (15,300 bhp)

2 wells firm2 wells firm

07.1307.13

RNRRNR

Petrobras, Brazil PSV “UP Diamante” (4,000 dwt)PSV “UP Topazio” (4,193 dwt)PSV “UP Agua Marinha” (4,000 dwt)PSV “UP Esmeralda” (4,283 dwt)PSV “UP Amber” (4,167 dwt)PSV “UP Pearl” (4,200 dwt)PSV “Havila Faith” (4,627 dwt)PSV “Far Star” ( 4,403 dwt)PSV “Siem Carrier” (4,679 dwt)PSV NB “Starnav C-382” (4,500 dwt)PSV NB “Starnav C-382” (4,500 dwt)PSV NB “Starnav C-383” (4,500 dwt)PSV NB “Starnav C-384” (4,500 dwt)PSV “Far Strider” (4,700 dwt)PSV “Far Supporter” (4,700 dwt)AHTS “Everest” (5,150 bhp)PSV “PFS Supplier” (3,100 dwt)PSV “Robert H. Boh” (3,962 dwt)PSV “Brasher Tide” (3,014 dwt)PSV “Trounson Tide” (3,250 dwt)PSV “Skandi Stolmen” (3,100 dwt)

4 years4 + 4 years4 years4 + 4 years PSV 45004 + 4 years PSV 45004 + 4 years PSV 45004 + 4 years PSV 45004 + 4 years PSV 45004 + 4 years PSV 4500 8 years8 years8 years8 years4 + 4 years3 years ext. + 2 months in 20134 + 4 years4 + 4x1 years4 + 4x1 years4 + 4x1 years4 + 4x1 years4 years

08.1308.1308.1308.1308.1308.1301.1501.1501.1501.1508.1305.1310.1306.1406.1306.1306.1310.13

USD 35,380USD 35,380USD Mid 30’sUSD 32,950USD 32,950USD 32,950USD 34,995USD 32,500USD 34,580USD 34,368USD 34,368USD 34,368USD 34,368NOK 154,100USD 27,500USD 21,700RNRRNRRNRRNRUSD 27,830


Charterer Vessel Period Del. Day Rate (Abt.)PSV “William E. Bright” (3,115 dwt)PSV “Sam S. Allgood” (3,107 dwt)PSV “Richard A. Philippi” (3,115 dwt)PSV “Luanda Tide” (3,350 dwt)PSV “De Vries Tide” (3,350 dwt)PSV “Carline Tide” (3,000 dwt)PSV “Collins Tide” (3,000 dwt)PSV “Art Carlson” (4,070 dwt)PSV “Pelafigue Tide” (3,032 dwt)PSV “Davidson” Tide” (3,250 dwt)PSV “FD Honorable” (3,250 dwt)PSV “Varada Supplier” (3,300 wt)PSV “Varada Supporter” (3,300 dwt)PSV “World Diamond” (3,300 dwt)PSV “World Emerald” (3,300 dwt)PSV “World Pearl” (3,300 dwt)PSV “World Peridot” (3,300 dwt)PSV “Havila Princess” (3,500 dwt)PSV “Normand Trym” (3,350 dwt)PSV “Normand Vibran” (3,240 dwt)PSV NB “CMM YX3188” (3,000 dwt)PSV NB “Casco 1510” (3,000 dwt)PSV “Vega Chaser” (1,340 dwt)PSV “Vega Challenger” (1,340 dwt) 4 x PSV “Galaxia TBN”PSV “Geonavegacao TBN”4 x PSV “Oceanpact TBN” 4 x PSV “Astromaritima”4 x PSV “Galaxia TBN” 2 x PSV “Geonavegacao”

