MARKET NEWS &

ANALYSIS

VESSEL DAYRATE

CHARTS

RIG NEWS

BRAEMAR SEASCOPE OFFSHORE

MONTHLY MAGAZINE

July/August 2011 ISSUE: 49

©Braemar Seascope Offshore

Picture: Viking Magne

Welcome to the latest edition of the

Braemar Seascope Offshore North Sea

Vessel Report. The previous few weeks

has seen intense market conditions as

difficult weather offshore has delayed

rig moves during a period when the rig

move calendar was fairly hectic. High

demand for anchor handling vessels and

platform supply vessels has seen both

the markets close to being sold out at

various times.

Meanwhile, numerous vessels are leav-

ing the North Sea to take up term work

overseas with a clutch of boats heading

to Brazil and a pair due to go to Austral-

ia shortly. Cairn's work in Greenland is

also putting demand on North Sea ton-

nage and boats are being chartered to

carry out long-distance cargo runs. Cairn

is currently working on the third of four

wells planned in this campaign despite

no reservoir sands being found so far.

The International Energy Agency is also

suggesting that world oil demand

growth will accelerate next year. This

could put pressure on prices and see

increased offshore drilling.

We hope you enjoy this month’s report

and look forward to hearing your feed-

back, comments and suggestions that

will help to improve the experience of

all of our readers further.

Sean Bate

Market Analysis Manager

Click Here to go to

Online Version

Subsea

Market

Latest

For the latest on the subsea con-struction and sur-vey vessel availabili-ties please contact us for a copy of our Subsea Vessel Mar-ket Summary. We are constantly mon-itoring the require-ments, fixtures and availability of the North Sea fleet. For more information please email us.

Click here to leave Feedback

Weather conditions offshore conspired to see rig moves

delayed at the peak of demand on AHTS vessels and

tugs. With the market on the verge of being sold out

each day in the last few weeks of the month. High de-

mand and tight availability pushed rates up to peaks of

around GBP 55,000 for AHTS vessels while cargo runs

were routinely being carried out at the GBP 20,000 to

22,500 level.

Following a flurry of rig moves in July, activity in August

looks set to be quieter with a handful of rig moves on

the radar once the current work is completed. Availabil-

ity across the PSV fleet also looks set to increase as ves-

sels that have been carrying out term work return to

the spot market.

August will also see the arrival of a newbuild AHTS ves-

sel on to the spot market. The VS-4622 CD designed

Magne Viking is currently charter free and will be avail-

able from the first week of August. This will be joined

by the PSVs Troms Capella and the Stril Orion which are

due in late August and the middle of October respec-

tively. Further details on the following page.

There are also a number of expected changes to the

available North Sea spot vessels in the coming weeks

with the trio of Maersk L-Class AHTS vessels, that have

been carrying out work with BP Norway’s Skarv FPSO,

expected to return to the market in the middle of Au-

gust. They will also be joined by the AHTS Normand

Skarven and the PSV Normand Baltic which will be re-

turning from term work in Argentina. A further series of

large PSVs are also expected back from work with All-

seas in the middle of August. This will include the

Maersk Fetcher and Feeder as well as the Toisa Intrep-

id, Independent and Sonata.

Further vessels are to depart the North Sea spot market

for term work in Brazil. The Olympic Elena has sailed for

South America along with the AHTS Normand Master

and Normand Mariner and the PSV ER Arendal. The

medium PSV Olympic Promoter is expected to head off

in the next week.

As vessel departures for overseas term work peak and

an increasing number of term vessels are expected to

return to the spot market in the coming weeks we can

expect the recent over-heated market conditions to

cool somewhat in the coming month.

Spot MarketSpot MarketSpot Market

Market CommentaryMarket CommentaryMarket Commentary

BELOW: Normand Baltic

heading back to the North Sea

following term work for

Repsol YPF in Argentina.

N ew tonnage set to join the North Sea spot

market in the coming weeks includes a

large AHTS and a pair of large PSVs. Mean-

while orders for future vessels seem to be

concentrated on Brazilian yards. Farstad has further

strengthened its Brazilian involvement by buying out

50% of its Brazilian joint venture held by Petroserv.

Meanwhile back in the North Sea, the large AHTS vessel

Magne Viking is set to arrive on the spot market in the

first week of August. The VS4622 CD designed vessel

has been under construction at the Zamakona shipyard

in Spain and is set to be equipped with a bollard pull of

around 210t, a deck area of 750 square metres and

DP2. The vessel has already been fixed for a spot job

with Statoil for around four days.

In addition, the newbuild large PSV Troms Capella is

expected to join the spot market by the end of August.

