NSRV3

MARKET NEWS &

ANALYSIS

VESSEL DAYRATE

CHARTS

RIG NEWS

BRAEMAR SEASCOPE OFFSHORE

MONTHLY MAGAZINE

May 2011 ISSUE: 47

©Braemar Seascope Offshore

Picture: KL Sandefjord courtesy of K Line Offshore

Welcome to the latest edition of the

new look Braemar Seascope Offshore

North Sea Vessel Report. This month

has seen a lot of fluctuation in the mar-

kets as the impact of the weather and

volcanic eruptions in Iceland appears set

to conspire to tighten the market. How-

ever, politics have added additional vol-

atility. The debate over the North Sea

tax rise and plans by the Scottish Na-

tional Party for an oil wealth fund has

raised questions among oil companies.

EnCore Oil has decided to cancel its

planned flotation of its exploration com-

pany due to the current market condi-

tions. Oil and Gas UK has also stated it

has seen a drop in confidence in the

industry due to the tax changes.

Meanwhile, the effect the latest volcan-

ic eruption will have on the market is

still unclear. In 2010, the ash-cloud and

subsequent disruption to air travel

caused a spike in PSV dayrates as ves-

sels were fixed for crew transfer work.

The latest on the 2011 Ash Cloud can be

found at the Volcanic Ash Advisory Cen-

tre and affected flights can be viewed

by clicking here.

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

How

are we

doing?

In an effort to constant-

ly improve our services

we want to hear from

you. Our readers pro-

vide us with invaluable

feedback on our reports

and our services gener-

ally. Whether it is a one

word statement or two

page essay we value

your input. Please take

the time to let us know

what you think of the

North Sea Vessel Report

and our other publica-

tions by clicking the

button on the left and

taking a few seconds to

leave feedback. Click here to leave Feedback

The forces of nature are having a strong impact on the

North Sea Vessel Market in these recent weeks. Turbu-

lent weather offshore has seen a number of rig moves

delayed and cargo runs taking longer than originally

anticipated. This has coincided with the impending air

space closures due to the latest ash cloud from Ice-

land’s Grimsvotn volcano to create an upturn in rates.

The spot PSV market has tightened as vessels have left

the market to commence term work. This includes the

series of boats that have been fixed for Allseas under

various workscopes. Latest fixtures include the Edda

Sprint which is off to Maersk Oil and Gas Denamrk for

around two months to support the GSF Monarch. Once

again the influence of Petrobras has been felt with the

Toisa Crest the latest vessel to depart the North Sea

spot market for a multi-year contract in Brazil. These

departures have convinced owners to bring vessels out

of lay-up. Boats that went into lay-up as the Sartor and

the Ocean Spirit have emerged on to the market with

new names of the Ocean Scout and NSO Spirit respec-

tively. Newer high specification tonnage is becoming

scarcer on the PSV spot market and with demand set to

increase for AHTS vessels it seems as though there

could be a temporary strain on demand soon.

The AHTS market is feeling the impact of the harsh

weather combined with the ash cloud scenario.

Maersk’s Gryphon FPSO has had to be towed to

drydock following damage sustained in poor weather

taking four high end AHTS vessels out of the spot mar-

ket until around early June. As operators begin to look

at the potential impact of the volcanic ash cloud on

crew changes it seems a spike in demand for vessels

suitable for carrying crew could be on the cards forcing

rates up while the air spaces are affected.

However, the nature of the latest volcanic eruption in

Iceland seems to suggest that the overall impact on the

vessel markets will be significantly less than experi-

enced in 2010. Once the disruption to air space sub-

sides and the weather improves, both of which are ex-

pected to be relatively short in nature, the market is

expected to settle and rates could well fall away as the

supply of vessels on the market is expected to improve.

The seasonal nature of the North Sea vessel market

means we can expect a certain level of tightening in the

next few months but it seems there are currently

enough vessels on the spot market to absorb demand.

©Copyright Braemar Seascope Offshore 2011

Spot MarketSpot MarketSpot Market

Market CommentaryMarket CommentaryMarket Commentary

BELOW: Images from

the Volcanic Ash Cloud

Advisory centre.

