Supply & Tug Supply Boat Market ReportMarket Overview Of 12,552 vessels and 3,832 barges tracked by...

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

www.marcon.com

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

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

May 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

May 2011 1 15 26 20 17 17 25 9 7 26 163

Aug 2011 3 21 31 23 19 17 23 5 8 27 177

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 - Worldwide 5 14 33 33 18 10 23 8 8 27 179

May 2013 - U.S. 0 0 3 1 0 0 0 0 0 2 6

May 2013 – Foreign 5 14 30 32 18 10 23 8 8 25 173

Avg. Age Worldwide 1984 1986 1991 1997 1983 1982 1989 1987 1994 1992

Avg. Age U.S. 0 0 1994 1976 0 0 0 0 0 1990

Avg. Age Foreign 1984 1986 1991 1997 1983 1982 1989 1987 1994 1992

For Charter Worldwide 4 12 16 25 7 15 21 2 14 16 132

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

For Charter Foreign 4 12 16 25 7 15 21 2 14 16 132

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

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Market Overview Of 12,552 vessels and 3,832 barges tracked by Marcon, 3,106 are supply and tug supply boats. Tug supply boats

officially on the market for sale decreased from 193 to 179 vessels since May 2012 and down 6.77% or 13 vessels

from February. At the time of this report, 52 tug supply boats for sale were either built within the last 10 years or are

newbuilding re-sales. 63.13% of the tug supply boats are 25 years of age or over. Counter-balancing these “old ladies”

are six newbuilding resales, in the 5,150-16,094BHP range, scheduled for delivery in 2013. Other vessels not officially

on the market may be able to be developed on a private and confidential basis. 47.01% of foreign and 100.00% 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 73.35% 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

May 2011 2 5 10 5 34 11 10 18 16 111

Aug 2011 2 6 10 5 31 7 11 15 17 104

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 - Worldwide 7 7 8 8 29 8 10 31 14 122

May 2013 - U.S. 1 3 5 4 12 1 2 16 0 44

May 2013 – Foreign 6 4 3 4 17 7 8 15 14 78

Avg. Age Worldwide 1987 1994 1981 1988 1979 1985 1991 1992 1999

Avg. Age U.S. 2003 1987 1985 1991 1979 1998 1999 1989 0

Avg. Age Foreign 1984 1999 1976 1986 1979 1983 1989 1994 1999

For Charter Worldwide 4 3 3 6 12 1 5 5 16 55

For Charter U.S. 0 1 0 2 1 0 0 0 4 8

For Charter Foreign 4 2 3 4 11 1 5 5 12 47

Up Since Last Report Down Since Last Report


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The number of platform supply boats for sale decreased 5.43% from 129 to 122 since May 2012. There was a one vessel decrease in supply boats on the sales market since our last report in February. As of the time of this latest report, Marcon International has available 19 supply boats built within the last ten years, which includes three newbuilding re-sales scheduled for delivery in 2013. 77 PSVs, or 63.11%, are 25 years of age or older, with the oldest PSV listed built in 1966. The dominant location for second-hand tonnage on the market is the U.S. with 19.6%, followed by Southeast Asia with 19.3%, Mid-East with 11.3% and the Far East with 11.0%. “By arrangement” or where location is unknown makes up 4.0%. The rest of the globe makes up the final 34.8% of locations. CATs are barely the principal U.S. main engine suppliers to this sector and power 60 of the supply & tug supply vessels listed for sale, closely followed by EMDs in 47. Cummins and GMs power 12 vessels each. Nohab/Polar Nohab (long taken over by Wartsila) leads foreign manufacturers with 22, then 20 MAK, 18 Wartsila, 17 Bergen (acquired by Rolls-Royce in ‘99), 11 Yanmar and 71 units powered by others. In addition to those for sale, Marcon has 191 straight supply and tug supply vessels listed for charter worldwide, up one from November.

Crude Oil Prices

US$ 12-Sep 12-Oct 12-Nov 12-Dec 13-Jan 13-Feb 13-Mar 13-Apr

WTI - Cushing, Oklahoma 94.51 89.49 86.53 87.86 94.76 95.31 92.94 92.02

Brent - Europe 112.86 111.71 109.06 109.49 112.96 116.02 108.47 102.25

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

Worldwide Sale & Purchase News Two US flagged mini suppliers have been sold by T&T Marine LLC,

though both operated by Gulf Offshore Logistics LLC of Raceland,

Louisiana. Both purchased by unknown buyers. The first unit sold was the

2004 Master Marine built “Kolby D" measuring 142.0' loa x 32.0' beam x

11.5' depth x 9.75' loaded draft built in 2004 by Master Marine Inc. Certified

with USCG under Subchapter "L", carrying a ABS Loadline; “Kolby D" has

a 2,400ft2 clear deck and is powered by twin Guascor SF 240TA main

engines totaling 1,570BHP in addition to a 260HP bowthruster. The second

vessel was an older close sister, the 1998 built “Kylie D”. Her dimensions are 140.0' loa x 32.0' beam x 11.5' depth x

7.50' light draft x 9.25' loaded draft and she is powered by twin GM 12V149s developing 1,500BHP total.

Dutch operators Vroon Offshore have sold their AHTS “VOS Sound” to

unknown Nigerian buyers. The ice strengthened BV Classed vessel

measures 221.3' loa x 46.0' beam x 22.7' depth x 19.60' loaded draft.

Powered by twin MWM TBD510-18 main engines totaling 9,280BHP with

twin CP props created around 114mt of bollard pull. The vessel was built

in 1983 by Elsflether Werft, Germany under Hull No. 405 and named

“TS-52 Sound”. In 1993 it was sold to Smit Internationale NV of

Rotterdam and renamed “Smit-Lloyd Sound” under Bahaman flag. In

1996 it was sold to Seacor Marine Inc of Morgan City and managed by

Smit Fleet Services of Rotterdam under the Dutch flag. In 2002 the vessel was sold to Nomis Shipping Ltd of

Aberdeen; Scotland and renamed “Dea Sound”. In 2009 it was sold to Vroon Offshore and renamed “VOS Sound”.


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The small supply vessel “A Four” (ex- Prince Marine 07) has been

sold by Indian owner builders Prince Marine Transport to Hadi H Al

Hammam Establishment of Saudi Arabia and renamed “Hadi 38”.

Measuring 157.4' loa x 36.1' beam x 11.5' depth x 9.15' loaded draft;

the 2011 built unit was constructed at Prince Marine Transport

Services Pvt. Ltd.’s Indian Yard. The vessel has been reflagged to

Bahrain by her Saudi owners. The vessel is now classed with ABS.

With a deadweight of 520T and can carry about 200T of deck cargo on 320m2 clear deck. The PSV is powered by twin

Cummins KTA-38-M2 totaling 2,400BHP driving twin FP props. The vessel has no liquid mud or drybulk capacity.

Malaysia-based international company, Bumi Armada Berhad announced that its wholly-owned subsidiary, Bumi

Armada Offshore Contractor Limited has acquired and taken delivery of a MPSV

(multipurpose platform support vessel) “Iremis Condor” (ex- Gulmar Condor, Midnight Hunter,

G Murray, Louis G. Murray, DP Hunter and Pacific Installer) from Condor Shipco Limited (a

subsidiary of Iremis, ex-Gulmar) for a consideration of US$ 15.8 million. The 1978

Livingstone Far East built DP2 diesel electric vessel, which was re-named “Armada Condor”,

was re-built in 2002 which involved extension of vessel length, addition of DP2 system and

thrusters. The DNV-classed support vessel measures 104 meters in length with a beam of

22.4 meters; it features a 120 ton main crane with Active Heave Compensation system for up

to 2,000m water depth, an auxiliary crane, a cargo crane, moon-pool, helideck and built-in

gas storage of 14,800m3. It has 1,100m2 of deck space with deck load capacity of 1,300

tons and hydro acoustic to 2,000m. “Armada Condor” has accommodation for 127 persons.

The vessel is now classed with DNV and is powered by twin Wichmann 5AX main

engines developing 3,000BHP. The vessel was lengthened in 2000 in a Polish yard.

Swiber/Newcruz sold three of their 5,150BHP AHTS. First to go was

the 2007 Fuijan SouthEast built “Swiwar Victor” sold to Thailand’s SC

Group and renamed “SC Victor”. The vessel measured 194.3' loa x

49.0' beam x 20.0' depth x 16.23' draft powered by twin CAT 3516s

developing about 63T bollard pull. The other pair, “Swiwar Challenger”

and “Swiwar Venturer”, were sold to owner’s Indonesian entity. “Swiwar

Venturer” is a close sister to “Swiwar Victor”. “Swiwar Challenger” was

built in 2007 at Guangzhou Hantong and measures 192.5' x 47.9' x

18.0' depth x 15.58' draft. Sales prices not reported.

Farstad Shipping ASA has, through its wholly owned subsidiary Farstad Supply AS, reached an agreement with

Ocean Yield on a sale and leaseback of two AHTSs. The vessels, both UT 731 CD design, are under construction at

Vard Langsten in Tomrefjord (previously STX OSV Langsten) for delivery in March and May 2013 respectively. The

agreement with Ocean Yield implied an immediate sale of the vessels from Farstad Supply AS to Ocean Yield upon

delivery of the vessels from the yard. The vessels will then be leased back to

Farstad Supply on a 12 year bareboat charter. The agreement includes options for

Farstad Supply to buy back the vessels. Parties have agreed to keep commercial

terms of the agreement confidential. One vessel is the new “Far Senator” and the

other is the latter sister “Far Statesman”. Ocean Yield, a wholly owned subsidiary of

Aker ASA, notes that the vessels are high-end AHTS vessels with 24,371BHP and

265mt bollard pull and says that it has secured long-term export financing for

approximately 75% of the purchase price on attractive terms. The remaining

amount will be funded with equity. "We are very pleased to announce this

transaction with Farstad Shipping ASA, a company with an excellent standing and track record in the supply vessel

market,'' Ocean Yield's Chief Executive Officer Lars Solbakken said. "This transaction confirms our ability to generate

sale and leaseback transactions with high quality counterparts and is an important step towards building a larger and

more diversified portfolio of vessels before the listing of the company on the Oslo Stock Exchange."


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The 1997 Kvaener Kleven Leirvik built PSV/Standby vessel “Havila Runde” has

been sold by Havila to Secunda Canada. Measuring 226.3' loa x 208.6' lbp x

52.5' beam x 23.0' depth x 19.68' loaded draft, the vessel is powered by twin

3500BHP CAT 3608TA main engines. The selling price is at book value of the

vessel and the sale will release liquidity of around MNOK 30 (about US$ 5m).

Secunda repositioned the vessel to the East Coast of Canada, put her in her new

livery and renamed the vessel “Scotian Sea”.

The AHTS Vessel “Red Sea Polk” has been sold by Egyptian Owners Red Sea

International to CMI Offshore Limited, part of Caspian Mainport. The AHTS

was built in 1982 at Moss Point and has an fairly comprehensive list of ex-

owners and names, being the ex- “Polk Tide”, ”Seacor Republic”, ”Ensco

Republic” and “Nicor Republic” . Vessel is 60.0m length by 12.8m beam with a

max draft of 4.0m. She is classed ABS A1 Ice Class C Towing Service, AMS.

The two EMD 16-645E6 mains develop a total of 6,140HP and bollard pull of

50 tons. Vessel has been repositioned to the Caspian Sea and renamed “CM Plover”.

The small R/V “Cape Hatteras” owned by the National Science Foundation, operated by the Duke/University of North

Carolina Oceanographic Consortium, and managed by Duke University has been sold to Cape Fear Community

College. The Oceanographic Consortium was made up of five universities in North Carolina: Duke University,

University of North Carolina-Chapel Hill, North Carolina State University, University of North Carolina – Wilmington,

and East Carolina University. The “Cape Hatteras” had been berthed at the Duke University Marine Laboratory on

Pivers Island in Beaufort, North Carolina. Built in 1981 at Atlantic Marine Ship Builders, the vessel measures 135.0' x

32.0'. Powered by twin CAT 379TA, it develops a total of 1,130BHP whilst driving twin CP props. The vessel has a

range 7,000nm at 10kn and has a 25 day endurance. The vessel was certified ABS + A1 AMS Research Vessel. The

vessel will now be moored on the Cape Fear River in Wilmington. Dr. Ted Spring, CFCC president, said in a press

release pulling the finances together on short notice was essential to

purchasing the “Cape Hatteras”. David Hardin, CFCC public information

officer said “I can’t express enough how grateful I am to the CFCC

Foundation Board for their support, We couldn’t have done it without them.”

Mr. Hardin said CFCC is the only community college in North Carolina with

a marine technology program. Its purpose is to train people for jobs as

technicians aboard marine research vessels like the “Cape Hatteras”. “Our

current ship (R/V ‘Dan Moore’) is nearly 50 years old. When we found out the ‘Hatteras’ was for sale, we jumped on it.”

Mr. Hardin said the faculty at the college is thrilled to have the “Hatteras” coming. He said the college has been looking

for a new ship to use for training marine technicians for the last 10 years. Dr. Ted Spring, CFCC president, said the

“Cape Hatteras” is an ideal ship for the college’s marine technology program. “The proven capabilities of this vessel

will ensure that the college can continue to provide the unique offshore training experience that consistently helps

place graduates in jobs for the state’s marine industry,” he said.

Malaysian Shipyard Vitawani Shipbuilding sold its newbuild multipurpose

maintenance vessel Hull VT1 to Nautical Returns Sdn Bhd who immediately renamed

it “Nautical Alanya”. Measuring 218’ x 65.6’ and powered by twin Cummins KTA50-M2

main engines – it develops about 4,000BHP at 2,050RPM. Of note, on the 500m2 back

deck, the builder installed a 80T crane. The vessel is classed with Bureau Veritas but is

not notated with Dynamic Positioning.

Tidewater’s sell off of older tonnage continues. Off the TDW books went the 7,200BHP AHTS

“Jaguar Tide” (ex- Ocean Jaguar) which was sold to Abu Qurrah Shipping LLC subsidiary, Elite

Way Marine Services of the UAE, who renamed the vessel, “Abdallah”. Built in 1982 at Southern

Ocean Shipbuilding Singapore the vessel measures 218’ x 44.6’ x 17.1’ depth and is powered by

twin Yanmar 12ZL-ST driving twin fixed propellers. We understand new owners have reactivated

the vessel and steamed her from Asia to the Middle East.


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TAS Offshore Bhd (TAS) has secured new contracts to sell four offshore ships

for the oil and gas sector valued about RM 160 million. It said the contracts were

for the sale of two anchor handling tug oil recovery supply vessels and two offshore construction vessels. The four

vessels were sold to an unnamed overseas customer. The revenue stream from the contracts is expected to contribute

positively to the earnings and assets of TAS Group for financial years ending May 31, 2014 and 2015.

The US flag mini-supplier “Harry Joseph” has been sold by Seacor to GIS Marine LLC of

Louisiana. Measuring 150.0' loa x 36.0' beam x 11.5' depth x 10.00' loaded draft, the 500lt

deadweight vessel was built at Bollinger Shipyards in Lockport in 1999. Powered by twin

GM 8V149 main engines, it develops 1,520BHP. The vessel is certified USCG Subchapter

L for oilfield work and ABS Loadline. The vessel has been renamed “GIS Bianca”.

Another US flag mini-supplier changed hands this quarter, this one being the “ACO

Relentless” (ex- SPT Relentless) sold by Abdon Callais Offshore LLC of Louisiana to P&R

Water Taxi of Hawaii by Master Boat Builders in 2001 and measuring 150.0' loa x 36.0'

beam x 12.0' depth, The vessel is powered by twin CAT 3508 main engines developing

1,700BHP at 1,200RPM. “ACO Relentless” has an ABS Loadline and is USCG inspected.

The vessel is equipped with a 50T line pull Aurora single drum winch and a 16’ x 24” stern

roller. The new owner has renamed the vessel “Relentless”.

Charter News

North Star Shipping, a division of the family-owned global shipping and energy services firm

The Craig Group, has been awarded a major contract with BP with a value of £63 million.

The multi-service contract is for five years with a possible extension of five years and includes

tanker assist, platform supply and emergency and response rescue vessels, all supporting

BP’s operations in the North Sea. Four vessels, with a possible fifth to be added, are being

contracted - the “Grampian Talisker”, “Grampian Frontier”, “Grampian Conquest” and

“Grampian Dee”. Callum Bruce, managing director of North Star, said: “The award of this contract strengthens our

relationship with BP who we have worked with for over 25years. We continue to invest heavily in our fleet which has

cemented our position as the largest British wholly owned fleet engaged in the UK offshore industry.”

Island Offshore has been awarded two term contracts with Lundin Norway AS, for their

“Island Crusader” and “Island Contender” PSVs. These two vessels of UT 776 CD(G) design

are the first offshore supply vessels in the world capable of pure gas operations, providing the

most cost effective and environmentally friendly service in the industry at present.

Commencement of contracts is scheduled for May 13, and the vessels will support “SS Island

Innovator” during its drilling campaign with Lundin in the North and Barents Seas. Duration of

the firm period is estimated as 2.5 years with several optional wells. “By chartering these

vessels Lundin confirms their position as one of the most environmentally friendly operators in the North Sea. We

thank charterers for their commitments and wish Lundin success with their upcoming drilling campaign and look

forward to the cooperation,” said Island Offshore in a statement.

Global Industries Offshore L.L.C, owned by Technip, exercised their option to extend

the contract for the Solstad owned construction vessel “Normand Commander” for one

year from June 2013. Technip may extend the contract with further 2 x 1 year options after

expiry of the firm contract. “Normand Commander” is a DP2 MT 6016 Mk II design with a

length of 302’, beam of 65’, 100T crane, accommodations for 72 people and a Sikorsky S-

92 class helideck. The ship is equipped with a fully integrated diesel electric propulsion

system and prepared for worldwide operation. The clear deck area of 840m2, has a 6m2

moonpool and is equipped with a DNV classed 1,000fsw saturation system and ROV

support. Below deck is arranged for a whole range of various liquid cargo categories.


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AHTS icebreakers “Tor Viking” and “Balder Viking” have not had their existing

contracts for ice breaking renewed. Since 1999/2000, the vessels have been

available to the Swedish Maritime Administration (SMA) every Q1 for

icebreaking duties, but the vessels will end the contract after Q1 2014 and Q1

2015 respectively. Viking Supply Ship considers that the prevailing financial

terms of the SMA contract entered into in 1998 does not reflect current market

rates. In addition, it imposed a limitation for Viking Supply Ships to offer the

vessels for other charterers. Soon after making this announcement, Viking entered into a time charter contract for one

of its AHTS icebreaker vessels above with a major oil company. The charter agreement applies to the 2014 and 2015

seasons in sub-Arctic waters with options for 2016 and 2017. Duration of each season will be approx. 7 months

including mob and demob with commencement around May 1st each year. The charter is for specialized ice

management services in sub-Arctic operations with a total contract value for the firm period of approx. US$ 36.5m.

GC Rieber Shipping ASA entered into a charter agreement with Ceona Services (UK) Limited for its high capacity

subsea newbuild for a fixed period of 5 years, with options for up to five years. The vessel

will commence working for Ceona immediately upon delivery from Ulstein Verft in first quarter

2014. Ceona is majority-owned by GS Capital Partners funds. "GC Rieber Shipping has

strengthened its position in the high end subsea segment over the last years. We look forward to cooperating with

Ceona in the years to come" says CEO Irene W. Basili, GC Rieber Shipping. The newbuild contract was placed in

June 2012 at an investment of approx. NOK 800 million, with GC Rieber Shipping holding an option for one additional

vessel. The high-capacity newbuild is a construction support vessel designed for operations in harsh and deep waters,

with a length of 130m and a 25m beam. Vessel is built to the highest standard for dynamic positioning, DP-3, and is

equipped with a 250T AHC offshore crane. The ship is designed to operate in the SURF market, with capacity for pipe

loads below deck and on main deck, and a vertical pipe laying system above the moon pool. Ship can accommodate

130 crew and is built according to the latest international environmental standards. Ceona will equip the vessel with a

270T vertical lay system (VLS).

Miclyn Express Offshore (MEO) has announced that a key customer in Thailand has recently awarded MEO two

long term OSV contracts. “Miclyn Constructor I” and “MEO Sovereign II”, both internally constructed, have been

awarded 2 year contracts commencing in February 2013 and March 2013 respectively. MEO has also recently secured

additional OSV contracts in South-East Asia and Middle East. “Miclyn Endurance” was recently awarded a 1+1+1 year

contract in Malaysia commencing in February 2013, the “MEO Galaxy” was awarded a 9

month + 3×1 month contract in Malaysia commencing in March 2013 and “Miclyn Power”

was awarded a 4.5 year contract in Qatar commencing in April 2013. Including the “Miclyn

Victory” and “Miclyn Enterprise” contracts announced on 18 January 2013, MEO has now

signed seven new OSV contracts worth US$ 56 million since the start of the calendar year.

CEO Diederik de Boer said, “Whilst we have experienced some earnings softness in

Financial Year 2013, largely due to a high level of re-contracting activity, asset redeployment

and softer than anticipated market conditions, we have been able to leverage off our strong

operating performance and customer relationships to secure a number of long term OSV contracts”. In line with its fleet

renewal strategy, MEO has also entered into agreements to sell two Crew/Utility Vessels for a modest disposal gain.

The vessels are aged 23 years and 26 years and will exit the fleet in April 2013 as part of a renewal program that

includes seven new Crew/Utility Vessel deliveries between January and June 2013.

Alam Maritim Resources Bhd’s wholly owned subsidiary, Alam Maritim (M) Sdn Bhd, has

secured two contracts with a combined value of RM 85.2 million. In an announcement to

Bursa Malaysia, Alam Maritim said these contracts included a letter of award from Petronas

Carigali Sdn Bhd for provision of an accommodation vessel for a primary period of five years,

with an optional extension for another one year. Valued at around RM 61.32 million, this

contract commenced on March 11, 2013. It said the other contract was for the provision of a platform supply vessel

and an extension of contract for a work barge from two established oil and gas services companies. The provision of

the platform supply vessel is for a primary period of 270 days, with an optional extension for another 135 days, while

the provision of the work barge is for 104 days with no option to extend.