4 + 4x1 years4 + 4x1 years4 + 4x1 years4 + 4x1 years4 + 4x1 years4 + 4x1 years4 + 4x1 years4 + 4x1 years4 + 4x1 years4 + 4x1 years4 + 4x1 years4 + 4x1 years4 + 4x1 years4 + 4x1 years4 + 4x1 years4 + 4x1 years4 + 4x1 years4 + 4x1 years4 + 4x1 years4 years + 120 days ext. in 20134 + 4x1 years4 + 4x1 years4 + 4x1 years4 + 4x1 years8 Years PSV 45008 Years PSV 45008 Years OSRV 7508 Years OSRV 7508 Years OSRV 7508 Years OSRV 750

10.1306.1406.1306.1406.1406.1406.1406.1406.1306.1406.1406.1406.1406.1406.1406.1406.1408.1310.1310.1306.1406.1410.1310.1304.1604.1604.1604.1604.1604.16

USD 28,000USD 28,000USD 27,500USD 27,500USD 28,500USD 29,000USD 27,000USD 27,000USD 26,000USD 27,750USD 29,850RNRRNRUSD 29,900USD 29,900USD 29,900USD 29,900USD 29,950USD 29,750USD 29,750USD 28,400RNRUSD 22,500USD 22,500USD 34,480USD 34,800USD 30,100USD 28,300USD 28,880USD 27,800

QGEP, Brazil PSV “Bruce Kay” (5,175 dwt)AHTS “Bremona” (7,000 bhp)AHTS “Reedbuck” (13,759 bhp)

60 days + opt.60 days + opt.90 days + opt.

RNR RNRRNR

Repsol, Brazil PSV “Campos Carrier” (4,798 dwt)PSV “Campos Challenger” (4,826 bhp)PSV “Santos Solution” (4,820 dwt)

3 years3 years3 years

USD Mid 30’sUSD Mid 30’sUSD Mid 30’s


5.6 Subsea fixtures world wide

Charterer Vessel Period Del. Day Rate (Abt.)Baker Hughes, India MPSV “Lewek Altair” (3,100 dwt) 3 years 04.13 RNR

BP, Gulf of Mexico Well “Q5000” (DP 3) 5 years RNR

BP, North Sea Well “Island Constructor” (18,754 bhp) 90-100 days ext in 2014 + 2015

06.13 RNR

Chevron, Thailand MSV “Bourbon Supporter” (5,264 bhp) 1 + 1 years 05.13 RNR

DeepOcean, the Nether-lands

MSV “Deep Helder” (DP 2) 5 years - min 270 days each years

05.14 RNR

Diavaz, Mexico MPSV “Atlantic Challenger” (3,372 dwt) 20 months ext. 04.13 RNR

Fugro, Australia MPSV “Havila Harmony” (5,000 dwt) 4 years ext. + 2x1 years opt. 04.13 RNR

Fugro, UK CON “Havila Phoenix” (17,379 bhp) 5 months ext. 06.13 RNR

Galoc, Philippines MPSV “Executive Valour” (3,700 dwt) 5 months 06.13 RNR

GeoSea, The Netherlands Jack-Up “MPI Resolution” 6 months 06.13 RNR

Karoon, Brazil MPSV “Far Swift” (3,084 dwt) 60 days ext. 03.13 RNR

Marine Platforms, Nigeria MPSV “Siem Marlin” (4,214 dwt) 1 year ext. 04.13 USD 45,000

Micoperi, Ghana MPSV “Viking Forcados” (3,375 dwt) upto 45 days 05.13 RNR

Oceaneering International LCV “Normand Flower” (14,198 bhp) 3 years firm + 3 x 1 years opt 4Q.13 RNR

ONGC, India MSV “Jaya Pioneer” (6,000 bhp) 1 year 04.13 RNR

Otto Energy, Philippines MPSV “Executive Valour” (3,700 dwt) 1 + 1 well RNR

Pemex, Mexico Heavylift “Seven Borealis” (47,000 dwt) 3 months 3q.13 RNR

Petrobras, Brazil CLV “Siem Carrier” (6,688 bhp)LAYSV “Seven Waves” LAYSV “Kommandor 3000”

4 + 4 years7 years5 years

08.1308.1407.13

USD 34,580RNRUSD 191,780

Punj Lloyd, India PSV “Jaya Pearl” (6,000 bhp) 30 days diving works 05.13 RNR

Reach Subsea, Norway MPSV “Bourbon Emerald” (4,200 dwt) 140 days firm + opt. 07.13 RNR

Ree, Spain CLV “Giulio Verne” (11,000 bhp) Long term, -115km of sub-sea high voltage cable in up to 750 msw.