T he pace of new arrivals to the North Sea mar-

ket has slowed somewhat in recent weeks.

However, there has been an increase in new-

build orders being placed with shipyards. In-

cluded in these is Solvik Offshore’s order for up to three

large PSVs from Hellesoy Shipyard. Hulls for the PSVs

are to be towed from Poland and Turkey for completion

and outfitting in Norway. The vessels will be 85 metres

and of VS-485 design. The first hull has been delivered

to the yard and is expected to be completed by Novem-

ber 2012 with the optional units due in May and No-

vember 2013.

Meanwhile, the North Sea spot market has seen the

arrival of vessels out of lay-up. NSO Spirit (ex Ocean

Spirit) and Ocean Scout (ex Sartor) have both rejoined

the market with both vessels having secured cargo runs

on a tighter market.

The large AHTS KL Saltfjord (pictured below) has also

been on the North Sea spot market. The 2011 newbuild

AH12 CD designed vessel has been sitting in Stavanger

awaiting work for much of the time since its delivery.

The vessel has already performed a rig move of the

Aker Barents on behalf of MLS and it is anticipated it

will secure additional charters soon.

Looking forwards we can expect a series of PSVs to

come out including: Topaz Provider, UP Jasper which

should be delivered towards the end of June along with

the Vestland Insular.

Looking through to August and September we can ex-

pect these to be joined by additional newbuilds includ-

ing the UT-776 CD Island Centurion, REM Fortress VS-

485 MKII, REM Server and the first of Sanko’s STX 09

designed vessels and Olympic’s first MT-6009 too.

KL Saltfjord

Design: AH12 CD

Built: Langsten 2011

BHP: 34,000

Max Deck: 750 square metres

DP: 2

Fuel Oil: 1,959m³

Drill Water: 295m³ (approx.)

Pot Water: 1,507m³ (approx.)

Mud/Brine: 764m³

Full Spec: Click Here

SPEC BOX

KL SaltfjordKL SaltfjordKL Saltfjord

New ArrivalsNew ArrivalsNew Arrivals

SBS CIRRUS (DP I) 1985 / UT-705 / 864 m2 Charterer: Allseas

BOA FORTUNE 1992 / UT-706 / 615 m2 Charterer: Allseas

ENERGY GIRL (DP I) 1985 / UT-705 / 850 m2 Charterer: Allseas

EDDA FRIGG (DP II) 1997 / SK60/09 / 906 m2 Charterer: Allseas

MAERSK NOMAD (DP II) 2009 / UT-745 CDL / 912 m2 Charterer: Allseas

TOISA INDEPENDENT (DP I) 2003 / Global 1000 / 1000 m2 Charterer: Allseas

TOISA INTREPID (DP I) 1998 / VS-483 / 936 m2 Charterer: Allseas

TOISA SONATA (DP I) 2009 / VS-483 MK II / 1020 m2 Charterer: Allseas

MAERSK FETCHER 1995 / UT-745 / 903 m2 Charterer: Allseas

MAERSK FEEDER 1992 / UT-745 / 907 m2 Charterer: Allseas

F.D. RELIABLE (DP II) 2007 / UT-755L / 640 m2 Charterer: ADTI

AHTS Arrivals on North Sea Spot MarketAHTS Arrivals on North Sea Spot MarketAHTS Arrivals on North Sea Spot Market