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Subsea 7 S.A. has been awarded a contract by Petrobras worth in excess of US$ 350 million for operation of a pipe

lay support vessel .The contract is on a day rate basis for five years. “Kommandor 3000” will start operations under the

contract in 2013. The owners noted that during the year this vessel will spend

approximately 90 days in dry-dock for maintenance. The work scope is similar

to the current contract, including project management, engineering and

installation of Petrobras supplied flexible lines and equipment on a day rate

basis. “Kommandor 3000” is a construction/flexlay vessel with a purpose built

pipelay system to install flexible lines, umbilicals and equipment in up to 2,000

meters water depth and with a top tension capacity of 150 tons. Victor

Bomfim, Senior VP for Brazil, said: “Subsea 7 has one of the most advanced

vessel fleets in the world for subsea engineering and construction, and we

look forward to supporting Petrobras in future developments.” The vessel is a 1984 Brazilian built Pipelay unit

measuring 388 x 69’. The vessel had been working for Petrobras for the previous 6 years.

DeepOcean was awarded a 20 months extension of the “Atlantic Challenger”

contract with offshore contractor Constructora Subacuatica Diavaz, S.A. de

C.V. (Diavaz), in Mexico. DeepOcean was awarded the existing contract in

2011 and “Atlantic Challenger”: has been working in Mexican waters for many

years under previous contracts with Diavaz. The vessel has proven to be a

reliable and competitive asset for Diavaz in topside and subsea construction

support, inspection, maintenance and repair work for Pemex. The award

extends the contract until the end 2014. “The extension of the contract

confirms Diavaz’s continued trust in DeepOcean’s operations and maintains

our position in the Mexican offshore service market with the ‘Arbol Grande’

and the ‘Atlantic Challenger’” says Javier Leon-Orantes, Regional Manager for DeepOcean Mexico.

Havila Shipping ASA has agreed with Fugro TSM in Perth, Australia to extend

the firm contract period for the 2005/2007 built MT6010 designed subsea vessel

“Havila Harmony”. The firm period is four years and ends 30th April 2017 with two

optional one year periods. “Havila Harmony” will continue to work on existing

charter in Malaysia. It was also agreed to extend the charter period for the Havyard

858 design “Havila Phoenix” with 5 months until 21st November 2013. The

extension will keep “Havila Phoenix” on contract until docked for reconstruction for

the next charterer. The value of the contracts is for the firm periods approximately

NOK 425 million.

Havila also announced a contract renewal for the VS483 designed, 1999 built PSV

“Havila Faith” (ex- Stirling Tay) with Petrobras of Brazil. The vessel had been operating

for Petrobras in Brazil under existing contract up to August 2013. The new contract is

for a firm period of four years up to August 2017, and one optional period of further four

years up to August 2021. The vessel measures 271.7' loa x 62.3' beam x 24.9' depth x

20.82' loaded draft and carries 2,700MT on 902m2 clear deck. Two Wartsila 6R32E total

6,688BHP drive two Wartsila CP props. The vessel is fitted with Kongsberg Simrad

SDP1 dynamic positioning.

Havila also was awarded a new long term contract with Shell Global for the PSV

“Havila Borg” (built 2009). “Havila Borg” operates for Shell Norway under existing

contract up to July 2013 and the new contract starts in direct continuation of the

existing contract. The new contract is for a firm period of one year up to July 14, and

four yearly options thereafter. The value of the firm contracts period is about NOK 350

million. The vessel measures 257.8' loa x 57.7' beam x 25.3' depth x 21.30' loaded

draft and is driven by four MTU 12V4000M50B totaling 7,504BHP. The vessel is of

Havyard 832 CD design.


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Orders Leevac Shipyards Jennings LLC, of Jennings, LA, a subsidiary of Leevac Shipyards, LLC has signed contracts with

Hornbeck Offshore Services, LLC of Covington, LA for construction of two STX Marine SV 310 Multi-Purpose

Supply Vessels; 302’ x 76’ x 26’, 12,070BHP diesel electric powered MPSVs. "These will be the twenty-third (23) and

twenty-fourth (24) vessels to be built by Leevac for Hornbeck” says Christian Vaccari, President and CEO of Leevac.

The SV 310 is a very complex vessel design with unique characteristics integrated into the design by Hornbeck to

meet a number of subsea inspection, repair and maintenance (IMR) support and heavy lift requirements. The vessels

will be outfitted with a 250 ton crane provided by Cargotech, and will be powered by four Caterpillar Model 3516C Tier

3 IMO II Marine variable speed diesel propulsion generator sets rated at 2,250kW each. The propulsion drives and

thrusters are being provided by Schottel. GE Power Conversion is vendor for the integrated electrical system, power

management, vessel control, DP-2 systems, machinery

alarms, power and propulsion systems. Marine Interior

Systems has been selected for the joiner work and Marine

Aluminum will be providing the helideck system rated for a

Sikorsky S-92 helicopter. The vessel will be built to ABS,

USGC and SOLAS classifications. Additionally, will be

ABS Classed with the A1 Offshore Support Vessel (FFV-1)

notation for off ship fire-fighting capabilities and SPS

(Special Purpose Ship). "Hornbeck Offshore is pleased to

once again be building at Leevac” stated Todd Hornbeck, President and CEO of Hornbeck Offshore. ”The team at

Leevac has delivered the majority of the new vessels that we have constructed since 1997, and we are confident that

when delivered, our HOSMAX 310 MPSVs will continue the string of additions to the HOS fleet from the Leevac yard

that have historically enhanced our ability to deliver reliable service to our customers, and solid returns to our

shareholders." Christian Vaccari, President and CEO of Leevac went on to say "Exceeding our customer’s

expectations by building quality vessels on time and on budget while maintaining an safe work environment is how we

preserve long-term relationships with our customers. I am very pleased to see Hornbeck expand their building program

with us. This contract will bring our employment count to over 600 jobs in Southwest Louisiana and extend our backlog

into early 2016. Leevac is currently building two Z-Tech 2400 Class Escort Tugs for G & H Towing Company, one

MMC 879 PSV, two LDS 300 DE PSVs for Tidewater Marine, and two LDS 270 DE PSVs for Aries Marine.”

As mentioned above, Leevac Shipyards also announced a contract with Tidewater Marine to build two Leevac

Design Services (LDS) PSVs with options for two additional vessels. The 300’ diesel electric PSVs will be built at

Leevac’s yards in Louisiana. “We are very excited to have another opportunity to build for Tidewater. This marks the

seventh and eighth Leevac designed vessels to be built for them.” said Christian Vaccari, President of Leevac. The

LDS 300 DE PSV will have a deadweight capacity of 5,400LT and carry

over 17,600 barrels of liquid mud. It will be powered by four Caterpillar

Model 3516C Tier 3 IMO II Marine variable speed diesel propulsion

generator sets rated at 2,100kW each. Propulsion drives and thrusters are

being provided by Schottel. Tidewater chose Siemens as vendor for the

Integrated Electrical System. These will be the first US built PSVs to be

outfitted with Siemens’ Bluedrive Plus C™ systems used to control power

management, vessel control, machinery, alarms, power and propulsion

systems. Additionally, Tidewater has chosen to class this vessel HAB

(WB) and vessel will be ABS classed with the A1 Offshore Support Vessel

FFV-1 notation for off-ship firefighting capabilities. “I have worked with the team at Tidewater for years”, said Mike

Jannise, Engineering Manager at Leevac. “These guys know what they want and it makes designing a vessel of this

quality level a very exciting project for us.” Billy Brown, Tidewater’s VP for Engineering and Technical Services, said

“Tidewater is pleased again to have the opportunity to work with the Leevac design and new construction teams.

Tidewater has added more than 200 new ships to its global fleet over the last 10 years, with vessels built in both U.S.

and international shipyards. We have consistently found that LEEVAC designs and builds a fine ship.”


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China's Sinopacific Shipbuilding Group secured a contract to build four AHTS offshore support vessels for Russian

shipowner, FEMCO. The vessels will be built to Sinopacific's own SPA150 design to BV class by Sinopacific's Dayang

Shipbuilding unit for delivery in 2015. The contract is the first OSV contract to be placed with a Chinese shipyard by a

Russian shipowner. FEMCO group provides services in oil and gas development

areas worldwide. Its current offshore support fleet includes 11 AHTS and icebreaker

AHTS vessels. The 72m, 150T bollard pull SPA 150 is the first medium size AHTS in

Sinopacific's proprietary SP series developed by Shanghai Design Associates (SDA).

Since the first ship in the smaller SPA 80 series, also designed by SDA, was put into

operation 11 months ago, it has won recognition from its owner Bourbon and was

recently nominated for a Support Vessel of the Year award. The 12,240HP SPA 150

has 515m2 of cargo deck and is equipped with 10T/m2 uniform load, high pressure

hydraulic deck machinery. It provides accommodations for 40 people. All four FESCO SPA150 newbuilds will be DP2

equipped, two vessels will be FI-FI I equipped, while the other two will be FI-FI II and ORO equipped.

Edda Accommodation, operated by Norway's Østensjø Rederi, placed an order for a new monohull accommodation

vessel at Korean shipbuilder Hyundai Heavy Industries Co., Ltd. The order includes an option for a second vessel.

Designed by Salt Ship Design, the next generation newbuild is 155m long and will have a total accommodation

capacity of 800 persons in one- or two-man cabins. The interior of the vessel is of executive standard, and will include

850m2 office space as well as recreation areas, such as modern gym, sauna, two swimming pools, conference rooms

and an auditorium. Delivery of the first vessel will be in June 2015. The newbuild will be equipped with a heave

compensated telescopic gangway with a length of 55.5m. In addition,

a cargo deck area of 2,000m2, a 120T rig support crane and two

supply cranes will make the vessel highly suitable for cargo handling

and construction support. When finished, the vessel will provide

construction support and additional living quarters for support

personnel during commissioning, maintenance and decommissioning

of offshore installations world-wide, including arctic areas. The

decision of ordering a new monohull accommodation vessel is a

result of the successful experience with the company's existing accommodation vessel, “Edda Fides”. Since delivery in

March 2011, “Edda Fides” has proven the capabilities of a monohull accommodation design, by successfully

completing projects in the North Sea, the Mediterranean and Australia. "Due to a proven concept and significantly

lower investment and operating cost compared to semisubmersible accommodation rigs, the new accommodation

vessels will be highly competitive in a market with anticipated fierce competition. We expect the additions to our fleet

will enhance our position as a global provider of world-class accommodation services," says CEO Johan Rokstad.

Otto Marine Limited has secured new shipbuilding orders for two offshore vessels for a total value

of US$ 27.8 million. The new contracts are for two identical 5,150BHP anchor handling tug supply

vessels (AHTS). The two AHTS will be approximately 62m in length and will be constructed to meet

ABS class requirements. The contracts were awarded by a renowned Indonesian operator that owns

and operates a fleet of offshore and other vessels. Vessels are to be delivered in second half 2014.

Vroon Offshore Services announced the order of two newbuilding platform-

supply vessels (PSV) at Fujian Southeast Shipyard in China, with an option

for two additional vessels. The two 78 meter PSVs of KCM design are

scheduled for delivery during 2015 and will be operated by Vroon Offshore

Services. Vroon currently has four emergency response and rescue vessels

and two subsea-support vessels on order with Fuijan. Vessel particulars are:

length overall (approx.) 78m; breadth moulded 18.4m; depth to main deck

7.8m; max. / design draught 6.0m; deadweight at max. draught 3,600 tons.

Special Class Notation (ABS) DPS-2, FiFi 1, UWILD, Enviro. Deck load 1,500

tons; Cargo deck area 750m2. Max. speed 13.0 knots. The vessels will also be

MLC2006 and SPS2008 compliant, Green Passport.


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Kleven secured a landmark new contract for a high spec, 107m long Expedition Support Vessel, specially designed for

long expeditions in rough waters. The vessel blends a robust, hard-working character with luxurious added extras,

including a swimming pool and its own 21m tender boat on the bow. Svein Rune Gjerde, CEO of Marin Teknikk, says

that the project is an exciting one for the designer: "One year ago Marin Teknikk was contacted by the shipowners

asking if we would design a so-called Expedition Support Vessel," he comments. "We find that shipowners like our

design styles and value our considerable experience - spanning from the design of service vessels to the oil and gas

industry to our ocean-going fishing vessels. It has been exciting to be able to utilize the

know-how of our employees to develop a luxury vessel of this type, which is being

constructed for a rather different use than the offshore vessels we usually work with on

a daily basis." Gjerde adds: "This has been a different and interesting project for our

design team. The knowledge underpinning the development of this vessel is much the

same as it is for our successful offshore vessels, but new regulations and specifications

have made this an exciting and challenging project." Ståle Rasmussen, CEO of Kleven,

is enjoying collaborating with Marin Teknikk. He comments: "We have worked with

Marin Teknikk for many years, developing numerous offshore vessels together, and the

collaboration between us always works well. This vessel is a good example of our ability to develop and build

specialized vessels and prototypes." He continues: "The shipowners chose us because they wanted Norwegian design

and construction at Norwegian shipyards, due to quality standards, delivery times and price. We are delighted to have

won the competition based on these criteria." The vessel will accommodate 60 people and be equipped with a helipad

and helicopter hangar. It will be built at Kleven Verft, Ulsteinvik and scheduled for delivery December 2014.

Malaysia’s largest OSV builder Nam Cheong sold six vessels to two existing

clients for a total $72.1m. The yard sold two 5,150BHP anchor-handling towing

supply vessels and four emergency response & rescue vessels. The two AHTS

vessels were sold to subsidiaries of Icon Offshore Berhad, one of Malaysia’s largest OSV groups, which own 32

vessels. To be built as part of the Nam Cheong’s build-to-stock series, the two will be deployed in Malaysian waters.

Nam Cheong’s executive director Leong Seng Keat called this deal “indicative of strong momentum” in Malaysia’s

offshore sector. “The market for small size AHTS vessels remains buoyant, especially within the Malay basin being in

the shallow water region, where we are seeing demand for new businesses relating to top side maintenance, hook up

and commissioning, and the exploitation of reserve, as well as the need for older vessels to be replaced with new and

higher specification ones.” Meanwhile, the four ERRVs were sold to an unnamed Singapore-based company, likely

Sentinel Marine. Constructed under Nam Cheong’s build-to-order model, the ERRVs will be deployed in the North Sea.

All six vessels will be built in Nam Cheong’s subcontracted yards in China and are scheduled for delivery between

2Q13 and 4Q14. With the recent contract wins, Nam Cheong’s orderbook to date stands at 1.3Bn ringgit ($419M).

Subsequently, China’s Xiamen Shipbuilding Industry has inked deals for construction of 10

platform supply vessels with Singapore’s MK Marine and Malaysia’s Nam Cheong. The PSVs that

Xiamen has won are the types of 78M and 75M; the former type has 78m in length and 18.6m in

breadth, capable of operating at 13 knots while the latter one has 75m, 8m and 17.25m in length,

breadth and height, respectively, capable of moving at 12.5 knots. Both types of PSVs are researched and developed

by Xiamen on its own. Speaking more specifically on the contracts, Xiamen has won four PSVs of 78M from MK

Marine and four 78M PSVs with two 75M type from Nam Cheong. Meanwhile, the Chinese builder is said to be

standing on 35 vessels on order in offshore segment, having slots on schedule till 2015.

Wintermar Offshore Marine from Indonesia signed a contract for construction of two 65m Anchor Handling

Tug/Supply Vessels and two optional ones (2+2) with Guangzhou Panyu Yuexin Shipbuilding Co. The design is

from Focal Marine & Offshore, the vessels will be built under the survey of ABS. With

respect to basic particulars, aside to the length of 65m, the AHTSs will feature 16m

breath moulded and 6.2m max draft. The designed speed is 13 knots, whereas the

designed bollard pull amounts to 80 tons. The vessels will have the capacity to carry

570m3 of fuel oil, 300m3 of fresh water, 370m3 of mud and 170m3 of dry bulk. The gross tonnage ranges at about

1,500 tons. The vessels will be outfitted with two 3,000HP Niigata diesel main engines.


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The Foreign Minister of Iceland, Dr. Össur Skarphéðinsson announced that Fafnir

Offshore, an Icelandic oil service company, had contracted Havyard Group to build

and deliver Iceland’s first platform supply vessel, a 4,500dwt PSV to be constructed at

the Havyard Leirvik AS shipyard in Leirvik I Sogn. The Foreign Minister stated that

Iceland is ready to embrace the opportunities and meet the challenges being brought by

the changes in the High North. Due to climate change, shipping routes between the

North Atlantic and Asia are opening up. Huge potential in both oil and minerals in East

Greenland and elsewhere is coming to the stage of utilization. Oil potential on the Jan Mayen ridge is with the present

knowledge not only probable but possible. This brings about vast opportunities as Iceland is in a central position for

offshore services and offers an excellent location for an air and maritime rescue services center. At the same time

Iceland puts an emphasis on the importance of any activity to be carried out with the utmost respect for nature and the

environment. “I welcome the initiative of Fafnir Offshore and I´m certain that the company will benefit from the

developments in the High North. I predict this heralds a new chapter in the industrial history of Iceland as this is the

first vessel specially built for future services to offshore fields north of Iceland. Already, the first licenses have been

issued in the Dreki area and I feel certain that the contract on the new vessel is the beginning of a prosperous offshore

service industry in Iceland.” The Minister specially noted that the new vessel will be the most expensive ship ever in

the Icelandic fleet and is due to be delivered July next year. Mr. Steingrímur Erlingsson, the CEO of Fafnir, said at the

occasion: “After exiting the Canadian fisheries in 2011, I had the opportunity to explore the offshore business in

Norway. I am determined in building an offshore business in Iceland. This is the first step.” The Havyard 832L L WE state-of-the-art design will be specially built for operations under extremely harsh conditions in the North Atlantic. The contract between Fafnir Offshore and Havyard Group is valued at over 330 million NOK, or approx. 7.3 billion ISK, making the ship the most expensive ship ever built for an Icelandic company. Íslandsbanki and GIEK have signed a letter of intent to finance the project. Mr. Geir Johan Bakke, CEO of Havyard Shipping Technologies stated that: “The design is the newest development in this series of platform supply vessel designs. It is specially developed to operate in areas with rough weather and sea conditions and comprise the latest technology for economical and environmentally friendly operations. We at Havyard are extremely proud that Fafnir chose this design for their first offshore vessel.” The ship is an Ice Class B vessel and can accommodate 30 people. The length of the ship is 88.5m by 17.6m wide. The deck area is 850m2. The ship is equipped with a firefighting unit, an emergency oil recovery system, a NOX reduction unit for minimum environmental effects, and a dynamic-positioning system (DP2) for optimal position keeping during operations. The Havyard 832 L WE design’s foreship is developed for giving better motions and less resistance in heavy seas and at the same time being efficient in moderate seas. The aft ship of the vessel is equipped with a twin skeg design giving higher propeller efficiency, lower hull resistance and better course stability resulting in considerably lower fuel consumption than conventional aft ship designs. The home of Fafnir’s new ship will be Fjarðabyggð on the east coast of Iceland.

One of South Korea’s top five shipbuilders, SPP Shipbuilding, has secured a $120 million contract for construction of two mid-sized anchor handling tug supply vessels. The Yonhap News Agency reports, SPP Shipbuilding said that the 90 meter vessels will be equipped with the so-called dynamic positioning system, a computer-controlled system to automatically maintain a vessel’s position and heading. The contract, was reportedly signed with European owner Finarge Srl, the delivery of the vessels will be completed in the second half of 2013.

Vard has entered into a new contract with Island Offshore for construction of one

advanced offshore support vessel of Rolls-Royce design. The value of the contract

amounts to approx. NOK 400 million. Delivery is scheduled from Vard Brevik in Norway in

Q3-2014. The hull will be delivered from Vard Braila in Romania. The Island Offshore

Group is a leading provider of services to the offshore industry managing a fleet of 23 high

quality vessels with an average age of less than four years, currently operating in Brazil,

Mexico, USA and in the North Sea. Vard has delivered close to 30 vessels to Island

Offshore in the past, in addition to seven vessels currently under construction.