01.15 RNR

Seabed Geophysics, Angola

MSV “Seabed Prince” 150 days 05.13 RNR

Seabird, Caribbean Seismic “Geo Pacific” (5,316 bhp) 85 days 04.13 USD 147,000

Seatrucks, Nigeria MPSV “Lewek Toucan” (4,000 dwt) upto 60 days 04.13 RNR

Siem Offshore Contractors AHTS/ROV “Siem Garnet” 4 months firm + 1 month opt.

04.13 RNR

Shell Philippines Explora-tion

CLV NB “Boskalis Endeavour” (7,500 dwt) 12 months 01.14 RNR

Subsea 7, UK CON “Skandi Seven” (15,600 bhp) 1 year ext. 04.13 RNR

Undisclosed Charterer, Asia

DSV “Skandi Singapore” (16,308 bhp)CON/AHTS “Skandi Hercules” (35,000 bhp)

FPSO installation/subsea structure installation and IRM campaigns

RNR


6.0 ON THE ROAD

Vessel photos taken by FOSAS colleagues on the road

PSV “Ocean Scout” UT 755LC Naming Ceremony in Stavanger

AHTS “Pacific 88” Naming Ceremony in Singapore

MPSV “Island Crown” in Oslo under Nor-Shipping where its Naming Ceremony took place.

AHTS “Havila Jupiter” seen in Bergen getting ready for departure to Egypt

From Fearnley Offshore Supply’s party at Sams Boat during OTC, Houston


7.0 UNCOVERED REQUIREMENTS (North Sea/North Atlantic Rim)

BP, UK has issued a tender for one PSV commencing end May to mid June 2013. The period is 6 months firm with 6 months opt.

Dana Petroleum, UK requires a PSV for the support of “Ocean Nomad” for 2 + 2 years commencing mid July 2013.

Wintershall, Norway has a tender out for one PSV (600 m2 deck) and one Standby vessel, each contract for 2-4 years firm plus 4 x 1 year option commencing September 2013.

For more details about uncovered requirements worldwide,

please don’t hesitate to contact: Fearnley Offshore Supply AS, Oslo,

for Asia/Middle East/Australia:Fearnley Offshore Supply Pte. Ltd., Singapore

for US areas:Fearnley Offshore Supply, Houston

8.0 CORPORATE

BOURBON and ICBC Financial Leasing, China have signed an operating lease Framework agreement for up to USD 1.5 billion corresponding to the sale and bareboat charter back for 10 years of up to 51 vessels. This is a part of Bourbon’s “Transforming for Beyond” action plan, future growth plan beyond 2015.

Tidewater, Inc. has, through a wholly owned subsidiary, purchased Troms Offshore Supply AS from its owners Hitech Vision. The purchase price is approximately USD 395 million. From what we understand this purchase includes the following platform supply vessels:

- Troms Pollux (VS485 CD/Built 2009)- Troms Castor (VS485 CD/Built 2009)- Troms Capella (STX 09CD/Built 2011)- Troms Sirius (STX 09CD/Built 2012)- Troms Lyra (STX 08CD/NB Delivery June 2013)- Troms Arcturus (STX 07CD/NB Delivery 2014)

In addition Troms Offshore manages the 2 x PSVs “Troms Fjord” (VS470) and “Troms Artemis” (VS485CD),1 AHTS and 4 other special purpose vessels.

Deep Sea Supply has entered into a 50/50% Joint Venture agreement with BTG Pactual on 1st June 2013. Following this, Deep Sea Supply will be the third largest OSV company in Brazil with 21

units. There will be no operational change.