Arrivals & DeparturesArrivals & DeparturesArrivals & Departures

SIEM AMETHYST (DP II) 2010 / VS 491 CD / 275t Newbuild

MAERSK TRAVELLER (DP II) 2009 / VS 472 / 173t Previous: AGR Falkland Islands

KL SALTFJORD (DP II) 2011 / AKER AH12 CD / 390t Newbuild

MAERSK ASSISTER 2000 / Own / 271t Previous: CTC Marine

OLYMPIC ZEUS 2009 / A122 / 260t Previous: MMT

NORMAND MASTER (DP II) 2003 / A101 / 282t Charterer: MLS

SIEM TOPAZ (DP II) 2010 / VS 491 CD / 275t Charterer: Statoil

FAR SCORPION (DP II) 2009 / UT 731 CD / 251t Charterer: MLS

KL SANDEFJORD (DP II) 2011 / AKER AH 12 CD / 390t Charterer: MOD

MAERSK LANCER (DP II) 2009 / Own / 250t Charterer: BP

NORMAND RANGER (DP II) 2010 / VS 490 / 287t Charterer: Technip

HAVILA JUPITER (DP II) 2010 / Havyard 845 / 284t Charterer: MLS

SIEM AQUAMARINE (DP II) 2010 / VS 491 / 275 Charterer: Capricorn

OLYMPIC POSEIDON (DP II) 2010 / 1998 / UT 722 / 162t Charterer: Capricorn

SIEM RUBY (DP II) 2010 / VS 491 CD / 275t Charterer: Capricorn

MAERSK DETECTOR (DP II) 2006 / Moss 929 / 219t Charterer: Husky

OCEAN SCOUT (ex Sartor) 1976 / UT 706 / 550 m2 Previous: Lay-up

NSO Spirit (ex Ocean Spirit) 1983 / UT 706 / 630 m2 Previous: Lay-up

HIGHLAND CHAMPION 1979/ UT 705 / 825 m2 Sublet from ConocoPhillips

ER ARENDAL (DP I) 2006 / VS 470 MKII / 700 m2 Previous: BG

HAVILA FORTRESS 1996 / VS 483 / 902 m2 Previous: ADTI

PSV Arrivals on North Sea Spot MarketPSV Arrivals on North Sea Spot MarketPSV Arrivals on North Sea Spot Market

AHTS DeparturesAHTS DeparturesAHTS Departures

PSV DeparturesPSV DeparturesPSV Departures

The large PSV Troms Castor has been fixed to carry out a cargo run to Greenland for Cairn’s ongoing operations with their Capricorn subsidiary. The vessel, which has been working on the North Sea spot market, is expected to take around 20 days to perform the fixture. The Troms Castor is a DP2 VS-485 designed vessel with a deck area of around 1,005 square metres. Cairn are currently carrying out a drilling programme West of Greenland with the Leiv Eriksson and the drillship Ocean Rig Corcovado.

Three long-term requirements remain open on the market including:

1-2 PSVs / Nexen UK / 3 years or 18 months + opts / comm. May—Oct

1 PSV / Statoil Norway/ 2-5 years / comm. Dec 2011—Dec 2012

Meanwhile, a number of medium requirements remain outstanding.

BP has fixed the large PSV Far Service for a long-term charter of two years firm. The 1995 built UT-745 designed vessel is understood to have been fixed for the firm peri-od with two additional six month options. The Far Service is equipped with DP2, a large deck area of around 965 square metres and accommodation for 26 personnel. The vessel will be supporting BP’s North Sea locations possibly including Clair Ridge or Schiehallion.

1 x PSV / ConocoPhillips / 45 days firm +opt / comm. Mid May

1 x PSV / E.On / 1 well / comm. June

1 x PSV / Maersk Oil & Gas Denmark / 60 days + D/D 20 / Early July

1 x PSV / DNO Norway/ 4 wells firm / comm. Sept-Nov

1 x PSV / GdF UK / 1 well firm + 2x 1 well opts / comm. June-July

Medium-Term Requirements

Long-Term Requirements

BP Takes on Far Service For Two Years

Greenland Cargo Run for Troms Castor

©Copyright Braemar Seascope Offshore 2011

CharteringCharteringChartering

MLS has taken on a number of vessels for medium and long term charters. The vessels include the Rem Fortune which has been fixed as a front runner for the newbuild PSV Rem Commander which is expected to be delivered from the Kleven Verft yard in early June. The Rem Fortune has been chartered for one-well or circa 75-100 days at around GBP 22,500. Meanwhile, the Rem Commander will be on for 900 days firm plus options at a dayrate of NOK 163,000.