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SeaMar Subsea BV has entered into a contract with Shipyard De Hoop of the Netherlands for construction of a Multipurpose Offshore Support Vessel. Custom designed to stringent environmental control, the diesel electric powered 65m vessel will be constructed for low fuel consumption, clean ship / green passport / SPS2008 and high comfort class notation, making it the first offshore vessel to be built in the Netherlands to this specification. The DP2 class vessel provides ergonomically designed accommodations for a total of 52 personnel in single or double cabins, complete with conference rooms, working offices, recreation rooms and a gymnasium. Vessel will be manned and

operated from the Netherlands, sailing under the Dutch Flag and registered in Den Helder. The vessel’s main propulsion system consists of two 900kW azimuth thrusters at the stern and two bow thrusters, one of which is a 600kW tunnel thruster and the other a 400kW retractable azimuthing thruster, all powered by four 995kW generators, with Caterpillar C32 prime movers. The state of the art multipurpose OSV will be completed and delivered the second quarter 2014. It incorporates several innovative design features, which will provide support to the offshore oil & gas and renewables markets. These features include a long jib

length crane, triple moon pools, large under deck workshops and a four point mooring system. The vessel provides a total working deck space of 500m2 at a rated load of 5T/m2. In addition to this, the deck is strengthened locally at the stern to accommodate a 20T A-frame and around the moon pool where it is increased to a loading of 60T/m2. Principal particulars: Length overall 64.80m, Breath moulded 15.77m, Summer draft 4.50m. 1,500T deadweight at a draught of 4.50m. 500m2 working deck space. Moon pool with 4m x 4m hydraulically operated door. The vessel accommodates 52 persons in 12 single and 20 double berth cabins. The vessel is classed Bureau Veritas, Clean Ship, Green Passport, Comf-VIB-1 / Comf-Noise-1. SPS 2008 Dynamic positioning: Kongsberg type K-POS-DP-21 Green DP. Vard Holdings Limited, formerly known as STX OSV, as one of the major global designers and shipbuilders of offshore and specialized vessels, entered into a Letter of Intent with Simon Møkster Shipping for design and construction of one PSV. The shipbuilding contract for the design and construction of the vessel is expected to be entered into within a few weeks. The vessel, of VARD’s own PSV 06 LNG design, is scheduled for delivery in Q1-2015 from VARD in Norway. The hull will be delivered from VARD in Romania. The PSV 06 LNG is a new innovative design developed by Vard Design. The vessel will be a Clean Design environmentally friendly dual-fuel LNG / diesel-electric ship with focus on low fuel consumption and low emissions of greenhouse gases. The vessel will be approx. 94m long and 20m wide, and designed to meet requirements for support to the Goliat oil and gas field in the Barents Sea. Simon Møkster Shipping has been awarded a charter contract by oil major Eni Norge for the operation of the vessel. In addition to regular PSV duties, the vessel is equipped for emergency operations like rescue, emergency towing, firefighting and oil recovery. At the stern of the vessel, a hangar will be fitted to accommodate an emergency towing winch, NOFO oil recovery equipment and a slipway for launch and recovery of the rescue crafts. Stavanger, Norway headquartered Simon Møkster Shipping operates a large fleet of ships and VARD has built several of these vessels in the past. Hong Kong based Kuma Shipping ordered two ships of the new P128 design from a Chinese shipyard. “This is a design that combines low fuel oil consumption with high carrying capacity at an attractive price,” said Ove Dimmen,

area sales manager in Ulstein Design and Solutions. “We wanted to come up with a design for a smaller PSV that could support barges and rigs in a more economical way than the traditional offshore support vessel, both in terms of building cost and operational costs.” Dimmen and his team developed the Ulstein P128 with input from Kuma Shipping. The vessels are planned for delivery in 2014. The vessels measure 71.5m by 15m, and have a deadweight of approx. 3,000 tons. The 610m2 work deck can accommodate four lengths of 12m long casing pipes and is enclosed by plate covered crash barriers providing increased safety for crew and cargo. The discharge systems have been designed for safe and efficient loading and discharge of several dry and wet bulk cargoes simultaneously. DP2

and automation system for machinery and cargo handling will contribute to safe and efficient vessel's operation. The vessels will be arranged and equipped for 24 persons.


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Silk Holdings Bhd is spending RM 216 million for the construction of three new anchor handling tug supply vessels in regards to its ongoing fleet renewal and expansion program. The company, through its 70%-owned subsidiary Jasa Merin (M) Sdn Bhd, entered into an agreement with Muhibbah Marine Engineering (M) Sdn Bhd to build the AHTS. Silk’s executive chairman Datuk Mohd Azlan Hashim said the new vessels will add to Jasa Merin’s vessel roster bringing it to 21 owned vessels once completed and fully operational. The vessels consist of two 62m, 60 ton bollard pull vessels and a 70m, 120 ton bollard pull vessel. The vessels are expected to be delivered in stages from the end of the current calendar year until early 2014. “The additions to the new fleet are going to make us a medium size player in this field. But it is not about the size. The most important is the means for all the vessels that we currently have. With the capability that we have and our good track record, we are cautiously optimistic of growing in this industry,” he added. Subsea 7 S.A. has signed a contract to build a new heavy construction vessel which will be delivered in 2016. Korean company Hyundai Heavy Industries (HHI), one of the world’s largest shipbuilding companies, will build the new vessel. The main crane and the vertical lay system will be provided by Huisman. The new vessel will be one of the most capable heavy construction vessels in Subsea 7’s fleet of over 40 ships. She will be deployed globally to meet increasing market demands for executing ever-larger and more complex projects. She will have 2,600m2 deck area for equipment carriage, a 600T Active Heave Compensated offshore crane, a 325T top tension vertical lay system and a 7,000T under-deck basket for storage of flexible pipes, umbilicals and cables. The vessel will be equipped with six main engines in two engine rooms designed to maximize performance in Dynamic Positioning Class III. Hornbeck Offshore's fifth OSV newbuild program now consists of four 300 class OSVs, six 310 class OSVs, ten 320 class OSVs and four 310 class MPSVs. In March 2013, Hornbeck contracted with a domestic shipyard to construct two

of its new class of Jones Act MPSVs based upon the HOSMAX 310 vessel design, with expected deliveries in the second and third quarters of 2015. Recently, Hornbeck announced that, rather than build two additional 320 class OSVs as reported on February 6, 2013, it intends to build two additional domestic HOSMAX 310 MPSVs. Hornbeck is currently negotiating final terms and conditions for the construction of those two vessels, which are expected to deliver in 2016. Based on its current plan to build up to eight Jones Act MPSVs (inclusive of the four MPSV newbuilds discussed above), Hornbeck has decided to allow the remaining 22 options to construct HOSMAX 320 class OSVs to expire, while maintaining the validity of its 22 options to construct additional HOSMAX 310 class OSVs. The next exercise date for such newbuild options has been

extended to August 2013. The 24 vessels currently planned and/or committed under this domestic newbuild program are expected to be delivered with five in 2013, 13 in 2014, four in 2015 and the final two in 2016. MacGregor, part of Cargotec, has secured new offshore winch contracts from three Chinese shipyards, Fujian Southeast, Fuzhou Baima and Guangdong Yuexin Ocean Engineering. The winches are destined for 22 anchor handling tug supply vessels (AHTSVs) under construction for a number of international owners. "Our offshore winches have been specified for a run of new-series small and medium AHTSV developments in the 60m to 65m range," says Francis Wong, Director, Segment Sales and Marketing at MacGregor. "Most of these vessels have enhanced equipment and vessel specifications in response to the increased demands from charterers and oil companies in the South East Asia and Middle East regions. These include DP2 capabilities, increased bollard pull and more deck space. Our winches form an important part of these vessels' advanced capabilities." The scope of deliveries includes windlasses, mooring winches, capstans, tuggers, anchor handling/towing winches and storage reels; some of the vessels will also be fitted with MacGregor shark jaws/towing pins. Deliveries will begin in August this year and will continue at intervals until March 2014.


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Following are 80 supply vessels on order at U.S. shipyards per MarineLog & Colton Company, as of May 16, 2013. This is an increase of 11 supply vessels over our last report in February and 26 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 303-ft. 12-Dec

Bay SB Sturgeon Bay WI PSV Tidewater Marine 303-ft. 13-Jun

Bordelon Marine Houma LA PSV Bordelon Marine Connor Bordelon 252 ft. 13-Apr

Bordelon Marine Houma LA PSV Bordelon Marine 252 ft. 14-Jan

Bordelon Marine Houma LA PSV Bordelon Marine 252 ft. 14-Dec

C. & C. Marine Belle Chasse LA PSV Adriatic Marine Arabian 178 ft. 2013

Candies SB Houma LA PSV Otto Candies Tucker Candies 2013

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

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

Eastern SB Panama City FL PSV Boldini SA (Brazil) Bravante V 55 13-Aug

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 Red Dawn 300 ft. 45 2Q13

Eastern SB Panama City FL PSV Hornbeck Offshore HOS Red Rock 300 ft. 45 3Q13

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 310 ft. 45 1Q14






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 Peter W. Callais 200 ft. 13-Feb

Master BB Bayou La Batre AL OSV Abdon Callais Rachel A. Callais 200 ft. 13-Aug

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 PSV Edison Chouest 280 ft. 2012

North American PSV Edison Chouest Ted Smith 280 ft. 2012

North American PSV Edison Chouest Clarence Triche 280 ft. 2013

North American PSV Edison Chouest Juan C 280 ft. 2013

North American PSV Edison Chouest 280 ft. 2013




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St. Johns SB Palatka FL OSV Cheramie Offshore Ella Claire 130 ft. 2013

Thoma-Sea Marine Lockport LA PSV Harvey Gulf Taylor James 295 ft. 2013

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

TY Offshore Gulfport MS PSV Harvey Gulf Harvey Energy 10,500 hp 55 13-Nov

TY Offshore Gulfport MS PSV Harvey Gulf Harvey Power 10,500 hp 55 14-Mar

TY Offshore Gulfport MS PSV Harvey Gulf Harvey Liberty 10,500 hp 55 14-Jul

TY Offshore Gulfport MS PSV Harvey Gulf 10,500 hp 55 14-Nov

TY Offshore Gulfport MS PSV Harvey Gulf 10,500 hp 55 15-Mar

TY Offshore Gulfport MS PSV Harvey Gulf 10,500 hp 55 15-Jul

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










News The 89.0m x 19.5m x 7.5m depth PSV “HOS Red Dawn” slid into East Bay with a low roar. Brian D’Isernia, president and CEO of Eastern Shipbuilding, thanked his workers and customers just before the Champagne christening of the new owners Hornbeck Offshore Services’ “HOS Red Dawn”. Eastern’s contract with Hornbeck is for nine additional similar vessels. The diesel electric PSV is powered by four 1,825kW 690vAC generators connected to two 2,500kW electric motors driving azimuthing propellers. “HOS Red Dawn” is capable of a maximum speed of 14 knots with a cruising speed of 12 knots. The price tag for the 5,595mtdw ship was more than $50 million.

Norwegian shipowner Rem Offshore is buying a newbuild platform supply vessel under construction at the Kleven Verft yard after signing a charter deal with an unnamed oil major. No price was given for the 85.6m x 22.0m x 8.6m VS-485 design vessel, although Norwegian business daily DN reported Oslo-listed Rem is likely to be paying around Nkr 325 million ($56 million) for the unit that was initially built on speculation at the Norwegian yard’s own expense. Rem said it has signed a firm two-year charter deal, with options for three years and nine months, with a “major oil company”, reportedly ConocoPhillips.

Jackson Offshore Operators LLC of Harvey, Louisiana has exercised options for two 3,500dwt Guido Perla 675J design PSVs at BAE Systems yard in Jacksonville, Florida. Jackson Offshore had already commissioned two sister-vessels, Hulls “No. 255” and “No. 256”, from BAE that are under construction. The 76.8m x 19.0m x 7.75m depth / 5.90m draft diesel electric vessels are powered by twin CAT diesel driven generators connected to two azimuthing drives aft.


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Tidewater Inc. through a wholly-owned subsidiary, entered into an agreement with HitecVision to purchase Troms Offshore Supply AS for approx. $395 million. The acquisition of Troms Offshore, headquartered in Tromsø, Norway, will expand Tidewater's global footprint into the Norwegian sector of the North Sea and supplement Tidewater’s experience and vessel fleet operating in harsh environments, including cold climates. The Troms Offshore-owned fleet includes five large, modern and technically-advanced deepwater Platform Supply Vessels at closing. In addition, Troms Offshore has one additional deepwater PSV under construction at the VARD Aukra yard in Møre og Romsdal, Norway and an option to build a seventh vessel. "We are committed to effectively serving our customers on a global basis and meeting their evolving needs, especially in challenging environments. We believe that the Troms Offshore management team, shore-based employees, mariners and fleet will help us deliver on that service commitment,” said Jeffrey M. Platt, President, CEO and Director of Tidewater Inc. “Troms Offshore's expertise, relationships and location in Northern Norway provides Tidewater with a unique entry point into the Norwegian sector of the North Sea and cold water markets, including the Barents Sea, Greenland and Eastern Canada. We look forward to the Troms Offshore team supplementing our presence in these markets and helping us to meet growing requirements from customers. We will bring Tidewater’s technical, financial and other resources to help expand the existing business with an expectation to grow the number of employees and vessels servicing these markets."

"We are very much looking forward to joining the Tidewater group," said Mårten Lunde, Troms Offshore's CEO. "Troms Offshore has built a strong business in Norway and the U.K. with modern vessels working in challenging conditions, including Arctic applications. This transaction is recognition of the strategy, focus and competence provided by our staff at all levels across the fleet and onshore. At the same time, we are now at a stage where joining a truly global company with a worldwide customer base, resources and infrastructure will greatly expand our potential opportunities."

The purchase price includes $150 million in cash and the assumption of approx. $245 million of combined Troms Offshore obligations, comprised of net interest-bearing debt and remaining installment payments on vessels under construction. The stock purchase agreement also contemplates possible additional cash consideration, the payment of which is contingent upon future financial results of Troms Offshore in 2014-2017. The acquisition is expected to be completed in the second calendar quarter of 2013, subject to regulatory and other approvals, including the Norwegian Ministry of Industry and Trade. Bergen Group Fosen signed a contract with NFDS Offshore 1 AS for outfitting and commissioning of a new and modern anchor handling tug supply vessel. NFDS Offshore 1 AS is a subsidiary of Det Nordenfjeldske Dampskibsselskap AS, a company where BOA Offshore holds the majority share. The contract is valued at more than NOK 600 million, and ensures NFDS Offshore 1 AS a fully commissioned and operational ship by the end of the 1st quarter 2014. All necessary funding and board approval for the project is clarified. The contract also includes an option for outfitting and commissioning a similar vessel. The modern anchor handling offshore vessel, a VS 491 CD AHTS design, has a length of 91 meters and a beam of 22 meters. The hull, which is already constructed at Nantong Mingde Heavy Industries in China, is expected to arrive Fosen in late Q2 this year. The contract will generate outfitting work at Bergen Group Fosen from summer 2013 to the end of Q1 2014. Bergen Group Fosen now has an order book that provides a stable outfitting activity until Q2 2015, with two newbuilding deliveries in 2013 (both cruise ferries to Fjord Line), two deliveries in 2014 (OCV for Volstad and AHTS to NFDS/BOA) and a delivery in the first half of 2015 (OCV for Volstad). "Bergen Group Fosen has the last year been through a very demanding period. Still, the shipyard has managed to establish a record high order book that ensures a solid and continuous employment over the next two years. This allows us to implement an efficient, stable and profitable production in the coming years", says CEO Anders Straumsheim at Bergen Group Fosen. Bergen Group Fosen has previously delivered two advanced offshore 3D EM- vessels to BOA Offshore - “BOA Thalassa” (see photo) in 2008 and “BOA Galatea” in 2009.


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Eastern Shipyard of Panama City, Florida in mid-March launched the “Bravante V”, the first of five 86.5m x 18.3m x 7.5m depth / 5.9m draft platform supply vessel owned by Boldini S.A., of Rio de Janiero, Brazil that Eastern will build. The whole project is underwritten with a $240.8 million loan guarantee from the Department of Transportation’s Maritime Administration (MARAD). Eastern Shipbuilding Company will take 3.5 years to construct the five units. By choosing Eastern, Boldini helped create 350 jobs in Panama City, which in turn added more than 2,600 overall new jobs to the U.S. economy through suppliers and other jobs in the local economy. This is the kind of return MARAD hoped for when it awarded Eastern two small

shipyard grants totaling $3.4 million to buy new panel lines and modern welding equipment. The 4,500dwt diesel electric powered PSVs are powered by four Cummins QSK60-M 1,825kW AC generators connected to two electric motors driving twin azimuthing electric drive units aft. They are also fitted with two tunnel thrusters forward. Harvey Gulf International Marine CEO Shane Guidry announced the execution of three agreements for vessels totaling $540 million, taking the company's total capital expenditures since August 2008 to $1.7 billion. The first agreement is between Harvey Gulf International Marine and Eastern Shipbuilding Group. It covers the construction of two STXCV design 340’ x 73’ x 29.5’ heavy lift construction vessels, that will be named the “Harvey Sub-Sea” and the “Harvey Blue-Sea”. Both vessels will have the following features: 250mt active heave compensated crane for deep water lowering; 12,000ft2 of usable deck space; accommodations for 120 crew members in single and double occupancy quarters, along with three lounges, two gymnasiums, three conference rooms and a 48 person theater; and a heli-deck rated for a Sikorsky S-92 helicopter. The two vessels are in addition to a STXCV 310 Light Construction Vessel, the “Harvey Deep-Sea”, set for delivery from Eastern Shipbuilding in July 2013. The 5,650mtdw, diesel electric vessels are also powered by four Cummins QSK60-M 1,825kW diesel generators connected to two 3,350kW electric motors driving twin azimuthing thrusters aft. Maneuverability is enhanced by two 1,163kW tunnel bow thrusters.

The second agreement is between Harvey Gulf International Marine and TY Offshore for the construction of the sixth dual fuel offshore vessel to be owned and operated by Harvey Gulf International Marine. This addition will enable Harvey Gulf to become the largest owner/operator of clean burning LNG Offshore Support Vessels in the world. The last agreement is the signing of an asset purchase with Gulf Offshore Logistics of Lafayette, Louisiana for eleven total DPS-2 vessels, nine offshore supply and two fast supply, for $189m. Harvey expects to acquire two additional OSVs from GOL at a later date for a total acquisition consideration of $268 million.

Mr. Guidry commented, "I am very pleased with the transactions I signed today, especially the acquisition agreement with Joel Broussard, of Gulf Offshore Logistics. Joel's company philosophy of safety first is one we both share. The Gulf Offshore Logistics acquisition will complement our existing fleet of vessels, but most importantly it will bring additional diversity to Harvey with the addition of fast supply vessels. The two heavy construction vessels will allow my company to maintain its position as the largest United States flag owner of vessels with the ability of deploying over one hundred thirty-five (135) metric tons to water depths of three thousand five hundred (3,500) meters with lifting hook heights of forty (40) meters above the main deck. My commitment to our clients, the environment and our industry is clear. We are the only company in America building offshore supply vessels utilizing liquefied natural gas (LNG) as the fuel source regardless of the fact that these vessels have a construction cost of twenty percent higher than a conventional offshore supply vessel." "On May 4, 2013, I will open a sales and engineering office in Houston, Texas to help support my company's growth," continued Mr. Guidry. "At Harvey Gulf, we take time to clearly listen to our client's needs, demands and desires and that's what we buy or build." said Mr. Guidry. “The Houston team will be designing new vessel concepts while supporting new build growth and client needs." With the vessels reported in this announcement, Harvey Gulf International Marine will own 46 deep water, DPS-2 vessels with an average age of less than five years old.


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EMAS AMC, the subsea services division of EMAS, won a contract from Statoil for transport and installation of subsea templates for the Norwegian Sea’s deepest offshore project – the Aasta Hansteen field development. The Aasta Hansteen field, with a water depth of 1,300m, is located in the Norwegian Sea, 300km west of Bodø, Norway. “We are extremely pleased to be part of the Aasta Hansteen project, the deepest offshore development in the Norwegian Sea. EMAS AMC’s involvement is a reflection of the confidence in our subsea capabilities. This pioneering project continues our growing cooperation with Statoil on the Norwegian Continental Shelf. We look forward to working with Statoil in breaking new ground in the region,” said Mr. C. J. D’Cort, CEO of EMAS AMC. EMAS AMC’s scope of work includes transport and installation of two 4-slot templates and one single-slot template. All templates will be transported from Aker Solutions’ facilities in Sandnessjøen in Norway. EMAS AMC will utilize its DP-3, 156.9m x 32.0m x 12.0m depth, advanced flex-

lay subsea construction vessel “Lewek Connector”, for transport and installation work, and will partner local suppliers in Sandnessjøen for most required work preparations and vessel supplies. “The Aasta Hansteen field is located in an area characterized by harsh weather conditions and deep waters. EMAS AMC’s ‘Lewek Connector’ represents the perfect

advanced subsea construction vessel for the job, with its stability in offshore operations, a crane capacity of 400 tons, and a water depth reach of 3,000 meters,” said Mr. Svein Haug, Regional Head for EMAS AMC Europe & Africa. Engineering and planning will be managed by EMAS AMC in Oslo. The offshore transport and installation work will take place in 2015. EMAS AMC’s previous contract wins from Statoil include riser replacements on the Norwegian Continental Shelf, as well as a SURF (Subsea, Umbilical, Risers and Flowlines) contract for marine installation and pipe lay in Fram H-Nord, situated in the Troll C/Fram area in the northern North Sea. The 11,000dwt, “Lewek Connector” (ex-AMC Connector), built by STX OSV in 2011 at a reported cost of US$ 109,300,000, is powered by four 3,000bkW MAN-B&W 6L32/40CD and two 4,000bkW MAN-B&W 8L32/40CD diesel AC generators driving a 4,000kW main propeller with a high lift rudder; plus two 1,900kW tunnel, two 1,500kW retractable azimuthing, two contra-rotating azimuthing and one forward swing-up 1,800kW thruster. Two Cummins auxiliary generators provide 3,800kW of power. 405kW emergency power is also fitted.

ABB recently announced the first vessel to feature Onboard DC (direct current) Grid delivered to Myklebusthaug Offshore by Kleven Yard. The system will allow the ship to operate at the highest energy efficiency level to minimize emissions. The 93.8m x 20.0m x 10.85m, 4,742mtdw PSV “Dina Star,” designed by Marin Teknikk, will serve as a multipurpose oil field supply &

construction vessel in the North Sea. ABB supplied the Onboard DC Grid system, including all power, propulsion, automation and advisory systems. In traditional electrical propulsion vessels, multiple DC connections are made to thrusters and propulsion drives from an AC circuit, accounting for more than 80% of electrical power consumption. ABB's Onboard DC Grid represents a breakthrough in optimized propulsion by distributing power through a single DC circuit providing significant power savings. “We are delighted that the first vessel equipped with ABB’s Onboard DC Grid system has been delivered and are confident its performance will provide Myklebusthaug Offshore with a competitive edge,” said Veli-Matti Reinikkala, head of ABB’s Process Automation division. “We are also looking forward to the opportunities ahead through ‘Dina Star’s’ built-in capabilities to utilize supplementary onboard power from renewable energy sources.” ABB unveiled the Onboard DC Grid concept in mid-2011, with a pilot project contract following six months later. The concept has attracted high levels of interest from ship owners operating a wide range of ship types, namely offshore, tugs, jack ups, ferries and yachts. For the time, the DC Grid is available in low voltage with an installed power up to approx. 20mW. By distributing electricity in DC, the system allows operation of generators at a variable speed and consequently at optimal specific fuel consumption. This is particularly beneficial for offshore vessels operating in Dynamic Positioning mode, where average power demand is low. The DC Grid configuration also means bulky AC switchboards and propulsion transformers are no longer required. This, combined with greater system lay-out flexibility, increases available cargo space and deadweight.