Harvey Gulf is building first LNG bunkering facilities in America.It will be located at Harvey’s vessel facility in Port Fouchon, Louisiana. Harvey Gulf has currently six LNG

powered PSVs under construction at Gulfport.

9.0 THE SALE & PURCHASE MARKET

Otto Marine, Singapore has sold MSV “Otto Explorer 3” (built 2011 - 10,100 bhp, MT 6009L MKII design) to RY Offshore for USD 50 million. RY Offshore will charter the vessel back to Otto subsidiary Go Marine Group.

Rem Offshore, Norway acquired a PSV of VS 485MKIII design from Kleven Verft, Norway and has been named “Rem Fortune”. The vessel was delivered at the end of May and has already started on its 2 + 3 years charter with ConocoPhillips.

An AHTS Newbuilding “Hull HT082X09” (7,300 bhp, DP2 and FiFi 1) currently under construction at GMG Shipyard, China has been sold to Huawei Offshore for USD 22 million. The vessel was delivered from yard at the end of May 2013.

Skansi Offshore, the Faroe Islands has purchased a PSV of Havyard 833 design from Havyard, Norway which was delivered from yard in June 2013 and named “Kongsborg”. The vessel is chartered to BG Norge Limited for 1 + 1 years + 3 x 4 months option. The vessel has 86.8 m loa, 19.6 m beam, 4,600 dwt, 1000 m2 deck area and accommodation for 27 persons.

AHTS “Red Sea Polk” (built 1983 - 6,140 bhp) has been sold by Red Sea Marine, Egypt to CMI Offshore Limited.


PSV “Lady Kari-Ann” (built 1983 - 2,970 dwt, ME 202 design) has been sold to Nigerian buyers at a price believed to be approximately USD 2.5 million. Delivery has taken place and the vessel has been renamed “Prime Lady”.

TUG “Boa Njord” (built 2010 - 5,220 bhp, RAMPARTS 3200 design) has been sold and delivered to Kotug, The Netherlands and renamed “SD Salvor”. The price is reportedly approximately EUR 6 million. Kotug, has also purchased “Titan” (built 2013), a similar tug as “Boa Njord”, from Medmarine Shipyard, Turkey and the vessel has been renamed “SD Sparta”.

ROV “Acergy Legend” (built 1985 - 9,200 bhp) has been sold from Subsea 7 to Adesso of Nigeria for an undisclosed price.

DDW Paxocean, Singapore has sold AHTS “Hull no TO202” (9,000 bhp) to Marco Polo, Singapore for a pricereportedly around USD 16.5 million.

Newbuilding PSV ”Ocean Scout” (built 2013 - 3,300 dwt) has been sold to Ocean Scout DIS and chartered back to Atlantic Offshore on bareboat basis for a period of 10 years. The price, including project cost, is NOK 226 million. The vessel delivered from Simek, Norway in May 2013.

DSV “Kingfisher” (Built 1989 - 4,350 bhp, Sat dive spread) has been sold to Adessa Marine, Nigeria and renamed “Adessa Ocean King”.

AHTS “SCI-05” (built 1984 - 5,400 bhp) has been sold from Shipping Corporation of India to undisclosed buyers. The vessel was handed over to its new owners 8th April 2013.

PSV “VOS Prudence” (built 2013, 3,300 dwt) was sold from Coastal to Vroon before it recently delivered from Shipyard in May. The vessel will be moving to Mediterranean where it will be operated by Vroon Offshore Services, Genoa.

AHTS “Captain Dinc”, ex “Med Sette”, “Portosalvo” (built 1982 - 12,270 bhp), has reportedly been sold for Scrap.

PSV “Dakotah Bill” (built 1984 - 1,000 dwt) has been sold from Aries Marine to Combustibles Del Sureste, Mexico and renamed “GB Balam”.

CON/ROV “Aquitaine Explorer” (built 1975 - 8,000 bhp) has been sold to Spanopoulos Group, Greece and


renamed “Christos XXIII”.