AGR has taken the large PSV KL Brofjord on charter for four wells firm to support the WilPhoenix on Block 206. The Aker PSV 06 designed vessel is expected to be on charter until around October at a dayrate of around GBP 26,500. The rig will be towed to location from Gdansk by the end of May. The UT-712 L designed AHTS Subhadra has already been chartered by Awilco Towage to carry out the tow.

PA Resources has fixed the medium PSV’s Vos Prevail and North Truck for two wells firm. The vessels will be sup-porting the Ensco 70 rig while it carries out operations. The UT-755 LN designed Vos Prevail has previously been carrying out cargo runs for BP, Premier and Venture and is expected to remain on the charter with PA Resources at a dayrate of around GBP 10,500 until around August. The UT-705 designed North Truck is understood to have been fixed at around the GBP 14,500 level.

Awilco Towage has chartered the UOS Atlantis to tow the WilHunter rig from Gdansk to Block 9 on the UK Continen-tal Shelf. The MOSS 424 designed vessel is expected to take until around the end of the month to get the rig into position. As mentioned above, Awilco has also taken on the Subhadra to perform a similar towage operation for the WilPhoenix which will commence a charter for AGR.

UOS Atlantis Fixed to Awilco

KL Brofjord Fixed to AGR

PA Resources Takes on PSV Pair

MLS Charters Vessels For Term Work

©Copyright Braemar Seascope Offshore 2011

CharteringCharteringChartering

The Sea Bear AHTS has been fixed on a nine-month con-tract to Mellitah Gas in Libya and departed the North Sea around the middle of April. The KMAR 404 vessel had pre-viously been working in the North Sea spot market. This follows the arrival in the North Sea last month of the Sea Lion which had previously been working in the Mediterra-nean and is currently sitting prompt and charter free in Aberdeen.

The medium PSV Toisa Crest has been fixed to Petrobras on a four-year firm charter plus four additional one year options. The vessel is the latest in a series of boats that have left the North Sea in recent times to take up long-term charters with the Brazilian operator. The Toisa Crest is a DP2 PSV equipped with a deck area of around 680 square metres and accommodation for 40 personnel.

Statoil has fixed the Viking Athene for three months firm plus an additional three-month option. The VS-470 MKII designed vessel will be carrying out general pool support duties for the operator. The vessel is understood to have been fixed at a dayrate of around GBP 19,000. The 2006-built Viking Athene is equipped with DP2, Fifi 1 and a deck area of around 700 square metres.

The large AHTS vessel KL Sandefjord has been chartered to the Ministry of Defence (MOD) for 45 days firm plus additional options. The 2011-built Aker AH12 CD designed vessel is expected to be on charter until around late June. The KL Sandefjord has been fixed on for all duties. The vessel is equipped with DP2, a bollard pull of 390t and a deck area of 750 square metres.

KL Sandefjord Fixed to MOD

Toisa Crest Gets Four-Year Petrobras Deal

Statoil Charters Viking Athene

Sea Bear Fixed to Libya

©Copyright Braemar Seascope Offshore 2011

CharteringCharteringChartering

The latest North Sea rig fixtures includ-

ing Lundin taking on the Bredford Dol-

phin, Premier Oil’s charter of the Sedco

704 and Enquest fixing the John Shaw

are indicative of the increased activity in

the region in recent weeks.

Transocean utilisation for its semisub-

mersible rig fleet in the North Sea has

reached 80% for the year so far due to

the two-month fixture of the Sedco 704

and Providence taking on the Arctic III.

The Sedco 704 is currently carrying out

work for ADTI.

Meanwhile, Falkland Oil and Gas Ltd has

confirmed that the Leiv Eriksson drill-

ship will commence work in the South-

ern Basin of the Falkland Islands in the

fourth quarter of this year. The rig is

currently commencing work for Capri-

corn in Greenland.

After George Osborne raised the supple-

mentary tax on North Sea Oil produc-

tion in the UK to 32% from 20% there

seems to be no room for backtracking

by the Treasury despite high level dis-

cussions, EnCore dropping its IPO plans

and criticisms from the Scottish National

Party.