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Robert Allan Ltd. was awarded a contract for two new designs of icebreaking OSVs for use in the North Caspian Sea. The contract was awarded to the Vancouver architects by Turkish-based Palmali Group and the vessels will be built by Besiktas Shipyard of Altinova, Turkey. Upon delivery, the vessels will be chartered to the Lukoil Oil Company of Astrakhan, Russia. Three vessels in total are to be built and delivered by the end of 2014. Each of the new vessel designs will be 80m length and specifically designed for operation in the very shallow, ice covered waters encountered in the Caspian. The vessels will meet the rules of the Russian

Maritime Register of Shipping. The first design, designated as a TundRA 8000 OSV, is for a traditional OSV, satisfying RMRS ARC 4 Ice Class requirements. Two TundRA 8000 OSVs have been ordered. The second design, designated as a TundRA 8000 MSRV, will be a multifunctional standby/rescue variant of the OSV design capable of meeting RMRS ARC 5 requirements. Vessels of these Ice Classes are designed to be capable of breaking ice of 0.9m and 1.2m respectively. One TundRA 8000 MSRV has been ordered. Bourbon Offshore’s first new “Bourbon Liberty 150” series PSV will operate for Maersk Oil on the Al Shaheen field offshore Qatar. The “Bourbon Liberty 151” is the first of 15 ships that Bourbon ordered in this new range of DP-2, diesel electric vessels, which it says is well suited to support drilling operations. Features include a larger deck space of up to 400m2 (4,305ft2), and a larger cargo capacity for liquid mud and bulk. Aside from this latest vessel, Bourbon has in operation 54 “Bourbon Liberty 200” anchor-handling tug supply vessels, 22 “Bourbon Liberty 100” PSVs, and eight “Bourbon Liberty 300” AHTSs, with more on order. Characteristics of the Liberty series designs include maneuverability and station keeping via five thrusters and DP-2 positioning; improved reliability due to equipment redundancy with multiple thrusters and three main generators; up to 30% more cargo capacity than conventional vessels; and suitability for deep and shallow-water. Rolls Royce and DNV engaged in a joint study of different fuel and engine configurations. The vessel selected for this study was the Rolls Royce designed UT 776 PSV. In the study, four alternative power system arrangements were considered with two gas tank versions. The four power system arrangements were: Diesel, Hybrid Diesel/LNG, Lean burn gas and Dual Fuel. The gen-sets were powered by various sizes of Bergen C-series diesel and gas engines and the dual fuel engine was a commercially available unit. For diesel and hybrids the assumption was that the exhausts would have a SCR system giving a constant value of NOx reduction of 75%. In terms of cost, the diesel was the winner in the study as there is the added expense for other solutions of insulated LNG tanks. Lean burn gas scored marginally

on total energy consumption, yet scored heavily on reduction of equivalent CO2 release and NOx reduction. There was really no clear winner when analyzing CAPEX, OPEX and financial costs. LNG tankage increased the costs of a vessel compared with a straight diesel version. However, technical solutions for LNG installations are becoming more competitive. OPEX costs vary depending on emission taxes applied and on fuel prices. Depending on where in the world you are several limiting factors may come into play when accessing the desirability of introducing Hybrid Diesel/LNG power systems. The price levels for LNG fluctuate widely in different continents, as do diesel prices. Yet refueling availability may be more likely to influence the adoption of an LNG system than CAPEX differences.

Infrastructure for LNG bunkering in significant quantities is in place in northern Europe in countries such as Norway, Sweden and Germany, along with other Baltic and North Sea countries. In a few years Rolls Royce forecasts that LNG bunker will be available at key locations around the world. In Brazil there is still a long way to go in terms of LNG bunkering infrastructure, and there is still not much government control over emissions. Hybrid Diesel/LNG systems may be an option for OSV operators in Brazil in the long run as it will take time to implement adequate LNG bunkering infrastructure along the lengthy Brazilian coast but with a structure for LNG bunkering set up in key locations on the coast HD/LNG systems would be viable and could bring a significant economy for OSV operators as the cost of LNG in Brazil is hardly prohibitive. At least for now, without convenient LNG bunkering stations, the diesel fuel solution still reigns but it is conceivable that in five years we may be seeing HD/LNG OSVs operating in Brazil in considerable numbers. (Article by Claudio Paschoa, courtesy of Rolls Royce).


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Supply Vessels Worldwide According to Lloyd’s Register Fairplay Sea-Web, as of May 16, 2013, there were 6,804 “sea-going” supply vessels over 100GRT worldwide. This is up 1.27% or 85 vessels since our last report in February. Total horsepower of this fleet is 36,566,093BHP, up 533,426BHP or 1.48% 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 952 sea-going supply vessels over 100GRT, or 13.99% of the world market, totaling 4,077,979HP (11.16% of the global horsepower) with a 15 year average age. The registry with the youngest supply fleet is Denmark with nine late 2012 built vessels, totaling 7,242BHP.

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

Flag Total BHP % # SVs % Avg BHP Avg Age

Worldwide 36,556,093 100.00% 6,804 100.00% 5,373 1998

United States Of America 4,077,979 11.16% 952 13.99% 4,284 1998

Singapore 3,180,716 8.70% 520 7.64% 6,117 2008

Panama 1,850,775 5.06% 430 6.32% 4,304 1990

Malaysia 1,828,542 5.00% 369 5.42% 4,955 2007

Vanuatu 1,907,270 5.22% 283 4.16% 6,739 2003

Unknown 854,662 2.34% 258 3.79% 3,313 1986

Mexico 1,020,778 2.79% 248 3.64% 4,116 1993

Indonesia 781,801 2.14% 224 3.29% 3,490 1994

Norway 2,320,062 6.35% 224 3.29% 10,357 2006

Brazil 1,474,991 4.03% 217 3.19% 6,797 2005

India 975,478 2.67% 208 3.06% 4,690 1995

China, People's Republic Of 1,255,723 3.44% 186 2.73% 6,751 2000

St Vincent & The Grenadines 774,280 2.12% 186 2.73% 4,163 2000

Nigeria 679,230 1.86% 183 2.69% 3,712 1988

United Arab Emirates 561,196 1.54% 174 2.56% 3,225 1991

United Kingdom 621,957 1.70% 122 1.79% 5,098 1999

Bahrain 518,466 1.42% 111 1.63% 4,671 2000

Marshall Islands 599,302 1.64% 102 1.50% 5,876 2006

Norway (Nis) 1,066,067 2.92% 92 1.35% 11,588 2003

Cyprus 625,409 1.71% 84 1.23% 7,445 2005

Luxembourg 530,073 1.45% 80 1.18% 6,626 2010

Italy 468,991 1.28% 75 1.10% 6,253 1995

Denmark (Dis) 795,698 2.18% 66 0.97% 12,056 2002

Bahamas 645,037 1.76% 65 0.96% 9,924 1999

Iran 238,427 0.65% 65 0.96% 3,668 1986

Russia 555,867 1.52% 60 0.88% 9,264 1996

Azerbaijan 361,022 0.99% 56 0.82% 6,447 1991

Egypt 211,125 0.58% 56 0.82% 3,770 1987

Liberia 429,208 1.17% 52 0.76% 8,254 1997

Belize 263,297 0.72% 51 0.75% 5,163 1991

France (Fis) 315,972 0.86% 44 0.65% 7,181 2004

Vietnam 241,661 0.66% 44 0.65% 5,492 1994

Comoros 142,918 0.39% 43 0.63% 3,324 1985

Qatar 172,016 0.47% 38 0.56% 4,527 2000

St Kitts & Nevis 123,549 0.34% 38 0.56% 3,251 1981

Thailand 132,624 0.36% 37 0.54% 3,584 2006

Honduras 74,869 0.20% 36 0.53% 2,080 1971

Trinidad & Tobago 68,663 0.19% 36 0.53% 1,907 1987

Venezuela 86,164 0.24% 36 0.53% 2,393 1981

Australia 131,380 0.36% 35 0.51% 3,754 2000

Canada 353,882 0.97% 34 0.50% 10,408 1990

Netherlands 176,316 0.48% 33 0.49% 5,343 2003

Isle Of Man 392,374 1.07% 31 0.46% 12,657 2001

Turkmenistan 116,503 0.32% 29 0.43% 4,017 1989

France 221,076 0.60% 26 0.38% 8,503 2009

Saudi Arabia 87,383 0.24% 26 0.38% 3,361 1993

Cayman Islands 157,458 0.43% 25 0.37% 6,298 2003

Kuwait 94,213 0.26% 25 0.37% 3,769 2002

Antigua & Barbuda 276,213 0.76% 24 0.35% 11,509 2004

Kazakhstan 83,509 0.23% 24 0.35% 3,480 1991


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New Construction, Shipyard and Conversion News New construction continues, but at a declining pace. According to “Fairplay”, as of May 16, 2013, there were 6,193 ships over 299GRT on the World Orderbook. This is down 212 or 3.31% from 6,405 February. Of the 6,193 ships recorded on order, 735 (up 18) are Offshore Supply Vessels and 280 (up 14) are designated as “Offshore – Other”. Of the 735 OSVs under construction, China leads the Orderbook with a total of 259 (up 25) OSVs being built. They are followed by USA 76, Brazil 59, India 58, 49 Singapore, Malaysia 47, Indonesia 28, 20 each Romania and Vietnam, 16 Norway, 15 Japan, the UAE 14, Poland 12, 9 South Korea, Spain 8, Italy 7, 5 Russia, Denmark, Turkey and the Ukraine 4 each, 3 each Sri Lanka and Thailand, 2 each Chile and South Africa and 1 each Egypt, Estonia, Greece, Iran and Malawi. The 735 OSVs on the order books represents 10.81% 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 214 OSVs followed by Cummins in 104, Wartsila in 44, Niigata 42, 32 MaK, 28 MAN/MAN-B&W, Yanmar 24, MTU 19, Bergens 18, 8 General Electric, 6 Scania, 5 each Hyundai Himsen and Mitsubishi, 3 Baudouin, 2 each Chinese Standard Type and Daihatsu and 1 each with Guangzhou and Pielstick. Engines were not listed for 177 OSVs.

The highest portion of OSVs over 299GRT being built worldwide are in the 3 – 4,000HP and 7 - 8,000HP categories with 88 OSVs, or 12.0% each of those OSVs where the horsepower is listed, followed by 9.5% each being built in the 5 – 6,000HP and 6 - 7,000HP categories. 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 18 31 88 55 70 70 88 15 17 34 249 735

Deliveries Stanford Marine of the UAE took delivery of their new DP2, MMC 887 design PSV “Stanford Bateleur” from Fujian Mawei Shipbuilding. Measuring 87.05m x 18.8m and powered by four Cummins QSK60-D diesel generators connected to two 2,000kW azimuthing units aft, plus one 897kW tunnel and one 788kW retractable directional thrusters forward. The ABS classed vessel has a clear deck of 1,000m2.

Havyard Group delivered its sixth newbuilding to the Indian shipping company Global Offshore Services (formerly Garware) and the naming ceremony was held Monday in Aberdeen. The 4,000mtdw PSV “Ben Nevis” is a Havyard 832 design, reportedly built at a cost of region of US$ 43.2 million. “Ben Nevis” is newbuild Hull No. 112 from Havyard. Global Offshore has one sister ship of the “Ben Nevis” under construction at the shipyard for delivery in August this year. The 79.8m x 18.2m x 7.7m depth / 6.5m draft diesel electric vessel is powered by two CAT 3512TA and two CAT C32 diesel generators driving twin azimuthing units aft and two tunnel thrusters forward.


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French operators Bourbon has taken delivery of the “Bourbon Evolution 803” from Chinese yard Zhejiang Shipbuilding Co Ltd in Fenghua ZJ, being the third vessel in the large IMR (Inspection, Maintenance, Repair) series. The first two 100.2m x 21.0m x 8.0m depth sister ships already operate in West Africa. Resource exploration is going into increasingly deep waters and the new milestone for oil and gas marine industry operations is now at 2,500 to 3,000 meters. To meet this requirement, Bourbon has ordered a series of ten IMR vessels called Bourbon Evolution 800. “The series of 10 Bourbon Evolution 800 vessels means Bourbon can provide clients with a new generation of versatile vessels devoted to subsea operations. They are designed to meet future challenges in the offshore oil sector and operate at depths of 3,000m in complete safety. These vessels provide a variety of services in operational and economic harmony with the deep offshore market,” says Christian Lefèvre, CEO of Bourbon. “The Bourbon Evolution 800 vessels are in line with the Bourbon strategy for fleet standardization and management optimization as proved by the successful choice of diesel-electric propulsion system on the Bourbon Liberty series, 2 large cranes that can work simultaneously and DP3 dynamic positioning.” The first vessel was the “Ungundja” and the second vessel was the “Bourbon Evolution 802”. The vessels have seven 2,029HP Cummins KTA-50-M2 driving 1,235kW, 600vAC generators connected to three 1,685kW electric motors driving three azimuthing units at 1,000RPM. They are also fitted with two 843kW tunnel and one 843kW retractable directional thrusters forward.

Crowley Maritime Corp. took delivery of the 10,880BHP “Ocean Sun”, third of four Ocean Class tugs from Bollinger Marine Fabricators, Amelia, LA. The “Ocean Sun” is the first DP 2 class tug in the series, measuring 156’ in length, with a beam of 46’ and a design draft of 21’. Propulsion is supplied by two EPA Tier 2-compliant Caterpillar C-280-12 diesels rated at 5,440BHP each, driving nozzled, controllable-pitch, four-blade propellers via Reintjes LAF 5666 reduction gears. Service speed will be 16 knots with an impressive 165 short ton bollard pull. “Ocean Sun” is classed ABS A-1 Towing, AMS, Firefighting Class-1, DP-2, Green Passport, with

SOLAS and International Load Line certificates. Kongsberg Maritime supplied the dynamic positioning system for the “Ocean Sun”. The DP-2 class tug has two 500HP Berg VFD bow thrusters and one 500HP Berg stern thruster. “Ocean Sun” is outfitted for long-range, high-capacity ocean towing, rig moves, platform and FPSO unit tows, emergency response and firefighting. It is outfitted with a tow winch and bow winch supplied by Intercon. There’s also a 25 ton capacity aft deck crane and a 5 ton capacity foc’sle deck crane. “Ocean Sun’s” sister tug, “Ocean Sky”, also classed DP2, is preparing for sea-trials and delivery this summer, says Bollinger. The DP 1 class “Ocean Wave” and “Ocean Wind” were delivered fourth quarter 2012. Norway’s Ulstein delivered a newbuild 83.4m x 18.0m x 8.0m depth PSV to be marketed by compatriot Atlantic Offshore. The 4,240dwt PX121 “Blue Power” was delivered from the Ulstein Verft shipyard to Ulstein offshoot Blue Ship Invest. Ulstein inked a deal in November for Atlantic Offshore to handle “Blue Power’s” commercial and technical management. Chief Executive Gunvor Ulstein said she was confident the newbuild would replicate the very positive feedback on vessel performance of “Blue Fighter” and ‘Blue Prosper”. The vessel pair are the first two PSVs supplied to Blue Invest by Ulstein. The Remoy Shipping-managed duo have both since been sealed on long-term charter by US independent Apache Corporation for work in the North Sea. “Blue Power” has been chartered by BG UK for 5 years with options. The remaining three vessels are to be delivered later this year. The DP-2 vessels are powered by two 3,195HP CAT 3516C and two 1,351HP CAT C32 diesel engines each driving 2,250kW and 940kW 690vAC generators respectively, connected to two 2,200kW electric motors driving two azimuthing units. They are also fitted with two 1,050kW tunnel and one 880kW retractable azimuthing bow thrusters.

The anchor handler Far Senator, being a 24,300BHP UT 731 CD design was delivered to Farstad Shipping by Vard Langsten (formerly STX Langsten) on 21 March. Farstad then sold the vessel to Ocean Yield and leased it back on a 12-year bareboat charter. The agreement includes options for Farstad Supply to buy back the vessel. The vessel will operate in the North Sea spot market.

http://www.sea-web.com/authenticated/authenticated_handler.aspx?control=builderovw&CODE=CHR302


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Wilson Sons Ultratug Offshore, a joint venture between Wilson Sons Group, from Brazil, and Ultramar, from Chile, baptized the Platform Supply Vessel 4,500BHP “Tagaz”. Built by Wilson Sons Shipyards in Guaruja, Brazil and BV Scheepswerf Damen (Hull 552018), the Damen PSV 4500 design PSV is the fifteenth vessel of the oil & gas support fleet and has already begun operating for Petrobras. The diesel electric powered vessel has four CAT 3512C-HD 1,600kW generators connected to two 2,500kW electric motors with azimuthing props. Maneuverability is enhanced by two athwartships tunnel bow thrusters. Later this year, another three PSVs will be delivered by Wilson Sons Shipyards. Wilson Sons UItratug Offshore will also receive a vessel ordered to the shipyard Pacific Ocean Engineering & Trading (POET), in Singapore. “Tagaz” measures 89.50m x 16.04m x 7.80m depth / 6.15m draft, 4,587 tons deadweight, and a speed of 13 knots. The vessel’s technology and engineering design are a project from Damen Group and is funded by the Merchant Marine Fund. The vessel follows its two predecessors, “Sterna” and “Batuíra”, launched in 2012, “Tagaz” is among the largest vessels of the company and has six storage systems – five for liquid and solid bulk. Cochin Shipyard Limited (CSL) delivered a high specification Platform Supply Vessel, “Sea Tantalus”, bearing the Hull No. BY-089, to Deep Sea Supply of Norway. This is the first of a series of four sister vessels being built for the same client. The Protocol documents of the ship were signed by Capt. R.S. Sundar, Director (Operations) on behalf of Cochin Shipyard and Mr. John Arne Johnsen, Project Manager, on behalf of Deep Sea Supply in the presence of

Cmde. K. Subramaniam, CMD, Shri Ravikumar Roddam, Director (Finance), Shri P Vinayakumar, Director (Technical) and other senior officials from CSL. These vessels are of PSV 05L CD type, designed by Vard Group AS, Norway, and are classed under the Rules and Regulations of Det Norske Veritas (DNV). This 82.2m x 17.0m x 7.6m depth / 6.3m draft vessel is a high end diesel electric PSV equipped with four Cummins KTA-50-M2 powered 1,200kW diesel generators, two astern mounted 1,600kW electric azimuthing drives and two tunnel thrusters forward. The vessel has been assigned the Clean Design notation by DNV signifying the highest levels of environmental compliance. This is the first ship built by CSL to be filled with a Ballast Water Treatment Plant to prevent and

ultimately eliminate risks to the environment arising from transfer of harmful aquatic organisms and pathogens. The vessel, with accommodation for 28 persons, also meets the requirements of COMF class signifying high comfort levels and very low levels of noise and vibration. “Sea Tantalus” also has firefighting capability to meet Fire Fighting-1 Notation. The Vessel with notation OILREC can also act as an oil recovery vessel in event of an oil spill, LFL* notation assigned means the vessel can carry Low Flash Liquids like methanol on specially inserted stainless steel tanks. After successfully completed sea trials, Abu Dhabi-based Adyard / Nico Craft LLC earlier delivered the “Topaz Dignity” to Topaz Energy & Marine / Bue Caspian Ltd. – which is now followed by the sister “Topaz Triumph” AHTS. The two 67.4 x 16.0m x 6.8m depth / 5.7m draft, 80 ton bollard pull vessels are ready for anchor handling tug supply services and the transportation of dry and liquid cargo to and from pipe-laying barges, drilling platforms and production platforms for offshore operations. The “Topaz Dignity” (Hull 121) will operate on behalf of BP, the oil and gas major, on a long-term-contract basis in the Caspian Sea – whilst “Topaz Triumph” (Hull 122) may remain in the Middle East and be operated by Topaz Marine MENA. The state-of-the-art vessels are equipped with the latest technical equipment and are custom-built for Fi-Fi Class I and DP-2 operations. The twin-screw propulsion package for each vessel consists of two 8 cylinder, 270 x 370mm, 4-stroke medium-speed MAN L27/38 engines of 2,720kW each, horizontal offset reduction gearboxes with a CPP servo oil distribution unit and 1,500kW shaft alternator PTO. The gearboxes drive approx. 18m intermediate shafting and 13m propeller tailshafts. The MAN Alpha CP propellers are 2,800mm diameter, ducted and turning 198RPM at MCR. The propeller thrust and pulling power is boosted by Alpha High Thrust nozzles, customized to the hull integration with a length/diameter ratio (L/D) of 0.6. The Alphatronic 2000 Propulsion Control System is configured with twin control stations on both main bridge, aft bridge and in the engine control room – including interfaces to joystick and dynamic positioning systems. The vessels are also fitted with two 540kW CP tunnel thrusters forward and one aft. Both vessel are classed by ABS.


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Following on from Marcon’s February 2013 news story, Tidewater recently took delivery of the first of three new PSVs from the STX OSV Soviknes yard in Norway. The 4,700mtdw “Lundstrom Tide” (Hull 761) is one of STX’s PSV 09 CD designs, which has 1,000m2 of clear deck space and accommodations for 26 persons. The diesel electric propelled “Lundstrom Tide” has four 1,720bkW MAN-B&W 8L21/31 4-stroke diesel generators connected to two azimuthing electric drives aft and two tunnel thrusters forward. The 87.9m x 19.0m x 8.0m depth / 6.6m draft, DnV Ice Class 1C, FiFi-2, DP-2 vessel is operating in the North Sea spot market, whilst her two sister-vessels are set to deliver this year.

