July 2008 .pdf

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

July 2008

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

Tug Supply Boats

Up Since Last Report Down Since Last Report

Market Overview Of 8,491 vessels and 2,939 barges tracked by Marcon, 1,897 are supply and tug supply boats. Tug supply boats officially on the market for sale has increased from 84 to 115 vessels over the one year period since July 2007, and is up 16 vessels from April 2008. At the time of this report, 31 tug supply boats for sale were either built within the last 10 years or are newbuilding re-sales. 72.7% of the tug supply boats are 25 years of age or over. Counter-balancing these “old ladies” are 27 newbuilding resales, in the 3 – 12,000BHP range, scheduled for delivery in 2008 through 2011. Other vessels not officially on the market may be able to be developed on a private and confidential basis. 57.4% of foreign and 100% of U.S. flag supply / tug supply boats we have officially listed for sale are direct from Owners. So far in 2008, actual sales price of all vessels and barges sold by Marcon has averaged 94.95%. 2007’s average sales price to asking price was 92.17%.

Under

3,000HP

3,000 –

4,000HP

4,000 –

5,000HP

5,000 –

6,000HP

6,000 –

7,000HP

7,000 –

8,000HP

8,000 –

9,000HP

9,000 –

10,000HP

10,000 –

12,000HP

12,000HP

Plus Total

Feb 1997 12 26 19 19 8 14 9 0 2 2 110

Jan 1998 8 20 7 11 6 8 3 0 0 4 67

Jan 1999 5 20 9 9 4 5 5 0 0 2 59

Jan 2000 5 20 14 10 8 15 8 0 0 2 82

Jan 2002 7 18 15 10 7 19 8 1 2 2 89

Jan 2003 9 15 15 6 6 13 5 3 1 3 76

Jan 2004 5 13 8 9 6 10 7 2 8 14 82

Jan 2005 10 13 13 26 9 11 6 3 3 14 108

Jan 2006 8 22 18 13 6 7 5 4 2 10 95

Jan 2007 8 18 7 17 8 8 6 3 2 10 87

Apr 2007 8 19 7 15 8 8 4 3 1 10 83

Jul 2007 8 20 6 17 8 8 4 2 1 10 84

Oct 2007 5 22 6 16 9 7 2 1 2 11 81

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

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

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

Jul 2008 - U.S. 0 10 3 3 1 1 1 0 0 0 19

Jul 2008 – Foreign 3 16 11 18 9 6 6 0 6 21 96

Avg. Age Worldwide 1972 1983 1982 1994 1988 1977 1987 - 1997 1994

Avg. Age U.S. - 1982 1980 1977 1982 1985 1975 - - -

Avg. Age Foreign 1972 1983 1983 1997 1989 1975 1989 - 1997 1994

For Charter Worldwide 6 8 15 19 6 10 8 3 9 21 105

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

For Charter Foreign 6 8 15 18 6 10 8 3 9 21 104

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

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The number of platform supply boats for sale increased from 50 to 75 since July 2007. There was an 11 vessel increase since the last report in April 2008. As of the time of this report, Marcon has available ten supply boats built within the last ten years, which includes four newbuilding re-sales scheduled for delivery in 2008. 58 PSVs, or 90.6%, are 25 years of age or older, with the oldest PSV being built in 1957.

Platform Supply Boats

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

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

Feb 1997 7 1 5 7 13 8 6 29

Jan 1998 2 1 7 5 5 0 5 25

Jan 1999 2 2 6 5 7 3 6 31

Jan 2000 2 3 13 12 17 4 9 60

Mar 2001 4 5 16 12 16 3 3 59

Jan 2002 2 6 17 12 17 2 5 61

Jan 2003 4 7 20 16 22 5 5 79

Jan 2004 2 7 13 10 32 7 19 90

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

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

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

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

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

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

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

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

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

Jul 2008 - U.S. 0 1 5 3 22 3 0 0 1 35

Jul 2008 – Foreign 4 1 5 3 9 2 8 2 6 40

Avg. Age Worldwide 1980 1994 1979 1983 1979 1977 1983 2005 1993

Avg. Age U.S. - 1980 1979 1978 1979 1980 - - 1976

Avg. Age Foreign 1980 2007 1978 1988 1980 1972 1983 2005 1996

For Charter Worldwide 1 3 4 6 7 0 0 2 2 25

For Charter U.S. 0 0 0 3 2 0 0 0 0 5

For Charter Foreign 1 3 4 3 5 0 0 2 2 20

Up Since Last Report Down Since Last Report

The USA remains the dominant location for second hand tonnage with 32.6% of the vessels for sale. South East Asia, Far East and Europe combined make up 38.8% of the market. The rest of the globe makes up the final 28.6% of locations. EMD and CAT are the principal main engine suppliers to this sector and power 48 and 32, respectively, of the Supply & Tug Supply Vessels listed for sale, followed by GMs in ten vessels. MAK leads the foreign manufacturers with 14, followed by MAN in ten, Niigata and Yanmar in eight each and 51 units powered by other various engines. In addition to those for sale, Marcon has 130 straight supply and tug supply vessels listed for charter worldwide, down from 135 in April 2008.

Platform & Tug Supply Locations

Europe9.0%

Africa7.3%

Mid East6.7%

By Arrangement0.6%

Mediterranean3.4%

Canada1.7%

South Pacific1.1%

Far East14.6%

U.S.32.6%

Southeast Asia15.2%

Caribbean3.9%

Latin America3.9%


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Crude Oil Prices

USD Nov 07 Dec 07 Jan 08 Feb 08 Mar 08 Apr 08 May 08 Jun 08

WTI - Cushing, Oklahoma $94.77 $91.69 $92.97 $95.39 $105.45 $112.58 $125.40 $133.88

Brent - Europe $92.41 $90.93 $92.18 $94.99 $103.64 $109.07 $122.80 $132.32

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

Natural Gas

Est. Average Wellhead Prices Nov 07 Dec 07 Jan 08 Feb 08 Mar 08 Apr 08 May 08 Jun 08

Price ($ per Mcf) $6.37 $6.53 $6.99 $7.55 $8.29 $8.94 $9.81 $10.82

Price ($ per MMBtu) $6.19 $6.35 $6.79 $7.34 $8.06 $8.69 $9.53 $10.52

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

Marcon Sales & Charters The 59.2m Anchor Handling / Fire-fighting Vessel "Armada Tuah 10" was time-chartered from Bumi Armada Navigation SDN BHD of Eastern Malaysia for a short-term contract in the Western Pacific by private interests. The 1,324mtdw vessel was built by Nam Cheong in Malaysia in 1993 and classed ABS +A1 +AMS FiFi 1, Towing Vessel. “Armada Tuah 10” is powered by a pair of MAK 6M25 diesels developing a total of 5,000BHP with a bollard pull of abt. 67.5 tons. Vessel is fitted with a double drum AHT winch and tow pins. Marcon was the sole broker in this transaction and arranged the charter on private terms. Toisa Ltd of Bermuda recently concluded the sale of the "Toisa Mariner" to Bluestone Offshore Pte on private terms. The "Toisa Mariner" is a 1980 Marystown shipyard built, DP 1 PSV/ROV Support vessel measuring 236' x 52' x 21' capable of approx 2,100ts DWT. Originally commissioned as the "Balder Baffin", the unit was also

named "Sable Sea" and "Marinous", until the current owners purchased it in 1990. The vessel is powered by two Alco 12-251 diesels producing 2,740BHP each driving two 4 -bladed controllable pitch propellers. Dynamic positioning and maneuverability is provided by two 600BHP tunnel bow thrusters, and one each 600BHP and 400BHP stern thruster, which are all Brunvoll design and variable pitch. Electrical generation is provided by three 450kW / CAT D3412 auxiliaries. The Lloyds +100A1 Classed unit comes equipped with a

Sikorsky S76/Bell 212 sized helipad, a 520m2 clear stern deck rated at 5mt/m2, a 3.66m2 moon pool and can berth up to 53 persons. The vessel is set to remain under the Bahamas flag but be renamed "Bluestone Topaz", with the new owners intending to convert the unit to a deepwater geotechnical drilling unit. Until recently, the vessel had been working on a term contract offshore Qatar. Marcon acted as sole broker in this transaction. This was the second time Marcon has sold this vessel in its life.


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The 4,610BHP, 1,018dwt AHTS "Sea Diligent" has been sold by GulfMark Offshore to private regional operators. The Halter Marine built, Panama flagged vessel measuring 192.5' x 40' x 15' x 13' had until recently been working offshore Thailand, and was delivered to the buyers upon charter completion. Two EMD 12-645E7B main engines drive two fixed pitch propellers, creating abt. 50ts bollard pull. "Sea Diligent" is equipped with a Smatco double drum waterfall winch producing an estimated 350,000lb of line pull. Vessel is capable of 14kts maximum speed burning approx. 13ts / day, however at a more economical 10.5kts she burns just 9ts /day. Built as the "Petromar Chief" for Petromar Offshore of Rockport, TX in 1981 as one of several sister-ships, she was sold to Maritime (Pte) Ltd in 1992 by the U.S. Maritime Administration. At that time she was completely overhauled and renamed "Sentosa Eagle". Gulf Offshore purchased the vessel in 1996 and operated her has part of their Southeast Asian fleet since. Classed ABS +A1, +AMS, Unrestricted Service the vessel's next Special Survey is not due until November 2012. "Sea Diligent" is able to carry a deck load of 686ts on its 304m2 deck (32m x 9.5m). Marcon acted as the sole broker in this sale. Capital Signal Company Limited of Trinidad recently completed the purchase of the Standby/Supply vessel

"Grampian Supporter" (ex - Grampian Freedom, Maersk Puncher) from sellers Craig Group Limited of Aberdeen, UK on private terms. "Grampian Supporter" was built in 1976 by J. Pattje of Holland. She measures 207' x 46' x 19' with draft of about 16' on 1,942mt DWT. The vessel is powered by two MAK 6M452AK main engines producing 3,200BHP driving twin fixed pitch propellers. The vessel is fitted with one Ulstein TV90 400BHP tunnel bow thruster. Electrical generation is provided by three Detroit Diesel auxiliaries producing 600kVa. The vessel is classed DNV +1A1, Ice Class C, Safety Standby Rescue. Up until delivery, the vessel was working offshore UK. She is now headed to

Trinidad under her new name "Native Pride" and will continue work in the oilfield primarily as a survey vessel. Marcon represented the buyer in this transaction. Worldwide Sale & Purchase News Subsea 7 Inc has acquired “Skandi Navica”, a pipelay and construction vessel, for USD 62 million. The vessel, which was built in 1999, will be renamed as the “Seven Navica” and will continue to operate as a rigid pipelay ship. She has an overall length of 108m and a beam of 22m. Capable of operating in water depths of up to 2,000m, she has pipelay capability for installing both rigid and flexible flowlines and umbilicals, with one deck-mounted storage and deployment reel with capacity for pipe diameters of up to 16in, and a total weight of 2,200 tonnes. Other features include an optional piggy-back 250 tonne reel, a lay ramp system, abandonment and recovery systems, a 60 tonne offshore crane, and a top tension capacity of 205 tonnes. The vessel has been under charter with Subsea 7 for eight years and has a track record of successful pipelay installation projects across the globe. Norwegian owners DOF ASA were the previous owners. Alam Maritim Resources Bhd subsidiary Alam Maritim (L) Inc has acquired three vessels for about RM 91.746mil (USD equivalent approx $28m). Alam Maritim Inc signed a shipbuilding contract with MLC Shipbuilding Sdn Bhd for the construction and acquisition of one anchor handling tug supply vessel (AHTS) for RM 45.71mil, the company told Bursa Malaysia. Alam Maritim said its subsidiary had also signed two memoranda of agreement with Pacific Crest Pte Ltd for the acquisition of two AHTS for RM 46.036mil. It said the new vessels were currently under construction.


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Norwegian offshore shipping company Solstad Offshore ASA said on 26 May that its 71.1%-owned ship-owning subsidiary Normand Skarven KS has agreed to sell its anchor handling tug supply vessel “Normand Skarven” to foreign buyers. The sales price for the 1986-built vessel was said to be "around its average broker value as per 31.12.2007" (believed to be around the USD 50m level) and to result in a gain of approximately NOK130m for Solstad Offshore. The “Normand Skarven” has been serving Statoil for many years as a field support vessel. In her contract she fulfils duties as oil

recovery, fire fighting, emergency towing and general rescue/standby services.