AHTS “Jade” (built 1982 - 3,200 bhp) has reportedly been sold to Netwar Marine Logistic by Samson Maritime for an undisclosed price.

PSV NB “Daring Sentinel” (built 2013 - 3,300 dwt) has been sold to Malaysian buyer. The vessel is expected to be delivered from the yard in June 2013.

AHTS “Ajax” (built 1997 - 11,150 bhp) and AHTS “Achille” (built 1994 - 10,880 bhp) have both been sold to Nigerian buyers for an undisclosed price.

10.0 THE NEWBUILDING MARKET

Atlantic Offshore, Norway has placed an order for a Standby Vessel of Havyard 820 design at Zamakona Shipyard, Spain. The contract price is reportedly EUR 25 million and delivery is scheduled for May 2015. Atlantic Offshore has a vessel of same design to be delivered from same yard in 2014.

Bukser og Berging, Norway has ordered an ASD tug at VARD Braila, Romania. The tug will have 42.5 m loa, 15 m beam and 115 tons Bollard Pull. Expected delivery is Q1 2015 and the contract price is believed to be approximately USD 17.5 million.

Finarge/Rimorchiatori Riuniti, Italy has ordered an AHTS of MossMar design at SPP Shipyard in Korea + one option. The vessel will have 21,760 bhp and 220 tons Bollard Pull. Delivery is scheduled for end 2014 and the contract price is reportedly USD 60 million.

Hornbeck, USA has ordered additional two MPSVs HOSMAX-310 Jones Act at Eastern Shipbuilding with expected delivery in 2016.

Island Offshore, Norway has placed an order for a PSV at Vard Brevik, Norway with delivery during third quarter 2014.


Harvey Gulf, USA has ordered two Construction Vessels of STXCS 340 design at Eastern Shipbuilding USA with deliveries in 2015. The vessels will have 103.6 m loa, 22.2 m beam, DP2, 250 ts crane and accommodation for 120 persons. The vessels will be named “Harvey Blue-Sea” and “Harvey Sub-Sea”.

Kreuz Subsea Marine, Singapore has revealed more information about their new Diving Support Vessel. The 120 x 25 meters vessel will be of MT6024 design with 18 men double sat dive system for operations down to 300 meters. The vessel will be built at China Merchants Heavy Industry (Shenzhen) and delivered during second quarter 2015. The contract price is reportedly about USD 115 million.

Kuma Shipping, Hong Kong has placed an order for 2 x PSV of ULSTEIN P128 design from a Chinese Shipyard. The vessels will have 3,000 dwt, 71.5 m loa and will be delivered in 2014.

Marine Bulk Carriers, South Africa has placed an order at Guangxin Shipbuilding, China for an AHTS with 12,000 bhp and 78 m Loa. The vessel is scheduled for delivery in 2015 and the contract price is reportedly approximately USD 30 million.

Marine Platforms, Nigeria has placed an order with Havyard Group for a IMR Subsea vessel of Havyard 857 design. The vessel will be 113 m loa, 22 m beam, 1200 deck area, 250ts crane and accommodation for 120 persons. The contract price is approximately NOK 600 million and the vessel is scheduled for delivery in August 2014.

MK Marine, Singapore has ordered 4 x 78 meters PSVs from Xiamen Shipbuilding, China.

Nam Cheong, SIngapore has placed an order for 4 x 78 meters PSVs plus 2 x 75 meters PSVs from Xiamen, China.

Otto Marine, Singapore has ordered 2 x AHTS with 5,150 bhp from its PT Batamec shipyard in Indonesia. The contract price is USD 27.8 million for the two vessels and deliveries will take place in 2014.

Seajacks International, UK has placed an order for a wind farm installation vessel of GUSTO MSC NG14000X design at Samsung Heavy Industries, Korea. The vessel will be able to work in water depths down to 65 meters, be equipped with a 1,500 tons crane and will have a working deck area of 5,000 m2. Seajacks has options for the additional two units.