This vessel will be of STX PSV 09 design and equipped

with a deck area of around 1,000 square metres and

DP2. The vessel will be charter free upon delivery in

Stavanger. Mokster Shipping’s newbuild PSV the Stril

Orion is scheduled to be delivered by the middle to end

of October. The vessel is currently charter free upon

delivery.

Mosvold Supply has cancelled a third vessel under con-

struction at Otto Marine’s yard in Batam, Indonesia.

There is a fourth vessel in the series of AHTS VS491 CD

designs which is expected to be delivered from the yard

at the end of July.

The standby/PSV Prosper is coming to the North Sea

spot market in early August. The UT-704 vessel has a

deck area of 495 square metres, is able to carry 419

cubic metres of pot water and has Fifi 1 and 2.

Magne Viking

Design: VS4622 CD

Built: Zamakona, Spain

BHP: 19050

Max Deck: 750 square metres

DP: 2

Bollard Pull: 210t

Chain Lockers: 4 Lockers

total capacity 663m³

Full Spec Here

SPEC BOX

Magne VikingMagne VikingMagne Viking

New ArrivalsNew ArrivalsNew Arrivals

ADTI has fixed the medium PSV for a one-well charter ex-pected to have a duration of around 90 days. The UT-755 LC designed Rem Provider will be supporting operations of the Ensco 70 rig in the Southern North Sea. The vessel is currently working on the North Sea spot market and is expected to commence work for ADTI in September until around the end of 2011.

There are four outstanding Long-Term requirements :

1-2 PSVs / Nexen / 3 yrs or 18 mths + opt / comm Aug—Oct

1 x PSV / BP Norway / 1 year + 2 x 6 months opts / comm Aug—Dec

1 x PSV / Halliburton / Well Stim Duties / 3-12 months + opts / Oct

1 x PSV / Exxon Norway / 2 years + 4 x 6 month opts / comm Nov

The 1985-built AHTS Normand Mjolne has secured a three month charter with BP Norway. The UT-718 designed ves-sel has previously been working on a long-term charter with ConocoPhillips Norway. The vessel has a bollard pull of around 170t, deck area of 589 square metres and ac-commodation for 42. It is understood the BP Norway charter will likely see the Normand Mjolne occupied until around the end of the year. The vessel was fixed at a day-rate of circa NOK 135,000.

There are four outstanding medium-term requirements: 1 x PSV or AHTS / MLS / 2 wells + 2 well opts / Aug-Sept 1 x PSV / Venture / 1 well / comm August 2 x PSV / AGR Falklands / 4 wells / comm Oct 1 x PSV / BP Norway / 3 months + 21 d/opts / Aug-Dec

Medium-Term Requirements

Long-Term Requirements

Normand Mjolne Fixed to BP Norway

Rem Provider Goes to ADTI

©Copyright Braemar Seascope Offshore 2011

CharteringCharteringChartering

A quartet of vessels have left the North Sea spot market to commence long-term charters for Petrobras in Brazil. The medium PSVs Olympic Elena and ER Arendal have been fixed for four years plus a four-year option at day-rates of USD 26,850 and USD 26,500 respectively. Mean-while, the AHTS vessels Normand Mariner and Normand Master which have also recently departed for South America on ‘four plus four’ contracts were fixed at a day-rate of around USD 44,500.

The medium PSV Portosalvo has started a four-month charter with Gaz de France. The DP1 equipped vessel will be supporting the Galaxy II rig in the central North Sea on the Faraday well for circa 140 days and is expected to re-turn to the North Sea spot market around the end of No-vember. The Portosalvo is equipped with a deck area of around 688 square metres, Fifi 1 and 10 dual purpose mud and brine tanks.

The newbuild medium PSV F.D. Honorable has been char-tered by BG for six months plus three one month options. The medium sized PSV recently arrived in the North Sea after being delivered from the Rosetti Marino shipyard in Italy. The sister vessel FD Indomitable is currently on term charter with Taqa. The UT-755 L designed vessels are equipped with DP2 and a deck area of around 716 square metres. The F.D. Honorable is understood to have been fixed at a dayrate of around GBP 16,500.

A pair of N-Class Maersk vessels are expected to leave the North Sea to take up long-term work in Australasia. The Maersk Nexus and the Maersk Nomad will be supporting the Deepwater Frontier drillship for ExxonMobil on a mul-ti-year charter. The large PSVs have a deck area of around 912 square metres, DP2, accommodation for 36, oil recov-ery and standby for up to 360 survivors.