The 1978 Halter Marine built PSV “Thresher” (ex - Rapid River, Kathy Candies) has been sold by Tiburon Divers Inc to Bisso Marine for an undisclosed price. The vessel went through a complete upgrade in 2007 from PSV to DSV that included the addition of 4 point mooring and a 22ts crane; and will be renamed “Joseph Bisso”. The unit is powered by twin GM 12-645-E2 engines driving CPPs. The 1984 built, Singapore flagged, 4,800BHP AHTS “Leland” has been sold by Chuan Hup Agencies through its subsidiary, Offshore Gold Shipping Pte Ltd for an aggregate consideration of USD 3.9 million, to undisclosed buyers. In the event the disposal proceeds to completion, Chuan Hup Agencies will realize a gain of approximately USD 3.4 million from the sale of the vessel. Thaumas Marine in Malaysia (a subsidiary of Coastal Contracts) has sold two anchor handlers of 10,000BHP, both of which are currently under construction with scheduled delivery in 2010, for USD 62 million, to undisclosed buyers.

The Swire Offshore owned 1982 built AHTS “Pacific Taipan” has reportedly been sold to International Shipping Agency in Bahrain for an undisclosed price. The vessel will be renamed “Leyla”. The twin Daihatsu engined, 6,500BHP unit had been in Swire’s ownership since newbuild from the Teraoka Shipyard, Japan.

The 1984 Maclaren built AHTS “N S Conceicao” has been sold by Delba Maritima Navegacao SA for an undisclosed price to Zakher Marine Oilfield Services in the United Arab Emirates. The 2,480BHP vessel has been renamed “Zakher Alex”. NICO Middle East Ltd sold the 5,750BHP, 1975 Hall Russell built AHTS “NICO Shindagha” (ex - Spartan Tide) to unknown Nigerian Buyers on private terms. Powered by twin EMD 16-645E5, the unit leaves the Middle East arena for West Africa.

Mermaid Maritime Public Company Limited entered into a Memorandum of Agreement dated 20 June 2008 for the purchase of a newbuild DP2 vessel currently being constructed and completed by a European shipyard. This vessel is reported to be the “DP Falcon” owned by Italian operators Argo SRL and expected delivery was 15 July 2008. The newbuild will eventually be deployed for offshore oil and gas survey, diving and ROV work in the South East Asian region, with a primary focus for Malaysia. This newbuild vessel will replace its existing vessel “Allied Commander” (ex - CSO Marianos, Stena Marianos) which

was sold in a transaction that was completed on 26 June 2008.


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Deep Sea Supply has sold their ABG built vessel that delivered this month. The “Sea Wolverine”, a Seatech P-729 design of 6,500BHP delivered on the 9th of May and was delivered to new owners TMM Mexico by late May. It is understood that the agreed sale price is around USD 22 million. The sale will release a net cash surplus to Deep Sea Supply of approximately USD 18 mill. The profit from the sale, approximately USD 6 mill, will be booked in the 2nd quarter 2008. Vroon Offshore Service’s 1969 built converted stern trawler “Viking Skye” that had been operating as an ERRV in the North Sea, was sold for scrap at the end of July. UAE based Nabeel Ship Management Ltd Fze has sold two AHTSs, the “Gondwana” (ex - Nabeel) and the “Laurasia” (ex - A. H. Varazze) enbloc to unknown buyers. The “Laurasia” is a modified UT704, Ice Class AHTS built in 1982 Astilleros Construcciones of Spain. The 8,460BHP unit is powered by twin sulzer diesels. “Gondwana” is a 1975 DW Kremer Sohn Elmshorn built unit with two Atlas MAK 12M453AK 7,000BHP engines. It is estimated they were sold for between USD 10m and USD 11m enbloc. The vessels had until recently been undertaking a tow from the Middle East to the US Gulf.

P/R International Offshore Services ANS, a wholly owned company of Farstad Shipping, reached an agreement to sell the anchor-handling tug supply vessel "Lady Dawn" (built in 1982) to European Venture III AS. Delivery to the new owner will take place in mid-August 2008. The agreed price for the vessel is USD 17m. This will give a booked profit of approx. NOK 58.8 million in the 3rd quarter 2008.

Contract News India's leading oil and gas players say they may be forced to halt offshore operations because of new rules issued by the country's federal shipping ministry. In May, the Directorate-General of Shipping (DGS) placed an operational embargo on all vessels more than 25 years old. But Oil and Natural Gas Corporation (ONGC) uses more than 100 such vessels to support oil and gas production from fields, such as Mumbai High, and to help explore new prospects. Reliance Industries Ltd (RIL) uses more than 40 such vessels to service its largest gas field in the Krishna Godavari basin, in eastern India. “New vessels are not easily available in a tight global market,” says ONGC chairman and managing director R S Sharma. “Implementation of these rules would mean our offshore oil and gas operations will collapse.” Mr Sharma said ONGC vessels more than 25 years old are “certified by international safety agencies, underwritten by global insurers and meet the strictest of safety norms anywhere in the world” but the DGS's orders were not issued without cause. In July last year, the ONGC-chartered ship “Samudrika-10” sank off Mumbai, killing five people on board. After the incident, in a notice to ONGC, DGS ordered 27 offshore supply vessels recalled to base to undergo safety management tests before resuming duty at Mumbai High. ONGC had to scramble to procure replacement vessels to be deployed in fields situated 160km off the coast. Reports at the time said it needed 30 vessels to maintain production, but could only get 15 from the market. OSVs are vital for oil and gas ops. They provide logistic and operational support, transport heavy equipment from shore to rigs, and carry fire-fighting equipment, water and food to sustain rigs and their workers. Depending on facilities, an OSV can cost USD 14,000-100,000 a day to hire. Observers say offshore operations of ONGC and RIL will be affected by the DGS's ban on older vessels, but that the ban is justified because business cannot be done at the cost of human life. Some experts feel a middle path could be worked out, with OSVs recalled for safety verification in batches to make sure they meet government specifications. This would minimize disruption to production, while maintaining safety.


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According to a 29th July news release, Indian oil exploration and production companies have been given permission to hire foreign offshore vessels and rigs over the age of 25 years, subject to their fulfilling the requisite safety requirements. The move by India’s maritime regulator Directorate-General of Shipping overturns an earlier order from April that had prohibited the hire of foreign vessels more than 25 years old off the Indian coast, while permitting Indian vessels of the same age to operate. Foreign shipowners had termed this order “discriminatory”. In the face of intense lobbying by both overseas shipowners and Indian exploration and production companies, the DGS appears to have backed down. The realization that more than 80% of the 165 offshore vessels and rigs operating in Indian waters are more than 25 years old seems to have precipitated the climb down. However, a related DGS order that makes it compulsory for vessels flagged abroad and seeking employment

in India to be classed with the country’s classification society, the Indian Register of Shipping, continues to remain in force. If a foreign vessel over 25 years old is not classed by the IRS, it must undergo inspection equivalent to an annual statutory survey and an intermediate audit by the IRS. The relaxation of the DGS hiring norm for foreign offshore vessels comes at a time when international crude oil prices have hit historic highs. Offshore vessels such as rigs, accommodation barges, anchor-handling tugs, platform and offshore support vessels are in chronically short supply. Ultra deepwater rigs are simply not available, even if explorers are willing to pay exorbitant hire charges. Indian explorers like Oil & Natural Gas Corp, Reliance Industries, Hardy Oil & Gas, Cairn India, British Gas and Gujarat State Petroleum Corp have constantly ended up short, with barely 30% of their requirements being filled by Indian shipowners like Shipping Corp of India, Great Offshore, Greatship India, ABG Infralogistics and Garware Offshore Services. The shortage could still intensify as India drills more wells, estimated by the Directorate-General of Hydrocarbons to cross the 500 mark by 2012.

Vroon Offshore Services (VOS) has announced that it plans to renew and extend its Asian fleet with 10 new vessels, delivering over the period 2008-2011. The first of the new vessels is a medium-size PSV currently under construction in Malaysia with expected delivery in August 2008. In addition, a series of three AHTS of 59m with 60 ton bollard pull will be built by Fujian South East Shipyard (China), with expected delivery in the second and third quarters of 2009. Another six AHTS vessels, with an upgraded specification, will be delivered by the same yard in the last quarter of 2010 and first quarter of 2011.

VOS already operates two Fujian-built AHTS vessels, “Dea Zeus” and “Dea Hercules”, which were delivered in 2006/2007. All new vessels will fly the Singapore flag. VOS has operated in Asia since the start of the year, when it acquired Nomis Shipping Ltd. with a fleet of 13 vessels. The office in Singapore is currently operating as Nomis Shipping International Pte Ltd but will, from August onwards, operate under the Vroon Offshore Services banner. Mark Grosse, General Manager and Director of Vroon Offshore Services’ Asian operations, said: “This latest order is a clear demonstration of commitment to the offshore oil industry in our region. Also in Asia we notice increasing demand by our clients for modern and versatile vessels; with this investment programme we will both expand our service capabilities as well as renew our fleet. We are very happy to bring in the new vessels over a period of time so we can recruit, train and familiarise crew for the new vessels.” VOS currently operates about 100 vessels from bases in Aberdeen; Den Helder; Genoa; and Singapore; and has a total of 28 newbuilding vessels on order.


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New Construction, Shipyard and Conversion News New construction continues at a rapid pace. According to “Fairplay”, as of 23 July 2008, there were 12,283 ships over 299GRT on the World Orderbook. Of the 12,283 ships recorded on order, 812 are Offshore Supply Vessels and 195 are designated as “Offshore – Other”. Of the 812 OSVs under construction, China leads the orderbook with a total of 173 OSVs being built. They are followed by the U.S. at 91, then Singapore at 78 OSVs under construction; India 77; Indonesia 50; Romania 49; Malaysia 42; Brazil 33; Spain 26; Poland 23; Italy 21; Norway 19; Japan 17; Thailand and Ukraine 13 each; Vietnam 12; Turkey 11; South Korea 9; 6 each in Germany, Sri Lanka and UAE; Argentina, France, Portugal and Russia with 4 each; 3 each in Iran, the Netherlands, and Saudi Arabia; Chile, Mexico, South Africa and UK with 2 each; and 1 each in Australia, Egypt, Faeroe Islands and Philippines.

Worldwide Offshore Supply Vessels On Order Over 299 GRT

0

20

40

60

80

100

120

140

160

180

China (PRC)

US

Singapore

India

Indonesia

Romania

Malaysia

Brazil

Spain

Poland

Italy

Norway

Japan

Thailand

Ukraine

Vietnam

Turkey

South Korea

Germ

any

Sri Lanka

UAE

Argentina

France

Portugal

Russia

Iran

Netherlands

Saudi Arabia

Chile

Mexico

South Africa

UK

Australia

Egypt

Faeroe Islands

Philippines

Credit: Fairplay New buildings Online 07/08 The below graph shows the estimated delivery dates for those OSVs on order. We wonder how many of those 4th quarter 2008 deliveries will really slide into the 1st or 2nd quarters of 2009.

Delivery Dates Worldwide Orderbook

For Offshore Supply Vessels Over 299 GRT

0

25

50

75

100

125

150

175

1Q 2008

2Q 2008

3Q 2008

4Q 2008

1Q 2009

2Q 2009

3Q 2009

4Q 2009

1Q 2010

2Q 2010

3Q 2010

4Q 2010

1Q 2011

2Q 2011

3Q 2011

4Q 2011

1Q 2012

2Q 2012

3Q 2012

4Q 2012

Credit: Fairplay New building Online 07/08


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CAT power lead by far propulsion packages with engines in 184 OSVs followed by MaK in 118, Cummins in 75, Bergens in 71, Wartsila 55, Niigata 33, MAN-B&W 31, Yanmar 25, EMD and M.T.U. 7 each, General Electric 6, A.B.C. 4, Scania and Weifang 1 each. Engines were not listed for 194 OSVs.

Summary of Engines Worldwide Offshore Supply Vessels

Orderbook Over 299 GRT

0

25

50

75

100

125

150

175

200Unknown

Caterpillar

MaK

Cummins

Bergens

Wartsila

Niigata

MAN-B&W

Yanmar

EMD

M.T.U.

GE

A.B.C.

