Marcon International, Inc. P.O. Box 1170 9 NW Front S ... boat “Orion Pioneer” (ex-“Orion...

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

www.marcon.com

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

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

May 2012

Supply & Tug Supply Boat Market Report

Following is a breakdown of available supply and tug supply vessels we currently have as shipbrokers officially listed

for sale worldwide. Not included are those available on a private and confidential basis.

Tug Supply Boats

Up Since Last Report Down Since Last Report

Under

3,000HP

3,000 –

4,000HP

4,000 –

5,000HP

5,000 –

6,000HP

6,000 –

7,000HP

7,000 –

8,000HP

8,000 –

9,000HP

9,000 –

10,000HP

10,000 –

12,000HP

12,000HP

Plus Total

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

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

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

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

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

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

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

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

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

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

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

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

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

May 2010 6 33 26 41 15 20 18 6 7 22 194

Aug 2010 5 31 31 38 20 18 20 8 8 24 203

Nov 2010 5 31 35 40 21 18 26 9 9 27 221

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

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

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

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

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

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

May 2012 - U.S. 1 1 1 1 0 0 0 0 0 0 4

May 2012 – Foreign 6 20 31 35 19 16 23 9 11 19 189

Avg. Age Worldwide 1981 1985 1989 1996 1980 1983 1988 1989 1986 1995

Avg. Age U.S. 1980 1978 1983 1974 - - - - - -

Avg. Age Foreign 1981 1985 1989 1997 1980 1983 1988 1989 1986 1995

For Charter Worldwide 5 10 11 23 10 15 14 3 16 17 124

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

For Charter Foreign 5 10 11 22 9 15 14 3 16 17 122

Marcon International, Inc. Supply Vessel Market Report – May 2012

www.marcon.com


2

Market Overview Of 11,514 vessels and 3,565 barges tracked by Marcon, 2,817 are supply and tug supply boats. Tug supply boats

officially on the market for sale have increased from 163 to 193 vessels since May 2011, but is down 1.05%, or two

vessels from last February. At the time of this report, 54 tug supply boats for sale were either built within the last 10

years or are newbuilding re-sales. 68.39% of the tug supply boats are 25 years of age or over. Counter-balancing

these “old ladies” are nine newbuilding resales, in the 4,000-8,999BHP range, scheduled for delivery in 2012. Other

vessels not officially on the market may be able to be developed on a private and confidential basis. 55.71% of foreign

and 93.02% of U.S. flag supply / tug supply boats we have officially listed for sale are direct from Owners. So far in

2012, actual sales price of all vessels and barges sold by Marcon has averaged 78.99% vs. 2011’s 93.03% and 2010’s

86.31%.

Platform Supply Boats

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

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

Feb 1997 7 1 5 7 13 8 6 29

Jan 1998 2 1 7 5 5 0 5 25

Jan 1999 2 2 6 5 7 3 6 31

Jan 2000 2 3 13 12 17 4 9 60

Mar 2001 4 5 16 12 16 3 3 59

Jan 2002 2 6 17 12 17 2 5 61

Jan 2003 4 7 20 16 22 5 5 79

Jan 2004 2 7 13 10 32 7 19 90

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

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

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

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

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

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

May 2010 5 4 14 12 36 13 5 18 14 121

Aug 2010 4 4 12 11 46 16 10 20 13 136

Nov 2010 4 5 14 11 54 20 16 23 21 168

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

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

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

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

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

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

May 2012 - U.S. 1 2 6 5 11 1 3 9 0 38

May 2012 – Foreign 4 7 5 5 17 9 9 13 22 91

Avg. Age Worldwide 1985 2002 1977 1989 1979 1989 1992 1992 1993

Avg. Age U.S. 2003 1998 1978 1988 1979 1998 1991 1983 -

Avg. Age Foreign 1981 2003 1976 1990 1979 1988 1992 1998 1993

For Charter Worldwide 3 3 7 3 12 1 1 3 1 34

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

For Charter Foreign 3 3 7 3 11 1 1 2 0 31

Up Since Last Report Down Since Last Report


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3

The number of platform supply boats for sale increased 16.22% from 111 to

129 since May of last year. There was a 16 vessel increase in supply boats

on the sales market since our last report in February. As of the time of this

latest report, Marcon International has available 26 supply boats built within

the last ten years, which includes four newbuilding re-sales scheduled for

delivery in 2012. 79 PSVs, or 61.24%, are 25 years of age or older, with

oldest PSV listed built in 1966.

The dominant location for second-hand tonnage on the market is still

Southeast Asia with 19.9%, followed by the Mid-East with 18.3%, while the

U.S. is down to 14.9%, followed by the Far East with 10.6%. “By

arrangement” or where location is unknown makes up 5.6%. The rest of the

globe makes up the final 30.7% of locations. CATs are the principal U.S.

main engine suppliers to this sector and power 58 of the Supply & Tug

Supply Vessels listed for sale, closely followed by EMDs in 48. GMs power

21 vessels and Cummins power 12. Wartsila leads foreign manufacturers

with 21, then 20 MAK, 19 Bergen, 18 Nohab/Polar Nohab, 14 Yanmar and

78 units powered by other engines.

In addition to those for sale, Marcon has 158 straight supply and tug supply

vessels listed for charter worldwide, down 22 from February.

Crude Oil Prices US$ Sep 11 Oct 11 Nov 11 Dec 11 Jan 12 Feb 12 Mar 12 Apr 12

WTI - Cushing, Oklahoma $85.52 $86.32 $97.16 $98.56 $100.27 $102.20 $106.16 $103.32

Brent - Europe $112.83 $109.55 $110.77 $107.87 $110.69 $119.33 $125.45 $119.75

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

Natural Gas Est. Average Wellhead Prices

Aug 11 Sep 11 Oct 11 Nov 11 Dec 11 Jan 12 Feb 12 Mar 12

Price ($ per Mcf) $4.20 $3.82 $3.62 $3.35 $3.14 $2.89 $2.46 $2.25

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

Recent Marcon Sales Gulf Contractors LLC of Louisiana has sold their small U.S. flagged crewboat "Lionel B" to Ecuadorean buyers on private terms. Built in 1998 at Stephen Boat Works, the aluminum hulled vessel measures 55.0' loa x 16.5' beam x 7.2' depth and has a 3.00' light draft. She is powered by twin CAT 3406E main engines developing a total of 1,400BHP driving fixed pitch 34” x 34” props via ZF 2:1 gears. The vessel is capable of a 30kn maximum speed and cruises at around 24-27kn on 34-37gph. She can carry 32 passengers and 2 crew, whilst the 25' x 10' clear deck aft has a capacity for about 8 tons of cargo. New owner has commenced shipping the "Lionel B" to Ecuador. Marcon acted as sole broker.

Other25.2%

CAT18.8%

EMD15.5%

Wartsila6.8%

GM6.8%

MAK6.5%

Bergen6.1%

Nohab5.8%

Yanmar4.5%

Cummins3.9%

Platform & Tug Supply Boats - Engine Types


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After successfully passing her sea-trials, the U.S. flag, fast crew/supply boat “Ashley Alyse McCall” was sold by McCall’s Boat Rentals of Houma, Louisiana to private U.S. buyers for use out of the “oil-patch”. Built by Gulf Craft, Inc. in 1992, the aluminum hull vessel measures 160' loa x 30' beam x 10.5' depth and is certified by the U.S. Coast Guard under CFR Subchapter “T”. “Ashley Alyse McCall” has clear deck space of 90' x 23' with an on deck cargo capacity of 175 long tons. The vessel

is powered by six Cummins KTA19 main engines total 4,080BHP, driving six 39” x 36” fixed pitch propellers through Twin Disc 518 2.5:1 gears. “Ashley Alyse McCall” has an economic speed of 20 knots on 112gph, and is capable of 22 to 24 knots on 153-222gph. Vessel is fitted with accommodations for 6 persons in 4 cabins and passenger seating for 85. She will be converted by new owners to passenger ferry service and remain under the U.S. flag. Marcon represented the buyers and Lee Felterman and Associates represented sellers in the transaction. Marcon International, Inc. is pleased to announce the sale of the U.S. flag oilfield supply boat “Orion Pioneer” (ex-“Orion Star”, “Acoustic Pioneer”, “September Morn”) from WesternGeco Overseas Inc. to private buyers. The vessel was originally built in 1981 by Halter Marine, Inc. as a standard design 180’ x 40’ x 14’ depth supply vessel for Levy-Mellon Marine of Patterson, Louisiana to use in the Gulf of Mexico market. She was later modified for specialized acoustic work for the U.S. Government Naval Sea Systems Command with conversion of port and starboard No. 2 tanks to 13’ x 15’ enclosed storage spaces and liquid mud and drybulk tanks converted to carry additional ballast and fuel. "Orion Pioneer" was originally classed by ABS, but later only carried an ABS loadline. Vessel currently has tankage for 79,000g fuel, 9,800g fresh water, and 160,000g ballast water providing an endurance of 30 days. She is powered by twin EMD 12-567BC main engines developing a total of 2,500BHP. New buyers plan to register the vessel in Panama and operate her in the Caribbean. Marcon acted as sole broker for the transaction. This is the 15

th vessel Marcon has sold for WesternGeco.

Worldwide Sale & Purchase News Farstad Shipping ASA has, through its wholly owned subsidiary P/R International Offshore Services ANS, reached

an agreement to sell the two oldest AHTSs in their fleet. The AHTS “Lady Audrey”

(ex-“Jarl Viking”, “Lowland Rambler”, “Atlantic Andwi”) was sold to DTA Ship

Trading of the UAE and the AHTS “Lady Valisia” was sold to Doehle Danautic

India Pvt Ltd, which a subsidiary of a German firm. Both AHTSs are 12,240BHP

units and were built in 1983 in Norway at K/S Sarpsborg Mek. V and Liaaen A/S;

Nordfjord respectively. Both are the ME 303 designs. Delivery of the vessels to the

new owners was expected to take place by the end of March 2012. The sale of the

vessels will give a booked loss of approx. NOK 11.5 million in the 1st

quarter 2012.

The vessels have been renamed the vessels “Audrey” and “Valisia” respectively.

Also Farstad Shipping ASA has, through its wholly owned subsidiaries P/R

International Offshore Services ANS and Farstad Shipping Pte. Ltd, reached an

agreement to sell the AHTS “Lady Gerda” (ex-“Shelf Ranger”), built in 1987 at

Hudong Shipyard, China and rated at 8,700BHP; and the AHTS “Lady Cynthia”

again built 1987, Hudong Shipyard, China and is rated at 9,500BHP. Delivery of

the vessels to the new owner is expected to take place during May 2012. The

agreed sales price of the vessels is approximately equal to the book value, which

is below the value estimates obtained from brokers at year-end. After the sale of

these two vessels, Farstad Shipping has during a short period of time sold five of seven vessels built during the 1980s.

Indian owners TAG Offshore acquired the “Lady Gerda” which is now renamed “TAG 11”. The assumption is they

bought the “Cynthia” as well, but it has not been confirmed. – STOP PRESS: Sale of “Lady Cynthia” cancelled.

The 1985 Robin built, 5,400BHP AHTS “Dr. Nagendra Singh” (ex-“SCI-08”) has been sold by the Shipping

Corporation of India (SCI) to unknown buyers.


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UAE owners Sea Eagle LLC have sold their 1971 built “Sea Power” to Middle East Fuel

Distribution. Measuring 175.2' loa x 165.1' lbp x 36.1' beam x 13.1' depth x 11.15' loaded

draft, the vessel was built in 1971 at Aarhus Flydtedok, Denmark, but rebuilt in 2001. It flies

the U.A.E. flag and is classed with Germanischer Lloyd. Powered by twin MAK 8MU452AK

main engines create a total of 3,800BHP at 425RPM, producing about 42mt of Bollard pull.

French construction owner operators Technip SA sold their Dive Support /

Subsea Construction vessel “Asiaflex Installer” to Kreuz Subsea Marine, a

subsidiary of Kreuz Holdings. Until very recently it was named “Venturer” and over

its history it has been named “CSO Venturer”, “Stena Venturer” and “Essar Stena

1”. Delivery was set for a window of 14-18th April 2012 and the consideration

aggregated with some additional capital expenditure on Kreuz’s part was set at

around $22m. Built in 1981 at Nobiskru, West Germany and rebuilt in 1995, the vessel measures 442.0' loa x 379.4'

lbp x 88.5' beam x 35.0' depth x 19.68' loaded draft and is powered by five MAK 8M332AK creating 8,750BHP. With

quarters for 98 and a 16 man saturation diving system, the vessel is also equipped with a helideck and 150T

Normarine crane. The vessel has since been renamed “Kreuz Installer”.

The MX-A150 design 2008 built AHTS “Coral” was sold by Chuan Hup Offshore to PT Bahtera Nusantara,

Indonesia, a joint venture (JV) company between the CH Offshore’s fully owned subsidiary, Venture Offshore and PT

Bahtera Niaga International. The latter has secured a charter for the vessel. Expected delivery was 01 March 2012.

Built at Universal Shipbuilding in Japan, the 12,236BHP AHTS is powered by twin Wartsila 9L32 main engines. A

similar agreement in 2011 which faltered, had valued the vessel at $30m.

The DP2 Saturation DSV “Eclipse” (ex-“Seapread”, “Stena Seaspread”) has

been sold by US owners Cal Dive International to Seattle based owners

Stabbert Maritime. The vessel was drydocked in Singapore for Class renewal

and shaft pulling directly after the sale. The vessel measures 367.6' loa x 332.4'

lbp x 68.8' beam x 27.3' depth x 22.43' loaded draft and was built in 1980 at

Oresundsvarvet AB; Sweden and rebuilt in 2008. The vessel is classed with

DNV with the following notation + 1A1, SF, EO, Ice 1A. IRS SUL, IY, SYJ, Deck

Strengthened for Heavy cargoes. Powered by five Nohab F216V generators

connected to four electric motors capable of producing 18,000BHP driving a single propeller in a kort nozzle. The

vessel has a 150T Hydramarine crane and can accommodate 107 persons. Cal Dive had purchased the vessel from

Global Marine Systems back in 2001 for reportedly around $16m. The vessel now flies the Vanuatu flag.

The 1990 built Neftegaz type AHTS “Neftegaz 66” has been sold by Seaway Heavy Lifting

to unknown buyers. The 7,200BHP Sulzer powered unit was built at A. Warskiego, Szczecin,

Poland, measured 266.9' loa x 234.4' lbp x 53.5' beam x 23.7' depth x 16.10' loaded draft

and created a Bollard Pull of 87mt via a 300,000lb double drum winch on its back deck. The

vessel had been flying the Cypriot flag and was Classed with the Russian Maritime Register.

It is understood that the survey/research vessel “Northern Resolution” (ex-“Arco

Resolution”, “Western Resolution”, “Geco Resolution”) owned by US owners C&C

Technologies has been sold to unknown buyers enbloc with the small utility vessel

“Ocean Surveyor”. The vessel(s) had been working in Brazil. Built in 1982 at Batservice

Verft, Norway and rebuilt in 1992 with further upgrades in 2002 and 2005, the ex-seismic

vessel is powered by four Bergen KRGB9/KRG9 main engines creating 3,200BHP via

diesel electric propulsion and a four bladed CP Hjelset propeller. The vessel also featured

a bow and stern thruster. Classed with DNV and notated + 1A1, EO, Helideck, Ice C, the

vessel was due its Special Survey prior to the sale. The vessel measures 246.7' loa x

216.5' lbp x 51.2' beam x 19.7' depth x 16.07' light draft x 20.70' loaded draft.


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Italian owner Augusta Offshore SpA have sold their AHTS “Asso Quindici” (ex-“Augusta

Quindici”, “Tender Gela”, “Castalia Azzurra”, “Tender Bounty”) to a consortium buyer with

UK/WAF connections. The vessel has been renamed “Tiger” and mobilized to West Africa

from the Mediterranean. Built in 1982 at Mangone Swiftships in Houston, the 4,000BHP unit

is powered by twin EMD 16-645E2 driving two Liaaen CP props, creating about 40T of

Bollard Pull using its Smatco 66 DAW-200 Double drum waterfall winch.

Smit International have sold their 1982 built AHTS “Pentow Salvor” sold to Kenyan based

Comarco. The 4,000BHP twin Wichmann engined, 50T Bollard pull unit will mobilize from South

Africa where it had been operated by Smit Amandla Marine to its new home in East Africa. The

vessel was built by BV Schpswerf Waterhuizen, J Pattje in the Netherlands and is Bureau Veritas

Classed. The vessel has been renamed “Raptor” and now flies the Tanzania (Zanzibar) flag.

At the back end of 2011, the 190’ DP1 rated US flagged PSV “Ella Claire” was

sold by Louisiana based, Gulf Resource Management to Miller Tug & Barge /

Miller’s Launch of New York. Built in 2009 at Mariner LLC, the vessel measures

190 x 36’ x 12.6’ loaded draft. The vessel is powered by twin CAT 3508-B main

engines creating a total of 1,920BHP and has a clear deck measuring 135’ x 36’.

The vessel has been renamed “Josephine K. Miller”.

UK based Atlantic Marine and Aviation have purchased the research/seismic vessel,

“Western Delta” (ex-“Delta”, “Western Wind”) from Western Geco LLC. The

Panamanian flagged vessel was built in 1982 at Sing Koon Seng Pte Ltd, Singapore

and measures 200.5' loa x 192.3' lbp x 39.4' beam x 16.0' depth x 13.09' loaded draft.

Power is produced by twin CAT D399TA units creating around 2,000BHP via CP

propellers.

The Diesel Electric ME 202 design PSV “Northern Queen” (ex-“Mona Viking”, “Sea

Guardian”, “Sea Worker”) has been sold by Trico to Polish Vestland Marine. It is now

called “Ramco Queen”. Built in 1982 at Drammen Slip og Verk, Norway, the 2,700dwt

vessel is powered by four Wartsila 8R22 creating a total of 6,880BHP. The vessel

measures 221.1' loa x 196.8' lbp x 55.1' beam x 23.3' depth x 12.46' light draft x 19.95'

loaded draft. The vessel was being drydocked by the new owners in Gdansk for class

renewal and has been reflagged to the Bahamas.

Following the declaration of an option granted to Subsea 7, Eidesvik has sold 50% of the

subsea vessel that is under construction at Ulstein Verft (Hull 295).

The Chinese shipyard Cheoy Lee, sold “Hull 4944”, a Conan Wu 58m design OSV to

Ezion/Teras Offshore whom have renamed it “Teras Genesis”. The vessel measures

58m x13.8m x 5.5m and is powered by twin Niigata 6L28HX creating 5,000BHP. The

vessel is classed by ABS with the notation +A1(E) + AMS, FIFI 1 Towing and Anchor

Handling Services and flies the Singapore flag. The working deck aft is over 30m (100’)

long, with an area of approximately 350m2 (3,800ft2). Sheathed in wood for protection

during anchor handling and towing operations, the underlying steel deck plating is

20mm (3/4”) thick. Deck winches are from MacGregor Plimsoll, and include a 200 ton

towing/anchor handling winch, 10 ton anchor windlass, two 10 ton tugger winches and two 5 ton capstans. There are

also 200 ton towing pins and a 250 ton Shark Jaw.


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Atlas Marine Shipping LLC of the UAE have purchased two vessels from US owners

Tidewater Inc. First was the 2,100dwt supply vessel “Oil Osprey” (ex-“West Osprey”)

built in 1982 at Voldnes Skipsverft AS. It measures 192.0' loa x 170.6' lbp x 45.0' beam

x 22.0' depth x 20.00' loaded draft. It is powered by twin Wichmann 5AX5G creating

4,000BHP. The vessel has been renamed “Atlas Star” and now flies the Comoros flag.

Atlas also purchased the 1982 Halter built AHTS “Murrill Tide” (pictured). Measuring

200.0' loa x 190.0' lbp x 42.0' beam x 16.0' depth, this unit is powered by twin EMD 16-645E7B creating 6,140BHP and

has a bollard pull of 70mt. Again reflagged to Comoros, vessel has been renamed “Atlas Venture”.

The OSV “Seabulk Minnesota“ (ex-“Baltic Sea”, “Baltic Seal”) has been sold to

Ocean Pollution Control of Panama by US based Shadow Two

Investments/Shadow Marine and renamed “OPC Defender”. The vessel will

now operate as a pollution control/research platform. Built 1976 at American

Marine, New Orleans and rebuilt in 1981, the vessel measures 205.0' loa x

189.0' lbp x 40.0' beam x 15.0' depth x 12.85' loaded draft. Powered by twin

CAT D399SCAC, it creates 2,250BHP. The vessel had been laid up for three years with all its certificates lapsed.

Tidewater’s clear out continues – this time the 8,160BHP AHTS “OSA Victor” (ex-“Lancelot

Fjord”, “Balder Borkum”, “British Heather”) to Korean owners Moses Tide. Built in 1982 at

Husumer Kroeger, Germany, the vessel measures 211.6' loa x 45.3' beam x 19.40' loaded

draft and is powered by twin MAK 9M435AK main engines creating 100mt of Bollard Pull using

a Brattvaag double drum winch. The vessel is ABS classed and still flies the Belize flag. The

vessel has been renamed “Everest 1”.

Singapore owners POSH sold their 2005 built AHT “Salvirile” to Consolidated

Pipe Carriers of Kenya. Built at Gui Jiang Shipyard, China, she measures 163.8'

loa x 143.0' lbp x 41.3' beam x 18.9' depth x 14.76' loaded draft and is powered

by twin Yanmar 6EY26 which creates 5,000BHP through two CP props in kort

nozzles and about 60T of bollard pull. On deck, the vessel is equipped with an

electric hydraulic waterfall double drum rated at 180T. (Photo: Ian Shiffman)

Norwegians owner Eidesvik bought Greatship’s DP1 rated PSV “Malaviya Nineteen” and

have renamed it “Viking Nereus”. Built at Aker Aukra in 2004, the 3,300dwt is a UT755L

design, measures 236.2' loa x 52.5' beam x 23.0' depth x 19.10' loaded draft and was dual

classed with both DNV and the Indian registry IRS. Powered by twin Bergen KRMB9 units, it

produces 5,460BHP. Consideration on the sale was $24m.