Maersk N-Class Vessels Head to Australia

Portosalvo Commences Gaz de France Job

F.D. Honorable Gets 6-month BG Charter

Four More Vessels Leave for Brazil

©Copyright Braemar Seascope Offshore 2011

CharteringCharteringChartering

The large AHTS Vidar Viking has been fixed for 40 days plus options to carry out work for Capricorn in Greenland. The MOSS 808 designed vessel will be utilised for ice man-agement duties for the ongoing drilling campaign by the Leiv Erikson semisubmersible and Ocean Rig Corcovado drillship offshore Greenland. Cairn Energy has started work on the third well of a four well campaign in the re-gion. The Vidar Viking is understood to have been fixed on a dayrate of circa USD 55,000.

E.On Ruhrgas has firmed up an option for the UT-755 L designed medium PSV Malaviya Twenty. The vessel, which has been supporting the Ensco 92 rig will now carry on working for the rig for a further well which is likely to see the vessel utilised until around the middle of September. The Malaviya Twenty is a 2004-built vessel equipped with DP1 and a deck area of around 690 square metres. It is expected to re-join the North Sea spot market at the end of its current term charter.

The medium AHTS Maersk Tender is expected to return to the North Sea following completion of a term charter with Repsol in Spain. The VS-472 designed vessel is under-stood to have been fixed for towage work from Sardinia to Norway and then it could join the North Sea spot mar-ket. The Maersk Tender has 15,540 BHP, a bollard pull of around 173t continuous and is equipped with a deck area of 600 square metres.

The large PSV Rem Fortune has been chartered to carry out a cargo run to Greenland for Capricorn. It is under-stood the fixture will take around 25 days to complete. The Rem Fortune is an MT-6012 designed vessel equipped with a deck area of around 1,100 square metres and DP2. The vessel is currently working for Subsea 7 ahead of the Capricorn charter and is expected to return to the spot market around late August.

Rem Fortune Heads to Greenland

E.On Ruhrgas Declares Malaviya 20 Option

Maersk Tender Could Head to North Sea

Vidar Viking Fixed to Capricorn

©Copyright Braemar Seascope Offshore 2011

CharteringCharteringChartering

The Edda Fides accommodation service vessel has been delivered and has commenced its first contract in the North Sea. The unique mono-hull designed vessel, which was built at Astillerios HJ Barreras, Vigo in Spain, has ac-commodation for up to 600 personnel and can operate in wave heights of up to 5 metres. The vessel is working for Shell in the North Sea until around the middle of October.

The large PSV Troms Capella has been delivered from the Cochin shipyard in India and is now heading for Norway. The STX PSV 09 designed vessel will be equipped with a deck area of around 1,000 square metres and DP2. The Troms Capella is expected to join the North Sea spot mar-ket from around the middle of August although it is un-derstood the vessel has a potential term charter lined-up for later in the year with an undisclosed charterer.

The large AHTS vessel Magne Viking is due to be delivered shortly from the Zamakona shipyard in Spain. The VS-4622 CD designed vessel will have DP2, a bollard pull of around 210t and a deck area of 750 square metres. The vessel is expected to arrive on the North Sea spot market in the first week of August and is currently expected to be char-ter free. The vessel has already secured its maiden charter on a spot job with Statoil.

The DOF newbuild Skandi Skansen has commenced its first charter since being delivered by the STX Aukra yard in Norway. The vessel is being used for 21 days plus seven daily options providing diverless decommissioning work on the Ivanhoe/Rob Roy development. The Skandi Skansen is DOF’s fourth installer multipurpose anchor handling vessel. The vessel has an LOA of 107.2m, a moonpool and a 250t offshore crane as well as two ROVs.

Maiden Charter for Skandi Skansen

Troms Capella Heading for Stavanger

Magne Viking Gets First Charter

Edda Fides Accommodation Vessel

©Copyright Braemar Seascope Offshore 2011

NewbuildNewbuildNewbuild

The UK Government’s Department of

Energy and Climate Change (DECC) has

had a busy time recently as a series of

North Sea developments seek approval.

RWE had its initial plans for the Breagh

field passed (For further details see - far

right) and Xcite has submitted plans for

the first phase of the Bentley oil field in

the Northern North Sea. The publication

of Xcite’s field development plan is ex-

pected shortly. It is understood that

during the second stage of the produc-

tion the Rowan Norway which is at the

site will be replaced by a fixed drilling

and accommodation platform.

Meanwhile, Awilco Drilling’s rig

WilHunter (pictured above) has secured

another slot with MPX. The rig, which is

currently working on Nautical’s Kraken

prospect, is expected to commence

work for MPX in September.