Scania

Weifang

Credit: Fairplay New building Online 07/08 The highest portion of OSVs over 299GRT being built worldwide are in the 3 – 4,000HP category with 123 OSVs, or 15.1% of those OSVs where the horsepower is listed. Closely followed by 12.9% each being built in the 5 – 6,000HP and the over 10,000HP categories. Only 2 OSVs are shown under 1,000BHP, but this is most likely because most of the OSVs being built in this horsepower range will be under 299GRT.

Summary of Horsepower – Fairplay Worldwide Offshore Supply Vessels Orderbook over 299GRT Under 1,000 – 2,000- 3,000- 4,000- 5,000- 6,000- 7,000- 8,000- 9,000- Over 1,000HP 1,999HP 2,999HP 3,999HP 4,999HP 5,999HP 6,999HP 7,999HP 8,999HP 9,999HP 10,000HP

Unk. Total

OSVs 2 23 50 123 80 105 23 61 30 18 105 192 812

Orders Penguin International subsidiary Pelican Offshore Services has bought four anchor-handling, towing and supply vessels, which will be delivered between the fourth quarter of 2009 and the second quarter of 2010. Pelican Offshore Services will invest about S$ 100m (USD 72.5m) in the new vessels, Penguin said. The anchor handlers will be built by an unnamed shipbuilder in Malaysia. The purchase will be financed by an S$ 30m zero-coupon convertible bond, plus operating cash flow and bank borrowings. Pelican currently owns and operates a fleet of two AHTS vessels, four fast supply intervention vessels and one crewboat, with an additional 5,000BHP AHTS due for delivery at the end of 2008. Pelican Director and General Manager John Price said: “Our latest acquisition of four DP2 AHTS demonstrates Pelican’s ability to seek out and seize good opportunities, and also affirms our status as a serious offshore vessel operator in Asia and the Middle East. We are currently in talks to acquire more AHTS vessels.” Singapore-listed Penguin International owns and operates a fleet of about 60 vessels, as well as shipyards in Singapore and Batam.


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Island Offshore, in which Edison Chouest Offshore is a partner, has placed a contract with Aker Yards for construction of a well intervention vessel. It will be based on the same design as the “Island Wellserver”, delivered earlier this year, upgraded with increased length, engine capacity, thruster capacity and topside capacity. The vessel is equipped for operations in the North Sea market and world wide. The value of the contract is approximately NOK 1.2 billion (about $237 million) including equipment supplied by the owners. The vessel is scheduled for delivery in the third quarter of 2011. President of Aker Yards' business area Offshore & Specialized Vessels, Roy Reite comments: "I am very pleased that Island Offshore again has placed a new building

contract with Aker Yards. We delivered the second well intervention vessel to Island Offshore some months ago, and we are looking forward to build the third and upgraded vessel. We have delivered more than 20 vessels to Island Offshore, and we appreciate the excellent cooperation with this innovative client." Sealion Shipping Ltd. in the UK has announced that, on behalf of Toisa Ltd, an order has been placed with the ABG Shipyard in India for the construction of three new, large multi-purpose offshore support vessels. The newly designed series of ships will enter service commencing March 2012. Designed for worldwide subsea and ROV upport duties, the vessels' outline specification will be based on a LOA of 87.40m, beam of 19.00m, depth of 8.00m, with DP2/IMO Class 2. The vessels will have 60 berths, a deck area of 925m2, mezzanine deck of 202m2, a 70 tonne subsea crane and a 5 tonne general purpose crane, and a helideck rated for a Sikorsky S92 (D-value 21 meters). The newbuilds will have diesel electric propulsion with two 1,200kW tunnel thrusters, a 1,000kW azimuth “drop down” thruster, and a stern mounted 1,200kW tunnel thruster, plus two 2,200kW azimuthing thrusters, giving a speed of 14.0 knots. Said Sealion: "This order represents a positive recognition that, not only is there a clear and increasing demand for multi-purpose offshore support vessels around the world, but that current fleet numbers of such vessels will not be able to service the needs of the offshore oil and gas industry in the future without such new vessels. Higher and more demanding standards in safety, dynamic positioning operations and the use of environmentally sensitive vessels can only be met by the introduction of new vessels into the world fleet. We are proud to be a market leader in the operation of such vessels and are committed to ensuring that our clients have access to the best vessels we can provide." The total order size is approx. Rs. 585 cr (USD 36.65million).

Norwegian naval architects Vik-Sandvik report that Ultrapetrol Offshore has ordered two VS483 PSV Mk II vessels from Chinese shipyard Wison. The vessels will be 87.40m overall with a length between perpendiculars of 81.00m, and breadth (moulded) of 19.00m. UP Offshore now has a total of seven Vik-Sandvik-designed offshore vessels under construction, in addition to the five Vik-Sandvik-designed vessels in operation.


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Damen Shipyards has been awarded a contract for two additional Damen Fast Crew Suppliers 1605 for the operation of Tidewater Marine in Angola. The vessels will be transporting crew from shore to platforms, using dedicated (des) embarkation stations. The hulls of these two vessels are currently under construction in Poland and are to be outfitted in the Netherlands.

Keppel Offshore & Marine Limited’s (Keppel O&M) wholly-owned subsidiary, Keppel Singmarine Pte Ltd (Keppel Singmarine), has secured a S$ 181 million contract to build a multi-purpose heavylift / pipelay vessel for Romanian drilling contractor, Grup Servicii Petroliere SA (GSP). To be classed by the American Bureau of Shipping, this vessel will be designed and built to meet international environmental standards. The vessel will be certified with the new Environmental Safety notation, which provides stringent guidelines on preventing pollution, minimizing the discharge of harmful substances and emissions, and the treatment of sewage, among others. Well-suited for unrestricted service worldwide, GSP’s new vessel is scheduled for completion in the third quarter of 2011, and will be deployed to the Black Sea and Mediterranean regions. Mr Gabriel Comanescu, President of GSP’s parent company the Upetrom Group, said, “We are pleased to be working with a reputable shipyard such as Keppel Singmarine. With its proven track record, we trust that Keppel Singmarine will deliver a high quality vessel that will meet our offshore requirements.” Mr Hoe Eng Hock, Executive Director of Keppel Singmarine said, “Customers are seeking more sustainable means of mining oil and gas, and we are seeing a gradual increase in orders for specialised ships that are environmentally safe. We are very pleased that the Upetrom Group has chosen Keppel Singmarine to build its latest eco-friendly multi-purpose vessel. Our strength in designing and building large offshore construction support vessels and our understanding of global environmental standards will put us in good stead to create value for our new customer.” With accommodation for up to 290 persons, the heavylift / pipelay vessel will be equipped with three offshore cranes, the largest of which has a lifting capacity of 1,800 tons, and it will be fitted with a 10-point mooring anchor system. The machinery systems onboard will include three units of Voith Schneider propellers for main propulsion, five retractable azimuth thrusters for positioning, and a Class 3 certified dynamic positioning system. Some of the equipment will be supplied by the owner. Keppel Singmarine is presently constructing two other pipelay vessels for a US customer, Global Industries.

Malaysia’s Tanjung Offshore has ordered a pair of anchor handlers for RM 100m (USD 30.7m) from Muhibbah Marine Engineering. Tanjung Offshore has contracted for the anchor handling tug supply vessels at Muhibbah in Port Klang. The vessels costing RM 50m each are due to be delivered in the first quarter of 2011.


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Remøy Shipping has signed a contract with Ulstein Verft for two eco-friendly platform supply vessels (PSV) of ULSTEIN PX105 type designed by Ulstein Design with future oriented products and systems from Ulstein Elektro. The vessels are already set for long-term contracts with StatoilHydro upon completion. The vessels will be delivered in February and May 2011. A large number of the details in the newly developed ULSTEIN PX105 design are according to requirement specifications from StatoilHydro. The ULSTEIN PX105 design is 88.8m long and 19m wide, with a total output of 7,600eKW. The DP II vessels are also classified for standby rescue for 250 persons and have accommodations for a crew of 24. The vessels will be equipped after the Ulstein Accommodation Standard and will have sophisticated technology from Ulstein Elektro – such as ULSTEIN IAS, the new IP-based ULSTEIN COM system and ULSTEIN NAV.

A new company has been formed by some of the individuals involved in the formation of Eastern Echo, which ordered a number of X-BOW seismic ships from Dubai Drydocks and was subsequently acquired by Schlumberger. Polarcus describes itself as "a pure play marine geophysical company with a pioneering environmental agenda, specializing in high-end towed streamer data acquisition from pole to pole." Polarcus is launching a fleet of six advanced seismic vessels designed by Norway's Ulstein Design AS which also incorporates the innovative ULSTEIN X-BOW hull. Four of these are innovative high end 3-D seismic vessels with a 12 streamer configuration and two are multipurpose seismic vessels with a 2-D/source configuration, which are also "future proofed" for six streamer operations. Polarcus will operate worldwide providing high-end towed marine 3-D and 4-D contract acquisition services and multi client projects to the oil and

gas industry. The company's vision is "to be a pioneer in an industry where the frontiers of seismic exploration are responsibly expanded without harm to our world." The company's new vessels are being built in Dubai, UAE, by Drydocks World - Dubai LLC. The first 12-streamer 3-D vessel will be operational in the third quarter of 2009, with all six vessels fully operational within 2010. Polarcus has employed a well-established management team mainly from within the seismic industry, with recent senior experience from Eastern Echo, PGS Geophysical, and Schlumberger WesternGeco.

Norwegian naval architects Vik-Sandvik have confirmed that the Cyprus-based company Norwegian Shipping Ltd has decleared options for additional two AHTS at Bharati Shipyard Ltd in India. Norwegian Shipping Ltd now has a total of four VS 4612 designs under construction at Bharati Shipyard. The last two vessels will be delivered in February and June 2010.

Ezra Holdings Limited announced that its wholly-owned subsidiary, Lewek Shipping Pte Ltd, has awarded a contract to Keppel Singmarine Pte Ltd for the building of an approximately 100- meter UT788 CDL ultra-deepwater anchor handling, towing and supply vessel at a negotiated contractual value of S$ 69 million, excluding the cost of certain owner furnished equipment. The UT788 is targeted for delivery in the first half of the financial year ending 31 August 2011. The consideration for the vessel will be satisfied through a combination of internal funds and bank borrowings. Ezra also announced that Lewek Shipping Pte Ltd has also awarded a contract to Singapore Technologies Marine Ltd for the building of a multi-purpose deepwater AHTS vessel with Dynamic Positioning system 2 at a negotiated contractual value of USD 19.38 million, excluding the cost of certain owner-furnished equipment The AHTS vessel is targeted for delivery in the second half of the financial year ending 31 August 2009. The consideration will be satisfied through a combination of internal funds and bank borrowings.