On the debit side of the ledger, Eidesvik has entered into sales agreements of $64m for the two supply vessels

“Viking Surf” (built 2002 at West Contractors) and “Viking Thaumas” (built 2005 at Aker Aukra). Both vessels are

employed on contracts in Brazil. The deliveries of the vessels are expected to take place in the first half of May 2012.

The company will record a gain of approximately NOK 77m. A seller credit of

$12m was established in connection with the transaction. The credit is

secured by a bank guarantee and will be repaid by 12 installments during the

next 12 months. The transaction will give a positive net liquidity of $32m after

mortgages have been paid. The financial return on the operations in Brazil

has not been as good as expected. Hence, Eidesvik has chosen to sell these

vessels now to be positioned to invest in vessels that give significantly higher

return. The new supply vessel will be used in the spot market in the North

Sea for the summer season 2012. We expect this market to be strong this summer. When the summer season is over,

the company is going to consider in which region the vessel will be traded further. At the time of going to press, the

buyer was still unknown.


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8

The 1998 built 3D seismic vessel “BOS Angler” (ex-“Stad Angler”, “Rem Angler”,

“Geo Angler”, “Geco Angler”) has been sold after previous owners Bergen Oilfield

Services, we believe, ran into financial difficulties and the vessel was arrested and

subsequently auctioned off by the Sheriff of Mumbai. Eventual buyers were Pepito

AS who is a subsidiary of Fjord Shipping AS-Maalo based in Norway. The vessel

was built by Flekkefjord, Norway and is classed with DNV with following notation

1A1. Ice-C EO Helideck Dynpos – Autr. The vessel is powered by a single CAT

3612DITA creating total 5,100BHP. It is not clear if the vessel was bought back by creditors at the Marshal sale and

then resold, or sold directly. Our indications show that the initial auction reserve of $34m did not attract much interest.

Malaysian owners Bumi Armada snapped up a pair of DP2 anchor-handling tug supply

vessels from Japanese owners Sanko Steamship but has not announced the sales

price. The vessels that changed hands were “Sanko Beauty” and “Sanko Bay”. Both are

12,000BHP units which are suitable for vessel support operations in deep water. Both

vessels were built in 2009 at Universal Shipbuilding, Japan and can accommodate 30

personnel. The vessels have been renamed to “Armada Tuah 107” and “Armada Tuah

108”, respectively. They may be put to use in waters off West Africa or Brazil, which

was hinted in the press statement. Chief Executive Hassan Basma said: “These vessels are suitable for deep-water

activities which are fast expanding in Asia, West Africa and Latin America. Bumi Armada will aggressively pursue the

high end of the market as it focuses on the burgeoning deepwater subsea markets.” Sanko Steamship is currently

struggling under the weight of long-term charter rates struck with other operators in a high shipping market as shipping

markets currently remain in the doldrums. It has been trying to resolve disputes with customers outside of court.

Solstad Offshore ASA entered into an agreement with Subsea 7 International Contracting Limited, whereby Subsea 7 will acquire 50% of the CSV "Normand Oceanic" through purchase of shares in a single purpose company to be incorporated. "Normand Oceanic" was delivered to Solstand from STX Brattvaag in April 2011 and commenced a charterparty with Subsea 7 on the 15th March 2012. Further it was agreed that the duration of the firm charter period be extended from 3 years to 5 years on the same commercial terms as in the current charterparty. It is intended to complete the transaction by the end of 2nd quarter 2012. The transaction will have a positive cash

effect of approx. NOK 200 million (abt $35m) for Solstad. The DP2 vessel measure 514.8' loa x 88.6' beam x 27.89' loaded draft and is powered by six MAN B&W 6L32/40CD main engines creating about 27,000BHP.

Private-equity backed newcomer Secunda Holdings has bought ten charter vessels from McDermott International

for an undisclosed price. Secunda, which was launched this month and reclaimed its name from a

defunct oilfield service company, aims to establish itself as the sole offshore vessel service provider

based in Nova Scotia. In 2007, McDermott bought almost all the assets of Secunda International for

$260 million, including 14 harsh-weather multi-functional vessels. Birch Hill Equity Partners, a

Canadian mid-market private equity firm, has “revitalize[d]” the Secunda name and would appear to

be buying back some of the assets McDermott bought in 2007. John Hughes identified the

acquisition of the ten vessels as an opportunity to establish Secunda as the sole offshore vessel

service provider with its head office in Nova Scotia. “We have great faith in the offshore industry here in Atlantic

Canada,” said Secunda president John Hughes. “We’re delighted to be in a position where we can nurture a Nova

Scotia company to be a leader in this sector.” We understand that McDermott Canada has kept the cable layers “Agile”

and “Bold Endurance” and the DP2 “Thebaud Sea”. The “Hebron Sea” is reportedly being scrapped. The fate of the

“Intrepid Sea” remains unknown.


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9

Further to our last report, we can now identify the buyer of the VS 470 MK II 2006 Aker built PSV “Siem Danis” as

being Nigerian based Vigeo Shipping, a subsidiary of Vigeo Group. The MD said Vigeo

Shipping, which has been working with Shell Petroleum Development Company (SPDC) and

other International Oil Companies (IOCs) since 2004, is realizing its goal to own a fleet of PSVs,

Anchor Handling Tug Suppliers (AHTS) and other OSVs to support oil and gas industry

operations, particularly in the deep offshore segment of the Gulf of Guinea. He added that the

new vessel, christened "Vigeo Adebola," will help consolidate the local content policy, which Vigeo has been

championing in the oil and gas sector that has been dominated by foreigners.

It is reported that DSV “Endeavour” (ex-“Superior Endeavour”, “Saipem Ragno Due”, “Tender Captain” ,”Ocean

Installer”, “Mansal 18”) has sold to Mexican subsea specialists

Oceanographia. The vessel was managed by V-Ships on behalf of

institutional investors. Measuring 265.0' x 50.0' x 22.3' x 14.10' loaded

draft and built in 1975 at Ulstein Hatlo, Norway; the Vanuatu flagged

vessel was Classed DNV 100A1 DYNPOS AUTR EO HLDK/IMO DP

Class II. Vessel is powered by twin MAK 6M453AK totaling 4,000BHP,

has quarters for 78 persons and comes equipped with a 12 man Sat

Dive system and a 50T Amanda Knuckle Boom Crane. It is a multipurpose vessel suitable for ROV/Dive/Cable

Operations. The vessel had been working in West Africa and is likely to mobilize to Mexico in the near future.

Australian Minister for Defense Stephen Smith and Minister for Defense Materiel Jason

Clare announced that the Australian Government had agreed to purchase the

Offshore Support Vessel MSV 2012 STX Sovikes built “Skandi Bergen” from Norwegian

owners DOF ASA. The “Skandi Bergen” will add to the Royal Australian Navy’s current

amphibious ships, HMAS “Choules” and HMAS “Tobruk”. The 6,500 ton ship, 105m long and 21m wide, has

accommodations for up to 100 people, more than 1,000m2 of deck area and a helipad. Purchase of “Skandi Bergen” –

at a cost of less than $130 million – will ensure that Defense has the humanitarian and disaster relief capability

required between now and the arrival of the two new Landing Helicopter Dock (LHD) ships in the middle of the decade.

It will primarily be used to transport troops and supplies in support of humanitarian and disaster relief operations

domestically and in the region. The purchase of this vessel will also provide a long term capability for Customs and

Border Protection. After Defense introduces the LHDs into service, the vessel will be transferred to Customs and

Border Protection. “Skandi Bergen” will be able to undertake patrols in the Southern Ocean providing surveillance,

detection and apprehension of any vessels operating illegally. The vessel is able to operate in sub-Antarctic weather

conditions. The commercial off-the-shelf vessel, requiring minimal modifications, will enter into service in the middle of

the year and will be operated under a civilian crewing arrangement. “Skandi Bergen” is the sister ship of the ACV

“Ocean Protector”, currently operated by Customs and Border Protection. When Cyclone Yasi hit North Queensland in

February early last year, Defense did not have any amphibious ships available to

assist. At that time Minister Smith and Minister Clare made no secret of their

disappointment with the state of the Royal Australian Navy’s amphibious ships.

Since that time the Government has taken a number of steps to rectify the

problem with the Navy’s amphibious fleet. First, in April last year the Government

purchased the RFA “Largs Bay” from the British Government. In December it

was officially commissioned into the Royal Australian Navy as the HMAS

“Choules”. Second, work was conducted on HMAS “Tobruk” to return it to sea.

Third, in order to maintain the Navy’s amphibious capability, ships were leased

to supplement existing capability. Subsea Operations Vessel “Windermere” was leased to provide extra support during

the cyclone season. Fourth, to ensure such a gap in capability does not happen again, the Government also

commissioned Mr. Paul Rizzo to develop a plan to improve the maintenance and sustainment of its naval fleet.

Recommendations from the Rizzo report are now being implemented. Fifth, in December last year Minister Smith and

Minister Clare announced that they would pursue the purchase of an additional ship to be used by the Navy,

particularly for humanitarian and disaster relief situations. The vessel has been renamed “Ocean Shield” and will be

managed by Teekay Marine. At the time of writing, the vessel was en-route Cape Town on its way to Australia.


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Charter News Everyone was happy to announce their charters with Petrobras this quarter. First up, Maersk Supply Service has

won three new major contracts with the Brazilian state owned oil company Petrobras. The total contract value is

approx. DKK 1.6 billion ($283.7m). All three contracts will have a duration of four years

commencing December 2012 and include the three anchor handling tug supply vessels

“Mærsk Leader” (pictured), “Mærsk Lancer” and “Mærsk Launcher”. The vessels will be

involved in ultra-deep water anchor handling with both conventional and torpedo

anchors. "Brazil is a strategically important growth market for Maersk Supply Service,

and these contracts reinforce our strong relationship with one of the industry leaders in

deep water exploration and production," says Carsten Plougmann Andersen, CEO of

Maersk Supply Service. Maersk Supply Service has a significant position in the

Brazilian market with 11 vessels operating offshore Brazil for Petrobras and five vessels for International Oil

Companies. Petrobras is Maersk Supply Service's biggest customer. The Maersk L Class vessels are 2009-2010 built

and are approx. 23,500BHP with around 265mt of bollard pull. Average day rates are reported at around the $60-

65,000 per day mark.

Next, Petrobras has chartered an additional AHTS from Siem Offshore, the 2010 Kleven built 27,000BHP, 300T

Bollard Pull “Siem Ruby”, for a firm period of four years. Petrobras has an option to extend the charters for four

additional years, upon terms to be mutually agreed. The contract value for the firm period is approximately USD 100

million (equiv $68,000 per day). The vessel shall commence operations in Brazil latest

within June 2012. The vessel is a very large capacity Anchor Handling Tug Supply

Vessel designed for towing and anchor handling, deep water inspection- and

construction work, as well as to carry out regular supply and support duties for the

offshore industry worldwide. The vessel is of clean design, comfort class,

environmentally friendly and optimized for low fuel consumption through hybrid diesel

electric- and mechanical arrangement. Siem Offshore, a Norwegian company that has

a history of approximately three decades of operations for the Brazilian offshore oil

industry, was pleased with the contract: “Siem Offshore regards the contract for the additional AHTS vessel as an

acknowledgment by Petrobras that Siem Offshore is positioned as a first class operator in Brazil, which is a targeted

growth area for the Company.” Back in 2010, Petrobras chartered four AHTS vessels from Siem Offshore for a firm

period of four years. The value of the contracts was estimated at US$ 285 million in total.

Carrying on the theme, Havila Shipping entered into an agreement with Petrobras,

for the VS 483 design PSV vessel “Havila Fortress” (pictured). The contract is for a

firm period of four years with possible extension for another four years.

Commencement is at the end of the second quarter. The day rate is reported at

around $35,000 per day. “Havila Fortress” will be the fourth PSV vessel that Havila

Shipping operates on Petrobras contracts in Brazil. Also Havila has entered into a

contract with Total E&P UK for their PSV “Havila Commander”. The contract is for a

firm period of five years with two optional periods each of one year. Commencement

will be during April. Norske Shell AS has declared one year option for the PSV vessel “Havila Borg”. This will keep the

vessel on charter with Norske Shell AS until 15th July 2013.

Bumi Armada Bhd has also secured a four-year charter and options contract from

Brazilian oil and gas major, Petróleo Brasileiro S.A. (Petrobras), valued at RM 115

million. It said that under the contract, its platform supply vessel “Armada Tuah 301”

will support Petrobras’ cargo transportation between platforms and the transfer of

personnel in the Brazilian continental shelf. With a deadweight of 3,000 tons, the 75m

long AT301 is Bumi Armada’s first PSV, complementing its fleet of over 40 OSVs. The

contract is expected to be effective by the second quarter of 2012.


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Otto Marine Limited has secured a time charter contract from a prominent Mexican offshore platform construction

company for an initial value of US$ 14.9 million, for a period of 450 days. The contract comes with an option to extend

for another 12 months, bringing the potential value of the contract to US$ 20

million. “Oranda 1”, a 4,200BHP work maintenance vessel, marks the group's

entry in Mexican waters. It will be operated by Otto Marine's wholly-owned

subsidiary, Global Workboats Private Limited. Otto Marine Ltd. has also

chartered two anchor-handling tug supply vessels for work offshore Africa. A

three-year time-charter contract worth $14.8 million covers its 7,200BHP AHTS

with DP-2 capabilities, “Beluga 2”. Otto Marine also secured a four-month

contract worth $1.8 million for its 8,000BHP AHTS, “Redfish 3”. Both vessels

will be operated by Global Workboats Private and will deploy off the coast of Congo in African waters.

Norwegian owners DOF have signed a NOK 225 million contract with Apache Energy Limited for the use of the

anchor handling tug supply vessel, “Skandi Atlantic”, offshore Australia. The firm period of the contract is 900 days

commencing in May 2012. “Skandi Atlantic” is owned by Aker DOF Deepwater AS

(ADD) and is the last vessel of six sister vessels built at the STX OSV yard in

Vietnam. Chief Executive of DOF ASA, Mons S. Aase comments, “The contract

with Apache is a strategic important contract for both DOF and ADD. It is the first

long term contract we won in the Australian market for AHTS vessels. DOF

presently operates 8 vessels in the region. We expect a growing demand for our

vessels and services in the region and our ambition is to grow our fleet and

organization out of our Perth office. The ADD vessels have proven to be well suited

for operations world-wide. Two vessels are now operating in Asia Pacific on long term contracts, two in the North Sea

spot market and one on long term contract in Brazil. We expect a good market for these vessels in all three regions.”

Farstad Shipping ASA has been awarded the following charter contracts in Australia: Origin Energy has awarded

contracts to AHTS “Far Fosna” (1993, UT 722, 14,400BHP, pictured left) and AHTS “Lady Sandra” (1998, KMAR 404,

15,014BHP) to support their Bass Strait drilling campaign. The duration of the contracts will be approx. nine months

commencing in April. Woodside Energy Ltd. has awarded PSV “Lady Grace”

(2001, UT 755, 2,936 DWT) a 12 month contract with two yearly options. The vessel

will continue to service Woodside's production facilities on the North West Shelf.

Woodside has also extended the contract for AHTS “Far Strait” (2006, UT 712L,

14,688BHP) for another year from June 2012.

Esso has declared their option to extend the

contract for PSV “Lady Kari-Ann” (1982, ME 202,

2,972 DWT, pictured right) for a further three

months, with an additional two month option, extending the vessel well into third

quarter 2012. BHP Billiton awarded a three month contract to AHTS “Far Saltire”

(2002, UT 728L, 16,320BHP) in support of their drilling campaign on the North West

Shelf. Commencement will be in April. Total value of the contracts, excluding

options, is approx NOK 300 mill.

Solstad Offshore won long-term charters for three of its platform supply vessels.

Total E&P UK Limited and Elf Exploration UK Limited signed agreements for

hire of the platform supply vessel “Normand Aurora”. The duration of the contract

is firm for five years with further two one-year options. EDT Offshore Egypt S.A.E

has signed for hire of stand-by vessel “Normand Draupne”. The duration of the

contract is firm for one year with a further one year option with commencement

April 2012. Finally, Statoil Petroleum AS has hired the PSV “Normand Corona”.

The duration of this contract is firm for six months with further two six-month

options also with commencement April 2012. Total value of the owner's portion of

the contracts is approx NOK 380 million


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Charter contracts have been signed between Simon Møkster Shipping AS and Wintershall/TAC (Transocean Arctic

Consortium) for the supply vessel “Stril Polar” and the Emergency Response and Rescue Vessel “Ranger”. In addition

to Wintershall, the oil companies Lundin and VNG are participants in the consortium. The firm contract period is for ten

wells with five wells option. Each well is estimated to 50-90 days duration, which gives an estimated contract length of

three to four years, if all options are taken. “Stril Polar” and “Ranger” will

operate on the rig “Transocean Arctic” in the North Sea and Barents

Sea. Commencement is estimated to the beginning of July 2012, but

may be adjusted. “Stril Polar” is, as the name indicates, a supply vessel

which is specially designed for operation in a cold climate, like the

Barents Sea. In addition to functioning as a supply vessel, “Stril Polar”

is designed for duties such as: oil recovery duties in accordance with

NOFO 2009; standby/rescue for 300 survivors; fire-fighting class I + II;

has particularly good position keeping capacity and can service rigs and

platforms under marginal conditions; thoroughly environmental friendly with catalysts to reduce NOx emission with

about 90% together with fuel saving design; and winterization to avoid icing whilst operating in cold climate, like, for

example, the Barents Sea during wintertime.

SeaHold Geoships Ltd has taken delivery of its second multi-purpose support vessel on a contract valued at over £30

million, Geoships will manage and crew the MPSV MT 6009-L MK II “Loch Roag” vessel, which it has taken on a five

year bareboat charter basis from owner / builders Otto Marine Ltd. The contract is valued at around £22 million over

five years, with an option to extend the contract for two more years, bringing potential value of the contract to nearly

£33 million. As part of the bareboat charter for “Loch Roag”, Geoships also has the

option to purchase the vessel at various stages during the agreement. It is a

Norwegian design vessel, built by Otto Marine Ltd. in the Indonesian Shipyard,

Batamec. The vessel should arrive into the North Sea towards the end of April, as

this is the region where several jobs have been tendered for it. It is likely the vessel

will be used extensively for inspection, repair and maintenance (IRM) activities using

a work class ROV and eyeball ROV, depending on the work scope. Kenny Macleod,

Chairman, SeaHold Geoships, said: “This has been a busy year for the company so

far and we are delighted at the extent and scope of work our first vessel, the ‘Stril Explorer’, has accomplished. The

recent work scope for the ‘Stril’ with Hallin has further improved our partnership with the subsea solutions provider.

The level of repeat business we have received from clients is also encouraging and is testament to the quality of work

carried out by the vessel. Taking charter of ‘Loch Roag’ has reinforced the firm’s continued commitment to provide a

growing fleet of quality new vessels to the oil and gas and renewables sectors. The vessel also lends itself well to

geotechnical investigation activities in line with some of our current activities with the ‘Stril Explorer’.” “Loch Roag” can

accommodate 66 people in one and two berth cabins. It measures 80 meters, has a deck space of approximately

510m2 and is 3,000 ton deadweight.

Viking Supply Ships, one of TransAtlantic's two business areas, has with the AHTS “Magne Viking” been awarded a

term contract by Chevron Canada Ltd for operations on one well. The contract is on subject and is not yet fully signed

by the parties. The well support operations are estimated to last between 150

and 180 days and the charter will commence during third quarter 2012.

“Magne Viking” is going to support the drill ship “Stena Carron” with supply

duties, anchor handling, towing, stand-by and rescue services, passenger

movement and ice berg management. “Magne Viking” is especially designed

for subarctic operations and harsh weather conditions. The crew on board is

especially trained for working in cold environments and has extensive

experience from iceberg management from Greenland. The vessel is ice

classed, which is a requirement for operating in Canadian waters and will be

upgraded to a full stand-by class in accordance with Canadian regulations. “Magne Viking” is furthermore equipped

with de-icing systems, fire-fighting, oil recovery, large accommodation and safe deck handling. The total contract value

is estimated at about CAD 11.1 million.


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Orders Bergen Group Fosen has been awarded a contract from Volstad Maritime AS for building a large and high end

offshore vessel. The contract has an estimated value of NOK 750 million, and this is the second contract awarded from

the shipping company this year. The signed contract is subject to final board approval and financing, which is expected

to be clarified during Q2 2012. The ship is scheduled for delivery in Q4 2013. The contract is for construction of a large

and advanced OCV (Offshore Construction Vessel) with a length of 125

meters and a beam of 25 meters. The ship is a ST-259 CD design from

Skipsteknisk in Ålesund. "Bergen Group has registered a growing

interest from both old and new customers who are considering building

advanced offshore vessels at our shipyards. This contract with Volstad

Maritime AS confirms that we are facing an exciting and innovative

market for the construction of this type of ship", says Terje Arnesen in

Bergen Group. CEO Arnar Utseth at Bergen Group Fosen is very

pleased to be awarded two new construction contracts from the same

company within a period of two months. The former contract, signed in

the first week in February this year, was also for a construction of an advanced OCV-vessel. "We are proud of the fact

that this shipping company wants to continue the well- established partnership with us. We are looking forward to

building yet another modern, advanced and innovative ships to Volstad Maritime", says Arnar Utseth. Volstad Maritime

AS has since 2005 ordered all their newbuildings, a total of eight vessels, from Bergen Group Fosen. Five of these

have already been delivered. One vessel is being outfitted at Fosen at the moment and will be delivered in summer

2012. Vessel number seven, contracted in February this year, will be delivered in Q3 2013. The new ship contract

awarded most recently is up for delivery in Q4 2013.