There are also additional new contracts

for Ensco and Diamond Offshore. Ensco

now has work for the Ensco 80 jack-up

that will see it utilised through to early

2013. The rig will be working for Tullow

until around September before taking

up a charter with Wintershall until Feb-

ruary 2012. Following that it will work

for Dana for two months, Perenco until

mid July then EOG Resources for a sev-

en-month stint. BG has taken on Dia-

mond Offshore’s Ocean Nomad from

late October until May 2012 in direct

continuation of an existing contract.

DECC

Nod for

Breagh

RWE Dea UK has an-

nounced that the field

development plan for the

Breagh gas field has been

approved by the Depart-

ment of Energy and Cli-

mate Change. So far the

development of Breagh

has included around

100km of pipeline and the

platform is due for instal-

lation in early September.

Phase two of the develop-

ment will include addition-

al wells in the east of the

field and is expected to be

approved next year.

Click Here For

Full Map

Source: www.konflikty.pl

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PricePrice Oil Oil Oil

Norway UK/Irl Denmark

Greenland Netherlands Stacked without future contract

Stacked with future contract Total

Drillship 1 1 1 3

Jackup 6 14 6 7 3 5 41

Semi-Sub 21 14 1 2 1 39

Total 28 29 8 7 5 6 83

ChartChart Rig Rig Rig

Rig Activity by Type and Country

200520052005---201120112011

Full details of the UK and Irish Standby Market are availa-ble in the Braemar Seascope Offshore Standby Market Summary. The report, which comes out twice a year, con-tains an extensive commentary from our brokers who deal with the Standby market on a daily basis. There are also full fleet listings of Standby owners and an overview of the newbuild and fleet replacement programmes. For further details email: research@seascope.co.uk

Teekay Petrojarl remains outstanding for a class B vessel from the middle of August until the end of 2014 plus addi-tional options. The vessel will be required to support the Banff Field FPSO in the Central North Sea. A decision on any replacement for the incumbent vessel, the 1980-built Vos Mull, is expected imminently.

ADTI has circulated an enquiry for a vessel to support a one-well programme in the Central North Sea with the Ocean Princess. The vessel is expected to be required for between 30 and 60 days from around the middle of Sep-tember. Meanwhile, Venture Production are also thought to still be outstanding for a vessel to support the Noble Ton Van Langeveld from Late August for approximately 50 days.

BG is currently seeking three class B vessels on the basis of one to five years from the first quarter of 2012. The vessels will be required to be no older than 15 years. They will be used to support the Armada, which is currently be-ing supported by the 1981-built Vos Patrol, and the Lo-mond and Everest Fields in the Central North Sea. The Lo-mond and Everest Fields have been supported via BP’s ‘Project Jigsaw’ since BG took over operatorship in 2009.

BG Tendering for Three Vessels

Teekay Petrojarl Seeking Class B Vessel

ADTI and Venture Looking for Vessels

Standby Market Summary

©Copyright Braemar Seascope Offshore 2011

Standby/ERRVStandby/ERRVStandby/ERRV

For the latest on the subsea construction and survey ves-sel availabilities please contact us for a copy of our Subsea Vessel Market Summary. We are constantly monitoring the requirements, fixtures and availability of the North Sea fleet. For more information please email: aberdeen@seascope.co.uk

It is understood the 153-metre pipelay vessel Acergy Fal-con is to be sold to Grup Servicii Petroliere. Market re-ports indicate that a memorandum of understanding is in place for the vessel which will satisfy Office Fair Trading conditions set after the merge of Acergy and Subsea 7. The vessel is capable of j-lay installation of pipelines of up to 14-in diameter. The vessel also has a 64t crane, accom-modation for 141 and two work class ROVs.

It is understood the Highland Eagle’s charter with GEMS has been firmed up for a further year with another year of options potentially available. The DP geotechnical vessel has been carrying out site investigation work West of Shetland. The vessel has been equipped with a sampling and wireline investigation spread. The vessel will primarily be used for oil and gas site investigation and windfarm turbine investigation work.

Technip has chartered the large newbuild construction vessel North Sea Giant. The subsea construction specialist company has taken the vessel on a multi-year programme that will see it utilised for around 160 days a year. The North Sea Giant is a 160 metre vessel with a deck area of 2,900 square metres, two offshore cranes and a moonpool. The vessel is suitable for cable-laying, ROV support, well intervention and subsea work.