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Garware Offshore, which provides offshore support services to oil and gas exploration companies such as ONGC and Reliance, will be adding five more offshore vessels to its existing fleet within the next 12 to 18 months. The five vessels involve a total cost of about $100 million, with two of these being purchased by the company’s Singapore subsidiary through the bareboat charter route. The new vessels include two anchor handling tug supply vessels, one of which will be delivered in October this year, while the other is scheduled for

delivery in February 2009. “Both these vessels are new building orders and would cost about $32 million,” Mr Sandeep P. Akolkar, President (Finance). The third vessel being procured is a $27-million platform supply vessel, which is likely to join the company’s existing fleet of seven vessels in January 2009. The remaining two vessels — one anchor handling tug and a work barge — are being procured by the company’s Singapore arm, Garware Offshore International Services Pte Ltd. These two vessels are worth about $41 million. Mr. Akolkar said that for these two vessels, the company had negotiated a unique package with a Singapore-based bank, which exclusively dealt with financing of marine

assets. Under the agreement, the bank will finance the entire fund requirement for the two vessels and hand them over to Garware for operation as bareboat charter. After a period of two years of operations, Garware will have the option to buy-back the vessels from the bank at rates already determined — in fact, it can buy the vessels back anytime between two to 10 years of their operation. Garware, which intends to exercise the option of buying the vessels back after two years of operation, will be paying a certain amount of charter rate for the two assets every month. “The beauty of the deal is that we do not have to dilute our equity immediately to purchase these assets. And two years later, when we exercise the buy-back option, we would have enough seed capital to fund the buy-back due to the earnings we make in the two years,” Mr. Akolkar said. The company will be going in for bigger platform supply vessels from 2009-10 onwards, when it expects the deep water exploration activities to gather significant momentum. “Right now there is very little deep water exploration off the Indian coast, but after the NELP 5, 6 and 7, we expect exploration companies to hunt for oil and gas in deeper waters,” he said. As of June 30, 2008, Tidewater is constructing 25 anchor handling towing supply vessels, varying in size from 6,500BHP to 13,600BHP, for a total capital commitment of approx. USD 491.2 million. Six different international shipyards are constructing the vessels. Six of the anchor handling towing supply vessels are large deepwater class vessels. Scheduled deliveries for the 25 vessels will begin in August 2008 with the last vessel scheduled for delivery in January 2012. As of June 30, 2008, Tidewater expended USD 150.3 million for the construction of these vessels. Tidewater is also committed to the construction of six 230’, eight 240’, two 260’ and twelve 280’ platform supply vessels for a total aggregate investment of approximately USD 650.7 million. Tidewater’s shipyard, Quality Shipyards, LLC, is constructing the two 260’ deepwater class vessels. One international shipyard is constructing the six 230’ vessels, while two different international shipyards are constructing the eight 240’ deepwater class vessels. The six 230’ vessels are scheduled for delivery beginning in January 2009 with final delivery of the sixth vessel in January 2010. Expected delivery for the eight 240’ deepwater class vessels will begin in January 2009 with delivery of the eighth 240’ vessel in September 2009. The twelve 280’ deepwater class vessels are being constructed at an international shipyard, and are expected to be delivered to the market beginning in November 2010 with final delivery of the twelfth 280’ vessel in July of 2012. As of June 30, 2008, USD 140.1 million has been expended on these 28 vessels. Tidewater is also committed to the construction of two 175’, fast, crew/supply boats and two water jet crewboats for an aggregate cost of approximately USD 21.3 million. Two separate international shipyards are constructing these vessels. The two water jet crewboats are expected to be delivered in February 2009. The two fast, crew/supply vessels are expected to be delivered in June and September of 2009. As of June 30, 2008, Tidewater had expended USD 9.4 million for the construction of these four vessels.


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Tidewater’s vessel construction program has been designed to over time replace Tidewater’s aging fleet of vessels with fewer, larger and more efficient vessels and to opportunistically expand the size and capabilities of Tidewater’s fleet. The majority of Tidewater’s older vessels, its supply and towing-supply vessels, were constructed between 1976 and 1983. As such, most vessels of this class exceed 25 years of age and are candidates for replacement within the next several years, depending on the strength of the market during this time frame. In addition to age, market conditions also help determine when a vessel is no longer economically viable. Tidewater anticipates using future operating cash flows, existing borrowing capacity or new borrowings or lease arrangements to fund this fleet renewal and modernization program over the next several years. Tidewater believes that it has sufficient financial capacity to support a USD 1.0 billion annual investment in acquiring or building new vessels for the intermediate term, assuming customer demand, acquisition and shipyard economics and other considerations justify such an investment. Tidewater stays in regular contact with its historical sources of capital and liquidity and monitors most other capital markets on an on-going basis. Tidewater believes that adequate capital and liquidity will be available to fund the continuation of its fleet replacement program, although given constraints in the debt and capital markets, the terms and pricing of such capital or borrowings may not be as advantageous as Tidewater has enjoyed historically. Deliveries Norwegian offshore operators Ostensjo Rederi announce that “Edda Flora” a Skipsteknisk ST 254 CD design delivered from Karmsund Maritime Services to Østensjø Rederi AS on Friday 18th July 2008. The vessel has commenced an 8 year firm period to Charterer DeepOcean ASA and departed for Haugesund Offshore Base and continued mobilization later that day. Indian operator Garware Offshore Services Limited took delivery of AHTS “Poorna” on July 21st. “Poorna” is a 5,150BHP / 60 tons bollard pull, DP I / FIFI 1 anchor handler built at Fujian Southeast Shipyard Ltd, China. The vessel will be heading to Vietnam from Singapore to begin a term contract with Petroleum Technical Services Corp. The contract is for a fixed three month term charter plus options for extensions. The vessel will be supporting Thang Long Joint Operating Co.'s offshore drilling campaign using Scorpion Offshore's jackup “Offshore Resolute”.

In addition to M/V “Poorna”, Garware also expects to take delivery of four more newbuild vessels through end 2009. The offshore vessel contractor recently purchased a 5,100BHP AHTS that is undergoing construction at Malaysia's Nam Cheong Dockyard Sdn Bhd. Delivery of that 60 tonne bollard pull AHTS is scheduled for next September. Garware Offshore Services has also taken delivery of PSV “Manna”, a UT 755 LN, built by Havyard Lerivik in Norway. The vessel (pictured left) was delivered to Garware Offshore on June 27th 2008. Garware Offshore plans to work the vessel in North Sea, initially, for about six months.

Coastal Offshore (Labuan) Pte Ltd. has sold four newbuild anchor handling tugs supply vessels to Tidewater Inc. The four 5,150BHP DP1 AHTSs are scheduled for delivery from the end of 2009 through early 2010. To date, Coastal has clinched USD 241 million worth of vessel sales this year including a variety of offshore support vessels and maritime transport vessels. The company’s outstanding vessel order book now stands at USD 432 million, with deliveries stretching into 2011.


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Billy Guice, Vice President of Sales and Marketing of Rigdon Marine Corporation (RMC), announced the christening and delivery of the “SLAP SHOT” in Lockport, Louisiana. Mrs. Danya Goerig, wife of Ed Goerig, RMC’s Controller christened the eighth of ten Rigdon 4000 Class vessels with the traditional champagne against the bow. Upon delivery, the “SLAP SHOT” was deployed on a term contract to a major oil independent in the U.S. GOM. The “SLAP SHOT” is a 190-foot x 46-foot x 18-foot, diesel electric, DP-2 PSV, which features a capacity of 4,000 barrels of liquid mud in an oval, self cleaning, segregated tank system. The PSV will also include three Z-Drives and two large forward tunnel thrusters. The Rigdon 4000 Class PSVs are capable of serving a wide array of marine applications in all water depths. The remaining two Rigdon 4000 class PSVs are expected to deliver by the end of August 2008.

Ulstein Verft in Norway has delivered the P101 “Olympic Intervention IV” to Olympic Shipping. The vessel will operate on a term charter to Oceaneering International, Inc and will be going on contract for Shell in the US section of the Gulf of Mexico. “Olympic Intervention IV” is a multifunction subsea vessel with a large deck area and very large cargo capabilities. The vessel has diesel electric machinery which ensures low noise levels and low fuel consumption. “Olympic Intervention IV” bears the class notation DNV +1A1, E0, SF, DYNPOS-AUTR, Clean, HL(+), DK(+), LFL*, Comf-v (3), Ice-C. The Ulstein Group delivered the “Olympic Intervention IV” to Olympic Shipping 11 July, three days before the contractual deadline.

Bourbon Offshore Supply took delivery of their new PSV ULSTEIN P105 design DP II “Bourbon Sapphire” was delivered from the yard on 12th June at about 3pm Norwegian time. The third P105 PSVs in a series of four was held on June 4th. The ceremony took place at the Hu Tou Du Zhejiang Shipyard in the presence of Gunn Thorseth, Godmother and Trond

Myklebust, Managing Director of Bourbon Offshore Norway. The vessel will undergo some testing prior to departure for Singapore where some minor upgrades await before East coast of India. Previous to that ULSTEIN P105, “Bourbon Ruby”, (pictured above) yard number ZJB05 146 at Zhejiang Shipyard was delivered 22 April. The vessel is number two of a total of four ULSTEIN P105s under construction at Zhejiang Shipyard. The first of these vessels, “Bourbon Pearl”, was delivered in December 2007.

CH Offshore Group took delivery of “Turquoise”, another 12,240BHP AHTS vessel on 30th May 2008. With this latest addition the Group now has two AHTS vessels operating in Latin America on multi-year charters. The Group expects to take delivery of another two similar vessels by end 2008. They are part of four sister vessels currently under construction in Japan. On 16 May, the Group entered into an agreement to sell a 1984 built 4,800BHP AHTS vessel. The sale is expected to complete by end August 2008. This will bring the number of vessels held for sale to four with three of the vessels under bareboat charter with definitive sale by end of Financial Year 2009.


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Ezra Holdings has taken delivery of an 18,000BHP anchor handling tug supply vessel “Lewek Trogon” from Drydocks World Singapore. The 88.4m x 20.6m x 7.8m newbuild AHTS is equipped with Rolls Royce engines and dynamic positioning capabilities. Construction on the vessel took place at the previous Pan-United shipyard which was acquired by Drydocks last year. Mermaid Offshore Services Ltd. took delivery of a 60-Meters Multi-Purpose Offshore Vessel “Mermaid Sovereign” constructed pursuant to a Shipbuilding Contract between MOS (as Buyers) and Unithai Shipyard and Engineering Ltd. (as Builders) entered into on 24 November 2005. This vessel will compliment MOS’s existing fleet of six offshore support vessels providing services to the offshore oil and gas industry in the South East Asian region including India and China. The unit is classed DNV 1A1 Supply Vessel Basic Fire Fighter I. The “Skandi Acergy”, a new build heavy construction ship, came into service for Acergy on a long-term charter. Construction of the vessel was taking place at the Aker Søviknes Yard in Norway. The ship is a class leader amongst heavy construction ships. The new vessel is 157 meters in length, have a cargo deck area of 2,100 m2 and fit with a heave compensated crane with 400 metric tonne lift capacity, a 3,000 tonne under deck carousel and is designed for deep water operations, with depths to more than 3,000 meters. “Skandi Acergy” is equipped

for DP-III (IMO) operations, which means enhanced safety as one of the machinery compartments can be flooded or under fire without forcing the vessel out of service. The ship meets the latest environmental criteria and has an ice class hull enabling her to operate in the Barents Sea and Northern North Sea. “Skandi Acergy” has three moonpools, the largest is the work-moonpool in the ship's center, while two smaller ones are situated transversally, one port and one starboard, inside the ROV hangar. The enclosed ROV hangar provides shelter for the crew operating and serving

the ROVs. Operating the ROV through the moonpools, rather than overboard, greatly improves the working environment for the crew. With a maximum speed of 18 knots, “Skandi Acergy” can move rapidly between areas of operations or to shoreside base if needed. Equipped astern with two azimuth propellers and one controllable pitch propeller (frequency controlled) the vessel is designed for a variety of weather and operating conditions. This new propeller set up also reduces electrical consumption performance, as wide arrays of setups are available at any time to meet the conditions encountered. Thus the vessel never consumes more power and energy than actually needed. The Aker OSCV 06 L was designed by Aker Yards Project in Ålesund, the hull was built at Aker Yards in Romania, and Aker Yards Søviknes was responsible for the outfitting and completion. Morgan, La.-based offshore service vessel provider Candy Fleet Corp. has taken delivery of the 175-foot (53m) crew/supply vessel M/V “Candy Land” from Swiftships, also based in Morgan City. The vessel accommodates 60 passengers, has deck space of 105 feet by 24 feet (32m by 7.3m) and has a top speed of 32 knots. “Candy Land” is the fourth crew/supply vessel in the latest newbuild series to be delivered to Candy Fleet. Otto Candies took delivery of their new OSV “Claire Candies” from Candies Shipbuilding, Houma, Louisiana in June. The 284ft x 60ft supply type vessel is powered by four CAT diesels producing 5,272BHP, driving twin screws and has a deadweight of 4,100ts.


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In May, Rimorchiatori Riunti officially named and took delivery of their new AHTS “AH Liguria” (pictured left) in Genova. The vessel was built by Fincantieri and has a power of 16,320BHP and a BP of 180ts. The vessel comes equipped with FIFI II, DP II and Oil Recovery capacity. The vessel has been fixed for a long term contract with Petrobras. Also news from the same owners, who were pleased to announce that the AHTS named “AH Giorgio P” (pictured right) has been delivered to Finarge Navegaçao do Brazil Ltda, by Aker Promar shipyard - Rio de Janeiro, on 12th June. The vessel, with a power of 12,240BHP and a BP of 152ts is also equipped with FIFI I and DP I. The “AH Giorgio P.” has also been fixed by Petrobras for a long term contract. Volstad Shipping in Norway took delivery of another ST-216L CD on May 29th. The naming ceremony took place in Geiranger Fjord. “Volstad Princess” is the third vessel of same design to have been delivered by Aker Yards Brattvaag to Volstad Shipping in the last 13 months. The delivery took place three weeks before the contractual delivery date. On June 1st “Volstad Princess” entered a three year firm charter with StatoilHydro. The vessel has the designation ST-216L CD with focus on environmental friendly and safe operations. The vessel features a diesel-electric fuel saving propulsion system, engines with low emissions to air and SCR catalysts reducing the NOx level. New developed designs of switchboards and IAS are delivered by Aker Yards Electro. “Volstad Princess” meets the latest regulations for spilled oil recovery operations by the NOFO 2005 standard and can also perform rescue operations for up to 300 survivors. In particular, the vessel is also prepared for future operations in the northern cold areas, with ice strengthened hull and propellers and also DE-ICE notation.