Two Incat Crowther design 58m catamaran crew boats, to be named “Seacor Lynx” and “Seacor Leopard”, are under

construction at Gulf Craft LLC, Patterson, Louisiana, for Seacor Marine of Houma, Louisiana. The vessels will be

powered by four MTU 16V4000 M73L main engines driving Hamilton HT-810 water jets. The vessels will have the

capacity to reach speeds in excess of 46 knots. Extensive seakeeping studies

were performed to develop a design that not only improved passenger comfort,

but also increased operational efficiency. The result is a vessel that reduces

motions by an average of 20 percent, with vertical acceleration reduced by 40

percent. The cargo deck is lined with hardwood inserts, and protected by

heavy duty cargo rails at the sides. An optional landing rig for surfer class

vessels can be fitted amidships. The vessels will have the capacity to carry 150

tons of deck cargo. The combination of four reversing jets and two retractable

azimuth thrusters, coupled with a Kongsberg control system, provides the

vessels with dynamic positioning in a wide operating area. The vessels will

have DP3 capability. The main deck passenger cabin seats 150 at an

increased pitch, whilst comfort is further enhanced with increased luggage space and additional toilets. The main

passenger cabin also houses a snack bar. The upper deck wheelhouse features forward and aft control stations.

Outside are fire monitors and rescue boat. As well as excellent forward and aft visibility, direct stairs are provided to

the foredeck for quick and safe mooring operations. The hulls accommodate a crew of 14 being a mix of officer and

non-rated cabins. The port hull features galley and mess facilities.

Yuexin Shipbuilding in January has signed an agreement to construct ten AHTS units with the

option of ten more vessels for Martens Group of companies based in Texas.

These vessels will be built in accordance with ABS Class standards and include

following notations: Offshore Support Vessel, AH, Towing Vessel, Fire Fighting

Vessel Class 1, AMS, DPS-1. This was another important milestone since the

signing of the series of 58.7m AHTS contracts in March 2011.


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South Korean shipbuilder Hyundai Mipo Dockyard says it has won a new order for four offshore supply vessels from

BP Shipping at a price of US$ 196.2 million en-bloc, with delivery due during the first half of 2014. The order

represents HMD’s first order for large offshore support ships and

represents the yard’s diversification from more conventional vessel

sectors such as container ships, bulkers, ro-ros and tankers. BP

said the four new platform support vessels to support its operations

in the North Sea, specifically in West of Shetland and Norway. On-

board, the vessels will have dedicated oil spill response capability

and special tanks to transport fluids required for planned enhanced

oil recovery (EOR) systems. Although not mentioned in the press

release, the vessels appear to be of Rolls-Royce’s popular UT 776

CD design. The order is structured so that BP Shipping has

contracted Hyundai to build the vessels and then hire them to BP

Exploration Operating Company on a 15 year bareboat term

charter, which is consistent with BP’s strategy for marine offshore

supply vessels that promotes vessel ownership where long term “life of field” can be demonstrated.

Subsequent to BP Shipping’s order, Rolls-Royce received an order from Hyundai Mipo Dockyard Co Ltd. to design

and equip four deepwater PSVs. The contract is worth more than £45 million to Rolls-Royce and includes options for a

further two vessels of the same type. The vessel designs are UT 776 CD - a development of the popular Rolls-Royce

UT 700 series, designed specifically for supplying equipment and services to deepwater oil and gas platforms. Jørn

Heltne, Rolls-Royce, Senior Vice President Ship Technology Offshore, said: “This latest order

develops our long term relationship with Hyundai as a builder of these advanced vessels,

designed to operate safely in the most challenging conditions.” Hyundai’s President and CEO

W G Choe said: “We are extremely pleased to enter into this deepwater market segment by

building offshore vessels of a world leading design from Rolls-Royce.” The 4,400 ton, 97m long

vessels will feature a range of Rolls-Royce equipment including a diesel-electric propulsion

system which improves fuel efficiency and lowers emissions when operating at reduced power

levels. The propulsion system meets current Clean Design standards – an industry-specific

range of stringent environmental and safety requirements that, through the design of the

vessel, reduce emissions to sea and air. The vessels will be built at the Hyundai’s shipyard in Ulsan, Korea, and are

due to be delivered in 2013 and 2014. The four vessels will feature a range of Rolls-Royce equipment including diesel

engines, electric driven propulsion azimuth thrusters, electric driven transverse thrusters, a passive stabilizing system,

automation and control systems, power electric system, a dynamic positioning system (DP II).The range of deck

machinery on board will include a bulk handling system.

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

OSV AS to build two Anchor Handling / Offshore Service vessels of the

type UT 731 CD. Contract value is approx. NOK 1.2 billion. The vessels

are designed by Rolls Royce Marine with a total length of 87.4 meters and

breadth of 21.0 meters. Bollard pull will be approx. 260 tons and installed

power is approx. 24,000BHP. The vessels will be built according to DNV's

strictest environmental class - "Clean Design" - and will be arranged for

safe and efficient deepwater operations. These newbuilds are of the same

design as Langsten previously delivered four of to Farstad during 2009-

2010. A further two of this type are currently under construction at the

same yard for delivery in 2013. The steel hulls will be built in Romania and

outfitting yard will be STX OSV Langsten in Tomrefjord. Delivery of the vessels will take place during first quarter 2014.


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STX OSV Holdings Limited, one of the major global designers and shipbuilders of offshore and specialized vessels,

has secured a new contract for design and construction of one Anchor

Handling Tug Supply vessel for Iceman AS. The vessel is developed and

designed by STX OSV. It will be of AH 12 design, highly equipped for

multi role operations in harsh and arctic areas, with a wide beam and built

to ice class. The overall length of the vessel will be 94 meters with a beam

of 24 meters. Delivery is scheduled from STX OSV in Norway mid-2013.

The hull of the vessel will be delivered from STX OSV in Romania.

Iceman AS is an investment company under establishment by Pareto

Project Finance AS, supported and subscribed for by a group of

Norwegian and international investors.

Siem Offshore has entered into contracts with STX OSV in Norway for the

design and construction of two Offshore Construction Vessels. The vessels will

be of STX OSCV 11 design with an overall length of 121 meters, a beam of 22

meters and equipped with a 250T AHC crane. The contracts are made at market

terms and the vessels are scheduled for delivery from STX OSV in Norway in

3Q and 4Q 2013. STX OSV also has two Platform Supply Vessels under

construction in Brazil for Siem.

Subsidiaries of Malaysia-based shipbuilder Nam Cheong have sold three

Anchor Handling Towing Supply vessels to new customers for $36.8 million,

the company has announced. Two of the three vessels will be sold to a

Norwegian offshore support service provider which plans to deploy the vessels to South America under a long term

charter contract with Petrobras, Nam Cheong said. The third of the vessels, all of which have 5,000 brake horsepower,

will work in the Asia Pacific region. Scheduled for delivery in the second and third quarter of 2012, each of the vessels

is about 60 meters long and has a minimum bollard pull of 60 tons. One of the AHTS vessels is being built in Nam

Cheong’s Miri yard in Sarawak, Malaysia, and the other two are being built in two of the Group’s subcontracted yards

in China. The company expects the contracts to contribute positively to group earnings for the current financial year.

Norway's Havyard Group has signed a contract to deliver a platform supply vessel of Havyard 832 design to India's

Global Offshore (formerly Garware). The NOK 270 million contract includes an option for a second similar vessel. If

the option is exercised, the two vessels will be the seventh and eighth to be built by Havyard for this customer. Five

vessels have already been constructed and delivered from Havyard Ship Technology in Leirvik, Norway. The

Fosnavåg-based company is also in the middle of constructing a vessel of a

Havyard 832 design, due to be delivered from the Leirvik shipyard in March

next year. Recently, the latest contract for a vessel of a Havyard 832 design to

be delivered in July next year, was signed to the value of NOK 270 million.

There`s also an option for delivery of a vessel of the same design in March

2014. The eight vessels have a value of around NOK 2 billion. Aditya Garware,

Vice Chairman & Managing Director of Global Offshore Services Ltd., says,

"Even though a Havyard vessel may cost more than vessels in some other

countries, the quality and reliability of the vessels are extremely satisfactory.

We are delighted with Havyard and with the performance of their vessels and

also with the fact that deliveries of the ships, which is vital, happen on time. In addition, operating costs in terms of

repair and maintenance are also low. As a result the off hire periods are the shortest possible and Havyard`s vessels

also tend to keep their value many years after delivery." Under an earlier agreement signed with Havyard Ship

Technology, Havyard Group is to act as the purchasing coordinator for Global Offshore Services in all its future

operating and maintenance needs throughout the world.


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STX OSV Holdings Limited announced that it has secured a new contract for the

construction of one advanced subsea support vessel for Island Offshore. The value

of the contract amounts to more than NOK 500 million (abt US$ 87m). The vessel

will be of Rolls Royce’s UT 737 CD design. The overall length will be 96 meters with

a beam of 21 meters. The 5,000GRT vessel will be equipped with one 125 tons

offshore crane and ROV systems for operations up to 3,000 meters water depth. It

will be designed with a moon pool, accommodations for 60 persons and according to NOFO standards for oil spill

response. Delivery is scheduled from STX OSV Brevik in Norway in 1Q 2014. The hull of the vessel will be delivered

from STX OSV Braila in Romania. Four diesel electric oil engines will be connected to two electric motors driving twin

azimuthing props aft. For added maneuverability, vessel will also be fitted with two tunnel and one retractable

directional thrusters forward.

Following on from this announcement a day after, STX OSV then announced that the company has clinched one

offshore subsea construction vessel from DOF Subsea of Norway valued at approximately 650M kroner ($113.69m).

The vessel is of STX OSV's OSCV 11 design and will be

approximately 121m long with a 22m beam and equipped with one

250 ton offshore crane and two ROV systems. It can accommodate

100 persons. Delivery is scheduled from STX OSV Søviknes in

Norway in 2Q 2013. The hull will be delivered from STX OSV Tulcea

in Romania. STX OSV Design has together with Marintek and DOF

Management just completed an extensive research program

supported by the Norwegian Research Council, focusing on safe

design and operation of moon pools. The results of the three year

R&D program have been incorporated into the new moon pool

design for the OSCV. Compared with vessels with conventional moon pool designs, this vessel can operate in a wider

range of weather conditions and in a safer manner for the crew and equipment.

The Board of Directors of COSCO Corporation (Singapore) Limited

announced that four shipbuilding contracts signed by COSCO (Guangdong)

Shipyard Co., Ltd (a subsidiary of the Company’s 51% owned subsidiary,

COSCO Shipyard Group Co., Ltd) with Tidewater Inc. for the construction of

four UT 771 CDL Platform Supply Vessels have been made effective on 15

March 2012 at a value of over US$ 105 million in total. Delivery of the above

four vessels is expected to commence in early 2014. In addition, commencing

15 March 2013, the ship owner has options to declare up to another six

contracts for the construction of the same UT 771 CDL PSVs, which have a

value of over US$ 160 million in total. COSCO will make announcements as

and when the shipbuilding contracts subject to such options are declared effective.

Wilson Sons Limited has confirmed that through Ultratug Offshore, in

which it has a 50% interest, it has signed a contract with Petrobras for

the construction and operation of four PSV 4500 PSVs – Yard Nos. 128,

131, 132 and 133. The company intends to finance the vessels through

the Marine Merchant Fund (FMM). They will be built at the Wilson, Sons

Shipyard facility in Guarujá, São Paulo, and are due to be delivered by

2015. The PSV 4500 is a B.V. Damen Scheepswerf designed unit, with

a length of about 87.4m. Vessels have a 840m2 deck and comes with

4,500 deadweight (as the series name suggests). Propulsion is provided

by a pair of CAT diesels. Vessels will be classed LR 100A1.


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Supply Vessels Worldwide According to Lloyd’s Register Fairplay Sea-Web, as of May 16, 2012, there were 6,527 “sea-going” supply vessels over 100GRT worldwide. This is up 1.78% or 114 vessels since our last report in February. Total horsepower of this fleet is 35,037,920BHP, up 645,635BHP or 1.88% since our last report. The largest national fleet of supply vessels worldwide in horsepower and count sails under U.S. registry. The U.S. operates 919 sea-going supply vessels over 100GRT, or 14.08% of the world market, totaling 3,874,005 horsepower (11.06% of the global horsepower) with a 16 year average age. The registry with the youngest supply fleet is the Faeroes Islands with a 2012 built vessel.

Top 50 “Sea-Going” Supply Vessel Fleets By Units as of May 2012 According to Lloyds Register

Flag Total BHP % #SVs % Avg BHP Avg Age

Worldwide 35,037,920 100.00% 6,527 100.00% 5,368 1997

United States Of America 3,874,005 11.06% 919 14.08% 4,215 1997

Singapore 3,194,022 9.12% 495 7.58% 6,453 2007

Panama 1,731,349 4.94% 404 6.19% 4,286 1989

Malaysia 1,606,612 4.59% 314 4.81% 5,117 2006

Vanuatu 1,794,348 5.12% 285 4.37% 6,296 2000

Unknown 977,126 2.79% 283 4.34% 3,453 1988

China, People's Republic Of 1,290,776 3.68% 232 3.55% 5,564 1995

Norway 2,379,966 6.79% 228 3.49% 10,438 2005

Mexico 858,878 2.45% 218 3.34% 3,940 1992

India 992,766 2.83% 207 3.17% 4,796 1995

Brazil 1,345,546 3.84% 203 3.11% 6,628 2005

St Vincent & The Grenadines 871,577 2.49% 190 2.91% 4,587 1998

Indonesia 642,245 1.83% 189 2.90% 3,398 1992

United Arab Emirates 528,839 1.51% 167 2.56% 3,167 1989

Nigeria 533,800 1.52% 149 2.28% 3,583 1987

United Kingdom 662,215 1.89% 120 1.84% 5,518 1998

Bahrain 493,727 1.41% 107 1.64% 4,614 1999

Marshall Islands 489,062 1.40% 94 1.44% 5,203 2006

Luxembourg 554,621 1.58% 88 1.35% 6,303 2010

Norway (Nis) 943,936 2.69% 86 1.32% 10,976 2004

Italy 478,579 1.37% 79 1.21% 6,058 1994

Cyprus 529,086 1.51% 73 1.12% 7,248 2005

Bahamas 652,458 1.86% 66 1.01% 9,886 1998

Denmark (Dis) 776,210 2.22% 60 0.92% 12,937 2000

Liberia 484,797 1.38% 59 0.90% 8,217 1998

Egypt 211,331 0.60% 58 0.89% 3,644 1986

Iran 209,180 0.60% 57 0.87% 3,670 1986

Belize 306,700 0.88% 56 0.86% 5,477 1990

Russia 502,989 1.44% 53 0.81% 9,490 1994

Azerbaijan 304,931 0.87% 51 0.78% 5,979 1989

Comoros 153,469 0.44% 48 0.74% 3,197 1985

France (Fis) 316,440 0.90% 45 0.69% 7,032 2003

Vietnam 237,292 0.68% 42 0.64% 5,650 1993

Qatar 178,999 0.51% 38 0.58% 4,711 2000

Trinidad & Tobago 68,169 0.19% 36 0.55% 1,894 1987

Honduras 68,805 0.20% 35 0.54% 1,966 1970

Netherlands 194,904 0.56% 35 0.54% 5,569 2001

Canada 325,257 0.93% 34 0.52% 9,566 1988

Isle Of Man 423,474 1.21% 33 0.51% 12,833 2000

Saudi Arabia 96,852 0.28% 29 0.44% 3,340 1994

St Kitts & Nevis 121,976 0.35% 29 0.44% 4,206 1983

Thailand 108,675 0.31% 29 0.44% 3,747 2005

Venezuela 67,632 0.19% 29 0.44% 2,332 1981

Antigua & Barbuda 303,058 0.86% 28 0.43% 10,824 2001

Cayman Islands 172,155 0.49% 28 0.43% 6,148 2003

Turkmenistan 110,946 0.32% 28 0.43% 3,962 1987

France 231,375 0.66% 27 0.41% 8,569 2009

Australia 87,116 0.25% 25 0.38% 3,485 1998

Kuwait 88,409 0.25% 25 0.38% 3,536 2002

Kazakhstan 84,029 0.24% 24 0.37% 3,501 1992


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New Construction, Shipyard and Conversion News New construction continues, but at a declining pace. According to “Fairplay”, as of 16 May 2012, there were 7,316 ships over 299GRT on the World Orderbook. This is down 225 or 2.99% from 7,541 February. Of the 7,316 ships recorded on order, 705 (up 63) are Offshore Supply Vessels and 229 (up 21) are designated as “Offshore – Other”. Of the 705 OSVs under construction, China leads the Orderbook with a total of 226 (up 45) OSVs being built. They are followed by India at 65, Brazil 61, USA 58, Singapore 49, Malaysia 33, 30 Indonesia, 27 Romania, the UAE 20, 18 Vietnam, Norway 17, 13 each Japan, the Netherlands and Poland, South Korea 11, Italy 9, 8 Turkey, Russia and Spain 5 each, 4 Sri Lanka, 3 each South Africa, Thailand and the Ukraine, Chile, Denmark and Finland 2 each, and 1 each Egypt, Greece, Iran, Nigeria and the Philippines. The 705 OSVs on the order books represents 10.81% of the global OSV fleet of “sea-going” vessels over 100GRT which has an average age of 15 years.

The below graph shows the estimated delivery dates for those OSVs on order. Though we believe there is an error as one OSV is shown for delivery in Q2 2010.


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CAT power leads by far the propulsion packages, with engines in 226 OSVs followed by Cummins in 97, Wartsila in 67, MaK 36, MAN-B&W 31, Bergens 30, General Electric 17, Yanmar 15, 10 each M.T.U. and Niigata, 5 each Chinese Standard Type and Hyundai Himsen, Mitsubishi 3, 2 each Baudouin and Daihatsu, A.B.C., EMD, Guangzhou, Pielstick and Weifang with 1 each. Engines were not listed for 144 OSVs.

The highest portion of OSVs over 299GRT being built worldwide are in the 3 – 4,000HP category with 128 OSVs, or 18.2% of those OSVs where the horsepower is listed, followed by 11.2% being built in the 5 – 6,000HP category. One OSV is shown under 1,000BHP, but this is most likely because most of the OSVs being built in this horsepower range will be under 299GRT.

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

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

OSVs 1 12 34 128 67 79 65 64 22 16 45 172 705

Deliveries PT Jaya Asiatic Shipyard, a wholly owned subsidiary of Jaya Holdings Limited, has

delivered “Jaya Pearl”, a DP2 ROV support and subsea vessel. Built to latest standards,

equipped with an active heave compensated crane, helideck and moonpool, the vessel is

compliant with SPS 2008 Code and capable of carrying 120 officers, marine and project

crew. "’Jaya Pearl’ was designed and constructed for global operations, and outfitted with best-in-class machinery and

equipment, thus ensuring safe and dependable operations," said a spokesperson for the yard. With the delivery of

Jaya Pearl, Jaya Holdings Ltd. has a modern fleet of 30 offshore assets, with an average age of less than three years.

DOF Rederi II AS, a wholly owned subsidiary of DOF ASA, has taken delivery of Hull BY-82,

the “Skandi Hawk” from Cochin Shipyard in India. The vessel is a combined Construction

Support Vessel/Subsea Vessel (CSV)/Platform Supply Vessel (PSV) of STX PSV 09 CD

design and the second in a series of two vessels from the same yard. Main vessel particulars

are 88.1m length overall, breadth of 19.0m and an 8.0m depth of hull. “Skandi Hawk” is

propelled by four Wartsila 9L20 diesel electric engines driving four AC generators each

1,242kW connected to two electric motors which drive twin azimuthing units aft.

Maneuverability is enhanced by retractable and tunnel thrusters forward. Accommodation are

provided for 62 persons. Vessel is fitted with a 60T crane and two ROVs. The Norwegian

(NIS) flagged CSV is committed on a one year contract with DOF Subsea Asia.


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Eastern Shipbuilding Group recently delivered the “Sisuaq”, the second of three Offshore Support Vessels based on

STX Marine designs to Harvey Gulf International Marine. The vessel immediately began a long-term charter contract

for operation in Alaska. Launched in October, “Sisuaq” is a DP II, SOLAS approved, FIFI 1 classed, AC diesel-electric

powered, twin Z-drive propelled OSV measuring 292’ x 64’ x 24.5’. This high-tech vessel features four Cummins

QSK60-DM 16-cylinder turbocharged Tier II diesel generator engines that are rated 1,825kW at 1,800RPM. Main

propulsion is provided by two Converteam/GE furnished Hyundai 2,500kW 690v AC

motors driving two Schottel SRP 2020 FP Z-drives with nozzles rated at 2,500kW at

1,025RPM each for a total of 6,704HP. Schottel also provided two STT 4 fixed pitch

tunnel thrusters rated at 1,180kW at 1,170RPM each with direct coupled Hyundai 690v

AC electric motors. Converteam/GE provided the complete integrated diesel electric

package including drives, motors, switchboards, motor control centers, automation and

navigation and communication electronics. The vessel is capable of a maximum speed

of 14 knots with a cruising speed of 12 knots. Total below-deck capacities of the OSV

include 241,408g fuel, 602,297g water ballast, 19,480bbl liquid mud, 14,350ft3 bulk

mud, 1,700bbl methanol and 16,728g potable water. The “Sisuaq” had to undergo several upgrades to specific

systems for operations in Alaska’s cold weather conditions, including heating enhancements, window heaters, added

steel plating to the hull for operation in ice conditions and hardened electronics for harsh weather operations with

temperatures down to -20 degrees Fahrenheit. STX Marine, provided the design for the “Sisuaq” based on two earlier

vessels built at Eastern for Aries Marine. Eastern Shipbuilding is also building six other vessels for Harvey Gulf, five

platform supply vessels for Boldini SA of Brazil and eight platform supply vessels for Hornbeck Offshore Services, all

of which are based on STX Marine designs.