Eastern Navigation Pte. Ltd. of Singapore has accepted delivery of the newbuild AHTS vessel “Ena Samurai” from the Japan Marine United Corporation’s Tsurumi Shipyard. in Yokohama, “Ena Samurai” has a length of 75.27m, beam of 18.0m and depth of hull of 8.1m. The vessel has a bollard pull of 202 tons, and has a deck cargo area of 500m2. The 16,300HP, 3,118dwt “Ena Samurai” is powered by two 6,000kW Wartsila 12V32 driven 2,240kW AC generators connected to two 2,200kW electric motors reduction geared to two CP props, enabling a maximum speed of 16 knots. She is also fitted with two 800kW tunnel thrusters forward and two 500kW tunnel thrusters aft. “Ena Samurai” comes equipped with accommodations for 30 persons, incorporating 14 single cabins, six double cabins and one four-berth cabin. Mr. Tan Ser Giam, managing director of the Eastern Navigation group, commented: “With this latest acquisition joining our fleet of AHTS and supply vessels, our marine business is well positioned to support our customers as they venture into deeper water, and we look forward to supporting them in the near future”.

Platform Supply Vessel of UT 755 XL design “F.D. Unbeatable”, is the 9th of 10 sister vessels ordered by the Neapolitan Owner Fratelli D’Amato SpA and delivered by Rosetti Marino SpA of Ravenna. The new “F.D. Unbeatable” is over 7 meters longer than its previous eight sisters. The specs for the RINA classed DP-2, FiFi-1 “F.D. Unbeatable” are: length 82.00m; beam 16.05m; hull depth 7.00m; laden draft of 5.85m’ deadweight 3,400 tons; propulsion by two variable pitch propellers, each approximately 3 meters in diameter and set at the end of shafts driven by two General Electric 16V228s developing a total of 5,580kW / 7600HP. Peak speed is around 14.0 knots, range 3,500 miles;

and maneuverability is guaranteed by two 660kW bow and two 590kW stern thrusters driven by the on-board computer. Moreover, new to this vessel is a dual-frequency device able to achieve an approximate 10% fuel savings during transfers, when travelling in 50Hz mode. After delivery, the “FD Unbeatable” sailed out of the Port of Ravenna for Aberdeen, Scotland where it was fixed by TEAM for 1 well firm + 1 well option. Singapore based Martens Marine took delivery of the 58.70m x 14.62m x 5.50m depth / 4.75m draft AHTS “SMS Endeavour” (Hull 3159), its third E 65T Series KCM 58.7M design vessel from Chinese shipbuilder Guangdong Yuexin Ocean Engineering Co., Ltd. Intended for operations in the shallow waters of Asia, West Africa, and Middle East, the E 65T Series vessels are powered by twin 1,894bkW CAT 3516C diesels producing a total of 5,150BHP at 1,600RPM. The machinery meets EPA Tier 2 regulations. “SMS Endeavour” is also equipped with twin Kawasaki CP bow thrusters of 8 tons capacity each and Becker high-lift performance rudders. The Kongsberg DP-1 Dynamic Positioning system onboard allows the vessels to maintain station in a Sea State 4 environment with winds up to Beaufort Force 7 and currents at two knots. The bridge area also features a larger working space than a conventional 5,150BHP AHTSV to facilitate project work. Ship’s power is provided by a pair of 800kW AC and a pair of 350kW AC generators. Vessel is classed by the American Bureau of Shipping and fitted with FiFi-1 firefighting.


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Corporate News Compared with the first quarter 2012, Bourbon’s revenues grew by 13.4% to 315.1 million euros (+14.3% at constant exchange rates), benefiting from 35 new vessels joining the fleet, of which 20 are crewboats. This growth occurred in all segments, particularly in Shallow water offshore. Compared with fourth quarter 2012, Bourbon’s revenues were stable, impacted by the number of planned classification dry-docks over the period, especially in areas with a

highly seasonal impact (winter in the North Sea and monsoon period in Asia). “In a favorable context for the oil & gas and related services industry, Bourbon is continuing to grow. Daily rates for vessels with contracts renewals continue trending upwards,” says Christian Lefèvre, CEO. “In the first quarter, Bourbon took delivery of 4 supply vessels, 1 IMR vessel and 5 crewboats. The activity was affected by the seasonal impact of the North Sea winter and the South-East Asia monsoons. 23 classification dry-docks were scheduled for the supply and IMR vessels during this period of reduced activity. The remaining quarters of the year will see a 25% decrease in the number of classification dry-docks in a market stimulated by growing demand for vessels.” During the quarter, Bourbon took delivery of 10 new vessels - one IMR, one deepwater offshore, three shallow water offshore vessels and five crewboats, while three crewboats were taken out of the fleet during the same period. Compared with the first quarter of 2012, Marine Services revenues were up 16.4% to 258.5 million euros, a particularly marked increase in the shallow water offshore market. Compared with fourth quarter 2012, the fleet’s average utilization rate was affected during the period by a number of planned classification dry-docks, transit of vessels between regions, and a seasonal impact.

BOURBON's Offshore Fleet Utilization Rates

Q1 2013

Q4 2012

Q3 2012

Q2 2012

Q1 2012

Q4 2011

Q3 2011

Q2 2011

Q1 2011

Average utilization rate 84.20% 86.20% 83.50% 84.00% 83.70% 85.70% 83.40% 84.70% 83.10%

IMR vessels 90.60% 91.70% 85.20% 89.70% 85.70% 91.00% 94.00% 96.30% 92.00%

Deepwater supply vessels 86.60% 90.20% 92.10% 91.30% 92.50% 93.70% 90.20% 86.90% 88.10%

Shallow water supply vessels 89.80% 92.20% 90.30% 92.50% 84.30% 88.30% 86.40% 90.20% 84.80%

Crewboats 80.80% 82.50% 78.40% 78.60% 81.00% 82.10% 79.70% 81.40% 80.50%

Compared with the first quarter of 2012, revenues from Deepwater offshore vessels in the first quarter of 2013 were up by 7.5% to 93.0 million euros, benefiting from 4 vessels joining the fleet and the increase in daily rates in the majority of Bourbon’s areas of operation. However, this increase was limited by a decline in average utilization rates due to transit of “large PSVs” from shipyards to operating zones in Europe and planned classification dry-docks in the North Sea. Compared with the fourth quarter of 2012, revenues were stable. The utilization rate was strongly impacted by the classification dry-docks mentioned above and reduced activity due to the winter season in the North Sea.

Compared with the first quarter of 2012, revenues for the first quarter of 2013 for Shallow water offshore vessels were up significantly (+31.7%) to 92.8 million euros, boosted particularly by the entry into service of new vessels in recent months and supported by higher average utilization and daily rates in all its main operating regions (Asia, West Africa, Middle East). Compared with fourth quarter 2012, revenues were up 1.8%, despite the impact of classification dry-docks and the transit of new vessels from the shipyards to their operating areas leading to a reduction in utilization rates. Overall, average daily rates were stable across all operating regions from one quarter to the next quarter.


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Robust investments in Exploration/Production by oil and gas clients continue to stimulate demand for offshore vessels. In Shallow water offshore, the combined effects of an increase in demand for vessels, clients’ stricter criteria for the selection of vessels and operators, and a reduction in the number of vessels coming out of shipyards in this segment should have a positive impact on utilization and charter rates for Bourbon vessels. In Deepwater offshore, the high number of new vessels coming out of the shipyards should only marginally impact Bourbon due to high contract coverage of the fleet, Bourbon is operating in this segment. The strategy of fleet standardization, the focus on crew training through the use of simulators, and the systematization of maintenance and procurement procedures will continue to underpin Bourbon’s operational and financial performance. Bourbon also has reached an agreement with China’s ICBC Financial Leasing on a $1.5 billion leaseback arrangement for up to 51 supply vessels. Bourbon, which last month said it plans to sell up to 85 vessels on leaseback for a total $2.5Bn, said its deal with ICBC – a unit of Industrial & Commercial Bank of China, the world’s largest commercial bank – was the first phase of the wider plan aimed at reducing its debt and freeing development resources. The deal would be closed in two months and would bring it a capital gain of about 12% of total sale revenues, as well as reducing its debt through asset deconsolidation, said Bourbon. The accord covers ships in operation or on order that would be sold at market price, accompanied by a vendor loan of up to $116M. They would then be taken back by Bourbon on a 10-year bareboat charter at a 10.66% per year of the sale price. The deal affects 24 vessels already operating, plus 27 to be delivered over the next 14 months. ICBC Financial Leasing’s President Lin Cong indicated that his company remains in the market for other comparable deals with Bourbon or other offshore operators. “Through this project,” he said, “we would like to establish a long and stable relation of co-operation with Bourbon, further expand our leasing business in offshore market, and set up business relations with more domestic and overseas corporations in the future,” he added. PACC Offshore Services Holdings (POSH), through its EPIC division, recently announced the formation of a joint venture company POSH Terasea Pte Ltd with Terasea Pte Ltd. POSH will contribute to the joint venture a fleet of five specialized anchor handlers from 12,000BHP to 13,500BHP, while Terasea contributes four 75.3m x 18.0m x 8.1m newbuilding modern deepwater 16,000BHP, Wartsila 12V32 powered, 200 ton bollard pull anchor handlers – “Terasea Eagle” (Hull 0078), “Terasea Falcon” (Hull 0074), “Terasea Hawk” (Hull 0075) and “Terasea Osprey” (Hull 0079) which are to be delivered by Japan Marine United Corp. of Yokohama successively over the next 11 months. With this

merger, Posh Terasea will operate the largest and youngest fleet of vessels for the ocean towage market. Mr. Scott Lindsay, Chairman of Terasea announced: “Terasea is pleased to form this JV with POSH. POSH EPIC division, with its experienced crew and management team, is arguably the world leader in FPSO towage and positioning; with an unparalleled track record, for its safety standards and timely deliveries. POSH’s track records include the towage and hook-up of the world’s largest FPSOs, including FPSO ‘Hai Yang Shi You 117’, FPSO ‘Kizomba A & B’, and FPSO ‘Agbami’. The new vessels will further cement its position as the market leader.”

“The JV will reap much synergy from its shareholders and leverage on the global networks of both POSH and Terasea. With an expanded fleet of nine specialized vessels operating globally, the JV is able to offer its customers greater reliability. In addition, the JV operates vessels of three different categories of bollard pull, and this will provide our customers greater flexibility in configuring their bollard pull requirement.” said Mr. Peter Lee, CEO of Terasea. POSH Terasea will be led by its President & Director Mr. Eric Ng, who is t director of the POSH EPIC division. Mr. Ng, has more than 30 years of experience in the offshore oil and gas industry. Mr. Ng said “Oil majors are demanding higher safety standards, as well as younger and more powerful vessels. The addition of four additional 16,000BHP newbuild into the fleet is a testament of our commitment to continuously upgrade our fleet to meet the increasing demands of the oil and gas industry.”


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Farstad Shipping achieved an operating income of NOK 914.8 million for 1st quarter 2013 (NOK 905.5 million for the same period in 2012). Operating costs for the period were NOK 590.1 million (NOK 595.8 million). Both operating income and operating costs have been positively influenced by fewer dockings than normal this quarter. A weak spot market in the North Sea has influenced the operating income negatively as has the four vessels that have been completely or partly without work during this quarter. Three of these vessels have been idle awaiting start-up of new contracts.

The 4,000dwt, 81.7m x 18.0m x 7.8m depth “Far Spica” (STX PSV 08 CD) was delivered from Vard Langsten 31

st January of this year and started

immediately after delivery on a contract with Statoil. The vessel is financed by Danish Ship Finance AS. Her sister, the “Far Sitella” (STX PSV 08 CD) was delivered from Vard Vung Tau, Vietnam on 5

th February. After the arrival in

Australia, the vessel started on a long term contract with Shell Australia. The vessel is financed by Nordea Bank. The 87.4m x 21.5m x 9.3m depth, 12,236HP “Far Senator” (AHTS 731 CD) was delivered from Vard Langsten

21st March. The 258 ton bollard pull vessel was sold to Ocean Yield AS and leased back

on a 12 year bareboat charter. The agreement includes options for Farstad to buy back the vessel at given conditions, and will be treated as a financial lease in the accounts. The vessel is trading the North Sea spot market. The 136 ton bollard pull, 69.2m x 15.1m x 7.0m depth AHTS “Lady Cynthia”, built in 1987 by Hudong Shipyard in Shanghai for P&O / Australian Offshore Services at a cost of around US$ 11 million was sold on 2

nd January

to Sadhav Shipping Ltd. of Mumbai, India and renamed “Aadya”. After the sale, only one or two of Farstad’s vessels in the fleet remain that were built during the 1980s.

In February, an agreement was reached with Vard AS to build a Subsea/IMR vessel – “STX OSV Langsten 822”. The 9,000dwt newbuild is part of Farstad’s expansion into the subsea market, and represents an investment of approx. NOK 825 million. The vessel is a STX OSV OSCV 07 design (Offshore Subsea Construction Vessel) and is constructed for subsea/IMR operations (Inspection, Maintenance and Repair). The vessel has a total length of 143 meters, beam of 25 meters and a deck area of more than 1,800m2, and is equipped with two offshore cranes, of which the larger one has a lifting capacity of 250 tons. Furthermore the vessel is arranged for three ROVs and has accommodation for 130 persons. Delivery of the vessel will take place in the first quarter 2015. Farstad Shipping achieved a number of new charter commitments during the first quarter with the most significant being: PSV “Far Star” left the North Sea in January after awarded a two months contract with Technip in Brazil. PSV “Far Spica” and PSV “Far Scotsman” were awarded contracts of approx. 9 months duration each to support the Statoil drilling campaign on the coast of East Africa. Startup of the contracts was in April, and Statoil has the option to extend contracts for a further nine months. Perenco Petroleo e Gas do Brasil awarded AHTS “Far Sagaris” a 12 month contract with a 6 month option to support the “Ocean Star” drilling campaign in Brazil. The vessel was idle during the quarter until start-up of this contract mid- February. Fugro Rue in Norway awarded IMR vessel “Far Saga” a six month contract. The vessel was idle in the quarter until startup of the contract in the end of February. The contract includes ROV support operations and other subsea related activities in the North Sea. Petrobras declared their option to extend the contract for AHTS “Far Sea” with 292 days. PSV “Far Solitaire” was awarded a new four month contract with four monthly options for Statoil. The contract is a direct continuation of previous contract. Statoil declared their one year options to extend contracts for PSV “Far Seeker” and PSV “Far Searcher” until April and March 2014 respectively. Peterson SBS Den Helder B.V. awarded PSV “Far Splendour” a one year contract with two yearly options. Start-up of the contract was the beginning of May. Contract coverage of the Farstad Fleet is approximately 72% for the remaining part of 2013, and approx. 45% for 2014. These figures include charterer’s options to extend certain contracts. The market for the first quarter turned out as expected. Most of Farstad’s markets have been characterized by too much idle tonnage. The North Sea market was weak in the two first months of the year, but improved as spring progressed. There have been brief periods with balance in the market. Even though the summer market in the North Sea this year is expected to be better than last year, a more stable market is dependent upon a net departure of tonnage to other regions. Brazil has shown a positive development during the quarter as Petrobras once more has started awarding contracts, which gives reasons for optimism. The Indian Pacific region is still characterized by overcapacity and pressure on rate levels. This situation is not expected to improve in 2013.


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Seacor Holdings Inc.’s net loss for first quarter ended March 31, 2013 was $10.9 million. For the preceding quarter ended December 31, 2012, Seacor reported a net loss of $2.6 million including a loss from continuing operations of $12.2 million. Executive Chairman of the Board, Charles Fabrikant, commented: "We are very unhappy with our results for both this quarter and the fourth quarter of 2012. As noted in the discussion of highlights that follow, these disappointing results resulted primarily because of four factors: (i) a large seasonal swing in revenues and expenses that negatively impacted our lift boat business; (ii) reduced barge activity levels for our inland group's dry cargo fleet; (iii) an impairment charge for two harbor tugs; and (iv) poor results from our ethanol investment. We believe the outlook for offshore activity in the U.S. Gulf of Mexico is positive, however, and we are also evaluating various paths to return our ethanol operation to profitability."

Offshore Marine Services - Operating income was $5.2 million on operating revenues of $124.0 million compared with operating income of $19.3 million on operating revenues of $141.1 million in the preceding quarter. In the U.S. Gulf of Mexico, operating revenues were $2.5 million lower in the first quarter. Time charter revenues for Seacor's liftboat fleet were $8.2 million lower primarily due to the seasonal downturn for that fleet. The decrease was partially offset by increased time charter revenues of $5.5 million for Seacor's anchor handling towing supply vessels

primarily due to increased utilization in support of platform supply activities. The number of out of service days attributable to drydockings increased by 292, or 230%, during the first quarter. Utilization was 73.7% compared with 77.1% in the preceding quarter and average day rates increased from $14,404 to $15,119 per day. As of March 31, 2013, Seacor had one vessel cold-stacked in the U.S. Gulf of Mexico.

Seacor Holdings Rates & Utilization

2013 2012 2011 2010

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

Fleet Count:

AHTS 19 19 19 19 19 19 19 19 19 20 20 20

Mini-Supply 9 9 9 9 9 8 8 8 9 9 12 12

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

Supply/Towing

Supply 29 29 28 31 33 35 34 34 33 35 35 36

Day Rates:

AHTS $26,683 $25,059 $22,794 $24,541 $30,928 $27,689 $27,287 $32,179 $29,685 $27,689 $41,619 $40,592

Mini-Supply $7,666 $7,664 $7,735 $7,424 $7,409 $6,276 $7,535 $7,494 $7,677 $6,276 $9,850 $9,641

Standby-Safety $9,642 $10,001 $9,806 $9,679 $9,230 $8,806 $9,302 $9,180 $8,870 $8,806 $8,574 $7,861

Supply $14,915 $16,599 $16,567 $14,354 $16,662 $14,087 $15,459 $13,561 $13,224 $14,087 $16,337 $14,402

Towing Supply $9,349 $9,573 $8,265 $9,269 $9,301 $10,904 $8,809 $8,484 $10,388 $10,904 $10,798 $10,467

Utilization:

AHTS 74% 63% 57% 63% 77% 70% 52% 53% 34% 53% 82% 89%

Mini-Supply 74% 85% 88% 98% 98% 96% 87% 77% 62% 51% 90% 61%

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

Supply 72% 87% 77% 75% 84% 82% 70% 74% 65% 65% 86% 78%

Towing Supply 100% 94% 54% 51% 48% 44% 43% 33% 68% 68% 73% 81%

Available Days:

AHTS 1,530 1,632 1,564 1,547 1,547 1,564 1,564 1,547 1,530 1,641 1,675 1,729

Mini-Supply 630 644 644 637 637 644 644 728 779 930 1,012 1,001

Standby-Safety 2,160 2,208 2,208 2,195 2,275 2,355 2,392 2,291 2,250 2,300 2,300 2,222

Supply 1,581 1,656 1,631 1,649 1,705 1,798 1,748 1,591 1,548 1,739 1,748 1,729

Towing Supply 180 184 184 360 364 368 368 494 540 552 560 690


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In International regions, excluding the contribution of the wind farm utility vessels, Seacor’s operating revenues were $13.2 million lower in the first quarter. In Mexico, Central and South America, time charter revenues were $5.6 million lower, primarily due to an increase in out-of-service days attributable to drydocking activity and weak spot market conditions in Brazil. In Asia, time charter revenues were $5.1 million lower, primarily due to the sale of a vessel to one of Seacor's joint ventures and lower utilization following the conclusion of a term charter for a vessel operating in Sakhalin. Time charter revenues were lower in other geographical regions primarily due to weaker market conditions and the weakening of the pound sterling against

the U.S. dollar. Utilization was 83.2% compared with 88.9% in the preceding quarter and average day rates decreased from $12,372 per day to $10,942 per day. In the first quarter, the total number of days available for charter for Seacor's fleet, excluding wind farm utility vessels, decreased by 408 days, or 4% primarily due to fewer days in the quarter. Overall utilization, excluding wind farm utility vessels, decreased from 83.0% to 79.0% and overall average day rates, excluding wind farm utility vessels, decreased by 3% from $13,306 per day to $12,878 per day. As of March 31, 2013, Seacor's unfunded capital commitments were $151.8 million and included: 14 offshore support vessels for $106.1 million; seven inland river tank barges for $15.0 million; five inland river towboats for $12.7 million; four harbor tugs for $7.4 million; and other equipment and improvements for $8.0 million. In addition, Seacor notified a lessor of its intent to purchase two harbor tugs currently operating under capital leases for $2.6 million. Of these commitments, $97.8 million is payable during 2013 with the balance payable through 2015. Subsequent to March 31, 2013, Seacor committed to purchase additional equipment for $49.7 million. During the first quarter 2013, Seacor sold two offshore support vessels and other equipment for net proceeds of $60.6 million and gains of $2.3 million. During the first quarter 2012, Seacor sold one offshore support vessel and other equipment for net proceeds of $2.0 million and gains of $1.7 million. In addition, Seacor recognized previously deferred gains of $0.1 million. 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 the first quarter of 2013 was $5.23 billion, down 2% compared to $5.33 billion for the fourth quarter of 2012 and down 2% compared to $5.63 billion for the first quarter of 2012. "Our first quarter results reflect improvement in our North America segment," said Martin Craighead, Baker Hughes' President and Chief Executive Officer. "The increased revenues and profit margins in North America are due to higher activity levels in Canada, along with improved utilization in our Pressure Pumping business despite a 3% decline in the U.S. onshore rig count since last quarter. Following five consecutive quarters of declines in the U.S. rig count, we are now forecasting a modest increase for the remainder of the year."

Craighead continued, "Across our international segments, we saw our typical seasonal declines during the quarter, with particular weakness in our Europe/Africa/Russia Caspian segment. However, I am pleased with the improving performance of our Middle East region where we continue to grow our integrated operations business, and expand our product offering to include Pressure Pumping services. For the first time, the Middle East/Asia Pacific segment has ended the quarter as our largest international segment. This reflects the investments we have made over the years to extend our global infrastructure and expand our capabilities to win complex integrated operations work.” "During the quarter, the Gulf of Mexico was impacted by industry-wide delays. However, we are very encouraged by the long-term potential of this deepwater market, as well as

for Norway, where we have leading positions. Both of these markets demand the products and services that only high-technology, quality service providers such as Baker Hughes can provide," he said.