Hornbeck Offshore accepted delivery of the first two of the 240 ED class OSVs under its current newbuild program, the “HOS Polestar” and the “HOS Shooting Star”, in May 2008 and July 2008, respectively. These vessels were immediately chartered to customers in Brazil and in the GOM. In addition, the first of the 250 EDF class vessels, the “HOS Mystique”, was delivered from the shipyard in April 2008 to undergo conversion for ROV support

services under a multi-year charter commencing in the third quarter of 2008. Gulf Fleet of Lafayette took delivery recently from Thoma-Sea Shipyard of Louisiana of their newbuild 225ft supply vessel “Master Everett”. The vessel is capable of carrying just over 2,000ts of deck cargo on its 159ft x 41ft deck, whilst below deck is capable of carrying 6,000bbls of Liquid Mud and 6,000ft3 of dry bulk. The unit is powered by twin CAT 3512B at 1,810BHP each driving twin Rolls Royce Ulstein Aquamaster US 205 MK-1 360°. The “Master Everett” is ABS Loadlined and USCG Subchapter L compliant.


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Off The Blocks

Diving Support Vessel “Seven Atlantic” was launched at the IHC Merwede yard in Hardinxveld Giessendam, the Netherlands. The vessel is under construction for Subsea 7, one of the world’s leading engineering and construction companies. The “Seven Atlantic” has been designed by Merwede Shipyard in close liaison with Subsea 7 and the dive spread manufacturer. It is a fully Dynamic Positioned Diving

Support / Offshore Construction Vessel, suitable for worldwide operations. The introduction of this DSV to the market will provide Subsea 7 with one of the most versatile and advanced diving vessels currently available.

Principal characteristics

Length over all approx. 141.55 meters

Length between PP, on design draught 128.96 meters

Breadth moulded 26.00 meters

Depth maindeck mld. 12.00 meters

Draught design mld. 7.00 meters

Draught scantling mld. 8.00 meters

Deadweight (incl. Payload) at design draught approx. 7,815 Metric tons

Deadweight (incl. Payload) at scantling draught approx. 11,000 Metric tons

Accommodation 150 persons

The vessel has been built in accordance with the Rules and Regulations of Lloyd’s Register, to obtain the following notation: Lloyd's Register of Shipping �100A1, Diving Support Vessel, UD strength for load of 10t/m2, Helicopter Landing Area, �LMC, UMS, DP(AAA), CAC(2), EP, ICC and further to the regulations of the Isle of Man Authorities. The vessel has been designed for saturation and air diving support work. The integrated saturated diving system is accommodated in the midships of the vessel and is suitable for a total capacity of 24 divers; 8 diving teams, each consisting of 3 divers. The dive system is designed for operations in water depths of up to 350 meters. Twin air dive stations, twin observation class ROV deployment system are integrated in the vessel. In addition the vessel has an extensive Scale Squeeze system for well treatment and will be capable of carrying a 3,000 ton carousel, work class ROVs and a twelve meter long air diving daughter craft on the aft deck. A clear and useful deck area of 1,200 m2 and a 120t crane is provided. The ship exceeds all current safety standards due to the fact the layout of the 6.6kV integrated electric power generation and propulsion system is for DP3 with triplicate redundancy. The ship has three electro-motor driven fixed pitch propellers in azimuthing nozzles aft. Two retractable Azimuth thrusters are fitted in the forward part of the vessel; one transverse thruster is arranged in a tunnel forward. From Maersk Supply Service’s website - On 6 June 2008 the newbuilding AKER 119 was named “Mærsk Topper”. The namegiving took place at Aker Yards in Brattvåg, Norway. Sponsor for “Mærsk Topper” was Ms. Hanne B. Sørensen, Chief Commercial Officer for Maersk Line. Well over 130 guests participated in the namegiving ceremony hosted by Aker Yards and Maersk Supply Service. “Mærsk Topper” is an anchor handling tug supply vessel with 15,300BHP. This is the first vessel of a series of 10 vessels from Aker Yards. The vessel will after delivery depart for Brazil to work for Petrobras.


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Shipyard Hijos de J. Barreras has launched the “WG Columbus” a seismic vessel built for the UK-based WesternGeco Company in Spain The newly launched vessel represents the first ULSTEIN X-Bow® built outside Ulstein Verft and is the first in a series of six SX124 designs scheduled. The new vessel is designed to prospect oilfields in any place in the world. “WG Columbus” has a length of 88.8 meters with a 19-meter beam. The control equipment of the seismic vessel contains state-of-the-art equipment, and the vessel has advanced dynamic positioning equipment. The diesel/electric propelling plant has been specially designed to make the fast-response compatible with smooth movements of the vessel. It has six main generator sets of 1,710kW each consisting of a 1,000RPM, 1,800kW diesel engine. “WG Columbus” has a heliport and accommodation space for 69 people. The vessel was built in compliance with the regulations and under special monitoring by DNV, in order to achieve level + 1A1 SF, EO, DYNPOS-AUTR, CLEAN DESING, COMF-V839, ICE-C, NAUT-AW, and HELDK. Following is a list of anchor handling tug supply, offshore supply and platform supply vessels currently on order at U.S. shipyards per Marine Log and Colton Company, as of July 18, 2008.

Type of Vessel

Customer Yard # or

Status Name Description

Price ($mm)

Delivery

Atlantic Marine Florida, Jacksonville FL

PSV Hornbeck Offshore Services 248 HOS North Star 240 ft. 2008 PSV Hornbeck Offshore Services 249 HOS Lodestar 240 ft. 2009 PSV Hornbeck Offshore Services 250 HOS Shooting Star 240 ft. 2009 PSV Hornbeck Offshore Services 251 HOS Silverstar 240 ft. 2010 PSV Hornbeck Offshore Services 252 HOS 240 ft. 2010

Bender Shipbuilding, Mobile AL

AHTS Seacor Marine 7878 245 ft. 20+ 2008 PSV Trico Marine Firm 210 ft. 17.5 08-Mar PSV Trico Marine Firm 210 ft. 17.5 08-Jul

Bollinger Shipyards, Lockport LA

PSV Rigdon Marine 530 Knock Out 194 ft. 12 08-Sep PSV Undisclosed 543 210 ft. 2008 PSV Undisclosed 544 210 ft. 2008 PSV Undisclosed 545 210 ft. 2009 PSV Undisclosed 546 210 ft. 2009 PSV Undisclosed 556 193 ft. 2009 PSV Undisclosed 557 193 ft. 2009 PSV Undisclosed 558 210 ft. 2010 PSV Undisclosed 559 210 ft. 2010

C. & C. Boat Works, Belle Chasse LA

OSV TMM 83 Isla Janitzio 2008 OSV TMM 83 Isla Ciari 2008 OSV Undisclosed 83 2008 OSV Undisclosed 83 2008 OSV Undisclosed 83 2008 OSV Undisclosed 83 2008 OSV Undisclosed 83 2008

Candies Shipbuilding, Houma LA

PSV Otto Candies Firm 280-ft. 2008 Cianbro Corp., Portland ME

PSV (C) Hornbeck Offshore Services Firm HOS Centerline 370 ft. 55 3Q-2008 PSV (C) Hornbeck Offshore Services Firm HOS Strongline 370 ft. 55 Early 2009

Eastern Shipbuilding, Panama City FL

PSV Harvey Gulf Marine 884 Harvey Carrier 295 ft. 09-Jun PSV Laborde Marine Firm 280 ft.


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PSV Laborde Marine Firm 280 ft. PSV Aries Marine Firm Dwight S. Ramsay 284 ft. PSV Aries Marine Firm 284 ft.

Leevac Industries, Jennings LA

PSV Hornbeck Offshore Services Firm HOS Arrowhead 250 ft. 2008 PSV Hornbeck Offshore Services Firm HOS Black Powder 250 ft. 2008 PSV Hornbeck Offshore Services Firm HOS Eagleview 250 ft. 2008 PSV Hornbeck Offshore Services Firm HOS Mystique 250 ft. 2009 PSV Hornbeck Offshore Services Firm HOS Pinnacle 250 ft. 2009 PSV Hornbeck Offshore Services Firm HOS Resolution 250 ft. 2009 PSV Hornbeck Offshore Services Firm HOS Westwind 250 ft. 2010 PSV Hornbeck Offshore Services Firm HOS Wildwind 250 ft. 2010 PSV Hornbeck Offshore Services Firm HOS Winddancer 250 ft. 2010

Lockport Fabrication, Lockport LA

OSV Supreme Offshore Services 4 166-ft. 2008 Mariner Industries, Houma LA

PSV Gulf Fleet Mgmt. Firm Gulf Quest 170 ft. 08-Apr PSV Gulf Fleet Mgmt. Firm Gulf Wolf 170 ft. 08-Sep

Master Boat Builders, Coden AL

OSV Abdon Callais Offshore 385 185-ft. OSV Abdon Callais Offshore 386 185-ft. OSV Abdon Callais Offshore 387 185-ft. OSV Abdon Callais Offshore 397 145-ft. OSV Abdon Callais Offshore 398 145-ft. OSV Abdon Callais Offshore 399 145-ft. OSV Seacor Marine 403 190-ft. 08-Apr OSV Seacor Marine 404 190-ft. 08-Oct

North American Shipbuilding, Larose LA

PSV Edison Chouest Offshore 239 Kirt Chouest 288 ft. 08-May PSV Edison Chouest Offshore 244 288 ft. 08-Jul PSV Edison Chouest Offshore 245 288 ft. 08-Sep PSV Edison Chouest Offshore 246 288 ft. 08-Nov PSV Edison Chouest Offshore 247 288 ft. 09-Jan PSV Edison Chouest Offshore Firm 288 ft. 09-Mar PSV Edison Chouest Offshore Firm 288 ft. 09-May PSV Edison Chouest Offshore Firm 288 ft. 09-Jul PSV Edison Chouest Offshore Firm 288 ft. 09-Sep PSV Edison Chouest Offshore Firm 288 ft. 09-Nov

VT Halter Marine, Pascagoula MS

PSV Hornbeck Offshore 1990 HOS Coral 285-foot 23.5 4Q 2008 PSV L. & M. BoTruc Firm 230-foot 25 2010 PSV L. & M. BoTruc Firm 230-foot 25 2010 (c) Conversion

Corporate News GulfMark Offshore, Inc. announced it had entered into a definitive purchase agreement to acquire Rigdon Marine Corporation (RMC), a major operator of technologically advanced offshore supply vessels. The purchase will add the RMC management team, an experienced group of mariners and a fleet of modern vessels designed to support the expanding demand in the deepwater Gulf of Mexico. The combined company will initially operate 90 vessels with an additional 16 vessels under construction for delivery through 2010. Geographically diversified, the combined fleet will have 24 vessels in the domestic Gulf of Mexico bringing the total fleet to 34 vessels based in the Americas, 42 vessels based in the North Sea and 14 in Southeast Asia. The deal has Houston-based GulfMark paying USD 150m in cash and 2.1m shares of its stock for Rigdon. The combination of GulfMark and Rigdon Marine will create an organization of over 2,000 valued employees and 90 vessels, capable of working in virtually all OSV markets, with an additional 16 vessels of several different designs under construction. Nine of the vessels will deliver between the middle of 2008 and the middle of 2009 and the remaining seven between mid 2009 and mid 2010.


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Bruce Streeter, President and CEO of GulfMark said, "Rigdon Marine has an excellent employee base with a strong management team, excellent market penetration and a growing fleet of well designed vessels. The addition of Rigdon Marine will complement and expand the strong asset base of GulfMark. The integration of the two companies with strong safety cultures, highly skilled employee bases and equipment designed to meet the future needs of the industry, strategically positions the combined company for future growth and value creation. In addition to the domestic U.S. vessel operations and customer base, we will add operations in Trinidad and a vessel working in support of seismic services worldwide. Our Americas operations will now encompass the U.S., Mexico, Trinidad and Brazil. We expect the combination to be accretive to GulfMark earnings and cash flow per share from the outset, including the remaining part of 2008. More importantly, as future vessel deliveries of the combined company enter the market, GulfMark will have a strong position in the domestic United States market and the capacity to expand to further locations, thus complementing our strong international presence."