One of the boats ordered by Harvey Gulf is the 302’ construction vessel/offshore supply vessel

“Harvey Deep Sea”, which will be ABS Classed, similar to the “Sisuaq”, but with FIFI 2. It will be

equipped with an active heave-compensated 165T knuckle boom crane capable of lifting/setting

100 tons at depths up to 10,000’. “Harvey Deep Sea” is scheduled for delivery in May 2013. With

addition of several enhancements, these vessels have stepped up the technology level with

capability for worldwide operations. The integrated pilothouse is arranged for increased visibility

and features the latest technology in navigation and communication equipment. All three vessels ordered are ABS

classed, A1, AMS, ACCU, Circle E, Enviro +, Offshore Support Vessel and certified under SOLAS. ABS class is to

include DPS-2 notation and FIFI 1. These vessels are built to the highest class, environmental and safety standards.

Crew comfort is paramount and Eastern hired Noise Control Engineering to provide recommendations for reduction of

noise and vibration to meet the latest IMO standards.

The state owned Shipping Corporation of India Ltd. (SCI) took delivery of 80T bollard

pull, 64.8m x 15.7m, AHTS “SCI Mukta” (Hull 397) as part of its offshore fleet

replacement program. SCI, the largest shipping company in India, had signed contracts

for acquisition of four new building 80T bollard pull AHTS vessels with Bharati

Shipyard Limited, India. The first two vessels, “SCI Panna” and “SCI Ratna” were

delivered to the SCI on 23rd

August, 2011 and 14th October, 2011. “SCI Mukta” is the

third vessel of the series. The fourth vessel, “SCI Heera”, is scheduled for delivery by

later this year in June. The vessels are powered by twin MaK 8M25Cs driving CP props

and classed with IRS. They have been built to comply with the latest and most stringent international regulations

Following on from that story, Cochin Shipyard Limited has also delivered a 65.8m x 16.0m anchor handling tug

supply vessel, the “SCI Kundan” (Hull BY-78), to the Shipping Corporation of India, Mumbai. It is the second in the

series of four vessels of 120T bollard pull AHTS being built by CSL for the Shipping Corporation of India (SCI). The

documents of the ship were signed by Captain Devadas, senior vice-president (Technical & Offshore Services) for SCI

and P Vinayakumar, Director (Technical) on behalf of the Cochin Shipyard. Cmdr. K Subramaniam, CMD, CSL and

senior officials from CSL and SCI were also present. The vessel can accommodate 29 persons with all the capabilities

of a platform supply vessel besides the anchor handling facility. The shipyard is now building four other offshore

vessels for the SCI.


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Eidesvik has entered into an agreement with Lundin Norway for chartering of the

LNG-powered supply vessel “Viking Prince”, which was delivered from Kleven

Verft at the end of March. “Viking Prince” is the fifth Eidesvik Offshore vessel that

is powered by LNG. The total deadweight of the ship is 6,500 tons, length is 90m

(295’), width 21m (69’), and deck space is 1,050m2 (11,302ft2). Wärtsilä designed

(VS 489 Gas PSV) and powered the “Viking Prince”. The gas electric propulsion

system includes two Wärtsilä 6L34DF dual fuel main engine generating sets,

2,610kW/2,510ekW; and two smaller Wärtsilä 6L20DF generating sets. Thrusters

include two 2,450kW steerable thrusters, two 1,000kW tunnel thrusters and one

830kW retractable thruster. In addition to the complete design of the vessel and the propulsion systems, Wärtsilä’s

scope of supply for the new PSV includes integrated automation and the power management system. The vessel is

fitted for use in arctic waters with winterization and de-icing solutions. “Viking Prince” will replace “Viking Athene” in the

existing contract between the two parties from the time of delivery, which means that “Viking Athene” will be released

from duty from the same date. The original contract was firm for four drilling wells, with charterer’s option for another

six wells. At the time “Viking Prince” commences the contract, Lundin is near the completion of the second well.

The Emas Offshore Services owned “Lewek Connector”, a newbuild subsea installation and construction vessel from

Aker Solutions, has finalized its vessel specs. With a total payload capacity of 9,000T of subsea power cables or

umbilicals, the vessel will be well equipped to target the deepwater installation segment. ”Lewek Connector” (ex-“AMC

Connector”, “Aker Connector”) will be equipped with two turntables for high voltage power cables or subsea umbilicals:

one 6,000T capacity on deck and another 3,000T capacity below deck. With a total product payload of 9,000 tons,

“Lewek Connector” will be able to take on highly complex and sizeable installation projects. At full payload, the 157m x

32m ship will boost an impressive transit speed of 16 knots. This will make the vessel a highly competitive alternative

for installation jobs in remote locations. In addition, the vessel's design enables her to operate safely and efficiently in

higher waves than most other high-end construction vessels. “Lewek Connector” will comfortably operate in significant

wave height (Hsig) of 4-5 meters, which means that she will have an operating window at the leading edge for

installation and construction vessels. When she is delivered in the beginning of 2012, “’Lewek Connector’ will be a

fantastic asset to our customers around the world. The unique wave motion characteristics will enable longer

installation seasons and increased project execution predictability," says Svein Haug, president of Aker Marine

Contractors, who will operate the vessel. The vessel will be equipped with two heave-compensated offshore cranes -

with 400 and 50 tons capacity, respectively, that can operate down to

3,000m water depth. She will have two 3,000m capacity, remotely

operated vehicles (ROVs) onboard and can accommodate 140 people.

"’Lewek Connector’ is a multi-purpose ship which will be a highly

competitive cable and umbilical installation vessel, but is also equipped

to perform deepwater construction work as well as other installation

jobs," adds Haug. A unique feature is the vessel's deck flexibility, which

enables her to meet a wide range of service demands. Within some two

days the on-deck modules can be removed from the deck, freeing up a

total space of approximately 1,500m2. This will enable transport and

installation of large spools and jumpers as well as subsea structures and

manifolds. “Lewek Connector” is being built by STX Europe and will be outfitted at their yard at Søviknes, Norway.

She will be ready for operations from Q1 2012. Subsea power cable provider ABB has already secured the vessel for

installation campaigns during 2012 and 2013. Vessel will be owned 50/50 by Aker Solutions and Singapore-based

Ezra Holdings Ltd., which recently acquired 100% of the shares in Aker Solutions' subsidiary Aker Marine Contractors

AS. As part of the agreement, Aker Solutions becomes a substantial shareholder in Ezra. By becoming part of Ezra,

Aker Marine Contractors will have access to a larger and rapidly growing fleet of installation vessels covering all IMR

and SURF installation segments - including flexible and rigid pipelay with capacity up to 3,500m water depth - which

will enable Ezra/Aker Marine Contractors to compete with the world's leading SURF contractors. Ezra operates in the

offshore market under the EMAS brand name. EMAS is an integrated offshore support solutions provider for the oil

and gas industry. The business was founded in 1992 and is headquartered in Singapore.


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The reportedly $200m newbuild AHTS “Aiviq” has delivered to owners Edison Chouest

from the Edison owned shipyard North American Shipbuilding and has subsequently

gone on charter to Shell to support their upcoming arctic drilling operations in the

Beaufort and Chukchi Seas. Alaska. Shell commissioned Edison Chouest Offshore to

build the “Aiviq” in 2009 and took delivery of the vessel at ECO’s shipyard in Port

Fourchon, Louisiana on Saturday, March 24. The vessel measures 359.0' loa x 312.9'

lbp x 80.0' beam x 34.0' depth and is believed to be in the region of 22,000BHP using

four CAT C280-12 main engines driving twin screws. The ship’s service power is provided by four Caterpillar 3512C

producing 1,700kW each and two Caterpillar C32 910kW emergency generators. Maneuvering propulsion is provided

by following thrusters: two Brunvoll FU100, 2,000HP bow thrusters; a Rolls-Royce fold-down, 2,600HP bowthruster;

and two Brunvoll FU 80 LTA, 1,400HP stern thrusters The vessel was built to American Bureau of Shipping A3 class—

capable of breaking ice one meter thick at a speed of five knots. Over two million man-hours were dedicated to

building the “Aiviq” which will join Shell’s drilling fleet in the Pacific Northwest before heading north to Alaska.

In March Dutch owners Vroon Offshore Services took delivery of the ABS-classed

“VOS Shine”. The vessel was delivered from Fujian Southeast Shipyard in China

and is the first of two subsea-support vessels (SSV) to be built at the Shipyard for

VOS. “VOS Shine” is a modern SSV with DP2-class notation and four-point

mooring capabilities. The vessel has an extended moon pool, accommodation for

50 persons, dual V-Sat dome with client and crew network, as well as satellite

television. She is suitable for ROV/survey and construction diving jobs and will be

commercially available in Europe from June. The vessel will leave the shipyard in

the coming days and will be operated by Vroon Offshore Services B.V. in Den Helder. The vessel measures 59.25m

length overall by 14.95m beam. On her aft deck, she has a 24mt crane and a 3T service crane.

Norwegian owners Troms Offshore Supply have received their newbuild PSV No. 773 from STX Søviknes shipyard

in Norway. The ship will be given the name MV “Troms Sirius” in a naming ceremony

to be arranged in Stavanger. “Troms Sirius” is a Clean Design diesel electric PSV with

a deck area of 1,020m2 and consequently one of the largest PSV ships operating in

the North Sea. Engines and propulsion in combination with advanced catalyst

technologies ensure low fuel consumption, efficient operations and reduced emissions

to air. In addition, she carries the most advanced equipment for oil recovery services

and firefighting (FiFi II). “Troms Sirius” is a STX PSV 09 design similar to one of the

other ships in the company’s fleet, the “Troms Capella”, while the other ships owned

by Troms Offshore are a VS 485 CD design. The ship will fly the Norwegian flag with a crew of 28 split on two shifts.

“Troms Sirius” will primarily be positioned for operations in the North Sea and in the Barents Sea.

The 69.9m AHTS “Foster Tide” (Hull YX3136) built by Yuexin Ocean Engineering Co., Ltd. for Tidewater Marine

has been delivered successfully. The design of Focal Marine & Offshore Corp Ltd, the YX3136 measures 69.9m x

16.6m x 4.5m draft. It is the first series with classification notation of UWILD. With a complement of 40 men, it can

carry 760m3 fuel oil, 1,450m3 drill water, 550m3 portable water, 410m3 liquid

mud, 250m3 dry cement and 140m3 seawater, and has 450m2 of clear deck

area. The vessel was built strictly based on the requirements of owner, ABS

classification society and IMO, separating water tanks and oil tanks with double

hull protected to reduce pollution to the environment. The speed reaches 14

knots and its average bollard pull reaches 105.56T. “Foster Tide” is equipped with

twin GE main engines each rated 3,057kW at 1,050RPM, driving twin Berg

controllable pitch propellers via Twin Disc gearboxes. Equipped with a DP2

system, the triple Kawasaki thrusters deliver thrust and maneuverability to the

vessel. The “Foster Tide” is the third 69.9m AHTS Yuexin has delivered to Tidewater. The previous two YX3133/35

were delivered in 2011 and the fourth one, YX3137, is planned to be delivered in June this year


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In March, Sinopacific Shipbuilding Group held a grand naming ceremony for its first self-designed and the world’s

most advanced small AHTS - SPA 80 Diesel Electric DPII 80mt AHTS at its subsidiary Zhejiang Shipbuilding Co.

The new owner will be Bourbon and the vessel is named “Bahtera Mulia”. The delivery of the SPA 80 marks the

completion of the transition from joint to independent design that the OSV design

capability of Sinopacific has, breaking the situation that preliminary designs of

OSVs were mostly monopolized by European, American and Singaporean

companies in the past. Today, Sinopacific has mastered the entire design chain

ranging from the front-end concept design and basic design to the back-end

detailed design and production design, dramatically improving its overall planning

factors over the OSV construction project, and enabling Sinopacific to more quickly

respond with optimal solutions to customers. After nearly four years of design and

research, in addition to SPA 80, Sinopacific has also independently developed a

series of OSV products such as the SPP 17, SPP 35 and SPU1000. The SPA 80

was designed by SDA, a design company of Sinopacific. It is a small, high-tech AHTS. Compared with the same type

of AHTS designed by foreign design companies, the SPA 80 has not only absorbed their advantages, but also added

many of the world's most advanced design and technical features. Its indicators, such as safety, reliability,

maneuverability, operational efficiency, environmental friendliness have reached world class status.

The SPA 80 retains the core strengths of the original foreign design: it uses an all-electric propulsion system and is

equipped with three diesel generator sets, several thrusters are installed on its bow and stern, and it has the power

positioning capability of DPII and also adds the feature of the unmanned engine room control. These guarantee that

the SPA 80 retains its excellent reliability and maneuverability even in harsh environments. In addition, the SPA 80

also adds a number of innovative designs and technologies. Through a unique hull line design, the SPA 80 can reduce

resistance in navigation while maintaining its great seakeeping ability and thus

can reduce fuel consumption by more than 20% at the same economic speed.

Meanwhile, through the adjustment of its layout, the SPA 80 increases its

volume fraction by 7%, which means it can increase its cargo capacity by 7%

with the same vessel volume. In addition, the SPA 80 has had its hull structure

optimized, decreasing its weight by 9% while correspondingly increasing its

deadweight. The reduction in fuel consumption and the increase in the volume

and deadweight greatly enhance the operational efficiency of the vessel, thus

enhancing the competitiveness of the shipowner. In order to improve its

environmental performance, the SPA 80 innovatively uses the fuel tank double

hull protection design on the small AHTS to reduce the risk of environmental pollution caused by accidents. In addition,

the SPA 80 has been added with the self-recovering function of oil slicks on the sea, and has obtained the Oil

Recovery Ship certificate. Most importantly, the SPA 80 has also obtained the BV Clean Ship certificate for its foresight

in meeting more stringent environmental requirements. By virtue of the above advantages, SPA 80 has won

customers' trust and acceptance, and Sinopacific has obtained a one-time order of twenty such vessels from

customers. After the delivery of the first SPA 80 vessel, Sinopacific has delivered a total of 117 OSVs and continues to

occupy the absolute leading market share of the global OSV market.

Turkish shipyard Bogazici A.S. delivered their AHT Hull “Bogazici 10” in

May to French owners Compagnie Maritime Chambon SAS, whereupon it

was named “Chambon Alize”. Measuring 147.7' loa x 132.9' lbp x 44.6' beam

x 17.1' depth x 11.81' loaded draft, the 4,200BHP tug is powered by twin

ABC 8-DZC main engines creating about 50mt of Bollard pull. The vessel is

classed with Bureau Veritas and is notated I +Hull, +Machinery, AUT-UMS,

Unrestricted Navigation area, DYNAPOS AM/AT (DP 1), FiFi 1, Anchor

Handling Tug. The deck is equipped with a hydraulic waterfall winch. The

vessel can accommodate 24 persons.


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The STX PSV 09 design “Brage Trader” (Hull BY-84) has been delivered by Cochin

Shipyard to owners Brage Supplier KS, Norway and will be managed by Simon

Mokster Shipping AS. The vessel has accommodations for 42 persons, classed by

DnV and is Norwegian flagged. “Brage Trader” is fitted with DP2 dynamic positioning.

The 8,812BHP vessel measures 284.1' loa x 256.3' lbp x 62.3' beam x 26.3' depth x

21.65' loaded draft and is powered by four Wartsila 9L20 diesel electric engines

driving AC generators connected to twin directional propellers aft. Two tunnel bow

thrusters are also fitted. Reported newbuilding price was region US$ 58.8 million.

The Ulstein designed platform supply vessel “CBO Pacifico’” left the Estaleiro Alianca yard on 10 May 2012 and

delivered to her owners, Companhia Brasileira de Offshore (CBO) The newbuild went straight onto contract for

Petrobras. The vessel is the second of the PX106 design delivered to

CBO this year. “The finish and quality of these vessels are impeccable.

We are very pleased with the good cooperation we have had throughout

these projects with shipowner CBO and the Estaleiro Alianca yard,” says

Ingar Kaldhol at Ulstein Design & Solutions. He has worked closely with

the yard’s project team throughout the building process of the first two of

totally six Ulstein designed X-BOW platform supply vessels to be

constructed in Brazil. These first two PX106 vessels are relatively small

vessels that comply with Petrobras’ PSV 3000 tender. The next four are

of the larger PX105 design that complies with the PSV 4500 tender. All

vessels will be working on eight year contracts for Petrobras. It was in

2010 and 2011 that CBO decided to order the Ulstein designed PSVs for Petrobras’ oil rig support activities outside

Brazil. Their demands were such that the ships had to adapt to more and more complex operations and bring with

them new technologies to provide quality services, ensure safety and protect sensitive marine environments. The

PX106 and PX105 vessels are designed for efficient and flexible transportation of bulk and general cargo to

installations offshore. The contracts with Ulstein include the deliveries of design, engineering, main equipment and

commissioning follow-up. “CBO Pacifico’” measures 76.3m by 16m, and the depth to main deck is 7.5m. The cargo

deck area is 660m2. Three of the tanks are multi-tanks of the Cargomax system. She has diesel electric propulsion

and azimuth propellers, and can keep a speed of approximately 15 knots. “CBO Pacifico” complies with the CLEAN

notation from Det Norske Veritas. The four PSVs of the PX105 design will be delivered during 2012–2013. From

before, CBO already has two PSVs of P106 design from Ulstein in their fleet, delivered in 2006 and 2007.

The “SA Agulhas II” polar supply and research vessel was handed over to the South African Government and is on

the way to her new home in Cape Town. She was scheduled to arrive in South Africa on May 3. STX Rauma shipyard

in Finland delivered the vessel to the Department of Environmental Affairs (DEA). Representatives from the DEA as

well as the Embassy of South Africa in Finland, The South African Maritime Authority, classification society Det Norske

Veritas and STX Finland were there to witness the flag-changing ceremony. “It is with honor and pride that we receive

the ‘SA Agulhas II’ as planned from STX Finland,” said the ship’s Captain Freddie Ligthelm. “An exciting voyage lies

ahead of us as we make our way south to the ship’s new home in Cape Town, South Africa. The ship’s sea trials and

ice trials went well and she proved to be a good ice going ship. We use the ship to carry scientists and research

equipment for the South African National Antarctic Programme in the sea

area between South Africa, the Antarctic Islands and Antarctica. The new

ship’s ability in ice covered waters will shorten journey times to the

Antarctic Ice Shelf and will allow for onboard scientific research in the

Southern Oceans during winter months.” “We are proud to deliver this

technically high-class multipurpose vessel to the client,” said the director

of STX Rauma Shipyard, Toivo Ilvonen. “The project has offered valuable

experience and expertise in the design and building of demanding polar

research and supply vessels to the personnel of STX Rauma shipyard

and all our partners involved in the project.”


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“SA Agulhas II” recently completed a series of ice trials in the north of the Bay of Bothnia, returning to port in Finland

on March 24, after having sailed from Rauma on 19 March. The trials have been described as very successful, with the

ship having behaved beyond expectation. The purpose of the trials was to make a range of measurements while the

vessel was navigating in ice, Ports.co.za reports. In addition to measuring the thickness and density of the ice, load

cells fitted in various compartments on the ship measured the actual load on the hull and propulsion system. The DEA,

STX Finland, Aalto and Oulu Universities Finland, Stellenbosch University, Aker Arctic, Det Norske Veritas (DNV),

Wartsila and Rolls Royce participated in the exercise. The experiment will continue during the ship's first SANAE Relief

Voyage in December 2012.

In November 2009 the Department of Water and Environmental Affairs (as it then was) signed a 116 million Euro (R1.3

billion) deal with STX Finland Oy to build a replacement for the “SA Agulhas”. The company beat competing bids from

Astillero Barreras of Spain, Damen Shipyards of the Netherlands and Keppel Singmarine from Singapore. The first

steel for the “SA Agulhas II” was cut in September 2010 and the ship had its keel laid down in Finland in February last

year. It was launched on July 21. The multipurpose vessel will operate

as a supply, research and passenger ship as well as an icebreaker.

The ship is approximately 134 meters long, 23 meters wide and has

accommodation for 45 crew and some 100 researchers or passengers.

In contrast, the “SA Agulhas” has a crew of 40 and can carry 98

researchers or passengers. Unlike the “SA Agulhas”, the new vessel

will also have facilities for carrying out oceanographic research and

geological seabed surveys. Eight hundred square meters has been set

aside for laboratories and on-deck research areas in addition to a

4,000m3 cargo hold. The ship will continuously monitor weather

conditions for the South African weather services by deploying weather

balloons and weather buoys during certain voyages. The vessel will

also operate internationally as a passenger ship for some 150 people

and will feature a gym, library and small hospital. In addition, it will be able to carry and launch two Oryx helicopters.