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Havila Shipping ASA of Fosnavag, Norway achieved a profit before tax of NOK -19.6 m in Q1 2013, compared with NOK -3.5 m in Q1 last year. Total operating income and gains was NOK 330.4m in the Q1 of 2013. Total operating income for corresponding period last year was NOK 357.5m. The reduction is mainly related to the decrease in net foreign exchange gains. The group had 27 vessels in operation at March 31, 2013. The 69.0m x 16.0m x 7.0m depth, PSV / Standby Rescue vessel “Havila Runde” (ex-Rescue Saga) built in 1997 for Remoy Shipping was sold in Q1 to Secunda Canada

of Dartmouth, Nova Scotia and renamed “Scotia Sea”. 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. The market for offshore service vessels in the 1st quarter at times has been better than expected. Activity has been good, but at times characterized by many available vessels. The utilization was 90% in Q1 for the fleet, with average day rates for vessels in the spot market almost in line with the average market rates.

Sembcorp Marine reported a 5% growth in net profit from $113 million in 1Q 2012 to $119 million in 1Q 2013. Group turnover for first quarter 2013 registered an 11% increase to $1.1 billion as compared with $943 million for the corresponding period in 2012. The increase came mainly from higher revenue recognition from rig building activities. Group operating profit increased by 19% from $120 million in 1Q 2012 to $143 million in 1Q 2013. At pre-tax level, Group profit at $149 million was 4% higher than the $144 million achieved first quarter last year. The increased contribution which came mainly from higher operating margins from rig building and ship repair businesses was offset by the lower contribution from an associated company and absence of interest income received in 1Q 2012 for deferred payment granted to customers. Sembcorp has a strong net order book of $13.6 billion with completion and deliveries stretching till 2019. This includes $1.7 billion in rig orders and offshore platform contracts secured since the start of 2013. Sembcorp remains focused on operational efficiency, productivity improvements, safety management and the timely deliveries of orders. The fundamentals driving the marine and offshore industry remain intact underpinned by healthy oil prices and projected increases in offshore exploration and

production spending. Demand for rigs is expected to remain strong given the ageing rig fleet and the increasing focus by oil companies for new, safer and more efficient rigs, in particular high specification rigs capable of operating in harsh and deepwater environment. For ship repair, there is continued demand for upgrading and life extension work for LNG carriers as well as repair and upgrading work for cruise ships and offshore vessels. Demand for Sembcorp’s big docks remains strong. Overall, enquiries remain healthy across Sembcorp’s diverse business segments of ship repair, ship conversion & offshore platforms and rig building. However, competition is intense and impacts margin.

Petrobras recently signed contracts for 23 offshore support vessels, as part of its third Fleet Renewal Plan for Offshore Support Vessels. The units, type PSV 4500 and OSRV 750, meet 60% local content requirements and will be built in Brazil. Petrobras says "prices presented were competitive, given expected metrics and budgets." In July this year, Petrobras will go to the market for another 24 offshore support vessels (5th Round), thus fulfilling its 2014 contracting target of 146 vessels to be built in Brazil. The table shows the winning bidders in the last round.


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Ultrapetrol (Bahamas) Limited, recorded total revenue for the first quarter 2013 of $77.9 million as compared with $64.5 million in the same period of 2012. Adjusted EBITDA for the first quarter 2013 was $19.3 million as compared to $7.3 million in the same period of 2012. Total adjusted net loss was $(0.2) million in the first quarter of 2013 which excludes the effect of a $(3.6) million non-cash loss from debt

extinguishments, a $(0.2) million loss for deferred taxes on an unrealized foreign exchange gain on U.S. dollar denominated debt of Ultrapetrol’s Brazilian subsidiary in its Offshore Supply Business and includes a $1.8 million gain related to the sale of ten dry barges which were subsequently leased back to Ultrapetrol. Before these effects, the recorded total net loss was $(5.9) million. Cecilia Yad, Ultrapetrol's Chief Financial Officer, said, "During the first quarter, we posted improved financial results, while continuing to take important steps to increase our financial strength and flexibility for the benefit of shareholders. Specifically, we secured long-term financing for our four PSV newbuilds by entering into an $84.0 million loan agreement with DVB, NIBC and ABN Amro Bank. We appreciate the continued support we receive from leading banks, which highlight Ultrapetrol's leadership position and strong prospects. We also reduced our debt by repurchasing $80.0 million of our outstanding convertible senior notes. With the recent cash infusion of $220.0 million, we have significantly increased our liquidity and are well positioned to take advantage of future growth opportunities." Felipe Menéndez, Ultrapetrol's President and CEO, said, "We are pleased to report significantly improved results for the first quarter. Under normal operating conditions we believe that 2013 will show the strength of the investment strategy that we developed in the past few years. As the new assets come into service and new higher prices come into effect in our various segments our results will reflect the growth and margin improvements that we were anticipating. During the first quarter, we continued to increase our Offshore Supply fleet as planned. Our recently delivered PSV, ‘UP Amber’, is expected to arrive in Brazil next week, while the first of the remaining two vessels under construction in India, ‘UP Pearl’, is expected to be delivered by June 2013. In addition, we confirmed four-year time charters for ‘UP Amber’ and ‘UP Pearl’ and extended the charter for ‘UP Esmeralda’ for another four years. The fundamentals of the offshore market, and specifically the Brazilian market, continue to be strong and support our strategic efforts and growth in this segment." Mr. Menéndez concluded, "As we progressively receive the increased rates that we have contracted for our PSV fleet during 2013 and we take delivery in the fourth quarter of ‘UP Onyx’ (the last vessel from the shipyard in India) while we increase the efficiency and size of our river fleet, we believe our EBITDA will strengthen in 2014 and beyond as we had expected when we set this investment plan in motion." The Offshore Supply Business, with the introduction of its 84.6m x 16.6m x 7.8m depth, Bharati Shipyard built, PSV “UP Jade” into a long-term charter with Petrobras in August 2012, Ultrapetrol began to operate a fleet of nine PSVs which has now grown to ten with the delivery of its 4,167dwt PSV “UP Amber” on January 30, 2013. The adjusted EBITDA generated by the Offshore Supply Business segment during the first quarter of 2013 was $9.5 million, or 47% higher than the $6.4 million generated in the same period of 2012. Total revenues from the Offshore Supply Business for the first quarter of 2013 increased by $4.6 million compared with the same period of 2012. This represents a 27% increase which was primarily attributable to the full quarter operation of its “UP Jade” in Brazil. In Brazil, operating costs, particularly manning costs, have been increasing as a result of the revaluation of the local currency and inflationary pressure on salaries and expenses both of which affected our earnings during parts of 2012. Nevertheless, during the first quarter of 2013 the

Brazilian real experienced a slight devaluation which eased the upward trend of our costs. As planned, Ultrapetrol continues its newbuilding program in India that will add capacity to its Offshore fleet. Ultrapetrol expects to take delivery of the first of the remaining two PSVs, “UP Pearl”, during the second quarter of 2013. Ultrapetrol entered into new four-year time charters with Petrobras for its “UP Agua-Marinha”, “UP Diamante” and “UP Topazio” at significantly higher rates than their expiring contracts while Ultrapetrol extended the charter for “UP Esmeralda” for another four years. In addition, both “UP Amber” (on its way from India to Brazil) and “UP Pearl” have been contracted for four years to Petrobras. These new contracts and vessels are expected to produce substantial additional EBITDA. Ultrapetrol believes that the Brazilian market will grow in-line with Petrobras' aggressive capital expenditure plans. Ultrapetrol's fleet has the advantage of being very modern and technologically capable of supporting deep sea oil drilling in Brazil as well as the North Sea.


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Hornbeck Offshore Services’ first quarter 2013 revenues increased 23.0% to $147.5 million compared to $120.0 million for the first quarter of 2012 and increased 10.7% compared to $133.2 million for the fourth quarter of 2012. Operating income was $47.4 million, or 32.1% of revenues, for the first quarter of 2013 compared to $28.6 million, or 23.8% of revenues, for the prior-year quarter; and $32.5 million, or 24.4% of revenues, for the fourth quarter of 2012. Hornbeck recorded net income for the first quarter of 2013 of $6.2 million compared to net income of $6.3 million year-ago quarter; and net income of $11.3 million for the fourth quarter of 2012.

Revenues from the Upstream segment were $132.5 million for the first quarter of 2013, an increase of $24.6 million, or 22.8%, from $107.9 million for the first quarter of 2012; and an increase of $13.9 million, or 11.7%, from $118.6 million for the fourth quarter of 2012. The year-over-year increase in Upstream revenues primarily resulted from higher utilization and dayrates due to stronger demand for Hornbeck's MPSVs and high-spec OSVs. Upstream operating income was $43.9 million, or 33.1% of revenues, for the first quarter of 2013 compared to $28.3 million, or 26.2% of revenues, for the

prior-year quarter; and $29.7 million, or 25.0% of revenues, for the fourth quarter of 2012. Average new generation OSV dayrates for the first quarter of 2013 were $25,142 compared to $22,419 for the same period in 2012 and $24,024 for the fourth quarter of 2012. New generation OSV utilization was 86.7% for the first quarter of 2013 compared to 81.1% for the year-ago quarter and 84.0% for the sequential quarter. Hornbeck's high-spec OSVs achieved an average utilization of 98.5% for the first quarter of 2013, while maintaining leading-edge spot dayrates in the $38,000 to $45,000 range. After adjusting for 20 days of first quarter downtime for regulatory drydockings, Hornbeck's commercially available high-spec OSV fleet achieved an effective utilization of 99.5%.

Hornbeck Offshore Services’ Utilization & Day Rates

2013 2012 2011 2010


Number Vessels 51 51 51 51 51 51 51 51 51 51 50.3 49.5

Avg. Dwt 2,514 2,514 2,514 2,514 2,514 2,514 2,514 2,514 2,514 2,514 2,510 2,505

Utilization 86.70% 84.00% 79.50% 88.10% 81.10% 83.50% 75.30% 67.90% 59.00% 66.30% 75.70% 71.80%

Avg. Dayrate $25,142 $24,024 $23,990 $23,335 $22,419 $21,863 $20,945 $20,493 $21,011 $20,694 $21,628 $23,874

As of May 1, 2013, excluding inactive non-core vessels, Hornbeck's operating fleet consisted of 50 new generation OSVs, four MPSVs, nine double-hulled tank barges and nine ocean-going tugs. During April 2013, Hornbeck sold one of its six 220 class DP-1 new generation OSVs, the 1999 built “HOS Mariner” to Skansi Marine LLC of New Orleans. The 220’ x 46’ x 13.9’ draft, U.S. flag vessel was renamed “SVO Mariner” by her new Owners. Hornbeck's active Upstream Fleet for fiscal years 2013 and 2014 is expected to be comprised of an average of 51.1 and 62.0 new generation OSVs, respectively. These active new generation OSVs are comprised of an average of 24.1

term vessels that are currently chartered on long-term contracts and an average of 27.0 spot vessels that are currently operating or being offered for service under short-term charters. As of May 1, 2013, Hornbeck also has one remaining stacked 220 class DP-1 new generation OSV, which is expected to be reactivated during the second quarter of 2013. Hornbeck expects to operate a total of four MPSVs in each of the fiscal years 2013 and 2014. Hornbeck's active Downstream fleet for fiscal years 2013 and 2014 is expected to consist of nine double-hulled tank barges and nine-ocean going tugs.


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Hornbeck's forward contract coverage for its forward contract coverage for its current and projected fleet of active new generation OSVs for the remainder of fiscal 2013 and for fiscal 2014 is currently 54% and 24%, respectively. Hornbeck's forward contract coverage for its four MPSVs for the remainder of fiscal 2013 and for fiscal 2014 is currently 77% and 31%, respectively. Effective, or utilization-adjusted, new generation OSV dayrates for Hornbeck's projected average of 24.1 active term OSVs are now expected to be in the $20,000 to $21,000 range for the full-year 2013. This range does not reflect the incremental impact of any revenue expected to be derived in fiscal 2013 from Hornbeck's spot or stacked OSVs. Hornbeck does not provide annual guidance regarding the effective dayrates 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 the first half of 2012. Whether these rates can be sustained will depend on a variety of factors, including the pace of permitting, the future rig count and the timing of anticipated drilling rig and OSV newbuild deliveries in the Gulf of Mexico. Hornbeck expects that its maintenance capital expenditures for its company-wide fleet of vessels will approximately $61.6 million and $52.6 million, respectively, for the full-years 2013 and 2014, respectively. 200 Class OSV Retrofit Program. In September 2012, Hornbeck awarded a contract for the upgrading and stretching of 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 approximately $50.0 million, in the aggregate ($8.3 million each), and Hornbeck expects to incur approximately 762 vessel-days of aggregate commercial downtime for the six vessels (127 vessel-days each), as follows:

The contractor will utilize two of its shipyards on concurrent paths to minimize the duration of the total project. The first two vessels arrived at the shipyard in December 2012 and the current schedule projects re-deliveries of two vessels each in May, September and December of 2013, respectively. Based on the schedule of projected vessel in-service dates for newbuildings delivered under the OSV Newbuild Program #5 (see Orders section, page 16), Hornbeck expects to own and operate 55, 68 and 70 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 51.5, 62.0 and 69.9 vessels for the fiscal years 2013, 2014 and 2015, respectively. As described in the 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, respectively. These vessel additions result in a projected average MPSV fleet complement of 4.0, 4.0, 4.8 and 6.8 vessels for the fiscal years 2013, 2014, 2015 and 2016, respectively. The aggregate cost of Hornbeck's fifth OSV newbuild program, excluding construction period interest, is now expected to be approximately $1.24 billion, of which $506.3 million, $284.8 million, $143.7 and $30.6 million is expected to be incurred in 2013, 2014, 2015 and 2016, respectively. From the inception of this program through March 31, 2013, Hornbeck has incurred $357.1 million, or 28.7%, of total expected project costs, including $82.6 million that was spent during the first quarter of 2013. Photo at right is the newbuilding 97.4m x 19.5m x 7.47m depth / 5.89m draft “HOS Commander” (Hull 2007) being launched at VT Halter Marine, Inc. at their Moss Point, Mississippi yard in April of this year. The 6,200dwt PSV is powered by twin CAT 3516C-HD diesels driving CP props. She is also fitted with two 1,100BHP bow and one 1,100BHP stern tunnel thrusters.


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GulfMark Offshore, Inc. reported consolidated revenue for the first quarter of 2013 was $96.9 million, an increase of 2%, or $1.9 million, from fourth quarter 2012. The sequential increase in quarterly revenue was largely the result of the increase in the average day rate in the Americas region and increases in utilization in the North Sea and Americas regions. Consolidated operating income was $9.1 million, up $7.3 million from the fourth quarter. The sequential increase in quarterly operating income was a combination of the aforementioned increase in revenue and a $5.4 million decrease in overall operating expenses. Bruce Streeter, President and CEO, commented, "The year

is off to a good start and we continue to be encouraged by the year-over-year improvement in our business…. The year-over-year increase is being driven by the U.S. Gulf of Mexico which is continuing to be the strong market we anticipated, with utilization levels near 100% for several weeks thus far this year. Based on the strong demand, day rates have increased significantly for a majority of our contracts. We are also pleased with the performance of the North Sea fleet during the first quarter. Historically in the first quarter, due to seasonal effects, the North Sea has performed lower than the previous quarter; however, this year both average day rates and utilization showed improvement from the fourth quarter. Additionally during the quarter, we fixed two of our large anchor handlers on long-term contracts at increased day rates, which will benefit us beginning this month. We are optimistic that the continued growth in the global drilling fleet, combined with the well-timed delivery of our new build vessels during the year, point to positive opportunities for us in the coming quarters. As expected and previously mentioned, Southeast Asia results were down significantly from the fourth quarter. However, we are seeing significant performance improvements in the region and we expect to see an increase in profitability as the year progresses….During the first quarter, we completed and delivered two of our 230 class stretched vessels. These vessels went directly on hire at significantly increased day rates. Recently we completed the third and final 230 class stretch vessel, which was also immediately contracted at similar rates. We will continue to move forward with our 260 class stretch program and we expect similar results as they deliver into a very strong U.S. Gulf of Mexico market. Our 11 vessel new build program is progressing as planned, and we are currently in contract discussions for these vessels as they near their delivery dates.” Revenue for the Americas region was $46.5 million, an increase of $4.6 million, or 11%, from the fourth quarter amount. The increase in revenue was driven by an increase in average day rate of 11% and, although seven vessels were in drydock during the quarter, utilization increased five percentage points from the prior quarter. In the North Sea region, revenue was $40.6 million, up $1.1 million, or 3%, from the fourth quarter. Utilization increased five percentage points from the fourth quarter level, which was the main contributor to the increase in revenue. During the first quarter, revenue in the Southeast Asia region was $9.7 million, a decrease of approximately $3.9 million, or 28%, from the fourth quarter amount. The decrease in revenue was due to a 20 percentage point decrease in utilization and a decrease of 3% in the average quarterly day rate. GulfMark added a vessel to the region that was in drydock for the entire quarter which decreased utilization by six percentage points.

GulfMark Offshore’s Utilization & Day Rates

2013 2012 2011 2010


Utilization

North Sea 89.9% 84.5% 93.1% 93.0% 87.8% 91.7% 96.5% 94.1% 87.1% 93.5% 91.6% 95.1%

Southeast Asia 50.3% 70.4% 88.7% 80.5% 78.0% 86.0% 87.9% 83.0% 83.2% 78.5% 85.2% 92.8%

Americas 88.1% 83.4% 82.7% 90.2% 74.0% 85.4% 81.5% 84.3% 70.5% 73.0% 76.0% 91.7%

Avg. Day

Rates

North Sea $19,933 $19,848 $19,821 $21,231 $19,351 $20,923 $21,358 $20,014 $17,789 $17,046 $17,637 $16,478

Southeast Asia $13,734 $14,165 $14,844 $14,110 $14,336 $14,690 $15,063 $15,228 $15,248 $16,209 $16,841 $16,817

Americas $20,363 $18,339 $17,939 $16,761 $15,634 $14,867 $14,766 $14,217 $14,194 $14,674 $15,830 $13,486

No. Vessels

North Sea 25.0 24.7 24.0 24.0 24.0 25.2 25.0 25.0 25.0 19.0 25.7 25.2

Southeast Asia 16.0 15.3 15.0 15.0 14.3 14.0 14.0 14.0 14.0 20.0 13.9 12.1

Americas 29.0 29.7 30.8 32.7 34.4 35.0 35.0 35.0 35.0 21.0 35.0 35.3

GulfMark disposed of the 10,700BHP, 1984 266’ “Clwyd Supporter” (ex-Neftegaz-12) in January 2013, which operated out of the North Sea region. The net proceeds totaled $.7 million and there was no gain or loss on the sale. The vessel was broken up by Fornaes Aps of Grenaa in Denmark in February.


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Tidewater Inc. of New Orleans, reported fourth quarter earnings for the period ended March 31, 2013, of $46.6 million on revenues of $328.3 million. For the year ended March 31, 2013, net earnings were $150.8 million on revenues of $1,244.2 million as compared to $87.4 million on revenues of $1,067.0 million the year prior.

The price of crude oil decreased dramatically during the beginning of the fiscal year and subsequently rebounded due to better than anticipated economic news from China and several other developing countries, as well as the less-than-expected deceleration of the U.S. economy, primarily attributable to positive developments in housing and labor markets. There are, however, risks to the tenuous recovery such as continued contraction in Euro-zone markets, which based on recent political events suggest that the sovereign debt crisis could continue to have negative effects on the global economy for the upcoming year, as well as continued tensions in the Middle East and North Africa. 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 April 2013, was trading around $97 per barrel for West Texas Intermediate (WTI) crude and around $110 per barrel for Intercontinental Exchange (ICE) Brent crude. High crude oil prices generally bode well for increases in drilling and exploration activity, which would support increases in demand for the company’s vessels, both in the various global markets and the deepwater sectors of the U.S. GOM. Throughout fiscal 2013, natural gas prices trended higher due to stronger heating demand than in prior year as well as unexpected decreases in production during winter months. Although higher in recent months, natural gas prices continue to be relatively weak due to the 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, Liquefied Natural Gas exporting facilities around the world, which have contributed to an oversupplied natural gas market. Toward the end of fiscal 2013, the price of natural gas trended higher as a prolonged and colder than expected winter increased demand. As of the end of March 2013, natural gas was trading in the U.S. at approx. $4.00 per Mcf which is up from approx. $1.80 per Mcf in March 2012. 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 the more prevalent exploitable hydrocarbon resource).


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According to IHS-Petrodata, the global offshore supply vessel market at the end of March 2013 had 433 new-build offshore support vessels (platform supply vessels, anchor handlers and towing-supply vessels only) under construction, most of which are expected to be delivered to the worldwide offshore vessel market within the next two and one half years. As of the end of March 2013, the worldwide fleet of these classes of vessels is estimated at 2,903 vessels, of which Tidewater estimates more than 10% are 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 741 vessels, or 26%, 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, approximately one-third 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 the retirement of a sizeable portion of these aged vessels could mitigate the potential combined 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 March 31, 2013, Tidewater had 316 owned or chartered vessels (excluding joint-venture vessels and vessels withdrawn from service) in its fleet with an average age of 12.6 years. The average age of 232 newer vessels in the fleet (defined as those that have been acquired or constructed since calendar year 2000 as part of Tidewater’s new build and acquisition program) is 6.2 years. The remaining 84 vessels, of which 51 are stacked at fiscal year-end, have an average age of 30.1 years. During fiscal 2013 and 2012, Tidewater’s newer vessels generated $1,128 million and $911.5 million, respectively, of consolidated

revenue and accounted for 98%, or $507.8 million, and 86%, or $386.1 million, respectively, of total vessel margin (vessel revenues less vessel operating costs). Vessel operating costs exclude depreciation on Tidewater’s new vessels of $127.5 million and $111.6 million, respectively, during the same comparative periods.