Harvey Gulf International Marine has entered into a purchase agreement with two of its current owners, Shane and Shawn Guidry, and the USD 5 billion capitalized New York-based private equity firm, Jordan Company. The Guidries and The Jordan Company will acquire Harvey Gulf for around USD 500 million. Shane and Shawn Guidry and other management will retain 24 percent of outstanding equity interests, while The Jordan Company will own the remaining 76 percent. Shane Guidry will remain chief executive officer of Harvey Gulf and its affiliates, and also will become chairman of the board and CEO of HGIM Corp., the entity acquiring Harvey Gulf. Robert L. Gwin has been promoted to president and chief sales officer. Shawn Guidry will become executive vice president and chief operating officer of Harvey Gulf. Chris Paule will be Harvey Gulf’s chief financial officer. In another outcome of the deal, Guidry Brothers Towing will be merged into Harvey Gulf International Marine. The Harvey Gulf board of directors and the partners at The Jordan Company have approved the sale. The transaction is expected to close within 30 days. Harvey Gulf International was founded in 1955. Shane and Shawn Guidry are the third generation of the Guidry family to own and operate Harvey Gulf. The company has one of the largest offshore support fleets in the Gulf of Mexico, with seven ocean towing vessels, four anchor handlers, five offshore supply vessels, and one multi-purpose diving support vessel. The company plans to expand its fleet following the sale, adding more vessels to support deepwater operations. Aker Yards, which builds many offshore support vessels, could be the subject of a takeover. Said Aker yards: "Reference is made to the announcement by STX 18 July 2008 concerning the mandatory offer for all issued shares in Aker Yards ASA at a price of NKr 63 per share. Aker Yards' Board of Directors has not been advised of the details of the bid prior to the launch of the offer to the market and the shareholders. The board will now carefully review the offer and in cooperation with its advisors Arctic, JP Morgan and Wikborg Rein evaluate the offer price and details.... The board will issue a statement in compliance with the Securities Trading Act section 6-16 no later than August 8th, in which the board will inform the shareholders of whether the board recommends the offer or not, as well as the reasons for the boards views….Meanwhile, the Board's recommendation at this point is for the shareholders to await the Board's comments and the second quarter financial statement, as this will provide the shareholders with the broadest possible information and foundation for their evaluation."

Doha Marine Services’ fleet of 14 vessels has been sold to Topaz Energy and Marine Limited for a reported price of USD 124 million. Topaz, a subsidiary of Renaissance Services Oman, acquired the Qatar based Doha Marine Services for 450 million Qataru Riyals. The acquisition increases the total size of the Topaz marine fleet to 91 vessels which includes 16 vessels under construction as part of

its fleet acquisition and renewal strategy. DMS will be the sixth operating company in the Topaz offshore vessel fleet, joining Nico Middle East, Nico Far East, BUE Caspian, BUE Kazakh and BUE Turkmen; with a seventh marine enterprise already in formation in Saudi Arabia. The acquisition was financed by Caylon Corporate and Investment Bank, Dubai.


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Ezra Holdings Limited has posted an impressive set of results for the nine months ended 31 May 2008. The Group's net attributable profit soared 577% to USD 168.7million while turnover doubled to USD 149.1million. This significant rise in revenue was largely the result of the robust offshore chartering and engineering fabrication markets. Ezra's Offshore Support Services was kept busy managing 32 vessels. Revenue increased by USD 61.5million due mainly to contributions over the nine month period from 13 vessels including two AHTS that are in excess of 18,000BHP, as well as higher daily charter rates on renewal. Contributions from accommodation barge “Lewek Chancellor” and pipe laying barge “Lewek Champion” owned by Ezra's production and construction arm EOC Limited (EOC) also helped lift earnings. Ezra's Marine Services Division performed well too, with sales rising 134%, thanks to increased procurement and equipment supply and engineering activities in Vietnam. With a committed capex of USD 650million for the construction of five large multi-function supply vessels underway, Ezra expects to further enhance its position as an important global player in the deep and ultra deep water offshore support service sector.

CH Offshore Group recorded profit after tax of USD 39.679m for the current financial year ended 30 June 2008 (FY08). This is 1.2% lower than the profit after tax of USD 40.173m for the previous financial year ended 30 June 2007 (FY07). However excluding other income, profit after tax of USD 20.719m is 22.3% higher than that of period FY07. Considering the number of vessels fell from a fleet of 17 at the end of FY07 to only 13 vessels at the end of FY08, the results were above expectations. This was primarily due to the timely delivery of two new 12,240BHP AHTS vessels in March and May 2008, lower operating costs, lower depreciation and higher charter rates for some of their

vessels. A 15.8% drop in administrative expenses was also a contributing factor to the better operating performance. The other income for FY08 comprised of mainly gains from the sale of six older vessels, gain or liquidation of an associated and unrealized gain in exchange. These gains added up to a total of USD 18.96m. All six vessels were sold to third parties. Indian Shipbuilder Bharati Shipyard Ltd saw quarterly net profit rise by a third on robust orders and helped by income from its new operations. Bharati posted a profit of 296.8 million rupees on a 51% rise in net sales of 2.2 billion rupees. It has invested around 6 billion rupees in a new project at Dabhol in Maharashtra, which will be fully operational by 2010. The plant, which will have both rig-making and ship-repair facilities, is already taking new building orders and has helped the company boost income in the quarter. Major global shipbuilders are booked till 2015 due to heavy demand for vessels and rigs, forcing drillers and liners to place orders in India and emerging markets, analysts said. The company also said it has won an order worth 2.93 billion rupees to build an anchor handling tug supply vessel for Norwegian Offshore Shipping I Ltd, taking its order book to 48.7 billion rupees. (At today’s exchange rate 1 billion Rupees = approx USD 23.5m.) Sealink International Berhad has completed listing on the main board of Bursa Malaysia. It floated 128 million shares at RM1.25 (USD 0.38) per share through an offer sale and a public issue exercise. Shares began trading on 29 July after the company had raised RM141.7m, which will be used to expand yards and fleets. Sealink has begun a RM300m fleet expansion plan that will add 11 vessels over the next three years to the current fleet of 29. The yards in Miri, Sarawak, recently obtained orders from overseas customers for two offshore vessels. The company provides integrated services to the Malaysian offshore oil and gas industry, with shipbuilding contributing more than 70% to turnover.


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Tidewater Inc. announced first quarter net earnings for the period ended June 30, 2008, of $84.8 million on revenues of $340.1 million. For the same quarter last year, net earnings were $87.5 million on revenues of $305.5 million. The immediately preceding quarter ended March 31, 2008, had net earnings of $85.4 million on revenues of $331.4 million. Tidewater’s consolidated net earnings for the quarter ended June 30, 2008 decreased approx. 3% compared to net earnings achieved during the same period in fiscal ‘08 primarily due to higher vessel operating costs and impact of increased drydocking days in

the current quarter on revenue. Tidewater’s U.S. revenues decreased approx. 7%, or $3.0 million, during the quarter ended June 30, 2008, as compared to the same period in fiscal ‘08, while international revenues increased $38.5 million, or approx. 15%, during the same comparative period. Domestic-based vessel operating costs decreased approx. 7%, or $1.8 million, during the current quarter ended June 30, 2008, as compared to the same period in fiscal ‘08, while Tidewater’s international vessel operating costs increased approx. 35%, or $40.0 million, during the same comparative period. A significant portion of Tidewater’s operations are international. For the quarter ended June 30, 2008, revenues generated from international ops were 85%.

Tidewater, Inc. Quarterly Utilization and Rates 2008 2007 2006 2005

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

Utilization

Domestic

Towing/Supply 49.80% 46.20% 46.10% 56.60% 61.00% 55.90% 59.60% 64.00% 64.20% 62.00% 62.20% 60.60%

Offshore Tugs N/A N/A N/A N/A N/A N/A 100% 41.80% 39.80% 30.80% 32.70% 26.40%

International

Towing/Supply 77.20% 76.70% 79.20% 76.90% 77.40% 79.70% 79.80% 77.70% 77.40% 76.80% 75.80% 72.10%

Offshore Tugs 53.40% 56.70% 54.70% 59.80% 63.40% 70.70% 63.30% 65.10% 72.10% 63.30% 63.00% 46.40%

Avg. Day Rates

Domestic

Towing/Supply $11,633 $9,863 $10,399 $11,856 $11,951 $12,461 $12,665 $12,102 $11,645 $10,545 $9,474 $7,569

Offshore Tugs N/A N/A N/A N/A N/A N/A $6,511 $17,793 $15,920 $9,707 10,146 $11,110

International

Towing/Supply $11,660 $11,117 $10,455 $10,080 $9,478 $9,142 $8,682 $8,311 $8,076 $7,682 $7.32 $7,121

Offshore Tugs $8,931 $7,413 $7,092 $6,511 $7,044 $6,501 $5,934 $6,328 $5,964 $5,735 $6,129 $5,847

No. Vessels

Domestic

Towing/Supply 34 33 34 35 38 39 47 50 50 49 49 48

Offshore Tugs 0 0 0 0 0 0 1 6 13 16 17 18

International

Towing/Supply 226 229 225 221 218 217 211 205 207 208 206 205

Offshore Tugs 36 36 37 38 37 37 39 39 38 40 40 40

Tidewater’s U.S. revenues for first quarter FY-09 decreased primarily due to lower utilization on the U.S. vessels resulting from lower demand for Tidewater’s vessels in the Gulf of Mexico offshore vessel market. Demand for vessels in the shallow water Gulf of Mexico offshore vessel market diminished as repair work on the offshore energy infrastructure that was damaged by Hurricane Ivan in 2004 and Hurricanes Katrina and Rita in August and September 2005, respectively, was completed and numerous drilling rigs have relocated to international areas. The available drilling rigs in the U.S. market should continue to be the primary driver of future profitability in the U.S. market and, at present, the offshore rig count in the Gulf of Mexico remains at very low levels as compared to past industry up cycles. Strength of the international market attracted offshore rigs from the U.S. market over the past few years. This trend is expected to continue for the foreseeable future. Over the long term, Tidewater’s U.S. fleet should be affected more by the active offshore rig count in the U.S. than by any other single outside influence. In addition, consolidation could result in the absorption of an oil and gas company with which Tidewater has a strong commercial relationship into another company with which Tidewater does not.


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Seacor Holdings Inc.’s net income for second quarter ending June 30th was USD 38.4 million on operating revenues of USD 409.0 million. For the same ’07 quarter net income was USD 65.3 million on operating revenues of USD 325.5 million. Net income for the preceding quarter ended March 31, 2008 was USD 37.9 million on operating revenues of USD 354.5 million. Offshore Marine Services operating income for the second quarter was USD 51.5 million on operating revenues of USD 171.2 million compared with USD 40.6 million on USD 154.6 million the preceding quarter. Second quarter results included USD 14.4 million in gains on asset dispositions compared with USD 7.1 million in gains the preceding quarter. Excluding impact of gains on asset dispositions, operating income was USD 3.7 million higher than the preceding quarter. Improvement was primarily due to an increase in charter revenues, particularly in the U.S. Gulf of Mexico because of more rig moving. The regulatory survey, major repair and upgrade program of Seacor's large AHTSs continued in the second quarter resulting in 168 days of out-of-service time as well as cost of repairs. Days available for charter the second quarter decreased by 143 as a result of a net decrease in fleet. Overall utilization increased from 76.7% to 80.5% and overall average day rates were higher at USD 12,182/day compared with USD 11,783/day the preceding quarter. Operating revenues decreased by USD 200,000. In the second quarter ‘08, an 11% improvement in average day rates was offset by a 10% reduction in available days due to net fleet dispositions and a 3% reduction in utilization. Improvements in average day rates contributed additional operating revenues of USD 11.0 million in the 2nd Quarter 2008. Net fleet dispositions, the impact of vessels mobilizing between geographic regions and other changes in fleet mix, together with a decline in fleet utilization, reduced operating revenues by USD 16.6 million in the second quarter ‘08. In the U.S. Gulf of Mexico, operating revenues were lower due to a reduction in overall utilization and the impact of vessels mobilizing to other geographic regions, partially offset by increases in operating revenues as a result of more rig moving activity and new vessels being placed into service. Utilization was impacted by the regulatory drydocking, major repair and upgrade program of Seacor’s large AHTS vessels, which resulted in 168 days of out-of-service time in the 2nd Quarter 2008 and 255 days of out-of-service time in the 1st Six Months 2008. In comparison, Seacor’s large AHTS vessels were out-of-service due to regulatory drydocking for 42 days and 60 days in the 2nd Quarter 2007 and 1st Six Months 2007, respectively. In Mexico, Central and South America and the Middle East, operating revenues were higher primarily due to vessels mobilizing from other geographic regions. Operating revenues decreased in West Africa primarily as a result of net fleet dispositions.