The ship will be able to spend several months at sea and will have a top speed of 14 knots. It will be able to travel

through 1m thick ice at a speed of 5 knots, which is faster than the “SA Agulhas”. The ship's focus will be on

supporting the operations of the South African National Antarctic Expedition (SANAE) base, which researches

physical, earth and life sciences. The ship will be carrying supplies, personnel and researchers for the base, as well as

supporting the Marion and Gough islands. “The arrival of the new ‘SA Agulhas II’…heralds in a new and exciting period

for researchers,” said Dr. Monde Mayekiso, DEA Director-General: Oceans & Coasts, late last year. “The Southern

Ocean ‘on the doorstep’ of South Africa so to speak, acts for a large part as a carbon zinc – drawing excess

atmospheric carbon into the ocean. It is therefore key in understanding the processes of climate change. This ship is

particularly well equipped to do climate change research. She does not only provide an excellent scientific platform for

South African researchers, but will draw international experts to participate in research projects of national interest. A

number of enquiries and requests have already been received from prominent scientists from a number of countries.

This bodes very well for another objective/motivation for this vessel, that is, to rebuild deep sea oceanographic and

marine geo-science, in particular, capacity in South Africa.”

The first “SA Agulhas” returned to Cape Town on March 3 after its final polar

voyage. The members of the SANAE over-wintering team were present as the

ship arrived back at the Victoria & Alfred Waterfront in Cape Town, after having

departed for Antarctica on December 8 last year. “The ‘Agulhas’ had a good

stretch; it is 32 years old,” said environmental affairs spokesman Zolile Nqayi. The

ship made a total of 39 trips to Antarctica since 1978. The “SA Agulhas” is due to

be retired this month and later sold. She was laid down in 1977 by Mitsubishi

Heavy Industries in Japan.


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Off The Blocks Following is a list of AHTSs, offshore supply and PSVs on order at U.S. shipyards per MarineLog and Colton Company, as of May 5, 2012. The list shows 54 vessels on order in the U.S., two more than our last report.

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

Bay Shipbuilding, Sturgeon Bay WI

PSV Tidewater Marine 303-ft. 12-Dec

PSV Tidewater Marine 303-ft. 13-Jun

Candies Shipbuilding, Houma LA

PSV Otto Candies 151 2012

Eastern Shipbuilding, Panama City FL

IMR/PSV Harvey Gulf Marine 167 Harvey Deep-Sea 310 ft. 13-Mar

OSV Harvey Gulf Marine 161 Harvey Supporter 300 ft. 11-Oct

OSV Harvey Gulf Marine 162 Harvey Hauler 300 ft. 12-Apr

OSV Harvey Gulf Marine 163 Harvey Champion 300 ft. 12-Oct

OSV Harvey Gulf Marine 164 300 ft. 13-Apr

OSV Harvey Gulf Marine 165 300 ft. 13-Oct

OSV Harvey Gulf Marine 166 300 ft. 14-Apr

PSV Boldini SA (Brazil) 155 55 13-Aug

PSV Boldini SA (Brazil) 156 55 13-Nov

PSV Boldini SA (Brazil) 157 55 14-Feb

PSV Boldini SA (Brazil) 158 55 14-May

PSV Boldini SA (Brazil) 159 55 14-Aug

PSV Hornbeck Offshore 201 300 ft. 45 2Q13








Horizon Shipbuilding, Bayou La Batre AL

OSV 119 194-ft. 2013

Master Boatbuilders, Bayou La Batre AL

OSV Abdon Callais 185-ft. 2012




North American Shipbuilding, Larose & Houma LA & Undisclosed

Ice-class AHTS Edison Chouest 247 Aiviq 368 ft. 2012

PSV Edison Chouest 246 280 ft. 2012


PSV Edison Chouest 266 Jack Edwards 280 ft. 2012



PSV Edison Chouest 272 Deepstim Brasil II 300 ft. 2012

Quality Shipyard, Houma LA

PSV Tidewater Marine 1274 265 ft. 2012

Riverhawk Fast Sea Frames, Tampa FL

OSV U.S. Navy (for Iraqi Navy) 197 ft. 35 11-Dec

OSV U.S. Navy (for Iraqi Navy) 197 ft. 35 11-Dec

Thoma-Sea Marine, Houma & Lockport LA

PSV Thoma-Sea Marine 180 ft. 2012

PSV Thoma-Sea Marine 265 ft. 2012

PSV Gulf Offshore Logistics 295 ft. 2012

PSV Gulf Offshore Logistics 295 ft. 2012

Trinity Offshore, Gulfport MS

PSV Harvey Gulf 10,500HP 55 13-Nov

PSV Harvey Gulf 10,500HP 55 14-Mar

PSV Harvey Gulf 10,500HP 55 14-Jul

PSV Harvey Gulf 10,500HP 55 14-Nov

VT Halter Marine, Pascagoula MS










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Corporate News Havila Shipping ASA achieved a profit before tax of NOK -3.5m in Q1 2012, compared with NOK -25.4m in Q1 last year. Total operating income and gains was NOK 357.5m in the Q1 of 2012. Total operating income for corresponding period last year was NOK 309.6m, included gain on sale of assets of NOK 54.1m. The group had 28 vessels in operation as of March 31, 2012. Four of the vessels are operated by the 50% owned company in Singapore, Posh Havila Pte Ltd. It also

includes the vessel “Seven Havila” owned by the 50% owned company Acergy Havila Limited where Subsea7 leases the vessel through a bareboat contract. Three vessels are still leased through a bareboat contract. One vessel is under construction which will be operated under management agreement. The spot market for offshore service vessels has in average been weaker during first quarter than the fourth quarter, but with an improvement at end of the quarter. Utilization was 94% in Q1, with average day rates in line with the average market rates.

Fincantieri SpA, the Italian state-controlled shipbuilder, is among final bidders for a stake in STX OSV Holdings Ltd,

the world’s biggest maker of offshore support vessels, said two people with knowledge of the matter. An investment

fund also made an offer, one person said, declining to identify the bidder. South Korea’s STX Group, which is seeking

to sell its 51 percent stake in Singapore-listed STX OSV, may conclude a deal

next month, the person said, asking not to be identified because the process is

confidential. STX Group’s stake is worth S$ 1.02 billion ($809 million) based on

yesterday’s closing price, according to data compiled by Bloomberg. Singapore’s

takeover guidelines require any buyer of more than 30 percent of a publicly traded company to make an offer for the

rest of the stock. STX OSV, based in Alesund, Norway, has a market value of S$ 2 billion. The company may draw

bids as energy exploration in new offshore fields bolsters demand for vessels used to move and supply rigs. Deep-

water explorers are projected to spend a record $232 billion on new equipment in the next five years, according to

Canterbury, U.K.-based researcher Douglas-Westwood.

Reports suggest that Swire Pacific Offshore could be about to embark on a massive newbuilding program. According

to newswire service Market Watch, Swire Pacific Ltd. says it plans to spend US$ 1.4 billion over the next two years on

offshore support vessels. Swire Pacific Ltd.'s chairman, Christopher Pratt, was quoted as saying that the investment in

new vessels would not only translate into a "significant increase" in the group's assets under

management, but also act as a hedge against the surging operation costs of its airline

business Cathay Pacific Airways Ltd. "Probably the biggest challenge this year as we speak

would have to be Cathay Pacific Airways because, pure and simple, the price of fuel is

historically extremely high and ... it's very difficult," Pratt said. But "unlike Cathay Pacific,

Swire Pacific Offshore likes a high fuel price. If oil is more expensive, people spend more

money looking for it and use more of our boats," As Market Watch noted, oil prices, which

have hovered above US$ 100 a barrel, and account for more than 40% cent of the operation costs of Cathay Pacific,

but this has also led to an increase in exploration and production commitments by global energy companies.

Brazilian group Brasbunker secured financing of $248.9 million with the U.S. Maritime Administration for construction of five supply boats in Florida. Brasbunker, which controls shipping company Sao Miguel, expects the vessels to operate in Brazil, where there is a growing demand for equipment to service oil exploration in the Santos basin pre-salt province, The company is, however, also studying the possibility of using the vessels in the Gulf of Mexico. Sao Miguel operates a fleet of 38 offshore supply vessels in Brazil, of which 30 belong to foreign third-party

ship owners. The company recently won the bidding to build eight platform supply vessels for Petrobras as part of the government-backed Prorefam fleet renewal program. The units will be manufactured at its shipyard in Rio de Janeiro state and delivered to the state-controlled oil company in 2014.


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Compared with the first quarter of 2011, Bourbon posted revenues of 278.0 million euros, up 18.0% (17.8% at constant exchange rates) with the addition of 37 vessels to the fleet (including 20 crewboats). This growth was observed in all Bourbon’s business segments and operating areas. Compared with the fourth quarter of 2011, Bourbon’s revenues rose 1.8%, impacted generally by (1) numerous vessel class dockings in the deepwater and shallow water

offshore segments of Marine Services as well as Subsea Services; and (2) the effect of the winter season in the North Sea in deepwater offshore and the end of the monsoon in Southeast Asia in the shallow water offshore segment. “Bourbon is reaping the benefits of a booming market in the offshore oil & gas marine services, encouraged by the stability of the price of Brent (an average of US$ 119 a barrel in the first quarter of 2012). This quarter’s business growth of 18% is in line with the Bourbon 2015 Leadership Strategy plan,” announced Christian Lefèvre, Chief Executive Officer of Bourbon. “Bourbon continues to enjoy this positive business climate as new vessels are gradually commissioned and existing contracts are renewed.” During the quarter, Bourbon took delivery of 8 new vessels (3 shallow water offshore vessels and 5 crewboats), while 2 crewboats were withdrawn from the fleet in the period. The average utilization rate of the fleet was up 0.6 point over the same period in 2011 and was down 2 points compared with the fourth quarter of 2011, owing mainly to the numerous planned class dockings. Compared with the first quarter of 2011, revenues were up 18.9% in Africa, Bourbon’s main operating area, particularly in Nigeria and Angola. Revenues also rose substantially in the Europe & Mediterranean/Middle East region (+22.8%), owing to the implementation of contracts in Egypt and Romania. The American continent and Asia also performed well. Compared with the fourth quarter of 2011, the Europe & Mediterranean/Middle East and Asia areas were impacted by the winter season in the North Sea and the monsoon in Southeast Asia.

BOURBON's Offshore Fleet Utilization Rates

Q1 2012 Q4 2011 Q3 2011 Q2 2011 Q1 2011 Q4 2010 Q3 2010 Q2 2010 Q1 2010

Average utilization rate 83.70% 85.70% 83.40% 84.70% 83.10% 81.10% 79.20% 81.00% 78.10%

IMR vessels 85.70% 91.00% 94.00% 96.30% 92.00% 91.20% 91.50% 89.80% 80.90%

Deepwater supply vessels 92.50% 93.70% 90.20% 86.90% 88.10% 88.70% 90.40% 92.10% 89.40%

Shallow water supply vessels 84.30% 88.30% 86.40% 90.20% 84.80% 74.20% 71.00% 75.40% 72.40%

Crewboats 81.00% 82.10% 79.70% 81.40% 80.50% 80.50% 77.40% 78.60% 75.90%

Compared with first quarter 2011, deepwater offshore vessels revenues for the first quarter of 2012 were 15.6% higher at 86.5 million euros, due to a solid increase in the average utilization rate (+4.4 points) and the average daily rate (+6.2%). Compared with the fourth quarter of 2011, revenues were down 1.2%. The decline in the utilization rate (-1.2 point) and the average daily rate (-1%) reflects the combined effect of the planned class docking of 5 vessels over the period and a decline in the spot business in the North Sea because of winter weather conditions. Compared with the first quarter of 2011, revenues for the first quarter of 2012 from shallow water offshore vessels rose sharply (+29.4%) to 70.5 million euros, mainly driven by the commissioning of new vessels in the interval. The average vessel utilization rate fell very slightly (-0.5 point), while average daily rates increased by 5%. Compared with the fourth quarter 2011, revenues were up 5.8%. The average utilization rate (-4 points) was impacted by the planned class docking of 8 vessels over the quarter combined with a seasonal business slowdown in Asia because of the monsoon. In the first quarter of 2012, for the first time since 2009, charter rates for new contracts increased by an average of 10%. Increased demand for offshore service vessels should continue in the coming years. In a context in which the price of Brent remained stable at an average of US$ 119/bbl over the quarter, significant investments by oil and gas clients and their 4-year prospects have been scaled up. The number of drilling rigs on order slated to come on line in the next few years, and the contractors’ order books confirm the sharp market rebound. The process of replacing older vessels (deemed obsolete) on the market is set to gather pace to meet the increasingly stringent demands of oil & gas companies in terms of “risk management”. Clients will continue to favor innovative, high-productivity vessels, which is where Bourbon’s fleet of vessels is particularly appreciated. In this market, the utilization rates and daily rates of offshore service vessels are expected to continue rising. In this context, aside from the vessels under construction of which it plans to take delivery, over the next 9 months, Bourbon will renew contracts for at least 46 supply vessels in the Marine Services Activity and 4 IMR vessels in Subsea Services Activity, enjoying the benefits of improved charter rates.


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Farstad Shipping Farstad Shipping achieved an operating income of NOK 905.5 million for the 1st

quarter (NOK 792.8 million for the same period in 2011). The operating costs for the period were NOK

595.8 million (NOK 526.0 million). The operating profit (EBIT) was NOK 163.9 million (NOK 134.6

million) after depreciations of NOK 145.7 million (NOK 132.2 million). Net finance was negative NOK

47.7 million (negative NOK 42.1 million). Currency gain of NOK 11.1 million is booked during the 1st

quarter (loss of NOK 4.3 million). Further, an unrealized currency gain of NOK 27.9 million (gain of

NOK 46.1 million) is booked due to adjustment of the company’s long term liabilities in foreign currency. The profit after

taxes was NOK 113.7 million (NOK 90.4 million). The Group’s cash flow for the period was NOK 234.0 million

compared to NOK 178.7 million for the same period in 2011.

The two oldest ATHS in its fleet, “Lady Audrey” (1983, ME303) and “Lady Valisia” (1983, ME303) were sold 22 March

this year. In April Farstad published the sale of AHTS “Lady Gerda” (1987, Hart Fenton) and AHTS “Lady Cynthia”

(1987, Hart Fenton). Delivery of the vessels to the new owner is expected to take place during May 2012. The agreed

sales price of the vessels is approximately equal to the book value, which is below the value estimates obtained from

brokers at year-end. After the sale of these two vessels, Farstad Shipping has in a limited time frame sold five out of

seven vessels built during the 80s.

In March, Farstad Shipping reached an agreement with STX OSV AS to build two AHTS of the type UT 731 CD.

Contract value is approx. NOK 1.2 billion. Delivery of the vessels will take place during the 1st quarter 2014.

Farstad Shipping has achieved the following charter commitments during the 1st quarter of 2012: Statoil declared their

option to extend the contracts for PSV “Far Seeker” and PSV “Far Searcher” for a period of 12 months from March.

AHTS Far Grip was awarded a 9 month contract with Woodside in Australia. Start-up of the contract was in the

beginning of March. In Brazil, Petrobras decided to extend the contract for AHTS “Far Sagaris” until the end of October

this year. AHTS “Far Fosna” and AHTS “Lady Sandra” were awarded contracts by Origin Energy to support their Bass

Strait drilling campaign. Start-up of the contracts was in April and duration is approximately nine months for both

vessels. Woodside Energy Ltd. awarded PSV “Lady Grace” a 12 month contract with two yearly options. Woodside

has also extended the contract for AHTS “Far Strait” for another year from June 2012. Esso has declared their option

to extend the contract for PSV “Lady Kari-Ann” for a further three months from the beginning of April. It has been

agreed an additional two month option. BHP Billiton has awarded a three month contract to AHTS “Far Saltire”. Start-

up of the contract was in April.

As expected, the 1st quarter of 2012 turned out weaker than the fourth quarter of 2011, but better if compared to the

1st quarter of 2011. The market in Indian Pacific is still characterized by overcapacity of tonnage, and the rate levels

as well as the utilization rates have been relatively low during the quarter. Also the market in the North Sea has

experienced too much available tonnage in periods. The spot market in Brazil was characterized by too much available

capacity as well. This has resulted in low utilization rates for this part of the fleet. As a consequence Farstad has

decided to return AHTS “Far Sabre” to an expected strong North Sea spot market. With an oil price at today’s level, the

activity in the offshore markets is expected to be high in the times ahead. Today’s oil price stimulates the oil

companies to increase their exploration activity in the years to come. As new, large oil fields are being discovered, for

example the fields that were found in the Norwegian sector in 2011, long-term needs for operations related to

installations, service and maintenance of subsea wells and installations are being generated. The subsea activity is

developing fast, and is expected to contribute positively to a further development of the traditional supply vessel

segment. However, the development and extent will vary between the different geographical markets.

As of 16 May 2012, Farstad’s fleet consists of 29 AHTS, 21 PSV vessels, 3 subsea vessels and ten newbuilds (6 PSV

and 4 AHTS) under construction for delivery in the period between June 2012 and March 2014. The contract coverage

of the Farstad Fleet is approximately 75% for 2012 and approximately 47% for 2013. These figures include the

charterer's options to extend certain contracts.


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Seacor Holdings Inc.’s net income for quarter ended March 31, 2012 was

$36.5 million, including net income from discontinued operations of $19.4 million.

During the first quarter, Seacor disposed of certain companies and assets that

were part of its Environmental Services business segment for a net sales price of $99.9 million. For the preceding

quarter ended December 31, 2011, net income attributable was $17.0 million, including net income from discontinued

operations of $9.7 million. Offshore Marine Services - Operating income was $22.9 million on operating revenues of

$121.1 million compared with operating income of $16.1 million on operating revenues of $109.8 million in the

preceding quarter. First quarter results included $1.8 million in gains on asset dispositions compared with $1.4 million

in gains in the preceding quarter. First quarter results also included the contribution of Seacor's fleet of wind farm utility

vessels acquired in December 2011. During the first quarter, these vessels contributed operating revenues of $6.0

million with an average day rate of $2,431 per day and a utilization rate of 86.0%. In the first quarter, excluding the

contribution of wind farm utility vessels, the total number of days available for charter decreased by 259 days, or 2.5%;

utilization increased from 79.7% to 80.6%; and average day rates increased by 8.1% from $12,187 per day to $13,174

per day. In the U.S. Gulf of Mexico, operating income was $8.4 million higher in the first quarter primarily due to an

increase in revenues from rig moving activity. Utilization was 73.1% compared with 70.3% in the preceding quarter and

average day rates increased from $12,523 per day to $14,964 per day. As of March 31, 2012, Seacor had four vessels

cold-stacked in the U.S. Gulf of Mexico, the same as of December 31, 2011. In international regions, excluding the

wind farm utility vessels, operating income was $1.8 million lower in the first quarter. Time charter revenues were $0.6

million lower primarily due to fewer days available and a decrease in utilization, which was 85.6% compared with

86.2% in the preceding quarter. Average day rates increased from $11,999 per day to $12,149 per day. Other

revenues were $1.8 million lower primarily due a decrease in mobilization and other marine services. Operating

expenses were $1.2 million higher primarily due to increased drydocking activity.

Seacor Holdings Rates & Utilization

2012 2011 2010 2009

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

Fleet Count:

AHTS 19 19 19 19 19 20 20 20 20 23 21 21

Mini-Supply 9 8 8 8 9 9 12 12 11 11 11 12

Standby-Safety 26 26 27 26 26 26 26 26 25 25 24 24

Supply/Tow Supply 33 35 34 34 33 35 35 36 36 40 40 41

Day Rates:

AHTS $30,928 $27,689 $27,287 $32,179 $29,685 $27,689 $41,619 $40,592 $30,602 $34,293 $31,993 $36,486

Mini-Supply $7,409 $6,276 $7,535 $7,494 $7,677 $6,276 $9,850 $9,641 $7,001 $7,452 $6,822 $6,286

Standby-Safety $9,230 $8,806 $9,302 $9,180 $8,870 $8,806 $8,574 $7,861 $8,302 $8,733 $8,795 $8,522

Supply $16,662 $14,087 $15,459 $13,561 $13,224 $14,087 $16,337 $14,402 $13,151 $14,748 $15,244 $14,716

Towing Supply $9,301 $10,904 $8,809 $8,484 $10,388 $10,904 $10,798 $10,467 $11,967 $12,300 $12,202 $11,973

Utilization:

AHTS 77% 70% 52% 53% 34% 53% 82% 89% 62% 58% 57% 66%

Mini-Supply 98% 96% 87% 77% 62% 51% 90% 61% 54% 48% 54% 61%

Standby-Safety 86% 90% 88% 89% 84% 89% 88% 88% 89% 91% 91% 88%

Supply 84% 82% 70% 74% 65% 65% 86% 78% 78% 80% 66% 79%

Towing Supply 48% 44% 43% 33% 68% 68% 73% 81% 76% 87% 84% 98%

Available Days:

AHTS 1,547 1,564 1,564 1,547 1,530 1,641 1,675 1,729 1,710 1,748 1,673 1,547

Mini-Supply 637 644 644 728 779 930 1,012 1,001 990 1,012 1,046 1,319

Standby-Safety 2,275 2,355 2,392 2,291 2,250 2,300 2,300 2,222 2,160 2,208 2,208 2,184

Supply 1,705 1,798 1,748 1,591 1,548 1,739 1,748 1,729 1,710 1,748 1,834 1,820

Towing Supply 364 368 368 494 540 552 560 690 809 828 828 819

During the quarter ended March 31, 2012, capital expenditures were $119.6 million. Equipment

deliveries included one OSV and one wind farm utility vessel. Proceeds from the disposition of

property and equipment were $5.8 million. Seacor sold one OSV and other equipment. Seacor

acquired 18 lift boats, real property and working capital from Superior for $142.5 million.