Tidewater’s revenue during fiscal 2013 increased $177.2 million, or 17%, over the revenues earned during fiscal 2012 and were primarily attributable to increases in demand in certain markets and the additions of new vessels delivered or acquired during the current fiscal year. Tidewater’s consolidated net earnings also increased 73%, or $63.3 million during fiscal 2013 partially due to a $30.9 million non-cash goodwill impairment charge ($22.1 million after-tax) recorded during the second quarter of fiscal 2012 on Tidewater’s Middle East/North Africa.


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Americas-based vessel revenues increased approx. 1%, or $2.5 million, during FY 2013 compared to FY 2012. Although Americas-based vessel revenue increased modestly during comparative periods, increases in revenues generated by deepwater vessels were offset by lower revenues generated by towing-supply/supply and other vessel classes. Revenues on deepwater vessels increased 22%, or $32.1 million, during comparative periods, due to a 10% increase in average day rates, and increased number of deepwater vessels operating in the area as a result of newly delivered vessels and because deepwater vessels transferred into the Americas from other segments. Revenue from towing-supply/supply vessels decreased 16%, or $23.0 million, during the same periods, due to fewer towing-supply/supply vessels operating in the Americas as a result of vessels stacked during the fiscal year. Revenue for other vessel classes decreased $6.6 million, or 20%, due to a fewer number of other vessels operating in this segment due to vessel sales. Total utilization rates for Americas-based vessels increased two percentage points, during FY 2013 compared to FY 2012; however, this increase is partially a result of the sale of 25 older, stacked vessels from the fleet with a significant number of those vessels sold near the end of fiscal 2012. Vessel utilization rates are calculated by dividing the number of days a vessel works by the days the vessel is available to work. As such, stacked vessels depressed utilization rates during comparative periods because stacked vessels are considered available, and as such, are included in calculation of utilization rates. Within the Americas, Tidewater continued to stack, and in some cases, dispose of, vessels that could not find attractive charters. At the beginning of fiscal 2013, Tidewater had 21 Americas-based stacked vessels. During fiscal 2013, Tidewater stacked seven additional vessels, reactivated one and sold one from the previously stacked vessel fleet, resulting in a total of 26 stacked Americas-based vessels as of March 31, 2013.

Asia/Pacific-based vessel revenues increased approx. 20%, or $30.2 million, during FY 2013 compared to FY 2012, primarily due to higher revenues earned on the deepwater vessels. Revenues on deepwater vessels increased $20.6 million, or 27%, during the comparative periods, due to a 22% increase in average date rates and a 10 percentage point increase in utilization rates, respectively. Increases in average day rates for deepwater vessels were primarily due to addition of newer vessels in the segment and renewal of contracts at higher rates. Also, revenue on towing-supply/supply vessels increased $10.4 million, or 14%, due to a 12 percentage point increase in utilization rates. Increases in utilization for

these vessel classes was the result of under-utilized vessels in the segment put to work following resolution of delays on certain customer projects at end FY 2012. Increases in average day rates for deepwater vessels were primarily due to addition of newer vessels in the segment and renewal of contracts at higher rates. Within the Asia/Pacific segment, Tidewater also continued to dispose of vessels that could not find attractive charters. At the beginning of FY 2013, Tidewater had 16 Asia/Pacific-based stacked vessels. During fiscal 2013, Tidewater sold seven vessels from the previously stacked vessel fleet, resulting in a total of nine stacked Asia/Pacific-based vessels as of March 31, 2013. Middle East/North Africa-based vessel revenues increased approx. 37%, or $39.9 million, during FY 2013 compared to FY 2012. Increases are primarily attributable to increases in revenues from towing-supply/supply vessels of 58%, or $33.0 million, during the comparative period, due to a 16 percentage point increase in utilization and 31% increase in average day rates, resulting from resolution of delays in acceptance of and cancellations of other vessels as part of a multi-vessel package committed to charter contracts with one customer in the Mid-East. In addition, deepwater vessel revenue increased 20%, or $9.4 million, during the same periods, due to a 13% increase in average day rates due to replacement of older vessels in the area, whose demand had decreased, with newer, more sophisticated vessels that have greater capabilities that Tidewater’s customers demand. Beginning FY 2013, Tidewater had seven Middle East/North Africa-based stacked vessels. During FY 2013, Tidewater stacked one additional vessel and sold two vessels from the previously stacked vessel fleet, resulting in a total of six stacked Middle East/North Africa-based vessels as of March 31, 2013.


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Sub-Saharan Africa/Europe-based vessel revenues increased approx. 21%, or $96.8 million, during FY 2013 compared to FY 2012. Revenues attributable to deepwater vessels increased 37%, or $73.8 million, during the same periods, due to a 16% increase in average day rates. Towing-supply/supply vessel revenue increased 14%, or 27.4 million due to a 9% increase in average day rates and an 11 percentage point increase in utilization. Average day rates on deepwater vessels and towing-supply/supply vessels increased due to replacement of older vessels in the area with newer more sophisticated vessels with greater capabilities that are in demand, as well as the annual renewal of

certain contracts at higher day rates. Total utilization rates for the Sub-Saharan Africa/Europe-based vessels increased four percentage points during FY 2013 compared to FY 2012; however, this increase is partially a result of the sale of 21 older, stacked vessels from the Sub-Saharan/Europe-based vessel fleet during this two year period. Within the Sub-Saharan Africa/Europe segment, Tidewater continued to stack, and in some cases dispose of vessels that could not find attractive charters. At the beginning of FY 2013, Tidewater had 23 Sub-Saharan Africa/Europe based stacked vessels. During fiscal 2013, Tidewater stacked five additional vessels and sold 18 vessels from the previously stacked vessel fleet, resulting in a total of 10 stacked Sub-Saharan Africa/Europe-based vessels as of March 31, 2013. At March 31, 2013, Tidewater had six 7,100BHP towing-supply/supply vessels under construction at an international shipyard, for a total expected cost of $112.9 million. The vessels are expected to be delivered beginning July 2014 with final delivery of the last vessel in April 2015. As of March 31, 2013, Tidewater had invested $28.0 million for these vessels. Tidewater is also committed to construction of six 246’, one 261’, ten 275’ and two 300’ deepwater PSVs for a total estimated cost of $562.8 million. The 261’ deepwater class vessel is being constructed at a U.S. shipyard and a different U.S. shipyard is constructing two 300’ deepwater PSVs. Two different international shipyards are constructing four and six 275’ deepwater PSVs, respectively, and a two other international shipyards are constructing two and four 246’ deepwater PSVs, respectively. The 261’ deepwater platform supply vessel has an expected delivery in April 2014. The ten 275’ deepwater class vessels are expected to be delivered beginning January 2014, with final delivery of the tenth vessel in April 2015. Tidewater expects to take delivery of the first of six 246’ deepwater PSVs in March 2014 with delivery of the sixth vessel in August 2015. The two 300’ deepwater class vessels are scheduled for delivery in August and November 2013. As of March 31, 2013, $156.6 million was invested in these 19 vessels. Two vessels under construction at a domestic shipyard have fallen substantially behind the original delivery schedule. The shipyard previously notified Tidewater that the yard should be entitled to later delivery dates and an increase in the contract price for both vessels because Tidewater was late in completing and providing detailed design drawings, developed for Tidewater by a third party designer. While Tidewater believes that other factors also contributed to the delay, Tidewater and the shipyard reached an agreement during the quarter ended September 30, 2012 which include an increase in the contract price of each vessel, one or more change orders for each hull, among other modifications to contract terms and the extension of delivery dates of the two vessels by approx. seven and eight months, respectively. During fiscal 2013, Tidewater disposed of 32 vessels, including 15 AHTSs and nine PSVs. Eight of the 32 vessels were disposed from the Asia/Pacific fleet, two were from the Americas fleet, 19 were from the Sub-Saharan Africa/Europe fleet and three from the Middle East/North Africa fleet. During the same period 2012, Tidewater disposed of 60 vessels, including 40 AHTSs and 11 PSVs. Tidewater took delivery of eleven newly-built vessels and acquired seven vessels from third parties. Seven of the delivered vessels are deepwater PSVs, six of which are 286’ in length and one is 249’ in length. The six 286’ PSVs were constructed at an international shipyard for a total aggregate cost of $175.9 million. The 249’ PSV was built at a different international shipyard for $19.2 million. Tidewater also took delivery of two AHTS vessels that have 8,200BHP. These two vessels were constructed at an international shipyard for a total aggregate cost of $47.6 million. Tidewater also took delivery of two waterjet crewboats at an international shipyard for $6.0 million. In addition, Tidewater acquired six deepwater PSVs for a total cost of $170.0 million (which range between 220’ to 250’ in length) and one towing-supply/supply class PSVs for a total cost of $13.0 million. In addition to the 18 deliveries noted, Tidewater acquired two additional towing-supply/supply class PSVs during fiscal 2013 which were originally taken delivery of, then sold and leased back during fiscal 2006 and 2007. Tidewater elected to repurchase these vessels from the lessors for an aggregate total of $17.2 million.


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Quarterly Utilization and Average Day Rates for Tidewater Inc. 2013 2012 2011 2010


Utilization

Americas Fleet

Towing-Supply/Supply 48.00% 48.00% 48.20% 53.40% 53.10% 54.20% 42.90% 43.30% 48.30% 41.00% 42.70% 39.30%

Offshore Tugs 38.70% 23.60% 19.30% 20.00% 20.00% 16.40% 17.00% 16.80%

New Vessels 84.70% 82.80% 79.80% 85.30% 87.30% 90.10% 85.60% 86.80% 87.40% 83.40% 84.70% 82.00%

Traditional Vessels 33.20% 37.90% 36.10% 41.80% 41.30% 37.70% 36.20% 35.10% 36.10% 30.20% 31.10% 29.20%

Asia Pacific Fleet


Offshore Tugs 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

New Vessels 82.50% 85.70% 84.20% 93.60% 81.00% 83.10% 69.80% 80.80% 79.30% 79.70% 69.70% 87.80%


Mid-East / No. Africa Fleet


Offshore Tugs 50.00% 50.00% 50.00% 63.20% 58.80% 59.70% 60.00% 59.60%

New Vessels 83.80% 89.40% 84.80% 89.50% 83.90% 68.20% 58.60% 69.10% 79.70% 93.00% 87.70% 70.20%


Sub-Sahara Africa / Europe


Offshore Tugs 72.60% 69.00% 60.80% 62.00% 60.30% 73.30% 66.10% 74.60%

New Vessels 83.30% 79.00% 86.80% 83.70% 82.20% 84.80% 86.80% 88.00% 87.80% 89.70% 89.80% 88.20%


Average Day Rates

Americas Fleet

Towing-Supply/Supply $14,330 $13,721 $14,103 $14,135 $13,704 $13,812 $14,786 $14,031 $14,411 $13,741 $13,603 $13,005

Offshore Tugs $9,613 $8,525 $6,318 $6,332 $6,341 $6,342 $6,383 $6,345

New Vessels $21,330 $21,022 $20,771 $19,119 $19,096 $18,863 $19,469 $18,849 $18,400 $20,078 $20,073 $20,247

Traditional Vessels $9,290 $7,913 $8,203 $8,318 $8,851 $8,655 $8,650 $9,958 $10,115 $9,757 $10,264 $10,416

Asia Pacific Fleet


Offshore Tugs $10,000 $9,709 $9,236 $9,709 $9,709 $9,426 $9,426 $9,426

New Vessels $21,024 $18,779 $20,109 $19,384 $20,247 $17,395 $15,028 $16,716 $18,332 $18,880 $20,235 $19,503

Traditional Vessels $0 $0 $0 $0 $3,642 $3,749 $3,953 $4,232 $5,195 $5,769 $6,361 $6,320



Offshore Tugs $5,194 $5,127 $5,117 $5,302 $5,235 $5,226 $5,262 $5,205

New Vessels $15,172 $14,310 $12,453 $12,388 $11,657 $12,337 $13,562 $12,496 $12,325 $11,028 $10,983 $13,526




Offshore Tugs $6,705 $6,620 $6,751 $7,110 $6,836 $6,930 $6,541 $6,528

New Vessels $15,905 $14,783 $15,332 $13,680 $14,098 $12,921 $12,134 $11,907 $11,077 $11,022 $11,164 $11,506


Average Vessel Count

Domestic

Towing-Supply/Supply (includes

stacked) 24

Americas Fleet


stacked)

48 48 50 50 57 52 57 65 70 70 70

Offshore Tugs 5 6 5 5 6 6 6

New Vessels (excludes stacked) 43 45 46 43 41 42 41 39 39 45 45 42

Traditional Vessels (excludes stacked) 18 19 19 21 24 24 26 30 31 35 33 42

International


stacked)

200

Offshore Tugs 27

Asia Pacific Fleet


stacked)

27 32 33 36 38 37 40 38 42 44 43






stacked) 30 30 29 29 31 29 30 33 30 30 31






stacked)

58 62 65 66 74 72 76 79 82 83 83

Offshore Tugs 13 12 13 13 14 14 14




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The STX OSV Group of companies is adopting the new brand name Vard. The adoption of the new name, logo and brand identity follows the sale of STX Europe's majority stake in the company to Fincantieri Oil & Gas. The new name is derived from the Norwegian word "varde", a small tower of stones

used since ancient times as a navigation mark along the coast to guide ships. The company says the name embodies its maritime heritage and long history in shipbuilding. It also symbolizes its ambition to lead the way in the industry, reflecting Vard's size, position and goal to be a preferred partner for technologically advanced solutions in the global offshore support vessel market. CEO and Executive Director of Vard, Roy Reite, said, "I am excited to announce that Vard will be our new name. It conveys a sense of stability and strength, relevance and flexibility. More importantly, it reflects our long-standing Norwegian heritage, as well as our leading position within the offshore and specialized vessels industry globally. From the very start of the project, the objective was to find a name that is short, solid, innovative and maritime in its tone. Vard met all of these criteria.” VARD generated operating revenues for the first quarter ended 31 March 2013 were NOK 2,747 million, decreasing from NOK 2,811 million for the same period 2012. Vard delivered five vessels during the quarter and secured contracts for three newbuildings. Operating profit for the first quarter was NOK 275 million, down from NOK 362 million first quarter 2012. Operating margin was 10.0 % and EBITDA margin was 11.1 % compared to first quarter 2012’s, 12.9 % and 14.0 % respectively. Profit before tax was down from NOK 373 million to NOK 264 million. With an effective tax rate of 31.9 %, VARD achieved a profit margin after tax of 6.5 % first quarter 2013 compared to 9.6 %. Operations in Romania (photo right) and Norway are running at full gear, with Romania experiencing a very high work load, and Norway having overcome the brief period of temporary lower utilization at some yards reported in the previous quarter. Only the Vietnam yard continues to see lower utilization, in anticipation of new orders being placed for construction at that yard. In Niterói in Brazil, a revised delivery schedule and gradually decreasing workload – as vessels are being delivered – are expected to ease the overload situation at the yard. Operations are expected to stabilize by end-2013, but the Brazil operations are expected to continue to affect group performance negatively until delivery of the last vessel in the current order book. At the end of the first quarter of 2013, the order book value amounted to NOK 15.5 billion, up from NOK 15.1 billion at the end of the fourth quarter of 2012. The order reserve comprised 46 vessels yet to be delivered, and the aggregate order value was NOK 24.6 billion. Order intake for the first quarter 2013 was NOK 2.8 billion, up from NOK 1.3 billion in the fourth quarter 2012. More than replenishing the order book during the quarter, the solid new order intake was driven by demand for high-end subsea construction vessels. VARD continues to be optimistic about the market outlook for subsea support and construction vessels, where inquiries for projects are recorded across a broad range of vessels sizes, specifications, and geographical markets. Global demand for such vessels is high on the back of increased use of subsea installations in oil and gas exploration, and a demand for modern tonnage to deploy and maintain such installations. With respect to AHTSs, the North Sea

market has recently seen promising spot and charter rates for ship owners. However, it is too early still for this to translate into newbuilding activity. As for PSVs, despite a sluggish market overall market, there is a demand for individual highly specialized vessels with innovative features, e.g. advanced rescue features as in the most recent PSV order secured. The shipbuilding market in general is highly competitive, but VARD’s strengths in leading-edge technology enable VARD to differentiate in the market. Based on its existing order book, including projects secured year-to-date, and the level of project inquiries and projects under development, VARD is confident about prospects for new orders during 2013. Major investment projects in Romania currently being implemented are aimed at securing VARD’s long-term

competitiveness in Europe. Investments in Vietnam will enable the shipyard there to take on larger and more complex projects. In Brazil, the new shipyard under construction, Vard Promar, is on track to start operations by end June 2013, with more than 85% of shipyard construction – and more than 95% of areas vital for commencing operations – complete, and recruiting and training currently in progress.


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Grupo TMM, S.A.B. reported financial results for first quarter of 2013. José F. Serrano, chairman and chief executive officer of Grupo TMM, said, "In the 2013 first quarter, the Company´s offshore business continued to excel with 95.7% utilization, which produced increased revenue and operating profit in the 2013 first quarter compared to the 2012 first quarter. Likewise, Ports and Terminals revenue and operating profit improved in the current period compared to last year, mainly due increased auto exports at Acapulco, particularly South America bound, and to higher volumes at maintenance and repair." Serrano concluded, "We continue to work on several projects to grow TMM. Although this has taken longer than we originally anticipated, we estimate providing an update to our shareholders in the second half of 2013." Compared to the same period of last year, consolidated revenue in the 2013 first quarter increased 3.5% due to higher revenue at Maritime and Ports. First-quarter 2013 consolidated operating profit was $46.4 million pesos, declining 21.5% from $59.1 million pesos recorded in the first quarter of 2012.

TMM’s Maritime Operations division, which brought in 65% of total revenues during the first quarter of this year, provides maritime transportation services, including offshore vessels providing transportation and services to the Mexican offshore oil industry, tankers transportation petroleum products within Mexican waters, parcel tankers transporting liquid chemical and vegetable oil cargoes from and to the United States and Mexico plus the sole concession for tugs providing towing and berthing services at

the port of Manzanillo Mexico since January 1997. TMM’s five tugs reportedly service over 2,000 vessels per year. In March 2012, TMM also began providing tug services to a new LNG terminal at Manzanillo. TMM’s offshore vessels division, which

contributed 62% during 2012 to marine revenues, operates a fleet of 27 OSVs, AHTSs, crewboats and firefighting vessels which have continued to report high utilization. Overall maritime revenue improved 4.8% in the 2013 first quarter compared to the same period last year, mainly due to a 7.9% revenue increase in offshore services, due to higher average daily tariffs, to having two additional vessels in the fleet as of the 2012 third quarter, and to improved utilization, which grew from 92.4% in the 2012 first quarter to 95.7% in the 2013 reported quarter.

Since 1992 Grupo TMM has provided transportation of clean petroleum products for “Pemex Refinación” in cabotage trades and for third parties in international trades. Grupo TMM currently operates a fleet of five product and three chemical tankers. Parcel tanker revenue improved 26.1% due to higher volumes, and harbor towage revenue grew 9.3% due to an improved revenue mix attributable to the Liquefied Natural Gas, or LNG, services. This revenue improvement was partially offset by a 20.7% revenue decrease at product tankers, mainly attributable to having one unemployed vessel in the 2013 first quarter and to certain offhire days in between short-term contracts of another tanker. Also, in the 2013 first quarter, shipyard revenue declined 5.2% due to previously scheduled services that were deferred to the second quarter. Maritime operating profit improved 16.8% in the 2013 first quarter compared to the same period of last year mainly due to revenue increases at offshore and harbor tugs. Likewise, in the 2013 first quarter, operating margin increased to 20.8% from 18.6% in the 2012 first quarter.

TMM’s five-year growth plan includes development of a container and liquids terminal at the Port of Tuxpan, Veracruz, where they own approx. 2,000 acres of land, to meet the demand for capacity in the Gulf of Mexico and addition of specialized offshore vessels to their fleet to meet increased demand for deepwater offshore services. TMM’s intent is to increase their offshore presence by taking advantage of the Mexican Navigation Law which grants priority to Mexican ship owners operating within Mexican domestic waters. TMM believes that the outlook for deep water drilling in the region is promising and that Mexico’s new energy reform will benefit their offshore business.


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Featured Listings For Sale Direct From Owners File: SU23649 Supply Boat - AHTS 236.0' loa x 49.0' beam x 22.9' depth x 16.00' draft. Built 1982 by C. Amels & Zoon. GRT: 2,070. DNV + 1A1 Tug/Supply FiFi II Ice C Oil Rec E0. Special Survey passed. Deadweight: 1,430T. Deck Cargo: 700T on 430m2. FO: 536.5m3. FW: 428.4m3. DW: 1,142m3. Dry Bulk: 175m3. Crane: 1 - 2T @ 18m / 1 - 4T @ 2.1m. Winch: 1 - 350T brake, 20T tuggers. Stern Roller. Main Engines: 4 x Bergen total 10,560BHP. VP prop(s). Kort nozzle(s). Stern thruster. 2 Bowthrusters. Bollard Pull: 101.9T. Speed abt. 10-15kn. 2 - fire pumps 3,600m3/hr. FiFi II, 4 -1,800m3/hr monitors. Quarters: 14 crew. Passengers: 27. 4 point mooring. Oil dispersant. Keen Seller. Mediterranean. Prompt.