SeaMar Subsea, the Netherlands has ordered a MSV from De Hoop, the Netherlands. The vessel will be 64.8 m loa, 5.77 m beam, DP 2 and accommodation for 52 persons. Delivery of the vessel is scheduled to Q4 2014.

Sentinel Marine, Singapore has ordered 4 x Field Support Vessels at Nam Cheong, Singapore with option for additional four vessels. The vessels will be designed to work in the North Sea and are due to deliver during second half of 2014. The vessels will be built to ABS class, with 61 m loa, 15 m beam, DP 1 – option for DP and 1,400DWT. They will be named; “Cromarty Sentinel”, “Fastnet Sentinel”, “Lundy Sentinel” and Forties Sentinel”.

Siem Offshore, Norway has placed an order for a CLV of VARD CLV01 design at Remontowa, Poland. The vessel will have 92.5 m loa, 21.5 m beam, cable payload of 4,250 tons and accommodation for 60 persons. The contract price is USD 85 million and delivery is scheduled for April 2015.

Simon Møkster Shipping, Norway has placed an order for a PSV LNG Vessel of VARD PSV-06 LNG design at VARD Aukra, Norway with delivery during 1st quarter 2015. The vessel will have 94 m loa, 20 m beam, 900m2 deck area, DP 2, NOFO and ICE-C class. The vessel has been awarded a 10 years contract from ENI and will operate in the Barents.

Subsea 7, UK has signed a contract with Hyundai Heavy Industries, Korea to build a heavy construction vessel. The newbuilding will be of VS 4285 design, have 2,600m² deck area, DP3, 600 tons AHC crane, 325 tons top tension vertical lay system and a 7,000 tons under-deck basket for storage of flexible pipes, umbilicals and cables.


Tidewater, USA has placed an order for 2 x PSVs at Leevac Shipyard, USA. The vessels will be of LDS 300DE design with DP 2 and 5,400 dwt. Deliveries are set to take place within 2015.

Wintermar Offshore Marine, Indonesia has placed an order for 2 x AHTS vessels at Yuexin Ocean Engineering, China with option for two similar vessels. The vessels will be have 65 m loa, DP2 and 80 tons Bollard Pull. The price is believed to be USD 12.5 million per vessel.

Cotemar, Mexico has placed an order for 4 Crew Boats 41 m x 7.3 m at Grandweld Shipyard, UAE at a price of approximately USD 5 million each.

AHTS, PSV AND SUBSEA VESSELS

CURRENTLY UNDER CONSTRUCTION WORLD WIDE

Newbuild AHTS worldwideBHP 2013 2014 2015 2016 Total<8k 50 27 0 0 77

8k-12k 20 9 0 0 29

12k-16k 14 9 5 0 28

+16k 21 15 1 0 37

Total 105 60 6 0 171

Newbuild PSV worldwideDWT 2013 2014 2015 2016 Total<1.5k 7 0 0 0 7

1.5-2k 7 5 7 0 19

2-3.5k 52 38 3 0 93

3.5-5k 63 74 31 1 169

+5k 34 42 6 0 82

Total 163 159 47 1 370

Newbuild SUBSEA VESSELS worldwideTYPE 2013 2014 2015 2016 TotalCLV 1 2 0 0 3

CON 5 16 6 1 28

DSV 5 0 2 0 7Heavylift/ Pipelay 4 5 1 0 10

LAYSV 2 8 1 0 11

LCV 3 4 2 1 10

MPSV 6 10 2 2 20

MSV 8 13 2 0 23

ROV 0 1 0 0 1

Total 34 59 16 4 113


12.0 IN THE WAKE

An engineer dies and reports to the Pearly Gates. Saint Peter checks his dossier and, not seeing his

name there, accidentally sends him to Hell.

It doesn’t take long before the engineer becomes

rather dissatisfied with the level of comfort in Hell. He soon begins to design and build improvements. Shortly thereafter, Hell has air conditioning, flush

toilets and escalators. Needless to say, the engineer is a pretty popular guy.

One day, God calls Satan and says, “So … how are

things in Hell?”