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Ultrapetrol (Bahamas) Limited, serving three markets (River Business, Offshore

Supply Business and Ocean Business), recorded first quarter 2012 revenues of

$64.5 million, compared to $58.3 million first quarter 2011, and adjusted consolidated

EBITDA of $7.3 million, compared to $11.9 million first quarter 2011. Felipe

Menendez, Ultrapetrol's President and Chief Executive Officer, said, "We continue to focus on implementing our

growth strategy for the long-term benefit of shareholders. Our ninth new PSV is now undergoing sea trials and is

scheduled to be delivered on a favorable charter in Brazil later this month and two pushboats in our re-engining and re-

powering program are expected to be in service by the end of the second quarter. Additionally, we sold and delivered

five jumbo barges built at our Punta Alvear Yard to a third party and shipped them to Colombia in March 2012 together

with a pushboat and 14 barges previously sold to the same buyers." Mr. Menendez continued, "The severe drought in

the Hidrovia region has had a significant impact on soybean crops, leading to lower output on the river. The decline in

production, coupled with lower levels of water on the Upper Paraguay River had a negative impact on our River

Business during the first quarter. We have booked substantially more iron ore to compensate for the reduced volume

of soybeans and if river levels allow for normal navigation we expect that by year-end total tons transported will be very

close to what we carried last year. In our Offshore Supply Business, we increased our adjusted EBITDA 78% year-

over-year, which reflects all eight of our PSVs operating on charter for a full quarter. In our Ocean Business we

benefited from a number of developments including the full quarter operation of one of our container feeder vessels

which continued to perform better than in 2011 with full loads on the southbound leg. Also in the first quarter ‘MT

Amadeo’ conducted its regular drydock which extended into part of the second quarter but is now back in service." Mr.

Menendez concluded, "The growth in the cargo volume and the expansion of the seeded area, despite this year's

drought, confirm our view that there is a unique opportunity to capitalize on the efficiencies of our integrated River

Business unit. Our fully automated yard continues to produce new jumbo size barges for our fleet and for third parties

at profitable levels and our new fuel efficient pushboats allow us to progressively capture larger margins from our

freights. The unprecedented expansion of the offshore activity in Brazil finds us ideally positioned to operate our new

fleet of state-of-the-art PSVs. These elements have been the pillars of our investment plan over the past few years and

we believe they will enhance the Company's future earnings power."

Len Hoskinson, Ultrapetrol's Chief Financial Officer, said, "We are experiencing stronger results from our offshore

segment as new ships are added to our fleet. We have adapted our Capex based on our River Business's 2012 needs.

We are building tank barges for our fleet and we have been producing barges for third parties as well. We believe that

we have a well-balanced financial situation which will allow us to further strengthen the Company's leading commercial

position as its new assets are put into operation." In the Offshore Supply Business, with the introduction of Ultrapetrol’s “UP Jasper” into a long-term charter in the North Sea in October 2011, it began to operate a fleet of eight PSVs which will turn to nine when Ultrapetrol’s “UP Jade” gets delivered in May 2012. The adjusted EBITDA generated by the Offshore Supply Business segment during the first

quarter of 2012 was $6.4 million, or 78% higher than the $3.6 million generated in the same period of 2011. Total revenues from the Offshore Supply Business for the first quarter of 2012 increased by $4.4 million compared with the same period of 2011. This difference represents a 34% increase which was primarily attributable to the full quarter operation of Ultrapetrol’s “UP Turquoise” and “UP Jasper” in their charter contracts in Brazil and in UK's North Sea, respectively. In Brazil, operating costs, particularly manning costs, have been increasing as a result of the revaluation of the local currency and inflationary pressure on salaries and expenses both of which affected Ultrapetrol’s earnings during parts of 2011. Nevertheless, during the first quarter of 2012 the Brazilian real has seen a slight devaluation which has eased the

upward trend of Ultrapetrol’s costs. As planned, Ultrapetrol continues its building program in India that will add four new vessels to the fleet and increase capacity by 50%. Ultrapetrol expects to take delivery of the first of these four PSVs, “UP Jade”, during the second quarter of 2012. Ultrapetrol believes that the Brazilian market will grow hand in hand with Petrobras' aggressive capital expenditure plans. The North Sea should follow as the natural balancing out of the market occurs in the forthcoming years. Ultrapetrol's fleet has the advantage of being very modern and technologically capable of supporting deep sea oil drilling in both markets.


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Hornbeck Offshore Services’ first quarter 2012 revenues increased 66.0% to $120.0 million compared to $72.3 million for first quarter 2011 and decreased 2.2% compared to $122.7 million for fourth quarter 2011. Operating income was $28.6 million, or 23.8% of revenues, for first quarter 2012 compared to $0.7 million, or 1.0% of revenues, for the prior-year quarter; and $35.8 million, or 29.2% of revenues, for fourth quarter 2011. Hornbeck recorded net income for first quarter 2012 of $6.3 million compared to a net loss of ($9.0 million) for the year-ago quarter; and net income of $14.2 million for fourth quarter 2011. First quarter 2012 EBITDA increased 109.4% to $44.6 million compared to $21.3 million for first quarter 2011 and decreased 21.3% compared to $56.7 million for

fourth quarter 2011. Hornbeck recorded a $5.2 million ($3.2 million after-tax) loss on early extinguishment of debt during first quarter 2012. The $6.9 million sequential decline in recurring EBITDA is attributable to (i) a $1.7 million decline in Upstream revenues primarily due to heavier OSV drydocking activity, (ii) a $2.1 million increase in Upstream operating expenses primarily resulting from crew wage increases implemented in December 2011, and (iii) a $3.1 million increase in general and administrative expenses primarily due to higher incentive compensation charges during first quarter 2012. Revenues from the Upstream segment were $107.9 million for first quarter 2012, an increase of $46.6 million, or 76.0%, from $61.3 million for first quarter 2011; and a decrease of $1.7 million, or 1.6%, from $109.6 million for fourth quarter 2011. Higher Upstream revenues for the first quarter of 2012 compared to the same period in 2011 primarily resulted from increased demand for Hornbeck's MPSVs, improved OSV market conditions, which led to the decision to re-activate 12 new generation OSVs that were previously stacked, and to a lesser extent, incremental revenues earned by vessels operating in Latin America. Hornbeck's Upstream results for the first quarter of 2011 were significantly impacted by the stacking of certain new generation OSVs in response to regulatory-driven demand weakness in the U.S. Gulf of Mexico (GoM). Upstream operating income was $28.3 million, or 26.2% of revenues, for the first quarter of 2012 compared to $0.9 million, or 1.5% of revenues, for the prior-year quarter; and $35.3 million, or 32.2% of revenues, for the fourth quarter of 2011. Average new generation OSV dayrates for the first quarter of 2012 were $22,419 compared to $21,011 for the same period in 2011 and $21,863 for the fourth quarter of 2011. New generation OSV utilization was 81.1% for the first quarter of 2012 compared to 59.0% for the year-ago quarter and 83.5% for the sequential quarter. The primary drivers for the sequential decrease in Upstream revenues and operating income was approximately 40 incremental days out-of-service for OSV regulatory drydocking activity and a slight decrease in MPSV spot market activity during the first quarter of 2012. Hornbeck had an average of 4.2 stacked new generation OSVs during the first quarter of 2012 compared to quarterly averages of 14.4 stacked vessels during the year-ago quarter and 5.2 stacked vessels during the sequential quarter. Effective new generation OSV utilization for Hornbeck's active fleet, which excludes the impact of stacked vessels, was 88.6% for the first quarter of 2012 compared to 82.2% for the year-ago quarter and 93.0% for the sequential quarter.

Hornbeck Offshore Services’ Utilization & Day Rates

2012 2011 2010 2009


Number Vessels 51 51 51 51 51 51 50.3 49.5 48.5 46.2 44 42.1

Avg. Dwt 2,514 2,514 2,514 2,514 2,514 2,514 2,510 2,505 2,499 2,483 2,469 2,452

Utilization 81.10% 83.50% 75.30% 67.90% 59.00% 66.30% 75.70% 71.80% 72.90% 73.10% 71.90% 83.60%

Avg. Dayrate $22,419 $21,863 $20,945 $20,493 $21,011 $20,694 $21,628 $23,874 $19,986 $19,880 $20,915 $21,330

As of March 31, 2012, excluding seven inactive non-core vessels, Hornbeck's operating fleet consisted of 51 new generation OSVs, four MPSVs, nine double-hulled tank barges and nine ocean-going tugs. Hornbeck's active Upstream Fleet for fiscal 2012 is expected to be comprised of an average of 49.5 new generation OSVs and four MPSVs. These active new generation OSVs are comprised of an average of 27.0 "term" vessels that are currently chartered on long-term contracts and an average of 22.5 "spot" vessels that are currently operating or being offered for service under short-term charters.


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Hornbeck's forward contract coverage for its 51-vessel fleet of new generation OSVs for the remainder of fiscal 2012 and for fiscal 2013 is currently 60% and 27%, respectively. Hornbeck's forward contract coverage for its four MPSVs for the remainder of fiscal 2012 and for fiscal 2013 is currently 66% and 40%, respectively. Effective, or utilization-adjusted, new generation OSV dayrates for Hornbeck's projected average of 27.0 active "term" OSVs are expected to be in the $19,000 to $20,000 range for the full-year 2012. This range does not reflect the incremental impact of any revenue expected to be derived in fiscal 2012 from Hornbeck's "spot" or "stacked" OSVs. Hornbeck does not provide annual guidance regarding the effective dayrates anticipated for its "spot" new generation OSVs due to the wide

range of potential outcomes of its current domestic and international bidding activity for such vessels. Improved market conditions have allowed Hornbeck to maintain leading-edge spot dayrates for its 240/265 class DP-2 OSVs in the $30,000 to $36,000 range, or more than double the spot dayrate levels from the first half of 2011. Update on OSV Newbuild Program #5. Hornbeck’s fifth OSV newbuild program consists of vessel construction contracts with two domestic shipyards to build four 300 class OSVs, four 310 class OSVs, and eight 320 class OSVs. Hornbeck also has fixed-price options to construct 48 additional vessels at these yards. The 16 DP-2 high-spec OSVs currently committed under this newbuild program are expected to be delivered in accordance with the schedule below:

OSV Newbuild Program - Estimated In-Service Dates 2Q2013E 3Q2013 4Q2013 1Q2014 2Q2014 3Q2014 4Q2014

300 design 1 1 1 1 - - -

310 design - - - 1 1 1 1

320 design - - 2 2 3 1 -

Total 1 1 3 4 4 2 1

Hornbeck Newbuilding Orders as per Sea-Web

Shipbuilder Built Type Design DWT GRT Class LOA Beam Depth Propulsion HP Bow Thrusters

Halter Moss Point 2014-12 PSV Halter S320 6,200mt 6,000 ABS 98.0m 21.0m 4 diesel el. 2 tunnel








Eastern Shipbldg. 2014-12 PSV 310 Class 6,100mt 5,000 ABS 95.0m 20.0m 4 diesel el. 2 tunnel




Eastern Shipbldg. 2013-12 PSV 300 Class 5,500mt 4,500 ABS 92.0m 19.0m 7.74m 4 diesel el. 9,924 2 -1,570HP tunnel Eastern Shipbldg. 2013-09 PSV 300 Class 5,500mt 4,500 ABS 92.0m 19.0m 7.74m 4 diesel el. 9,924 2 -1,570HP tunnel Eastern Shipbldg. 2013-06 PSV 300 Class 5,500mt 4,500 ABS 92.0m 19.0m 7.74m 4 diesel el. 9,924 2 -1,570HP tunnel Eastern Shipbldg. 2013-03 PSV 300 Class 5,500mt 4,500 ABS 92.0m 19.0m 7.74m 4 diesel el. 9,924 2 -1,570HP tunnel

Based on the above schedule of projected vessel in-service dates, Hornbeck expects to own and operate 51, 56 and 67 new generation OSVs as of December 31, 2012, 2013 and 2014, respectively. These vessel additions result in a projected average new generation OSV fleet complement of 51.0, 52.2 and 62.8 vessels for the fiscal years 2012, 2013 and 2014, respectively. The aggregate cost of Hornbeck's fifth OSV newbuild program, excluding construction period interest, is expected to be approximately $720.0 million, of which $225.1 million, $362.2 million and $90.3 million is expected to be incurred in 2012, 2013 and 2014, respectively. From the inception of this program through December 31, 2011, Hornbeck has incurred $79.4 million, or 11.0%, of total expected project costs.


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GulfMark Offshore, Inc. reported net loss of $2.9 million on revenues of $87.4 million for the first quarter 2012. Included in the net loss are debt refinancing charges, net of tax, of $4.7 million. Bruce Streeter, President and CEO, commented, "We continue to be encouraged by the year-over-year improvement in our business. Revenue for the first quarter of 2012 was 8% higher than the first quarter of 2011, however, in addition to the typical first quarter seasonal weakness, we had the added complexity of the effects of refinancing our long-term debt, an increase in vessel mobilizations and a large drydock schedule. Although the first quarter's results are below some expectations, when we consider the adjustment for the increase in vessel days out of service in comparison to the first quarter of last year, we are seeing year-over-year improvement in recurring revenue and earnings. We believe this is a good indication that 2012 will be stronger than 2011, and we are still optimistic about the outlook for beyond 2012 in all of our markets. Our activity in the first quarter better positions us for the long term, both in terms of the balance sheet and in terms of fleet configuration in the U.S…. Today we are announcing… our intention to construct two U.S. flagged PSVs for the U.S. Gulf of Mexico…. The two PSVs we will be constructing are 270 foot plus DP2, firefighting certified, multi-service platform supply vessels. The total cost of these two vessels is anticipated to be below $75 million, and delivery of the vessels will be in the third quarter of 2013 and the first quarter of 2014. As we indicated last quarter, our latest capital commitments and fleet changes are consistent with our strategy to high-grade our fleet in the U.S. Gulf of Mexico, where we forecast a strong deepwater market over the next several years." In the North Sea region, revenue was $37.7 million, down $6.3 million, or 14%, from the fourth quarter. The decrease was due principally to typical seasonal variations. Overall quarterly utilization decreased 4 percentage points from the fourth quarter level and the average quarterly day rate decreased approx. 8%, largely due to the fact that the strong market and resulting day rates for anchor handlers GulfMark experienced in the fourth quarter did not carry over into the first quarter. During the first quarter, revenue in the Southeast Asia region was $14.2 million, a decrease of approximately $1.7 million, or 10%, from the fourth quarter amount. The decrease was due to an 8 percentage point decrease in utilization and a decrease of 2% in the average quarterly day rate. GulfMark performed two drydocks in the region during the quarter, which had a negative impact on utilization. Revenue for the Americas region was $35.5 million, a decrease of $4.5 million, or 11%, from the fourth quarter amount. Although the average day rate for the quarter increased 5%, overall revenue for the region was lower due to a decrease in utilization, which dropped 11 percentage points from the prior quarter. The decrease in utilization was driven by relocating one vessel from Brazil to Southeast Asia, the movement of a second vessel from Brazil to the U.S. for required contract modifications and the movement of three PSVs and one FSV back from Trinidad to take advantage of improving market conditions in the U.S. Gulf of Mexico.

GulfMark Offshore’s Utilization & Day Rates

2012 2011 2010 2009


Utilization

North Sea 87.8% 91.7% 96.5% 94.1% 87.1% 93.5% 91.6% 95.1% 90.2% 87.2% 90.5% 93.1%

Southeast Asia 78.0% 86.0% 87.9% 83.0% 83.2% 78.5% 85.2% 92.8% 83.1% 93.1% 85.8% 93.8%

Americas 74.0% 85.4% 81.5% 84.3% 70.5% 73.0% 76.0% 91.7% 79.8% 64.8% 57.3% 79.9%

Avg. Day Rates

North Sea $19,351 $20,923 $21,358 $20,014 $17,789 $17,046 $17,637 $16,478 $16,771 $17,173 $20,171 $21,199

Southeast Asia $14,336 $14,690 $15,063 $15,228 $15,248 $16,209 $16,841 $16,817 $18,039 $20,105 $21,180 $21,201

Americas $15,634 $14,867 $14,766 $14,217 $14,194 $14,674 $15,830 $13,486 $13,362 $14,395 $16,894 $15,704

No. Vessels

North Sea 24.0 25.2 25.0 25.0 25.0 19.0 25.7 25.2 25.3 24.4 24.0 25.0

Southeast Asia 14.3 14.0 14.0 14.0 14.0 20.0 13.9 12.1 12.0 12.0 11.7 11.0

Americas 34.4 35.0 35.0 35.0 35.0 21.0 35.0 35.3 36.0 36.0 35.8 34.8

CEO Bruce Streeter commented on the outlook for GulfMark, stating, "We mentioned in February that we expected to see additional seasonality in the first quarter of 2012, and we did, but similar to last year we are anticipating ongoing improvement in revenue on a year-over-year basis for the foreseeable future, and on a quarter-over-quarter basis throughout the next two quarters. The start of the second quarter has seen a growth in demand, rates and utilization that we expect to continue and be a significant part of 2012 results. The growth in fleet units will add to 2013 expectations and results, and strengthens our outlook for the future."


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Tidewater Inc. reported fourth quarter net earnings for the period ended March 31, 2012, of $33.6 million on revenues of $289.4 million. For the same quarter last year, net earnings were $12.0 million on revenues of $254.0 million. During fiscal 2012, the price of crude oil increased as positive economic news related to consumer spending, improvements in employment data, and higher consumer confidence in the U.S. indicated that the tenuous economic recovery may not be losing its momentum in the U.S. In addition, crude oil prices increased during fiscal 2012 due to potential supply interruptions resulting from geopolitical

tensions in the Middle East as Iran threatened to shut down the Strait of Hormuz in an effort to disrupt crude oil supplies as tension mounted between Iran and other nations regarding proposed sanctions related to Iran's nuclear programs. Prices for crude oil, however, eased slightly as the Organization of Petroleum Exporting Companies (OPEC) announced that member nation Saudi Arabia and other OPEC member nations would be ready to provide additional oil supply in an effort to stabilize crude oil prices should a blockage in the Strait of Hormuz occur. Although signs of an improved economy in the U.S., the world's largest consumer of crude oil, are promising, and OPEC, at its meeting held in December 2011 noted that global crude oil demand is forecast to improve in calendar year 2012, there is still some downside risks to the global economic recovery due to fiscal and financial uncertainty in certain Euro-zone countries, a prolonged level of relatively high unemployment in the U.S. and other advanced economies, and inflation risks in emerging economies. Based on these uncertainties, OPEC member nations agreed to maintain current crude oil production levels to ensure supply and demand for crude oil is balanced. In addition, at the Middle East and North Africa 2012 Energy Conference held late January 2012, OPEC further expressed that it will strive to meet consumer demand, crude oil market stability, and other coordinated efforts to ensure balanced global supply of crude oil at a time when, despite the economic uncertainties, long-term demand for crude oil is expected to grow. Tidewater anticipates that longer-term utilization and day rate trends for its vessels will be correlated with demand for and the price of crude oil, which in late-April 2012, was trading around $105/bbl for West Texas Intermediate crude and around $120/bbl for ICE Brent crude. High crude oil prices generally bode well for increases in drilling and exploration activity, which would support increases in demand for Tidewater's vessels, both in various global markets and deepwater sectors of the U.S. Gulf assuming the pace of permits continues to increase.

Throughout fiscal 2012, prices for natural gas were weak due to the rise in production of unconventional gas resources in North America (in part due to increases in onshore shale production resulting from technological advancements in horizontal drilling and hydraulic fracturing) and the commissioning of a number of new, large LNG exporting facilities around the world, which contributed to an over supplied natural gas market. The price of natural gas trended lower during fiscal 2012 and as of mid-April 2012, natural gas was trading in the U.S. in the $1.85 to $2.05/Mcf range down from the $4.13 to $4.32 range at the start of fiscal 2012. The price for natural gas trended lower as inventories trended higher because a considerable amount of natural gas is derived as a byproduct of drilling crude oil and natural gas liquids-oriented wells in liquid rich basins

onshore. In addition, a relatively mild winter in North America and a slow start to winter in the Euro-Zone depressed weather-related demand for natural gas, thereby adding to supply growth. Natural gas inventories in the U.S. continue to be well over stocked. This dynamic exerts downward pricing pressures on natural gas prices in the U.S. Prolonged increases in the supply of natural gas (whether the supply comes from conventional or unconventional production or gas produced as a byproduct of crude oil production) will likely restrain prices for natural gas. Increases in onshore gas production along with a very slow offshore drilling and exploration permitting process in the U.S. Gulf and prolonged downturn in natural gas prices can negatively impact offshore exploration and development plans of E&P companies, which in turn, would result in a decrease in demand for offshore support vessel services, primarily in the Americas - specifically Tidewater’s U.S. ops where natural gas is the more predominant exploitable hydrocarbon resource.