In addition to the rig activity Maersk’s

Gryphon FPSO has been tying up AHTS

vessels as it is moved to Rotterdam for

repair following storm damage. The unit

is expected to be offsite for around a

year according to reports.

Tullow

buys

Nuon

Tullow has announced it

has entered into an agree-

ment to acquire Nuon Ex-

ploration and Production

for a cash consideration of

EUR 300 million from the

Vattenfall Group. The

acquisition will add a port-

folio of 25 licences includ-

ing over 30 producing

fields to Tullow’s North

Sea assets. According to

Tullow the Nuon E&P as-

sets are complementary to

the group’s existing Dutch

assets and will provide a

strong platform for

Click Here For

Full Map

$0

$20

$40

$60

$80

$100

$120

$140

Jan

-05

Ma

r-0

5

Ma

y-0

5

Jul-

05

Se

p-0

5

No

v-0

5

Jan

-06

Ma

r-0

6

Ma

y-0

6

Jul-

06

Se

p-0

6

No

v-0

6

Jan

-07

Ma

r-0

7

Ma

y-0

7

Jul-

07

Se

p-0

7

No

v-0

7

Jan

-08

Ma

r-0

8

Ma

y-0

8

Jul-

08

Se

p-0

8

No

v-0

8

Jan

-09

Ma

r-0

9

Ma

y-0

9

Jul-

09

Se

p-0

9

No

v-0

9

Jan

-10

Ma

r-1

0

Ma

y-1

0

Jul-

10

Se

p-1

0

No

v-1

0

Jan

-11

Ma

r-1

1

PricePrice Oil Oil Oil

Norway UK Denmark Germany /

Netherlands Stacked without future contract

Stacked with future contract Total

Drillship 1 1 2

Jackup 5 12 4 7 5 7 40

Semi-Sub 20 12 2 4 38

Total 26 25 4 7 7 11 80

ChartChart Rig Rig Rig

Rig Activity by Type and Country

200520052005---201120112011

Nexen Petroleum is currently tendering for two vessels from around July or August. One of the vessels will be re-quired to support the Buzzard field for between three and five years. Meanwhile, the second vessel will be needed to support a minimum 18-month drilling programme with an unnamed semi-submersible rig.

Vessel availability has tightened up significantly as numer-ous rigs mobilise for seasonal programmes. The fleet is likely to effectively reach 100% utilisation on occasions this sum-mer as in 2010 and rates will increase accordingly. Recent fixtures include: Ocean West & VOS Sentinel to AGR and SPD with the WilPhoenix and WilHunter. The Vos Raasay has been chartered by ERT for three months supporting Camelot decommissioning work. Vos Tiree is with the Ensco 92 for one well (45 days) with ConocoPhillips.

E.On Ruhrgas has confirmed the charter of the Vos Sup-porter to support a four to seven well programme with the Ensco 100 in the Huntington Field in the Central North Sea. The contract commenced around the middle of April. In the South North Sea, the Vos Searcher has been char-tered to support their one well (circa 75 days) drilling pro-gramme with the Ensco 92 on the Tolmount Field.

Capricorn has returned to Esvagt for the provision of two standby ERRV vessels to support their West of Greenland drilling programme with the Leiv Eriksson and the new-build drillship Ocean Rig Corcovado. The Esvagt Don and the Esvagt Capella have recently mobilised from Peter-head and are likely be retained until October.

Esvagt Vessels go to Greenland

Availability Tightens

E.On Ruhrgas Takes on Vroon Vessels

Nexen Seeking Two Standby Vessels

©Copyright Braemar Seascope Offshore 2011

Standby/ERRVStandby/ERRVStandby/ERRV

CTC Marine’s Volantis has finished cable replacement work at the European Marine Energy Centre (EMEC) off the Orkney Islands in Scotland. The vessel is understood to now be en-route to Mokpo in South Korea where it will carry out trenching operations on the Jeju to Jindo HVDC power link project. CTC’s Maersk Responder will begin cable installation around the middle of June with the Vo-lantis joining shortly afterwards to commence the trench-ing of the cables.