Seacor Holdings Quarterly Utilization and Rates 2008 2007 2006

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

Fleet Count:

AHTS 20 20 20 21 21 22 22 23 24

Mini-Supply 20 21 21 22 23 23 24 29 29

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

Supply/Towing Supply 44 44 46 54 53 60 63 63 67

Day Rates:

AHTS $41,038 $32,173 $35,408 $33,970 $29,077 $32,673 $27,165 $24,666 $21,203

Mini-Supply $6,838 $7,072 $6,407 $6,205 $6,431 $6,797 $6,400 $7,111 $6,106

Standby-Safety $10,278 $10,146 $10,517 $10,440 $9,725 $9,514 $9,268 $9,122 $8,541

Supply $16,250 $15,537 $14,716 $13,396 $13,241 $12,931 $12,038 $11,965 $11,340

Towing Supply $10,532 $10,227 $10,714 $13,010 $11,365 $10,143 $9,084 $9,580 $8,487

Utilization:

AHTS 69% 82% 86% 89% 93% 88% 91% 85% 91%

Mini-Supply 67% 61% 57% 68% 71% 60% 68% 87% 91%

Standby-Safety 88% 89% 90% 91% 91% 92% 95% 93% 89%

Supply 90% 88% 88% 92% 89% 87% 88% 81% 81%

Towing Supply 94% 80% 74% 90% 88% 84% 83% 86% 82%

Available Days:

AHTS 1,618 1,547 1,586 1,638 1,720 1,800 1,840 1,906 1,988

Mini-Supply 1,795 1,820 1,884 1,937 1,995 1,994 2,217 2,392 2,455

Standby-Safety 2,093 2,093 2,111 2,021 1,911 1,890 1,932 1,932 1,911

Supply 2,123 2,099 2,037 2,032 2,093 2,160 2,245 2,499 2,999

Towing Supply 1,253 1,300 1,725 1,996 2,212 2,631 3,006 2,624 2,662


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Hornbeck Offshore Services, Inc. recently announced results for the second quarter ended June 30, 2008. Second quarter 2008 revenues increased 39.1% to USD 104.5 million compared to USD 75.1 million for the second quarter of 2007. Operating income was USD 40.8 million, or 39.0% of revenues, for the second quarter of 2008 compared to USD 33.9 million, or 45.1% of revenues, for the prior-year quarter. Net income for the second quarter of 2008 was USD 25.5 million, compared to USD 22.6 million in the year-ago quarter. EBITDA for the second quarter of 2008 was USD 53.8 million compared to second quarter 2007 EBITDA of USD 41.8 million. The primary reasons for the increase in revenues, operating income, net income and EBITDA were the incremental contribution of vessels acquired or newly constructed since June 2007 and favorable market conditions for Hornbeck's new generation offshore supply vessels. Included in second quarter 2008 EBITDA and net income was a USD 2.0 million (USD 1.3 million after-tax) gain on the May 2008 sale of the “Cape Scott”, a foreign-flagged conventional vessel that was acquired as part of the Sea Mar Fleet. Similarly, in the year ago quarter, EBITDA and net income included a gain on the sale of assets of USD 1.9 million (USD 1.2 million after-tax) resulting from the April 2007 sale of the “HOS Hotshot”, Hornbeck's only fast supply vessel. Revenues for the first six months of 2008 increased 41.1% to USD 202.0 million compared to USD 143.2 million for the same period in 2007. Operating income was USD 77.7 million, or 38.5% of revenues, for the first six months of 2008 compared to USD 60.3 million, or 42.1% of revenues, for the same period in 2007. Net income for the first six months of 2008 increased 21.0% to USD 48.5 million compared to net income of USD 40.1 million for the first six months of 2007. Hornbeck's first-half 2008 results were positively impacted by the full-period contribution from 20 OSVs that were acquired in August 2007, as well as the market-driven increase in OSV dayrates, compared to the six months ended June 30, 2007. Hornbeck's net income for the first six months of 2008 included a USD 2.0 million (USD 1.3 million after tax) gain on the sale of a foreign-flagged conventional vessel. In the first six months of 2007, Hornbeck's net income included a gain on the sale of assets of a fast supply vessel of USD 1.9 million (USD 1.2 million after-tax).

Revenues from the OSV segment were USD 79.0 million for the second quarter of 2008, an increase of 62.6% from USD 48.6 million for the same period in 2007. OSV operating income increased 43.7% to USD 38.8 million for the second quarter of 2008 from USD 27.0 million for the second quarter of 2007. Hornbeck's OSV revenues and operating income increased due to the full-quarter contribution from 20 OSVs (the Sea Mar Fleet) that were acquired in August 2007, and to a lesser extent, a market-driven increase in new generation OSV dayrates and a partial-quarter contribution from one new generation OSV that was delivered in May 2008 under Hornbeck's fourth OSV newbuild program. Average new

generation OSV dayrates for the second quarter of 2008 improved to USD 22,168 compared to USD 21,358 for the same period in 2007. New generation OSV utilization was 96.6% for the second quarter of 2008 compared to 96.7% during the same period in 2007. The increase in dayrates was primarily due to favorable market conditions for new generation OSVs in the deepwater and ultradeepwater U.S. Gulf of Mexico. Effective, or utilization- adjusted, dayrates for Hornbeck's conventional OSVs for the second quarter of 2008 were USD 8,300, or USD 3,400 higher than the first quarter of 2008. This 69% sequential increase in effective dayrates for these noncore assets was primarily due to stronger market conditions associated with the seasonal pick- up in offshore construction in the shallow water areas of the GoM, demonstrating the kind of volatility that is typical of the conventional OSV market.


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Update on MPSV Program. Hornbeck's MPSV program consists of two U.S.- flagged coastwise sulfur tankers that are being converted at domestic shipyards into 370 class DP-2 new generation MPSVs and two newbuild T-22 class DP-3 new generation MPSVs that are being constructed in foreign shipyards. The first converted DP-2 MPSV is expected to be delivered from the shipyard in the fourth quarter of 2008, while the second converted DP-2 MPSV is expected to be delivered in mid-2009. The first newbuild DP-3 MPSV is now on sea trials and is expected to be delivered from a foreign shipyard

during the fourth quarter of 2008, while the second newbuild DP-3 MPSV is expected to be delivered during the fourth quarter of 2009. Based on internal estimates, the aggregate cost of this program is expected to be approximately USD 450.0 million. From the inception of this program through June 30, 2008, Hornbeck has incurred USD 296.9 million, or 66.0%, of total expected project costs, including USD 43.1 million incurred during the second quarter of 2008. Update on OSV Newbuild Program #4. During the second quarter of 2008, Hornbeck negotiated to increase the size and/or capabilities of eight of the 16 vessels currently planned or under construction under its fourth OSV newbuild program, including the upgrade of two previously announced 250 EDF class OSVs into two new proprietary 290 class OSVs, one of which is already committed to a multi-year charter for well-stimulation service in the GoM. While Hornbeck has not experienced any significant cost overruns on this program, it has increased the total project budget by approximately USD 87 million to reflect the recent change in vessel mix and additional customer-driven, revenue- generating mission equipment and/or design enhancements required by multi-year specialty service time charters already awarded to six other vessels in this program. Examples of incremental new vessel components include a 40-ton crane, a dynamically positioned offshore access system (OAS), a cable-reel system for deep-mooring support services and modular units for expanded crew accommodations. Examples of customer-required design-modifications include changes to ready certain vessels for ROV support and military specialty services. In addition, the increased project budget includes pre-positioning costs for mobilization of each military vessel to its initial on-charter location and demonstration testing associated with the on-charter exercise following shipyard delivery. This newbuild program is now comprised of vessel construction at three domestic shipyards to build six 240 ED class OSVs, seven 250 EDF class OSVs and three 290 class OSVs, respectively. Twelve of these 16 new generation DP-2 OSVs have been awarded contracts prior to their shipyard delivery. Hornbeck accepted delivery of the first two of the 240 ED class OSVs under this program, the “HOS Polestar” and the “HOS Shooting Star”, in May 2008 and July 2008, respectively. These vessels were immediately chartered to customers in Brazil and in the GoM. In addition, the first of the 250 EDF class vessels, the “HOS Mystique”, was delivered from the shipyard in April 2008 to undergo conversion for ROV support services under a multi-year charter commencing in the third quarter of 2008. Hornbeck has secured longterm commitments ranging from two to ten years for nine of the remaining 13 vessels, which are expected to be delivered at a rate of about one to two per quarter through 2010. Hornbeck's current guidance assumes an average number of new generation OSVs of 36.6 vessels in service for the full-year 2008. Based on internal estimates, the aggregate cost of this program is expected to be approximately USD 480.0 million. Hornbeck believes that the 16 vessels built under this program will produce financial results commensurate with its targeted return on investment parameters. From the inception of this program through June 30, 2008, Hornbeck has incurred USD 177.8 million, or 37.0%, of total expected project costs, including USD 53.7 million incurred during the second quarter of 2008.


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GulfMark Offshore, Inc. revenues for the second quarter ’08 were USD 81.9 million, an increase of USD 7.6 million over the same period the prior year principally due to increased day rates in its Southeast Asia and Americas regions. Net income for the second quarter was USD 46.8 million, including a gain of USD 16.4 million from the sale of two vessels, representing a 52% increase over the prior year level. Compared to the first quarter this year, revenues decreased USD 1.4 million, or 1.7%, as a result of the strategic positioning of several vessels to earn higher revenues in future quarters, increased drydock days and lower revenue in the North Sea, partially offset by improved revenue from Southeast Asia and the Americas. Net income increased USD 14.5million compared to the first quarter of 2008 due primarily to the gain on vessel sales. Revenues for the Southeast Asia based fleet showed a significant improvement in revenue during the second quarter of this year, more than doubling over second quarter ‘07. Revenues increased from USD 8.5 million to

USD 20.2 million. Day rates increased from USD 8,373 to USD 17,992, while capacity increased by USD 10.9 million. The increase in capacity was due to the full quarter effect of the ‘07 addition of the “Highland Drummer” and mobilization of “North Crusader” into the region the first quarter ‘08. As part of the new build program, four new vessels came online beginning the third quarter ‘07 through the current quarter. These vessels are “Sea Cheyenne”, “Sea Apache”, “Sea Kiowa” and “Sea Supporter”. These increases in capacity were offset by sale of the “Sem Courageous” in the first quarter of 2008, “Sea Diligent” the current quarter and “Sea Explorer” and “Sea Endeavor” the third quarter of

2007. Operating income for the region increased from USD 5.9 million to USD 18.7 million. In addition to the increase in revenue, drydock expense decreased by USD 1.4million. Also recognized, during the second quarter of this year, was a gain of USD 3.3million on the sale of the “Sea Diligent”, brokered by Marcon International. The Americas region revenues increased by USD 2.4 million, from USD 5.9 million the second quarter of 2007, to USD 8.3 million in the second quarter of this year. This increase was primarily caused by mobilization of the “Highland Piper” into the region the second quarter 2008, which increased capacity by USD 2.5million and the result of the positive movement in exchange rates between the Brazilian Reis (BRL) and the U.S. Dollar. Offsetting these increases was a decrease in utilization from 97.2% to 85.5% which decreased revenue by USD 0.7million. Operating income remained basically unchanged from the same quarter in ‘07, even though revenue increased, as direct operating cost also increased by USD 1.1 million due to higher crew salaries and travel. Drydock expenses increased by USD 0.6 million.