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Deepwater activity continues to be a significant segment of the global offshore crude oil and natural gas markets, and it is also a source of growth for Tidewater. Deepwater activity in non-U.S. markets did not experience significant negative effects from the 2008-2009 global economic recession, largely because deepwater oil and gas development typically involves significant capital investment and multi-year development plans. Such projects are generally underwritten by the participating exploration, field development and production companies using relatively conservative assumptions relating to crude oil and natural gas prices. These projects are, therefore, considered less susceptible to short-term fluctuations in the price of crude oil and natural gas. During the past few years, worldwide rig construction increased as rig owners capitalized on the high worldwide demand for drilling and low shipyard and financing costs. Reports published by ODS-Petrodata in late April 2012 suggest that the worldwide movable drilling rig count (currently estimated at approximately 860 movable offshore rigs worldwide, approx. 44% of which are designed to operate in deeper waters) will increase as approx. 185 new-build offshore rigs that are currently on order and under construction are delivered primarily over the next three years. Of the estimated 860 movable offshore rigs worldwide, approximately 615 are currently working. It is further estimated that approx. 54% of the new build rigs are being built to operate in deeper waters, suggesting that the number of rigs designed to operate in deeper waters could grow in the coming years to nearly 50% of the market. Investment is also being made in the floating production unit market, with approximately 70 new floating production units currently under construction and expected to be delivered primarily over the next three years to supplement the current approximately 350 floating production units worldwide. According to ODS-Petrodata, the global offshore supply vessel market at March 31, 2012 had approx. 410 new-build offshore support vessels (PSVs & AHTSs only), under construction that are expected to be delivered to the worldwide offshore vessel market primarily over the next three years. The current worldwide fleet of these classes of vessels is estimated at approx. 2,745 vessels, of which Tidewater estimates more than 10% are stacked. An increase in worldwide vessel capacity would tend to have the effect of lowering charter rates, particularly when there are lower levels of exploration, field development and production activity. The worldwide offshore marine vessel industry, however, also has a large number of aged vessels including approx. 725 vessels, or 26%, of the worldwide offshore fleet, that are at least 25 years old and nearing or exceeding original expectations of their estimated economic lives. These older vessels, approx. one-third of which Tidewater estimates are already stacked, could potentially be removed from the market within the next few years if the cost of extending the vessels' lives is not economically justifiable. Although the future attrition rate of these aging vessels cannot be determined with certainty, Tidewater believes that the retirement of a sizeable portion of these aged vessels could mitigate the potential combined negative effects of new-build vessels on vessel utilization and vessel pricing. Additional vessel demand could also be created by the addition of new drilling rigs and floating production units that are expected to be delivered and become operational over the next few years, which should help minimize the possible negative effects of the new-build offshore support vessels being added to the offshore support vessel fleet.

The average age of Tidewater's 330 owned or chartered vessel fleet (excluding joint-venture vessels and vessels withdrawn from service) in its fleet at March 31, 2012 is approximately 14.0 years. The average age of 215 newer vessels in the fleet (defined as those that have been acquired or constructed since calendar year 2000 as part of Tidewater's new build and acquisition program as discussed below) is approximately 5.7 years. The remaining 115 vessels have an average age of 29.6 years. Of Tidewater's 330 vessels, 72 are deepwater class vessels, 185 are in the non-deepwater towing-supply/supply class vessels, 52 are crew/utility class vessels and 21 are offshore tugs.


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Although Tidewater's revenue during fiscal 2012 increased $11.6 million, or a modest 1%, over the revenues earned

during fiscal 2011, its consolidated net earnings decreased 17%, or $18.2 million, reflecting a $30.9 million non-cash

goodwill impairment charge ($22.1 million after-tax) recorded during the quarter ended September 30, 2011 on

Tidewater's Middle East/North Africa segment an $11.1 million, or 8%, increase in general and administrative

expenses; and $11.5 million, or 107%, higher interest and debt costs.

During the quarter ended September 30, 2011, Tidewater’s

International and United States segments were revised to form

Tidewater’s new operating segments. Tidewater now manage

and measure its business performance in four distinct operating

segments which are based on its geographical organization:

Americas, Asia/Pacific, Middle East/North Africa, and Sub-

Saharan Africa/Europe. The new segments are reflective of how

Tidewater's chief operating decision maker reviews operating

results for the purposes of allocating resources and assessing

performance. Management decided to reorganize its reporting

segments largely because the Sub-Saharan Africa/Europe and Latin American business regions had gained greater

significance as a percentage of consolidated revenues and operating profit, while Tidewater’s former United States

segment had decreased in its significance to consolidated revenues and operating profit.

Tidewater’s Americas-based vessel revenues decreased approx. 11%, or $38.3 million, during fiscal 2012 as

compared to fiscal 2011, primarily due to an approximate 6% decrease in average day rates on the deepwater vessels

operating in the Americas and because a fewer number of vessels are operating in this segment after the transfer of

deepwater vessels to other segments. Revenues on the deepwater

vessels declined 19%, or $34.3 million, during the comparative

periods. In addition, revenues on Tidewater’s towing supply/supply

class of vessels also declined $5.4 million, or 4%, during the same

periods primarily due to a fewer number of vessels operating after

vessel sales. A $1.9 million, or 8%, increase in revenues generated

by offshore tugs, during the same periods, slightly offset revenue

declines on the two aforementioned classes of vessels due to an

eight percentage point increase in utilization and a 29% increase in

average day rates due to stronger demand for this type of vessel in

the Americas segment. Total utilization rates for the Americas-

based vessels increased seven percentage points, during fiscal 2012 as compared to fiscal 2011; however, this

increase is primarily a result of the sale of 50 older, stacked vessels from the Americas fleet during this two-year

period. Within the Americas segment, Tidewater continued to stack, and in some cases dispose of, vessels that could

not find attractive charters. At the beginning of fiscal 2012, Tidewater had 39 Americas-based stacked vessels. During

fiscal 2012, Tidewater stacked six additional vessels and sold 24 vessels from the previously stacked vessel fleet,

resulting in a total of 21 stacked Americas-based vessels as of March 31, 2012.

Asia/Pacific-based vessel revenues decreased approximately 13%, or $23.1 million, during fiscal 2012 as compared to fiscal 2011, primarily due to a five percentage point decrease in utilization rates on the towing supply/supply class of vessels as a result of weaker demand, particularly for older equipment within this class of vessels and because of vessels transferred out of the segment, which collectively resulted in a $15.7 million decrease in vessel revenues on the Asia/Pacific region's non-deepwater towing supply/supply class of vessels. Revenues on the deepwater vessels also declined $7.4 million due to a two percentage point decrease in utilization rates on the deepwater vessels operating in this segment, largely due to unanticipated delays on certain customer projects. Within the Asia/Pacific segment, Tidewater also continued to stack, and in some cases dispose of, vessels that could not find attractive charters. At the beginning of fiscal 2012, Tidewater had 19 Asia/Pacific-based stacked vessels. During fiscal 2012, Tidewater stacked three additional vessels and sold six vessels from the previously stacked vessel fleet, resulting in a total of 16 stacked Asia/Pacific-based vessels as of March 31, 2012.


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Middle East/North Africa-based vessel revenues increased approx. 19%, or $17.3 million, during fiscal 2012 compared to fiscal 2011, primarily due to a five percentage point increase in utilization rates on deepwater vessels operating in this segment. This resulted in an $18.1 million increase in deepwater revenues and reflects three deepwater vessels being transferred into the region during comparative periods. As was the case with other segments, within the Mid-East/North Africa, Tidewater continued to stack, and in some cases dispose of vessels that could not find attractive charters. At the beginning of fiscal 2012, Tidewater had six Mid-East/North Africa stacked vessels. During fiscal 2012, Tidewater stacked seven additional vessels and sold six vessels from the previously stacked vessel fleet, resulting in a total of seven stacked Middle East/ North Africa-based vessels as of March 31, 2012.

Sub-Saharan Africa/Europe-based vessel revenues increased approx. 13%, or $53.3 million, during fiscal 2012 compared to fiscal 2011, due to an increase in deepwater vessels operating in the segment due to delivery of new vessels and vessels mobilizing into this segment, a three percentage point increase in utilization rates, and a 12% increase in average day rates on deepwater vessels, all of which resulted in a $76.0 million increase in deepwater revenues. Revenue increases generated by deepwater vessels were partially offset by a decline in revenue experienced by non-deepwater towing supply/supply vessels. Vessel revenue on the towing supply/supply class of vessels decreased approx.

9%, or $20.1 million, from the prior fiscal year, due to a five percentage point decrease in utilization and because fewer towing supply/supply class of vessels operated in the segment due to vessel sales and transfers. Within the Sub-Saharan Africa/Europe segment, Tidewater continued to stack, and in some cases dispose of vessels that could not find attractive charters. At the beginning of fiscal 2012, Tidewater had 26 Sub-Saharan Africa/Europe-based stacked vessels. During fiscal 2012, Tidewater stacked eight additional vessels and sold 11 vessels from the previously stacked vessel fleet, resulting in a total of 23 stacked Sub-Saharan Africa/Europe-based vessels as of March 31, 2012. At March 31, 2012, Tidewater had agreements to acquire three vessels and commitments to build 22 vessels at different shipyards around the world (with one of these vessels being constructed in the U.S. by Tidewater's wholly-owned shipyard, Quality Shipyards) at a total cost, including contract costs and other incidental costs, of approx. $616.7 million. Of the 22 new-build vessels, two AHTSs and have 8,200BHP, 15 are PSVs ranging between 1,900 and 6,360dwt of cargo capacity, one is a fast crew/supply boat and four are crewboats. Scheduled delivery for these newbuild vessels began in April 2012, with delivery of the final vessel expected in May 2014. Tidewater currently is experiencing substantial delay with one fast, crew/supply boat under construction in Brazil that was originally scheduled to be delivered in September 2009. Of the three vessels to be purchased, all three are deepwater PSVs. The aggregate approx. purchase price for these vessels is $58.4 million. Tidewater took possession of one of the PSVs, which has 3,000dwt cargo capacity, in April 2012 for a total cost of $19.8 million and expects to take possession of the remaining two PSVs, which have 3,500dwt cargo capacity, in July 2012 and in September 2012 for a total aggregate cost of $38.6 million. At March 31, 2012, Tidewater had invested $244.5 million in progress payments towards construction of 22 vessels and $12.9 million towards purchase of the three PSVs. At March 31, 2012, remaining expenditures necessary to complete construction of the 22 vessels under construction (based on contract prices) and to fund the acquisition of the three vessels was $359.3 million. During the year ended March 31, 2012, Tidewater disposed of 60 vessels, including 40 AHTSs, 11 PSVs, four crewboats and five offshore tugs. 27 of the 60 vessels were disposed from the Americas fleet, seven vessels disposed from Asia/Pacific and 12 vessels each were disposed from Middle East/North Africa and Sub-Saharan Africa/Europe fleets. The remaining two vessels were disposed of from vessels previously withdrawn from service. During fiscal 2011, Tidewater disposed of 46 vessels, including 25 AHTSs, six PSVs, 12 crewboats, one offshore tug and two utility vessels. During the year ended March 31, 2012, Tidewater took delivery of 13 new built vessels and acquired 11 vessels from a third party. Six of the newbuildings are AHTSs and the other six are deepwater PSVs. The six AHTSs were constructed at two different international yards for approx. $94.2 million and have between 5,150 and 8,200BHP. One 266’ deepwater PSV was constructed at Quality Shipyard for a cost of $36.1 million. The other six deepwater, PSVs measure 286’ and were constructed at the same international shipyard for approx. $172.0 million. Tidewater also acquired a 246’ and a 250’ deepwater PSV for a total aggregate cost of $41.6 million, one 197’ towing supply/supply class PSV for $11.7 million, and eight 5,150BHP AHTSs for a total aggregate total cost of $96.7 million.


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Grupo TMM, S.A.B. of Mexico, reported financial results for first quarter of 2012. José F. Serrano, chairman and chief executive officer of Grupo TMM, said, "In the 2012 first quarter, the continued economic downturn negatively impacted TMM’s revenue and operating profit. Additionally, the appreciation of the peso against the dollar in the 2012 first quarter resulted in a significant net exchange loss, which negatively impacted net income, and in turn reduced the value of TMM’s stockholders’ equity in the quarter." Serrano continued, "At Maritime, 2012 first-quarter operating profit was impacted by increased off hire days at product tankers compared to the same period last year. However, all of our product tanker vessels are currently employed. Additionally, we continue to strategically manage our fleet in favor of medium and long-term contracts. At offshore, 2012 first-quarter utilization was at 92.4 percent, and so far this year, we have renewed three offshore contracts for three-year terms each. To date, the Maritime division’s backlog is $192.6 million. As recently announced, TMM acquired a shipyard at the Port of Tampico, which is working at full capacity and contributing to Maritime’s revenue and profit. In the short term, the Company expects to have the necessary capabilities to build vessels at this facility, which is in line with PEMEX’s intention to add 32 offshore vessels to its fleet, of which 21 are required to be Mexican built vessels." Serrano concluded, "We remain optimistic of market improvements over the long term. We continue to work on the development of the container and liquids terminal at the Port of Tuxpan, which will strategically position TMM in this lucrative sector, and also in the addition of specialized offshore vessels to TMM’s fleet, which will expand our already well positioned maritime business."

TMM’s revenues in the first quarter of 2012 totaled $63.2 million compared to $65.9 million in the same period of last year. This decrease was partially offset by a 4.0% revenue increase at the Maritime division. First-quarter 2012 consolidated operating profit declined 17.0% over the same period of last year, largely due to profit reductions at Ports and Terminals, mainly attributable to decreased ship calls at Acapulco, and to operating losses at the Logistics division. Maritime revenue in the first quarter of 2012 increased 4.0% compared to the same period of last year. This increase was due to revenue improvements at offshore and at harbor tugs, and to the revenue contribution of TMM’s recently acquired shipyard. Operating profit at Maritime decreased 4.4%, or $0.4 million, due mainly to an operating loss at product tankers as a result of two vessels that for the larger part of the quarter were unemployed, increasing operating costs.

Comparing the 2012 first-quarter to the 2011 first quarter, offshore revenue increased 4.4% to $26.4 million due mainly to more revenue days and to operating one vessel in the spot market at a high daily tariff during the reported quarter. Product tanker revenue decreased 2.9% to $6.8 million mainly attributable to increased offhire days. Chemical tanker revenue decreased 9.1% to $4.0 million as a result of lower volumes, but operating profit improved to $0.3 million from a $0.4 million loss in the same period of last year. Harbor tugs revenue increased 16.7% mainly due to higher tariffs per ship call. Additionally, in March the division began providing tug services to a new Liquefied Natural Gas or LNG, terminal at Manzanillo. TMM anticipates these services to continue contributing to revenue and profit going forward. Since 1992 the Maritime Transportation Division has supported the oil offshore industry through the operation of one of the largest fleets of specialized boats in Mexico. The fleet consists of 28 offshore support vessels. Since 1997 Grupo TMM has also offered a towing service with five tugboats at the port of Manzanillo, Colima, Mexico’s busiest commercial port.


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Baker Hughes’, provider of reservoir consulting, drilling, pressure pumping, formation evaluation, completion and production products and services to the worldwide oil and gas industry, net income for the first quarter 2012 of $379 million. This compares to $381 million for the first quarter 2011, and $314 million for the fourth quarter 2011. Revenue for the first quarter 2012 was $5.36 billion, up 18% compared to $4.53 billion for the first quarter 2011 and down 1%

compared to $5.39 billion for the fourth quarter 2011. "Our international business performed very well, relative to the typical seasonal declines we see in the first quarter. In particular, the performance of the Europe/Africa/Russia Caspian segment was excellent, driven by strong results across Africa where we provided drilling and evaluation services on multiple high-profile exploration wells in Nigeria, Angola and Mozambique," said Martin Craighead, Baker Hughes President and Chief Executive Officer. "Our technology enabled us to differentiate on many important new contracts including a high-pressure, high-temperature Wireline contract in Europe, and an Artificial Lift contract for approximately 1,000 wells in Russia. Furthermore, during the quarter we began work on our first Integrated Operations contract in Iraq, and we expect to see further growth in this business throughout the year. As previously disclosed, margins in North America were lower than the fourth quarter due to challenges in the Pressure Pumping product line, including the rapid transition from natural gas to oil-directed drilling rig activity, the increasing supply of Pressure Pumping capacity across the market, as well as company specific supply chain challenges. We are addressing our supply chain challenges by improving our distribution network, increasing supplies of critical raw materials and enhancing the utilization of our fleets and other critical assets," Craighead added. "We expect to realize significant benefits from these improvements in the second half of 2012; however, it is clear that the overall market is experiencing pricing pressure that is likely to extend throughout 2012.Our other product lines continue to post impressive revenue and operating results in North America," Craighead continued. “Our technological advantages across many of our product lines continue to drive superior performance, and the shift to oil directed drilling has been very beneficial for our Drilling, Completions, Upstream Chemicals and Artificial Lift product lines." Sembcorp Marine recorded a net profit of $113 million in 1Q 2012. This was lower than the $151 million achieved for the corresponding period in 2011 attributable mainly to timing, value and the initial lower margin from new design jack-up rigs as compared with the semi-submersible rig building projects of repeated designs in 1 Q 2011. Group turnover at $943 million in 1Q 2012 was 14% higher as compared with $829 million 1Q 2011. The higher turnover came from the rig building and the ship conversion & offshore sectors. For the rig building sector, turnover at $393 million was 23% higher compared with $319 million 1Q 2011. The progressive revenue recognition of seven jack-up rigs contributed to the higher turnover as compared with only two jack-up rigs in progressive revenue stages for 1Q 2011. In 1Q 2012, there were two semi-submersible rigs in progressive revenue recognition stage as compared with six semi-submersible rigs for 1Q 2011. The ship conversion & offshore sector saw higher contributions at $401 million, 13% higher as compared with $356 million for 1Q 2011. The ship repair sector saw a slight dip in revenue from $145 million to $143 million in 1Q 2012. Sembcorp has a net order book of $7.4 billion with completion and deliveries stretching till the second quarter of 2015. This includes $3.0 billion in contract orders secured since the start of 2012, excluding ship repair contracts. Despite the mixed global macro-economic uncertainty, the fundamentals driving the offshore & marine activities remain strong, driven by sustained high oil prices, increased exploration and production spending budgets of oil companies and significant exploration successes in oil & gas finds in recent months in offshore Brazil, East Africa, Gulf of Mexico and the North Sea. The market for premium jack-up rigs continues to be active with oil companies remaining focused on safety and efficiency gains offered by newer and higher specification units. Sembcorp has since January 2012 secured three units of high specification jack-up rigs with a total value of USD 639.5 million. With offshore drilling moving towards deeper waters and harsher environment, Sembcorp continues to see strong enquiries for semi-submersibles, drillships and harsh environment units. Sembcorp Marine with its proven track record and expertise is well positioned to leverage on the opportunities in this sector. It has since January 2012 secured contracts worth a total of USD 1.7 billion, comprising a harsh environment deepwater semi-submersible rig, a well-intervention semi-submersible rig and a drillship. For the ship repair sector, there is a strong demand from LNG carrier operators for repairs and life extension work besides repairs/upgrading work from offshore operators. With the recent adoption of guidelines by the Marine Environmental Protection Committee of IMO (International Marine Organization) to progressively reduce hazardous gas emission from ships, it is expected that vessels trading in the ECA (Emission Control Area) zone will need to install approved exhaust gas cleaning systems. It is also anticipated that once the IMO’s regulatory rules becoming mandatory for trading ships to install the ballast water treatment system, it will generate a substantial amount of work for the shipyards. Overall, competition remains keen for all segments of Sembcorp’s business although the outlook continues to be positive.


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STX OSV Holdings Limited, a major global designer and shipbuilder of offshore and specialized vessels headquartered in Norway, reported robust order intake for the first quarter ended 31 March 2012 amounting to NOK 2.34 billion. As at 31 March 2012, STX OSV’s total order book of 53 vessels is worth NOK 16,036 million. Operating revenues were slightly lower than for the same period last year, due to normal fluctuations in the project portfolio, and amounted to NOK 2,811 million. The Group’s EBITDA margin (EBITDA to total

revenue) held steady at 14.0% compared to EBITDA margin of 13.8% for 1Q 2011. The robust order intake signals a possible rebound in order activity for high-end offshore support vessels, which experienced a slowdown during the third and fourth quarters of 2011, although the Group has yet to witness a sustained higher level of new order intake. Mr. Roy Reite, Chief Executive Officer and Executive Director of STX OSV, said, “Despite persistent macroeconomic uncertainty, we believe the financing climate has somewhat improved, and funding is available to the strongest customers and the best projects. We see renewed demand for larger, more complex and customized vessels, which caters perfectly to STX OSV’s core capabilities. We remain confident in our ability to seize opportunities in a market upturn, and will continue to invest in technology to reinforce our competitive edge in the industry.” The new orders secured during 1Q 2012 alleviated concerns about possible lower utilization levels at some of STX OSV’s shipyards in 2012. Relatively short delivery times for several of the new projects have led to rapidly increasing workload in Romania. In Brazil, the existing shipyard is operating at very high load in order to ensure successful execution of projects in the existing order book, and development of the new yard is progressing. Vietnam reports stable operations and on-time delivery of the final vessel in the initial series of six.

During 1Q 2012, four new vessel orders amounting to NOK 2,342 million were secured, and five vessels were delivered, bringing STX OSV’s total order book to 53 vessels worth NOK 16,036 million as at 31 March 2012. Of these, 29 are of STX OSV’s own design. Notably, the new orders for the quarter comprise two Offshore Subsea Construction Vessels (OSCVs) and two large Anchor Handling Tug Supply Vessels (AHTS), all complex projects with contract values above the average of 2011 orders. Since the end of 1Q 2012, STX OSV has secured three additional contracts which include two OSCVs and one AHTS. Going forward, strong market fundamentals are expected to support growth, especially in the subsea support and construction segment, where demand is driven by increased offshore installation activity and growing order backlog for subsea contractors. Charter rates for large anchor handlers have continued their climb, underpinning demand.