File: SU23161 Supply Boat - AHTS 231.3' loa x 54.5' beam x 23.6' depth x 14.70' l draft. Built in 2010 by Tongfang Jiangxin Shipbldg. ABS + A1 (E) + AMS, AH Towing Vessel + DPS-2, FiFi 1, OSV. Deadweight: 2,500mt. Cargo: 900MT on 480m2 deck. FO: 988m3. FW: 441m3. BW: 601m3. Dry Bulk: 220m3. Liq. Mud: 497m3. Crane: 1 - 5.9MT. Winch: 2 - 12MT tuggers; Elect/Hyd. double drum; 2 - 5MT capstans. Line Pull: 20-210MT. Stern Roller. Main Engines: 2 x Niigata 8MG28HLX total 8,000BHP. CP prop(s). Kort nozzle(s). 680kW stern thruster. Bowthruster 2 - 680kW. Dynamic Positioning. Bollard Pull: 120MT. Speed abt. 10-14.4kn on 9.3-26.4T/day. Pump(s): FO: 100m3/h;

FW: 100m3/h, DW/BW: 100m3/h, Liqmd: 2 - 75m3/h, Dry Bulk: 2 - 20m3/min. Genset(s): 2 - 350kW, 1 - 99kW 440v 60Hz. 2 - 1,700m3/h fire pumps, 2 water/foam monitors. Quarters: 4-1, 3-2, 8-4 berth cabins. Southeast Asia. File: SU22500 Supply Boat - AHTS 225.0' loa x 52.0' beam x 22.0' depth. Built 1997 by Halter Marine. U.S. flag. GRT: 2,136. Class: ABS + A1, Towing Service + AMS. SS due July 2017, USCG COI L OSV exp. July 2017. SOLAS. Deadweight: 2,220mt. Deck Cargo: 1,222MT on 484m2 deck. FO: 707m3. FW: 673m3. DW: 757m3. Dry Bulk: 7920ft3. Liq. Mud: 3,000BBL. Crane: 1 - 5MT. Winch: Smatco double drum; 2 - tuggers. Stern Roller. Main Engines: 4 x EMD 16-645E7B total 12,280BHP. CP prop(s). Stern thruster: 600BHP. Bowthruster 600BHP. Bollard Pull: 161MT. Speed abt. 12-14kn on 18-40m3/d. Genset(s): 2-1,600kW; 1-350kW; 1-120kW. 1-monitor 2,600gpm discharge. 16 cabins 24 berths. Inviting offers. Designed for deep water ops. Kongsberg Simrad STP-600 Dynamic positioning (not classed). Triplex shark jaws, chain lockers & wire storage reels. Tow pins. U.S. Gulf Coast. Prompt.

File: SU22247 Supply Boat - AHTS 222.1' loa x 47.7' beam x 15.7' depth x 19.50' draft. Built 1983 by Hyundai. GRT: 1,621. LR + 100A1 Offshore Tug Supply Ice 1 + LMC, UMS. Deadweight: 1,900mt. Cargo: 550MT on 36m x 11m deck. FO: 937m3. FW: 330m3. DW: 681m3. Dry Bulk: 290m3. Liq. Mud: 1,200BBL. Winch: Brattvaag LP waterfall 3-drum. Line Pull: 250T. Wire Capacity: 1,000m x 64mm. Main Engines: 4 x Bergen KVMB12 total 12,240BHP. Ulstein CP prop(s). Kort nozzle(s). 800HP stern thruster. Bowthruster 2

- 800HP. Bollard Pull: 120MT Speed abt. 12-16kn. Pump(s): Bulk: 2-19.2m3/hr, Liqmd: 2-60m3/hr, DW: 100m3/hr, FO: 150m3/hr. Genset(s): 2 - 1,570kVA / shaft; 2 - 250kW; 1 - 94kVA. Quarters: 13-1 berth cabins. 30m3 dispersant. 104m3 rig chain lockers & 3" lifters. Hydraulic tow pins. 3 capstans & 2 tuggers. Pennant reels for 900m 76mm & 2 x 500m 76mm wire. Deepwater anchoring system with 1,500m 38mm wire capacity for anchoring in 400m water. Southeast Asia. Prompt. File: SU22042 Supply Boat 220.0' loa x 40.0' beam x 14.0' depth x 11.50' draft. Built 1984 by Moss Point Marine. U.S. flag. GRT: 385. ABS Loadline overdue. Deadweight: 1,096lt. Deck Cargo: 800LT on 150'x31' 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. Speed abt. 10-12.5kn. Pump(s): DW: 500gpm; FO: 500gpm; FW: 500gpm; Liq Mud: 800gpm. Genset(s): 2 - 125kW / GM8V71. Fire monitor. Quarters: 23 bunks in 8 cabins. Sale “as is, where is”. Laid up. Some steel work required. P-tanks no longer operational. U.S. Gulf Coast.

File: SU21964 Supply Boat 219.8' loa x 52.5' beam x 23.0' depth x 19.35' draft. Built in 1996 by Soviknes Verft; Norway. GRT: 1,969. DNV + 1A1, SF, E0, DynPos AUT, DK (+) HL(2.5). Deadweight: 3,111mt. Deck Cargo: 1,500MT on 620m2 deck. FO: 860m3. FW: 824m3. DW: 900m3. Dry Bulk: 255m3. Liq. Mud: 800m3. Calcium Chloride / Brine: 400m3. Crane: 3MT. Winch: 2 - 8MT Capstans; 2 - 10T tuggers. Main Engines: 2 x Bergen KRMB9 total 5,450BHP. Ulstein CP prop(s). 700HP retractable azimuthing thruster forward &

800HP thruster aft. Bowthruster 2 - 700BHP. Speed abt. 10-14kn on 5.5-16.8m3/d. Pump(s): FO: 200m3/h, FW: 200m3/h, Dryblk: 90MT/h, Liqmd: 80m3/h. Genset(s): 2-250kW; 2-1,280kW/shaft 230/440vAC 60Hz 3ph; 1-48kW 450vAC. 10 - 1 person crew cabins. Passengers: 2 - 4 berth. UT-755 Kongsberg cPos DP-1 positioning. North Sea. Q2 2013.


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File: SU21004 Supply Boat 210.0' loa x 48.6' beam x 17.7' depth x 13.50' loaded draft. Built in 1998 by Conrad Industries; Morgan City, LA. U.S. flag. GRT: 1,395. Class: ABS +A1 +AMS. Special Survey & Tailshafts due Oct 2013. Deck Cargo: 900T on 138' x 40' clear deck. FO: 190,000g. FW: 35,000g. DW: 120,000g. Dry Bulk: 8,000ft3. Liq. Mud: 3,300BBL. Main Engines: 2 x CAT 3516TA total 4,000BHP. 90", 4 blade stainless prop(s). Bowthruster. Dynamic Positioning. Speed about 9-13kn. Genset(s): 2 - 170kW 480v 60Hz. Firefighting: 2,500gpm. Quarters: 24 persons. Air Conditioned. Kongsberg Simrad SDP-01, joystick, autopilot & mixed manual mode. U.S. Gulf Coast.

File: SU20743 Supply Boat - AHTS 207.0' loa x 43.3' beam x 19.8' depth x 16.40' loaded 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. Continuous. Deadweight: 1,243T. FO: 446m3. FW: 70m3. DW: 453m3. Crane: 1 - 8T x 14m hydraulic. Winch: Double drum 126MT brake. Wire Capacity: 1,150m / 700m x 64mm. Stern Roller. Main Engines: 2 x Deutz RSBV8M540 total 8,800BHP. Navalips CP prop(s). Kort nozzle(s). Bowthruster 2 - 400BHP. Bollard Pull: 110mt. Speed abt. 14.5kn. Genset(s): 3 - 362kW; 1-70kW 380vAC 50Hz. 1-1,300m3/h monitor; 45m3 foam. Quarters: 10-1, 5-4 berth cabins.

Equipped for oil recovery, FiFi -1 and as stand-in communications center for rescue / standby ops. 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. Owners replaced substantial steel in 2008/2009 costing about Euro 1m and have a RINA statement which has conventional age reduced by 14 years given her condition. 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. 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 capstans. 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. FiFi 1. 2 - 1,800m3/h monitors. Quarters: 14 crew. Passengers: 12. 2 - 51.5m3 rig chain lockers. Dispersant. Reportedly excellent condition & well maintained. Keen Seller. Call for new lower sale price. Mediterranean. Prompt.

File: SU19741 Maintenance Vessel 196.8' loa x 41.1' beam x 16.4' depth x 11.94' loaded draft. Built in 1982 by Kanmon Zosen; Shimonoseki, Japan. Rebuilt: 2003. GRT: 1,048. Class: ABS + A1 (E) AMS. SOLAS. Docking due Mar 2015. Special Survey due Nov 2017. Deadweight: 1,179mt. Deck Cargo: 500MT on 250m2 deck. FO: 262m3. FW: 860m3. DW: 860m3. Dry Bulk: 4,000ft3. Boat davit. Stern Roller. Main Engines: 2 x Daihatsu 6DSM32 total 4,200BHP. Kort nozzle(s). Bowthruster 400HP. Bollard Pull: 55MT. Speed abt. 10kn on 9Tpd. Pump(s): FO/FW/DW: 80m3/h each. Genset(s): 3 - 150kW / Daihatsu 6PKTB-16

440/220/110vAC 60Hz. Firefighting: 2 - 900m3/h + 2 monitors. Cabins for 55 persons. Passengers: 70 total. Converted to work / accommodations /maintenance / hook-up. 5 - 1, 1 - 2 & 12 - 4 berth cabins. 2 - 22 seat mess rooms. Mid East. 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. SOLAS Compliant. Deadweight: 1,174T. Deck Cargo: 500T on 98.4' x 32.8' clear 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. CP prop(s). Kort nozzle(s). 13,500nm range. Bowthruster 520BHP. Bollard Pull: 45T. Speed about 12.5-14.25kn. Genset(s): 2 - 250kVA; 1 - 125kVA 440/220vAC 60Hz. Quarters: 40. Multi-purpose workboat presently employed for survey work. 4 point mooring system on board optional. 14-1, 5-2, 2-4 & 1-8 man rooms. Joystick control. 2 - 7T tuggers. Sale or charter. Africa West Coast. Prompt.


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File: SU19700 Supply Boat - AHTS 197.0' loa x 42.7' beam x 19.7' depth x 16.30' loaded draft. Built in 1983 by Ast. de Murueta; Gernika-Lumo, Spain. Egypt flag. GRT: 1,113. Class: GL+100 A5 E Supply Vessel Tug +MCE, AUT-Z. Deadweight: 1,100mt. Deck Cargo: 650ST on 36.4m x 10.8m deck. FO: 424m3. FW: 217m3. DW: 321m3. Dry Bulk: 170m3 in 4 tanks. Crane: 1-1,500kg electric. Winch: Norwinch double drum waterfall. Line Pull: 150T. Wire Capacity: 320m / 1,275m 56m. Stern Roller. Main

Engines: 2 x MAK 9M435AK total 6,120BHP. Lips CP prop(s). Kort nozzle(s). Bowthruster 550HP. Bollard Pull: 70MT. Speed about 11-14kn. Pump(s): FO: 150m3/h; DW: 170m3/h; FW: 130m3/h; Bulk: 45mt/h @ 6 bars; Liq. Mud 2x50m3/h. Genset(s): 3 - 350kVA Indar / Guascor E202TA 440vAC. FiFi 1. 2-1,200m3/h water / foam monitors. Foam capacity 15m3. Quarters: 36 berths in 11 cabins. 2-95m3 chain lockers. Wildcats for 2.5 - 4" chain. 2-8T tugger winches. 1-5T capstan. 100T shark jaws. 2 hydraulic tow pins. Spare wire capacity 1,275m 56mm Dual purpose recovered oil / liquid mud / fuel capacity 321m3. Kongsberg Simrad SDP-II DP system with 2 gyros, 2 wind sensors, 2 motion reference units, DGPS with spot beam & 3 axis control independent joystick installed 2000. 2-6m spray booms. 20m3 dispersant. Mid East. File: SU19645 Supply Boat - AHTS 196.8' loa x 46.6' beam x 19.7' depth x 16.70' draft. Built in 2012 by South China Shipyard; China. GRT: 1,555. Class: BV I + Hull + MACH, Supply Vessel, Tug, Special Service AHT, OSV, FiFi 1, Waterspray, Unrestricted. Deck Cargo: 500MT on 330m2 deck. FO: 593.26m3. FW: 324.64m3. DW: 258.51m3. Dry Bulk: 136m3 in 4 tanks. Liq. Mud: 231.60m3. Crane: 2T reach 9.75m. Winch: Hyd. Double drum AHT 200T brake; 2 - 10T Hyd. Tugger. Wire Capacity: 52mm x 1,000m. Stern Roller. Main Engines: 2 x Cummins QSK60-M total 4,400BHP. Bowthruster 350kW. Bollard Pull: 65.5T. Speed about 12-13.8kn. Pump(s): 2 - 30m3/h Liq. Mud. Genset(s): 2-245kW/CAT C3406C; 1-350kW/CAT C18; 1-100kW/Cummins 400v 50Hz. FiFi 1. 2 - 1,200m3/h monitors; 1 - 2,400m3@120m fire pump. Quarters: 50 persons in 16 cabins. 200T Strong jaw and tow pin. Far East. Prompt.

File: SU19351 Supply Boat 193.6' loa x 42.0' beam x 17.1' depth x 14.40' loaded draft. Built in 1986 by Cochrane & Sons; Selby, U.K. GRT: 1,199. Class: DNV + 1A1. Deadweight: 1,442T. Deck Cargo: 700MT on 117.75' x 33.5' deck. FO: 354m3. FW: 338MT. DW: 289MT. Dry Bulk: 6,000ft3 in tanks. Liq. Mud: 2,000BBL. Calcium Chloride / Brine: 870BBL. Winch: 1 - 10T tugger; 2 - 5T capstans. Main Engines: 2 x B&W 6L28/32V total 3,590BHP. CP prop(s). Alpha. Bow & stern thruster. Joystick control. Bowthruster 4.7T. Speed about 8-12kn on 2.5-6.75Tpd. Genset(s): 3 - 248kW / CAT3406; 1 - 88kW / CAT3304 440v 60Hz. Quarters: 10-1, 1-4, 1-6 man. Not officially on market, but we may develop on behalf serious first class interests. Southeast Asia.

File: SU19030 Supply Boat - AHTS 190.0' loa x 40.0' beam x 14.0' depth x 6.70' light draft x 12.00' loaded draft. Built in 1982 by Quality Shipyards Inc.; Houma, LA. Egypt flag. GRT: 734. Class: ABS + A1 (E), AMS Towing Services. 5yr Special Survey done January 2013. Deadweight: 914mt. Deck Cargo: 556.80MT on 274.5m2 clear deck. FO: 364.5m3. FW: 129.4m3. DW: 172.4m3. Dry Bulk: 113.2m3 in 4 tanks. Liq. Mud: 266.2m3. Winch: Intercon Double drum waterfall DW200 + 1 - 4.5T tugger. Line Pull: 113.4T. Wire Capacity: 915m x 5.1cm. Stern Roller. Main Engines: 2 x GM 16-645E6 total 3,900BHP. Bowthruster 300BHP. Bollard Pull: 35.3MT. Speed about 8-13kn on 17.5MT/day. Pump(s): FO: 90m3/h; DW: 90m3/h; Bulk: 29m3/h; Liqmd: 125m3/h. Genset(s): 2 - 99kW / GM 8V71 440vAC 60Hz. Firefighting: 1 - 500m3/h @ 61m monitor. Quarters: 17 berths. 2 - 10m spray booms. 7.57m3 dispersant. Mid East.

File: SU18948 / SU1850 Supply Boat - AHTS (Two Available) 190.0' loa x 44.0' beam x 16.0' depth x 8.00' light draft x 13.60' loaded draft. Built in 1999 by Eastern Marine, Panama City, FL. U.S. flag. GRT: 1,004. Class: ABS + A1 + AMS USCG Sub L. Not SOLAS. Valid COI - exp. May 2017. Deadweight: 1,310mt. Deck Cargo: 440MT on 4,041ft2 deck. FO: 68,704g. FW: 8,650g. DW: 221,341g. Dry Bulk: 7,200ft3. Liq. Mud: 2,053BBL. Calcium Chloride / Brine: 86,258g. Winch: Smatco 72 DAW double drum waterfall + tugger. Line Pull: 134LT. Stern Roller. Main Engines: 2 x CAT 3516B total 4,000BHP. 2,590mm stainless prop(s). Bowthruster 500HP. Bollard Pull: 42MT. Speed abt. 11-12kn on 108-210gph. Genset(s): 2 - 175kW / CAT

3306. Firefighting: 1 @ 1,000gpm. Quarters: 18 berths / 7 cabins. Fritz Culver tow pins & Smith Berger stern roller. Certified to carry two 500BBL tanks for liquid mud bringing total capacity over 3,000BBL. Sold by Marcon in 2001 to last operator. Direct from bank owner. May also consider charter subject to credit review. Recently reduced price ideas. U.S. Gulf Coast.


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File: SU18038 Supply Boat 180.0' loa x 38.0' beam x 14.5' depth x 13.00' loaded draft. Built in 1990 by Houma Fabricators; Houma, LA. U.S. flag. GRT: 277. Class: ABS + A1 Full Ocean disc. 2000. USCG Subchapter I exp. July 2015. USCG certified for 10 persons. Deck Cargo: 580LT on 132' x 29' deck. FO: 86,010g. FW: 5,365g. DW: 116,526g. Dry Bulk: 3,600ft3 in 4 tanks. Liq. Mud: 1,856BBL. Calcium Chloride / Brine: 1,856BBL. Main Engines: 2 x GM 16V149 total 1,800BHP. 84" x 54" prop(s). Bowthruster 300HP. Speed about 11kn on 110gph. Pump(s): FO: 450gpm, FW: 450gpm, DW: 450gpm, Bulk: 1,000ft3/h, Liq. Mud: 900BHP. Genset(s): 2 - 75kW Delco/GM6-71 120/240/460vAC 60Hz. Fire monitor 1,000gph. Quarters: 12 crew in 5 cabins. Passengers: 5. Laid up. Certified for 10-550g D.O.T. tanks. U.S. Gulf Coast.

File: SU18004 Supply Boat 180.0' loa x 40.0' beam x 14.5' depth x 13.00' draft. Built in 1983 by Champion; Pass Christian, MS. U.S. flag. GRT: 299. ABS + A1 disc. 2003. ABS loadline exp. USCG COI exp. 03/2015. Deadweight: 1,200T. Deck Cargo: 500LT on 120' x 31' deck. FO: 65,544g. FW: 12,750g. DW: 157,000g. Dry Bulk: 3,600ft3. Liq. Mud: 1,845BBL. Calcium Chloride / Brine: 1,700BBL. Main Engines: 2 x EMD 12-645E6 total 3,000BHP. Bowthruster. Speed abt. 11kn. Pump(s): FO: 450gpm, DW: 450gpm; Liq. Mud. Genset(s): 2- 75kW/GM8V71 120/240/460v 60Hz. 1,000gpm monitor. 12 crew in 5 cabins. Passengers: 11. Laid up. U.S. Gulf Coast.

File: SU17502 Supply Boat - AHTS 172.9' loa x 36.1' beam x 13.0' depth x 11.00' loaded draft. Built in 1968 by J.G. Hitzler, Germany. Egypt flag. GRT: 495. GL + 100A5 (E) Offshore Supply Vessel, Tug. Deadweight: 725T. Deck Cargo: 329T on 243m3 clear deck. FO: 318m3. FW: 218m3. DW: 268m3. Dry Bulk: 100m3 in 2 tanks. Crane: 10T SWL. Winch: Double drum heavy duty. Line Pull: 40T. Stern Roller. Main Engines: 2 x MWM TB16RS18/22 total 2,740BHP. Kort nozzle(s). Bowthruster 2.5T (210bhp). Bollard Pull: 34MT. Speed about 10-11kn. Genset(s): 3 - 112kW / MWM 220/380vAC. Fire monitor above wheelhouse. Quarters: 10 crew (4-1, 3-2). Passengers: 12 (2-3, 1-6). 4 point mooring, stern anchors 2 - 1.5T each. Working, but we may develop for sale out of competition. Mid East.

File: SU17043 Supply Boat 170.6' loa x 38.1' beam x 15.1' depth x 12.80' loaded draft. Built in 1983. St Vincent/Grenadine flag. GRT: 808. Class: ABS. Deadweight: 996T. 31.8m x 8.2m clear deck. FO: 321m3. FW: 621m3. BW: 29,896g. Crane: 45T @ 24.4m boom. Main Engines: 2 x B&W 8V23LU total 2,480BHP. 2 - FP prop(s). Bowthruster. Speed about 10-12kn on 66gph. Quarters: 52 (4-1, 4-2, 10-4). Sale and / or charter. Mid East.

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 LL. USCG COI. Deck Cargo: 350LT on 109' x 27' clear deck. FO: 110,960g. DW: 141,204g. Liq. Mud: None. Main Engines: 2 x GM 16V149 total 2,050BHP. 2 - FP 72" prop(s). Speed about 13kn on 100gph. Genset(s): 2 - 75kW / GM6-71. Quarters: 4 double, 4 quad berths. Air Conditioned. Passengers: 22. U.S. Gulf Coast. Prompt.

File: SU16618 Supply Boat 166.0' loa x 38.0' beam x 13.0' depth x 13.00' draft. Built in 1980 by Halter Marine. U.S. flag. GRT: 284. ABS disc. U.S. Coast Guard COI exp. Deck Cargo: 550T on 103' x 28' deck. FO: 38,868g. FW: 50,828g. DW: 91,994g. Dry Bulk: 3,000ft3 in 4 tanks. Liq. Mud: 1,845BBL. Calcium Chloride / Brine: 1,845BBL. Main Engines: 2 x GM 16V149 total 1,800BHP. Bowthruster. Speed about 11kn. Pump(s): FO: 450gpm, FW: 450gpm, Bulk: 1,000ft3/h, Liq.Mud: 900bph. Genset(s): 2 - 75kW / GM 6-71 120/240/460vAC 3ph 60Hz. Firefighting: 1,000gph monitor. Quarters: 12 in 6 staterooms. Air Conditioned. Galley. Passengers: 8. Laid up. Certified for carriage of aviation fuel. U.S. Gulf Coast.

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Supply & Tug Supply Boat Market ReportMarket Overview Of 12,552 vessels and 3,832 barges tracked by...

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Transcript of Supply & Tug Supply Boat Market ReportMarket Overview Of 12,552 vessels and 3,832 barges tracked by...