North Sea Giant Taken on by Technip

MOA in Place for Acergy Falcon Sale

Highland Eagle Firms up GEMS Charter

Subsea Market Summary Latest

©Copyright Braemar Seascope Offshore 2011

SubseaSubseaSubsea

Click to Play Video

The dive support vessels HBC Performer and HBC Support-er have been operating at the Walney 1 and Walney 2 wind farm sites. Walney 1 wind farm has been completed and all 51 turbines are now producing energy. Meanwhile, Walney 2 is currently under construction with the wind farm installation vessels Seajack Leviathan and Seajacks Kraken continuing transit between Mostyn and the con-struction site on a regular basis. The Swiber Else-Marie will also be carrying out trenching work.

The UK Government’s Department of Energy and Climate Change has released it Renewables Roadmap setting out the action plan for the deployment and use of renewable energy ahead of the 2020 target. The paper, which can be viewed in full here, outlines a plan for £30 million for the offshore wind industry in the next four years. In addition the study outlines plans for marine energy including wave and tidal technologies.

The geotechnical vessel Fugro Commander is chartered for work on the Hornsea wind farm. The vessel is carrying out a geotechnical investigation on the site and is ex-pected to remain on charter until around the middle of August. Meanwhile, the Normand Mermaid is expected to be mobilised in the first week of September to carry out borehole work at the site. The multi cat Willendeavour will also be carrying out an investigation of the cable route corridor between July and September.

Trinity House’s buoy tender vessel Galatea is currently working on the Gwynt y Mor offshore wind farm carrying out navigation buoy installation. The vessel is expected to remain at the site until around the end of August. The wind farm, which will consist of around 160 turbines, will eventually cover an area of around 124 square kilometres around 15km to 20km off the coast of North Wales in the Liverpool Bay area of the Irish Sea.

Galatea Working on Gwynt y Mor

DECC Outlines Renewables Roadmap

Fugro Commander at Hornsea Wind Farm

Diving Work at Walney 1 & 2

©Copyright Braemar Seascope Offshore 2011

RenewablesRenewablesRenewables

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Average Daily North Sea Spot Cargo Run Dayrates Since February 2011

DayratesDayrates PSV PSV PSV

SPECS BOX

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Average Daily North Sea Spot Rig Move Dayrates Since February 2011

DayratesDayrates AHTS AHTS AHTS

Average North Sea Spot Average North Sea Spot Average North Sea Spot

AHTS Rates AHTS Rates AHTS Rates

FebFebFeb---July 2011July 2011July 2011

Average North Sea Spot Average North Sea Spot Average North Sea Spot

PSV Rates PSV Rates PSV Rates

FebFebFeb---July 2011July 2011July 2011

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Large PSVs (700m2+ Clear Deck)2010

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Large PSVs (700m2+ Clear Deck)2011

Medium PSVs (500-700m2 ClearDeck) 2011

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Large - AHTS (16,000+ BHP) 2010

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Large - AHTS (16,000+ BHP) 2011

Medium - AHTS (12-15,999 BHP)2011

DayratesDayrates AHTS AHTS AHTS Average North Sea Spot Average North Sea Spot Average North Sea Spot

AHTS Rates 2010/11AHTS Rates 2010/11AHTS Rates 2010/11

Average North Sea Spot Average North Sea Spot Average North Sea Spot

PSV Rates 2010/11PSV Rates 2010/11PSV Rates 2010/11

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Large PSVs (700m2+ Clear Deck) Medium PSVs (500-700m2 Clear Deck)

DayratesDayrates PSV PSV PSV

SPECS BOX

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Large - AHTS (16,000+ BHP) Medium - AHTS (12-15,999 BHP)

DayratesDayrates AHTS AHTS AHTS

Average North Sea Spot Average North Sea Spot Average North Sea Spot

AHTS Rates 2004AHTS Rates 2004AHTS Rates 2004---201120112011

Average North Sea Spot Average North Sea Spot Average North Sea Spot

PSV Rates 2004PSV Rates 2004PSV Rates 2004---201120112011

Braemar Seascope Offshore is a division of

Braemar Shipping Services PLC, a leading

integrated provider of brokering and con-

sultancy services to the shipping industry.

At Braemar Seascope Offshore our aim is

to provide cost effective solutions to our

clients' offshore programmes.

Regular advances in technology mean our

work is a direct response to constantly

changing market needs.

From offices in London, Aberdeen, Singa-

pore and Australia we specialise in the

worldwide offshore market.

Our services include:

Spot and period chartering

Short sea and ocean towage

Newbuild and second hand sale &

purchase

Bespoke research and reports

Corporate mergers, acquisitions &

fleet sales

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vising banks

Valuation services

Contact

Us

Sean Bate

Market Analysis

Manager

25 Carden Place

Aberdeen

AB10 1UQ

UK

Phone:

+44 (0)1224 628470

Fax:

+44 (0)1224 621444

E-mail:

research

@seascope.co.uk

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