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Offshore Support Industry Course & Handbook The Institute of Chartered Shipbrokers, which is the leading international provider of professional qualifications to the maritime and shipping industry, has recently published a new book aimed at shore based professionals who are either directly or indirectly involved with the offshore industry. This authoritative book is both a great introduction to the operational side of the Offshore Support Industry and a valuable reference book for commercial practitioners. The book is designed as an easy-to-read reference for those who want an overview of the technical and commercial issues involved in chartering, ownership and management of offshore support vessels. Complete with maps, diagrams and photographs, the book covers everything from the role of the support vessel to information about the wider offshore industry, including exploration and production of oil and gas plus the fast expanding Renewables sector. Whether the Offshore Support Industry handbook is used to study for the Institute’s internationally recognised qualifying exams and diplomas or merely as a definitive reference source, it will prove to be an invaluable aid for anyone seeking to expand their knowledge of this exciting industry. The book costs GBP45 + postage. For more information or to order a copy email: [email protected] or telephone + 44 (0) 207 7623 1111 www.ics.org.uk

Featured Listings For Sale Direct From Owners File: SU15729 Supply Boat 157.5' loa x 36.1' beam x 11.5' depth x 8.20' loaded draft. Built in 2005. Built at Sealink Shipyard; Miri, Malaysia. Singapore flag. GRT: 496. Class: ABS A1(E) + AMS, Unrestricted Service. Continuous Hull survey due 02/2015. Deadweight: 593mt. 320m2 clear deck. FO: 443m3. FW: 42m3. Crane: 2MT SWL @ 6m davit. Winch: 2 - 5MT capstans. Main Engines: 2 x CAT 3412 total 1,440BHP. Endurance 28 days. Bowthruster 3.8T. Speed about 10-11kn. Genset(s): 2 - 150kW 415v 3ph 50Hz. Quarters: 20 berths. Air Conditioned. Multi-purpose platform supply vessel. 6 reefer plugs. Although not officially on the market, we may be able to develop on a private & confidential basis direct from Owners. Inspection: Southeast Asia. Delivery: June 2012.

File: SU15736 Supply Boat 157.4' loa x 36.1' beam x 11.5' depth x 9.18' loaded draft. Built in 2002. Built at Sealink; Malaysia. Malaysian flag. GRT: 490. Class: ABS A1 + AMS Unrestricted. Deadweight: 579mt. Light Disp.: 850320m2 clear deck. FO: 250m3. FW: 200m3. Winch: 1 - 5MT capstan & 1 - 5MT tugger. Main Engines: 2 x CAT 3412 total 1,440BHP. 3MT Schottel tunnel jet type thruster / CAT3306TA. Bowthruster 294HP. Speed about 10-11kn. Genset(s): 2 - 95kW 415v 3ph 50Hz. Firefighting: Provisions for installation of 1-2 FiFi pump(s). Quarters: 18 berths. Air Conditioned. Galley. 6 reefer points. Endurance @ 18 days. Southeast Asia. June 2012.

File: SU16517 Supply Boat 165.0' loa x 38.0' beam x 14.0' depth x 7.00' light draft x 11.30' loaded draft. Built in 1969. Built at Burton Shipyard; Port Arthur, TX. U.S. flag. GRT: 298. Class: ABS Loadline. (exp. Nov. 2013). Deck Cargo: 500T on 124' x 34' clear deck. FO: 38,000g. FW: 24,500g. DW: 14,600g. Crane: 1 - 14T rough terrain. Winch: 2 - Hydraulic on stern. Main Engines: 2 x CAT D399 total 2,250BHP. 2 - FP prop(s). 01/12:CATD399 with total 400 running hours since new. One main engine overhaul 1,100hrs. Speed about 12-14kn on 80-90gph. Genset(s): 1 - 100kW / CAT D333, 1 - 165kW / CAT D333 110/220vAC. Quarters: 15. Air Conditioned. Galley. Last dry-dock for ABS 2008. Extensive bottom plate renewal in 2002. 80T ramp on stern for Ro-Ro cargo and to winch on aft deck all dredging equipment and supplies. Self-contained dredging support vessel with all equipment, 12" cutter suction dredge (see DR04414). Supply Boat can be developed separately or with dredge and all equipment included in a sale (including 25' 180BHP twin screw support boat (TG01824), pipeline, rough terrain crane, anchors buoys, spuds, etc.). Contact Marcon for further details and inspection arrangement. Owner is keen Seller, and as brokers we would invite serious cash offers after inspection. U.S. West Coast. $950,000.

mailto:[email protected]

http://www.ics.org.uk/


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File: SU18003 Supply Boat 180.0' loa x 40.0' beam x 15.0' depth x 12.76' loaded draft. Built in 1975. Built at Zigler Shipyard; Mermentau, LA. U.A.E. flag. GRT: 726. Class: ABS + A1 + AMS. Deadweight: 963lt. Deck Cargo: 483LT on 114' x 30.2' clear deck. FO: 54,490g. FW: 12,158g. DW: 57,832g. Dry Bulk: 3,285ft3. Crane: Pedestal mount crane optional. Main Engines: 2 x GM 16V149TI total 2,760BHP. 2 - Fixed Pitch prop(s). 8,500nm range @ 10kn. Bowthruster 280HP. Speed about 8-10kn on 68-85-132gph. Pump(s): DW: 270gpm, FO: 260g, Bulk 17cfm. Genset(s): 2 - 99kW / GM6V71 440vAC 60Hz. Firefighting: 2

monitors. Quarters: 10 (2-1,1-4, 2-2, 2-6). Air Conditioned. Passengers: 20 workers. Rescue Boat. Mid East. File: SU18064 Supply Boat - AHTS 180.0' loa x 39.4' beam x 14.1' depth x 11.90' loaded draft. Built in 1972. Built at Burton Shipyard; Port Arthur, TX. Bahrain flag. GRT: 558. Class: BV 1 Tug Unrestricted Navigation, SS due in 2014. Deadweight: 1,145. Deck Cargo: 471 on 108' x 31.5' clear deck. FO: 250T. FW: 400m3. Dry Bulk: 57m3 in 4 tanks. Crane: 3T. Winch: Markey Model TDSD-28 D/Drum. Line Pull: 113T. Wire Capacity: 610m x 45mm. Stern Roller. Main Engines: 2 x EMD 16-567 BCRL total 4,200BHP. 2 - Fixed prop(s). Bowthruster 300HP. Bollard Pull: 50MT. Speed about 8.5kn on 5.8T/d. Genset(s): 2 - 75kW Delco / GM6-71 220vAC 60Hz. Quarters: 16 total. Air Conditioned. Working. Reportedly in good condition. Mid East. File: SU18586 Supply Boat 185.0' loa x 38.0' beam x 14.0' depth x 8.00' light draft x 12.07' loaded draft. Built in 1979. Built at Zigler Shipyard. U.A.E. flag. GRT: 288. Class: ABS + A1, AMS. Deadweight: 948mt. Deck Cargo: 488MT on 111 x 30' clear deck. FO: 250MT. FW: 147MT. Dry Bulk: 3,600ft3 in 4 tanks. Liq. Mud: 1,200BBL. Main Engines: 2 x CAT D399 total 2,500BHP. 2 - 78"x 72" FP prop(s) on 8" shaft(s). Bowthruster 3.2MT. Speed about 8-10kn on 102-132gph. Genset(s): 2 - 210kW / CAT D3406. Quarters: 32 (1-1,2-2,3-4,3-6). Air Conditioned. Working. Mid East. File: SU18943 Supply Boat - AHTS 189.9' loa x 43.3' beam x 16.1' depth x 14.43' loaded draft. Built in 1972. Built at Carrington Slipways; Australia. Foreign flag. GRT: 883. Class: LR Ocean (disc. 05/2001) now Isthmus. Deck Cargo: 500T on 27.4m x 10.1m clear deck. FO: 275T. FW: 115T. DW: 320m3. Dry Bulk: 3,500FT3 (3 tanks). Winch: Double drum Swaan/CATD334. Main Engines: 4 x Daihatsu 8PSHTCM26D total 4,400BHP. 2 prop(s). Kort nozzle(s). Bowthruster 3.5T. Bollard Pull: 50MT. Speed about 10kn. Genset(s): 2 - 250kW / CAT D343 415vAC 50Hz. Firefighting: 120Tph. Quarters: 24 total. Air Conditioned. Owner inviting best offers. Mid East. File: SU19258 Supply Boat - AHTS 192.5' loa x 47.9' beam x 18.0' depth x 15.58' loaded draft. Built in 2007. Built at

Guangzhou Hantong, China. Singapore flag. GRT: 1,450. Class: BV I +Hull + Mach Tug Supply Vessel. Deadweight: 1,475mt. 375m2 clear deck. FO: 482KL. FW: 228m3. BW: 464m3. Dry Bulk: 1,650ft3 in 4 tanks. Liq. Mud: 259m3. Winch: 200T brake Mentrade; 2 -10T Mentrade (tuggers);. Line Pull: 150T. Stern Roller. Main Engines: 2 x CAT 3516B total 5,150BHP. 4 Blades, Berg CP prop(s). Bowthruster 1 - 315kW. Bollard Pull: 68T. Speed about 14kn on 14.7KL/d. Pump(s): Fire: 1,500m3/h; FO: 1 - 150m3/h; FW: 100m3/h; BW/DW: 100m3/h; LM: 2 -

70m3/h. Genset(s): 3 - 315kW CAT 3408C; 1 - 65kW Perkins. Firefighting: 2 monitors 1,200m3/h @ 12 bars; Foam 13.17m3; Detergent 13.17m3. Quarters: 42 (2-1, 4-2, 8-4). Southeast Asia. File: SU19472 Supply Boat - AHTS 194.3' loa x 49.0' beam x 20.0' depth x 16.23' loaded draft. Built in 2007 at Fuijan Southeast Shipyard, China. Singapore flag. GRT: 1,678. Class: ABS + A1 Towing Vessel FiFi 1; OSV AH (E) + AMS. Deadweight: 1,392mt. 340m2 clear deck. FO: 537kL. FW: 361m3. BW: 399m3. Dry Bulk: 1,650ft3 in 4 tanks. Liq. Mud: 370m3. Winch: 200T brake Mentrade; 2 -10T Mentrade tuggers. Line Pull: 150T. Stern Roller. Main Engines: 2 x CAT 3516B total 5,150BHP. 4 Blades, Berg CP prop(s). Bowthruster 1 - 315kW. Bollard Pull: 63T. Speed about 14kn on 14.7kL/d. Pump(s): Fire: 1,500m3/h; FO: 1 - 150m3/h; FW: 100m3/h; BW/DW: 100m3/h; LM: 2 - 70m3/h. Genset(s): 3 - 315kW / CAT 3408C; 1 - 52kW / Perkins. Firefighting: 2 monitors 1,200m3/h @ 12 bars; Foam 13.17m3; Detergent 13.17m3;. Quarters: 42 (2-1, 4-2, 8-4). Indian Ocean.


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File: SU19473 Supply Boat - AHTS 194.3' loa x 49.0' beam x 20.0' depth x 16.23' loaded draft. Built in 2007. Built at Fuijan Southeast Shipyard, China. Singapore flag. GRT: 1,678. Class: ABS + A1 Towing Vessel FiFi 1; OSV AH (E) + AMS. Deadweight: 1,392mt. 340m2 clear deck. FO: 537KL. FW: 372m3. DW: 396m3. BW: 396m3. Dry Bulk: 1650FT3 in 4 tanks. Liq. Mud: 370m3. Winch: 200T brake Mentrade; 2 -10T Mentrade (tuggers). Line Pull: 150T. Stern Roller. Main Engines: 2 x CAT 3516B total 5,150BHP. 4 Blades, Berg CP prop(s). Bowthruster 1 - 315kW. Bollard Pull: 63T. Speed about 14kn on 14.7KL/d. Pump(s): Fire: 1,500m3/h; FO: 1 - 150m3/h; FW: 100m3/h; BW/DW: 100m3/h; LM: 2 - 70m3/h. Genset(s): 3 - 315kW / CAT 3408C; 1 - 52kW / Perkins. Firefighting: 2 monitors 1,200m3/h @ 12 bars; Foam; Detergent. Quarters: 42 (2-1, 4-2, 8-4). Southeast Asia. File: SU19635 Supply Boat 196.8' loa x 48.5' beam x 18.7' depth x 15.20' loaded draft. Foreign flag. Class: ABS + A1, OSV + AMS, DPS-1, FiFi 1. Deadweight: 1,400mt. Deck Cargo: 700MT on 410m2 clear deck. FO: 490m3. FW: 490m3. Dry Bulk: 90m3 in 4 tanks. Liq. Mud: 200m2. Crane: 3T Elect/Hyd knuckle boom. Winch: 1 - 7.5MT Elect/Hyd tugger; 5MT Elect/Hyd capstan. Main Engines: 2 x CAT total 3,200BHP. 2 - CP prop(s). Endurance: 10 days. Range: 4,000nm. Bowthruster 350kW. Dynamic Positioning. Speed about 12.5kn. Pump(s): FO: 10m3/h, FW: 80m3/h, Liqmd: 2 - 50m3/h, Bilge: 60m3/h, Ballast 75m3/h. Genset(s): 3 - 350kW / Main 415v 3ph 50Hz; 1 - 82kW / Emerg. 415v 3ph 50Hz. Firefighting: 2 - 1,350m3/h pumps. Quarters: 22 min in 10 cabins. Air Conditioned. Galley. 2 Newbuilding units can be delivered in 14 months in Abu Dhabi. Mid East.

File: SU19738 Support Vessel 197.8' loa x 38.7' beam x 17.4' depth. Built in 1997. Built at Ishii Zosen; Japan. Panama flag. GRT: 998. Class: NK, Ocean Going International SOLAS Compliant. Deadweight: 1,174T. Deck Cargo: 500T on 98.4' x 32.8' clear deck. FO: 450m3. FW: 514m3. Crane: 1 - 7.5T @ 7.5m knuckle revolving. Winch: Waterfall, 70T brake. Line Pull: 45T@4m/mm. Wire Capacity: 46mm-1,000m. Main Engines: 2 x Yanmar 6N260EN total 4,000BHP. 2 - variable pitch prop(s). Kort nozzle(s). 13,500nm range. Bowthruster 520BHP. Bollard Pull: 45T. Speed about 12.5-14.25kn. Genset(s): 2 - 250kVA AC 440/220v 60Hz; 1 -

125kVA AC 440/220v 60Hz. Quarters: 40. Multi-purpose workboat presently employed for survey work. 4 point mooring system on board, but provided at additional cost. 14-1, 5-2, 2-4 & 1-8 man rooms. Joystick control. 2 - 7T tuggers. South Africa. July 2012. File: SU20346 Supply Boat - AHTS 203.4' loa x 46.2' beam x 22.3' depth x 18.99' loaded draft. Built in 1987. Built at Cantiere Navale Ferari La Spezia. Marshall Islands flag. GRT: 1,352. Class: BV 1 + Hull + Machinery FiFi 2. Special Survey due 03/2012. 390m2 clear deck. FO: 486.7m3. FW: 143.8m3. DW: 626.5m3. Dry Bulk: 200m3 in 4 tanks. Liq. Mud: 262.5m3. Crane: 1.8T @ 10.5m. Winch: Triple drum waterfall 275T brake, 2 - 10T tuggers, 2 - 15T stern capstans. Line Pull: 250T. Main Engines: 4 x Wartsila total 8,430BHP. 2 - CP prop(s). Kort nozzle(s). M/E: 2 x 12V22HF = 5,060BHP, 2 x 8R22 = 3,370BHP. Bowthruster 2 - 450HP. Bollard Pull: 100T. Speed about 11-11.5kn on 10-12Tpd. Pump(s): Genset(s): 2-800kW / Shaft; 1-60kW / Diesel & 1-30kW / Diesel 440vAC 60Hz. Firefighting: FiFi 1. 2 - 1,800m3/h monitors. Quarters: 14 crew. 12 pax. 2 - 51.5m3 chain lockers. 2 spray booms. Dispersant. Reportedly well maintained. Mediterranean. File: SU21964 Supply Boat 219.8' loa x 52.5' beam x 23.0' depth x 12.50' light draft x 19.35' loaded draft. Built in 1996. Built at Soviknes Verft AS; Sovik, Norway. U.K. flag. GRT: 1,969. Class: DNV + 1A1, SF, E0, Dyn. Pos, AU, DK (+) HL(.5). Continuous Hull Survey due 02/2011. Deadweight: 3,111mt. Light Disp.: 1,425Deck Cargo: 1,500mt on 620m2 clear deck. FO: 860m3. FW: 824m3. DW: 900m3. Dry Bulk: 255m3 in 4 tanks. Liq. Mud: 800m3. Calcium Chloride / Brine: 400m3. Crane: 3MT @ 16m telescoping. Winch: 2 - 8MT Capstans; 2 - 10MT Tuggers. Main Engines: 2 x Bergen KRMB9 total 5,450BHP. 2 - Ulstein CP 2,900mm prop(s). 700HP retractable azimuthing thruster forward and 800HP tunnel thruster aft. Bowthruster 2 - 700BHP. Dynamic Positioning. Speed about 10 - 14kn on 5.5 - 16.8mph. Pump(s): FO: 200m3/h, FW: 200m3/h, Dryblk: 90mt/h, Liqmd: 80m3/h. Genset(s): 2-250kW/Cummins; 2-1,280kW/shaft 230/440vAC 60Hz 3ph; 1-48kW 450vAC. Quarters: 10 - 1 person crew cabins. UT-755 design modern PSV with good cargo capacities, maneuverability & station-keeping. Kongsberg cPos DP-1 positioning. Europe.


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File: SU24668 Supply Boat - AHTS 246.0' loa x 52.5' beam x 24.6' depth x 20.00' loaded draft. Built in 2011. Built at Chinese Shipyard. Singapore flag. GRT: 2,759. Class: ABS + A1 (E) OSV AH, Towing Vessel, FiFi 1 + AMS, ACCU + DP-2. Deadweight: 2,500mt. Deck Cargo: 800MT on 500m2 clear deck. FO: 850m3. FW: 355m3. DW: 1,330m3. Dry Bulk: 226m3 in 4 Tanks. Liq. Mud: 395m3. Crane: 1 - 5T @ 12m. Winch: Elec/hyd double drum Zicom. Line Pull: 200/250MT. Wire Capacity: 2 - 1,500m 64mm. Stern Roller. Main Engines: 2 x Wartsila 8L26 total 7,295BHP. CP prop(s). Kort nozzle(s). 1- 600kW 10MT tunnel stern thruster. Bowthruster 2 - 10T. Dynamic Positioning. Bollard Pull: 99.64MT. Speed about 10-14kn on 12-19m3/d. Pump(s): FO: 150m3/hr; FW: 150m3/hr; BW / DW: 150m3/hr; Liqmud: 2 - 100m3/hr. Genset(s): 2 - 1,500kW / shaft; 2 - 380kW; 1 - 94kW 415vAC 3Ph 50Hz. Firefighting: 2 - 1,500m3/h; 2-1,200m3/h water/foam monitors; Water curtain. Quarters: 40 in 8-1 & 16-2 berths. Air Conditioned. Galley. Kongsberg DP-2 and joystick. Oil dispersant system. Foam / Detergent 10m3 / 10m3. 2 - 10T Zicom tuggers & 2-5T Zicom capstans. 300T SWL Zicom jaws. 2 elec / hyd Zicom tow pins. Storage reel for 1,500m 64mm wire. Hospital. Sewage treatment plant. Direct from Chinese yard for whom Marcon has sold other newbuildings. See also SU24671 for sister vessel. Far East. Prompt.

File: SU15756 Supply Boat - AHTS 157.5' loa x 43.3' beam x 17.0' depth x 13.80' loaded draft. Built in 2011. Built in Malaysia. Malaysian flag. GRT: 1,000. Class: ABS, SOLAS (MARPOL I,IV & V). Light Disp.: 1,000. 225m2 clear deck. FO: 375m3. FW: 150m3. Winch: Double drum. Line Pull: 150T. Stern Roller. Main Engines: 2 x CAT total 5,150BHP. Endurance 30 days. Bowthruster 5T. Bollard Pull: 65-68T. Speed about 11kn. Pump(s): FO: 75m3/h, FW: 75m3/h. Genset(s): 2 - 380kW / Cummins 415v 3ph 50Hz. Firefighting: FiFi 1, 2 - 1,500m3 monitors: 12m3 foam, 12m3 dispersant. Quarters: 24 berths. New building. Shark jaws and tow pins. 30 days

endurance. Aft controls. Rescue boat with davit. 4 reefer points. Southeast Asia. File: SU18577 Supply Boat 185.0' loa x 40.0' beam x 14.1' depth x 12.00' loaded draft. Built in 1979. Built at Halter Marine. Rebuilt: 1993. Foreign flag. GRT: 677. Class: BV (exp. July 2015). Last DD 2010. / IRS. Deadweight: 918T. Deck Cargo: 450T approx on 326m2 clear deck. FO: 270.7m3. FW: 208.7m3. DW: 666.3m3. Dry Bulk: 113m3 in 4 tanks. Liq. Mud: 387.3m3. Calcium Chloride / Brine: 387m3. Winch: Smatco 66 Double drum. Line Pull: 125T. Wire Capacity: 750m x 54mm. Stern Roller. Main Engines: 2 x EMD 16-645-CE6 total 4,000BHP. Bowthruster 300HP. Bollard Pull: 45T. Speed about 10-14kn on 5.1-12.6Tpd. Genset(s): 2 - 99kVA / GM 8V-71 110/440v. Quarters: 15. Passengers: 2. 125T Tow pins. Inspection: West Africa. File: SU18829 Supply Boat - AHTS 188.4' loa x 38.4' beam x 15.7' depth x 13.80' loaded draft. Built in 1983. Built at Teraoka Shipyard.; Japan. Vanuatu flag. GRT: 887. Class: ABS + A1, Towing Vessel + AMS, Unrestricted Service. Deadweight: 874T. 104' x 27' clear deck. Liq. Mud: 1,459BBL. Main Engines: 2 x Yanmar 8Z280-ET total 4,000BP. 2 - FP prop(s). Bowthruster. Speed about 12.5kn. Laid up. Inspection: West Africa.

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Marcon International, Inc. P.O. Box 1170 9 NW Front S ... boat “Orion Pioneer” (ex-“Orion...

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Transcript of Marcon International, Inc. P.O. Box 1170 9 NW Front S ... boat “Orion Pioneer” (ex-“Orion...