GulfMark Offshore’s Utilization & Day Rates

2008 2007 2006 2005

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

Utilization

North Sea 95.3% 92.4% 93.0% 94.5% 92.6% 90.4% 96.7% 96.9% 93.7% 92.0% 93.6%

Southeast Asia 86.6% 96.8% 93.2% 96.6% 90.6% 95.4% 92.7% 99.1% 92.7% 83.7% 94.9%

Americas 85.5% 88.0% 97.0% 94.2% 97.2% 90.0% 88.5% 95.9% 100.0% 99.7% 95.4%

Avg. Day Rates

North Sea $21,766 $24,974 $28,324 $22,941 $23,788 $21,120 $20,194 $23,366 $17,977 $14,665 $14,974

Southeast Asia $17,992 $14,335 $13,475 $10,470 $8,373 $8,636 $8,525 $7,094 $6,260 $6,142 $6,083

Americas $15,854 $13,062 $12,292 $11,132 $11,364 $10,827 $10,898 $10,809 $10,964 $11,233 $11,277

No. Vessels

North Sea 27.0 28.3 29.0 28.2 29.3 29.1 30.1 31.0 30.3 30.0 31.0

Southeast Asia 14.8 13.0 11.6 12.0 12.5 12.0 12.0 11.9 11.7 11.0 10.7

Americas 7.0 6.3 6.0 6.0 6.0 6.0 6.0 6.0 6.7 7.0 7.0


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Bruce Streeter, President and CEO, commented "Although concluded on the first day of the third quarter, the major accomplishment of the second quarter was obviously our coming to an agreement and subsequently closing the Rigdon Marine acquisition. As we've previously noted, we believe this immediate entry into a leading position in the U.S. Gulf comes at a time when the current and forward looking fundamentals of that market are very favorable. Day rates in this region are moving up and a recent report suggested that supply vessel utilization hit 100% in the month of June. "With regards to the second quarter results, several areas deserve to be pointed out. First is the tremendous growth in the Southeast Asia region. Since the beginning of 2007 we have sold six older vessels operating in this region and have taken delivery of five new builds, the most recent being the ‘Sea Choctaw’ in mid-July this year which has already started work on a one-year plus options charter in Vietnam. The combination of our vessel renewal initiative and the strengthening of day rates in the region have more than doubled this region's revenue and operating profits year over year. During the second quarter, we substituted the ‘Sea Kiowa’ for the ‘Sea Apache’ and have completed the modifications required for its initial two-year charter with Petrobras. The ‘Sea Kiowa’ is currently underway to Brazil and is due to go on-hire late in the third quarter. "The second area relates to our positioning for future quarters and the impact on the current quarter. As I noted on the conference call on July 8th, we took steps during the second quarter that, while negatively impacting revenue this quarter, improves our position as it relates to revenue and earnings in future quarters. We incurred a total of 156 drydock days in the quarter versus the 110 estimated, resulting in lost revenue of approximately USD 3 million and a 3.5% reduction in overall fleet utilization. The advantage to the remainder of the year is we have now completed the majority of our planned drydocks for the year, 12 out of 18, and accomplished two dynamic positioning (DP) conversions. Also, as we've discussed, two of our large North Sea based anchor handlers are due to begin term contracts in West Africa by mid-August. One of these vessels mobilized to a North Sea shipyard to undergo a DP conversion while completing its drydock, thus ensuring 100% availability once it begins its contract, but adversely affecting 2

nd quarter revenues.”

"Lastly, we completed the sale of two older vessels during the quarter, the ‘Sea Diligent’, a 1981-built anchor handler, and the ‘North Crusader’, a 1984-built anchor handler. As has been the case in all of our vessel sales, we sold both of them at a profitable level, generating a gain of USD 16.4 million on sales proceeds of USD 21.4 million. Also, early in the third quarter we completed the sale of the ‘Sem Valiant’, another 1981-built anchor handler, for an estimated USD 0.9 million profit. These sales are part of our continued fleet evaluation and renewal initiative, and in the case of the ‘North Crusader’, resulted in an addition to our managed fleet. "Overall we are very satisfied with the achievements of the quarter and year to date. In comparing average vessel day rates mid-year compared to the previous year, we are pleased to note increases in each region. Reports indicate that our regions should continue to benefit from strong demand both in the near future and the longer-term as potential continues to develop in areas such as Brazil, the deepwater Gulf of Mexico, West Africa and Southeast Asia. The addition of Rigdon Marine, with its 22 vessels currently operating and 6 under construction, comes at optimal time coupled with the 11 remaining GulfMark new builds set to deliver over the next two years. We've significantly strengthened and diversified our operating base for the remainder of 2008 and are well positioned to continue to increasing shareholder value over the long-term." On July 1, 2008, GulfMark closed the Rigdon acquisition, utilizing USD 150 million of its cash on hand at the end of the quarter and assumed approx. USD 269 million of existing Rigdon debt and USD 26 million of working capital. Concurrent with the closing of the acquisition, GulfMark repaid USD 33 million of acquired construction loans. Upon completing the transaction GulfMark’s total outstanding indebtedness increased to approx. USD 536 million.


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Trico Marine Services, Inc.’s results for second quarter 2008 included the approx. USD 690 million acquisition of DeepOcean and CTC Marine. DeepOcean is among the world's largest providers of subsea services, including inspection, maintenance and repair, survey and light construction support. CTC Marine operates the world's largest fleet of marine trenching vehicles providing trenching, cable laying and subsea installation services. On a consolidated basis, giving effect only to the portion of the second quarter during which Trico owned DeepOcean and CTC Marine, Trico reported a quarterly net loss of USD 3.0million after giving effect to non-cash charges totaling USD 4.0 million, net of taxes. President and CEO, Joe Compofelice, commented, "DeepOcean and CTC Marine transform Trico into a technology-driven service-based company with over three quarters of our pro forma revenue mix coming from subsea and trenching services and approximately one quarter coming from our towing and supply division. Growth in the subsea services market for the foreseeable short and long-term future, I believe, is significant and sustainable. We currently have both a very substantial backlog at DeepOcean and CTC Marine, respectively, as well as 89% of our revenue stream in our towing and supply division under term contracts at good rates. The subsea services division, to continue to operate under the DeepOcean brand name, operates a fleet of 14 vessels with an average age of seven years. Our trenching division, to continue to operate under the CTC Marine brand name, operates a fleet of five vessels with an average age of five years. This is a meaningful change in our asset base." During the second quarter, within the subsea services and trenching divisions, Trico signed new deepwater, subsea and trenching contracts at attractive rates, including one with StatoilHydro providing a new, 5-year agreement for IMR, and a 5-year contract for construction support for Pemex in Mexico. In addition, Trico took delivery of two new vessels: “Edda Flora”, a 95m, multipurpose DP II vessel built for IMR, ROV operations and light construction support, and the “Volantis”, a 107m multipurpose DP II vessel capable of trenching and ROV launch/recovery with a carousel for flex pipe and fiberoptic cable. “Edda Flora” will commence work for StatoilHydro in the third quarter of 2008. Revenues for Trico’s towing and supply segment for the quarter ended June 30, 2008 were USD 54.6million, a USD 2.2million decrease compared to the first quarter of 2008, attributable to lower spot AHTS rates and utilization in the North Sea, partially offset by increased rates and utilization for its supply vessels in the Gulf of Mexico. Operating costs, including classification and dry docking expenses, were in line with management's expectations for the quarter. For the period May 16, 2008 through June 30, 2008, revenues for its subsea services segment were USD 34.2million. For that same period, revenues for its trenching segment were USD 15.5million. In July 2008 (through July 18, 2008), AHTS day rates averaged USD 36,241, an increase of 10% over average rates in the second quarter, with utilization increasing from 78% to 88%. PSV day rates averaged USD 17,168 with utilization of 98%, OSV day rates averaged USD 7,560 with utilization of 84%, and SPSV day rates averaged USD 21,766 with utilization of 80%. Its GOM OSV average day rate exceeded an average of USD 8,800 with over 98% utilization. In the towing and supply division, late in the second quarter, Trico mobilized two AHTS vessels out of the weaker than anticipated spot market in the North Sea to term contracts: one at very attractive rates in Brazil and one at attractive rates with Gazflot in the Baltic Sea. Trico secured additional term contracts with StatoilHydro offshore Ireland for two more AHTS vessels. As a result, Trico's exposure to spot market rates in the North Sea has been reduced.

Six Month End June 30 July 2008 2008 2007 Average Day Rates: AHTS $ 36,241 $ 36,345 $ 34,100 PSVs 17,168 17,721 18,164 OSVs 7,560 7,209 9,322

Utilization: AHTS 88% 82% 83% PSVs 98% 91% 93% OSVs 84% 79% 72%

Average Number of Vessels: AHTS 6.0 6.0 6.0 PSVs 7.0 7.0 7.0 OSVs 38.0 38.1 39.2


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Featured Listings:

File SU20064 AHTS Newbuild. 200' x 51.2' x 21.3' x 15'. Built 2009 India. GRT 1,855 / NRT 1,017. DWT 1,600ts. Class DNV; Clear Deck 420m2. Deck Cargo 600ts. Fuel Oil 700m3, Fresh Water 500m3, Drill Water: 500m3 DryBulk: 200m3, Liquid Mud 380m3. Anchors 2 – 1,920kg stockless. Crane 3T @ 12m. Winch 1 - double drum with 150T Line pull / 250T Brake. Wire: 2 - 1200m x 62mm. Sternroller. Two Wartsila Main Engines producing 5,000BHP. One Stern Azimuth Thruster 1,130BHP therefore total engine output = 6,130BHP. Twin Main CPP creating 86.5ts Bollard Pull. Speed 13.5kn max. 2 Bowthrusters 680BHP each.

3 - 900kW 440v, 3Phase, 60Hz; 2 - 250kW Generators. FiFi 1 (2 FiFi monitors). Radar, Navtex, Autopilot, Fathometer, VHF, SSB, GPS. Air Conditioned Quarters for 44. Galley and Refrig 15m3/Freezer 15m3. DP2. Owners may consider charter or sale on a P & C basis. Delivery around early 2009. Further details on request. File SU21202 AHTS. 64.72m / 56.93m x 14.13m x 6.91m depth / 5.91m maximum draft. Built 1979 by Marystown Shipyard; Marystown, Newfoundland, Canada. St. Vincent flag. G / NRT 1,314 / 395. Classed DnV +1A1 Tug Supply Vessel through Feb. 2008. Abt. 1,947mtdw. 782mt cargo on 418m2 clear deck aft. 5mt/m2 uniform deck load. FO @ 750m2. FW @ 525m3. DW @660m3. Dry bulk @ 6,000cft. Liq.Mud @ 323m3. Brine 191m3. (Capacities from previous owner and subject to correction). Pumps FW 95m3/h, FO 95m3/h, DW 95m3/h, Dry bulk 50m3/h and Liq.Mud 80m3/h. 3.0m x 1.83m 250mt SWL stern roller. 250mt brake Norwinch waterfall double drum anchor handling / tow winch. 150mt line pull. Capacity 1,000m 57mm wire. Ulstein remote hydraulic towing pins and shark jaws. 2 capstans. 5T @ 7m hydralift crane. 2-3 ton anchors on 14 shots each chain. Two Wichmann 9AXAG 2SA 9 cylinder 300 x 450mm total 5,920BHP. Liaaen controllable pitch props in fixed kort nozzles. Bollard pull abt. 72 tonnes. Speed abt. 12.0 / 10.0kn. Twin Becker rudders. 500HP, 6.5 ton thrust bow thruster. 2-170kW / CAT D343 and 1-56kW / CAT 3304 60Hz AC generators. Accommodations for 14 in 1-2, 1-4 and 1-8 berth cabins. Full com / navaids including GMDSS (A3), Inmarsat, Sat Mini-M, HF, VHF, EPIRB, Autopilot, 2 radars, Gyro, Navtex, Echo Sounder and GPS. 2-20 man liferafts and 2-24 man lifeboats. Vessel recently completed a rebuild Fall 2007. Inspection / delivery Southeast Asia by arrangement through this office. Further details, small scale drawings, photographs, class / survey status & price / rate ideas on request.

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

We are also interested in receiving information on any other vessels surplus to your requirements and available for sale or charter - especially if you are interested in selling out of your area. This can be on a published or private & confidential basis. The market for second-hand equipment is tight and it is a good time to get rid of under-utilized vessels. To date in 2008, we have brokered 43 vessels and barges and expect to conclude on several sales in the next thirty days. In 2007, Marcon brokered 54 vessels and barges.

July 2008 .pdf

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Transcript of July 2008 .pdf