Satan replies, “Hey, things are going great! We’ve got air conditioning, flush toilets, and escalators. And

there’s no telling what this engineer is going to come up with next.”

“What?!” God exclaims. “You’ve got an engineer?

That’s a mistake. He should never have been sent to Hell. Send him to me.”

“Not a chance,” Satan replies. “I like having an engineer on the staff, and I’m keeping him!”

God is persistent and insists, “Send him back or I’ll

sue.”

“Hah!” Satan answers. “And where are you going to find a lawyer? “

A man is flying in a balloon, but he is lost. He drops down to a height of 30 feet and shouts down to a

man standing in a field. 'excuse me, can you tell me where I am?'

The man replies: 'you are in a baloon'

'You must be a shipbroker' says the baloonist.

'How do you know ?' asks the man.

'Because the informations you supplied is factually correct, but

effectively completely useless.' says the baloonist.

'Well, you must be a shipowner', says the broker

'How do you know that ?' the baloon man asks. '

'Because' says the shipbroker, 'you got yourself completely lost and all of a sudden

it's my fault '


13.0 COMPANY INFO

Oslo office:

Tor A. Widing

Frederik Colban-Andersen

Erik C. Askvig

Harald F. Askvig

Espen Boger

Sigrid Ramuz Bomann-Larsen

Petter Dyring

Anders Engeset

Anders C. Hagen

Nina Johannessen

Kristian Kjølhamar

Nina Skeie

Johnny Smaavik

Fredrik Stang-Lund

Sonja Østensjø

Houston office:Tom Fairclough

Singapore office:

Harald P. Løvik

Alexis Chow

Øyvind S. Hansen

Jonathan Norfolk

Andrew Tang

Direct Lines:

+47 22 93 63 21

+47 22 93 63 24

+47 22 93 61 26

+47 22 93 61 22

+47 22 93 63 22

+47 22 93 63 27

+47 22 93 63 20

+47 22 93 64 32

+47 22 93 63 28

+47 22 93 63 26

+47 22 93 63 19

+47 22 93 63 23

+47 22 93 63 25

+47 22 93 64 29

+47 22 93 64 25 Direct Lines:+1 713 629 7072

Direct Lines:

+65 (6305) 0461

+65 (6305) 0974

+65 (6305) 0475

+65 (6305) 0465

+65 (6305) 0470

Mobile:

+47 90 16 10 79

+47 91 82 28 04

+47 93 21 39 03

+47 92 20 35 51

+47 91 84 27 40

+47 95 14 68 49

+47 90 16 10 81

+47 48 05 20 00

+47 91 80 07 61

+47 92 45 02 49

+47 97 02 36 81

+47 97 54 13 21

+47 90 16 10 89

+47 90 11 64 46

+47 90 78 19 49

Mobile:+1 713 289 4710

Mobile:

+65 (96) 20 7878

-

+65 8228 9443

+65 (91) 73 0303

+65 972 66 632

E-mail:

[email protected]

[email protected]

[email protected]

[email protected]

[email protected]

[email protected]

[email protected]

[email protected]

[email protected]

[email protected]

[email protected]

[email protected]

[email protected]

[email protected]

[email protected]

E-mail:[email protected]

E-mail:

[email protected]

[email protected]

[email protected]

[email protected]

[email protected]

24 hour service: +47 22 93 64 00 Please note our new email addresses!


Fearnley Offshore L.L.C.

One Riverway, Suite 1810

Houston, Texas 77056

Phone: +1 713 629 7072

Fax: +1 713 629 7073

[email protected]

Fearnley Offshore Supply Pte. Ltd.

Winsland House I

3 Killiney Road, #04-06/07

Singapore 239519

Phone: +65 6305 0461

Fax: +65 6736 1714

[email protected]

Fearnley Offshore Supply AS

P.O.Box 1158 Sentrum

N-0107 Oslo, Norway

Phone: +47 22 93 64 00

Fax: +47 22 93 63 01

[email protected]

Market Report June 130627

Documents

Transcript of Market Report June 130627