The multi purpose construction vessel Aker Wayfarer is currently available for fill-in work ahead of a long-term contract in Brazil. The vessel is currently in Egersund in Norway and is expected to be available for North Sea work for around the next two months. The DP3 vessel is equipped with a 400mt crane, helideck, deck area of 2,210 square metres and two work class ROVs.

CGG Veritas has announced a joint venture with Eidesvik Offshore to manage 10 high-capacity 3D vessels. The fleet will include two new X-bow vessels the Oceanic Vega and Oceanic Sirius. The joint venture: CGG Veritas Eidesvik Ship Management AS will be based in Bergen and is 51% owned by Eidesvik and 49% owned by CGG Veritas. The Oceanic Vega, which is capable of towing up to 20 steera-ble streamers, was delivered in July 2010 with the Oceanic Sirius due in September 2011.

Technip has announced the successful completion of the Apache II pipelay vessel. The work involved transferring pipelay equipment to a new-build hull that was acquired by the company in 2009. According to Technip the new pipelay vessel will provide operators with a faster version of its predecessor. The new vessel is 137m long and equipped with two 100t cranes, helideck, a 2,000t main reel and accommodation for 120 personnel.

Technip’s Apache II Completed

Aker Wayfarer

CGG Veritas Strikes Eidesvik Deal

CTC Marine Completes EMEC Work

©Copyright Braemar Seascope Offshore 2011

SubseaSubseaSubsea

Statkraft has struck a deal with DONG to purchase 50 % of DONG’s UK offshore energy production from four of its offshore wind farms. The two-year power purchase agree-ment involves production from Burbo Bank, Gunfleet Sands, Walney and the London Array project. The deal will cover an initial installed capacity of 127 MW growing to 545 MW. The market value for the contract equates to approximately GBP 160 M.

The subsea air diving and ROV service vessel DP Reel is currently charter free. The vessel which is now owned by Red 7 Marine will be available from Great Yarmouth. The vessel has previously been employed on a five-year char-ter for Saipem on the Burrullus development in Egypt. The UT-705 designed vessel can be utilised for marine survey services, construction support and ROV support roles.

The Seajacks Leviathan and Seajacks Kraken are under-stood to have arrived in Mostyn ahead of commencing work on the Walney 2 Offshore Wind Farm project. As part of the mobilisation process both vessels were fitted with newly constructed 100t blade racks. The vessels will install 32 wind turbines and both vessels will carry two complete turbines, tower sections, nacelles and blades and will transit regularly between Mostyn and the site.

The wind farm installation vessel MPI Adventure has ar-rived in the UK from the COSCO Nantong Shipyard in Chi-na. The vessel was delivered from the yard at the end of March and arrived at the port of Harwich in mid May. The vessel will commence work on the London Array wind farm in the outer Thames estuary from June. A2SEA’s jack-up Sea Work is already working at the site and has in-stalled a number of the 175 foundation pieces.

MPI Adventure Arrives in UK

DP Reel Charter Free

Walney Offshore Wind Farm Vessels

Statkraft Purchases DONG Power

©Copyright Braemar Seascope Offshore 2011

RenewablesRenewablesRenewables

£0

£2,000

£4,000

£6,000

£8,000

£10,000

£12,000

£14,000

£16,000

£18,000

£20,000

Average Daily North Sea Spot Cargo Run Dayrates Since February 2011

DayratesDayrates PSV PSV PSV

SPECS BOX

£0

£5,000

£10,000

£15,000

£20,000

£25,000

£30,000

£35,000

£40,000

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

Feb/Mar/AprFeb/Mar/AprFeb/Mar/Apr---201120112011

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

PSV Rates PSV Rates PSV Rates

Feb/Mar/AprFeb/Mar/AprFeb/Mar/Apr---201120112011

£0

£5,000

£10,000

£15,000

£20,000

£25,000

£30,000

£35,000

January February March April May June July August September October November December

Large PSVs (700m2+ Clear Deck) 2010

Medium PSVs (500-700m2 Clear Deck)2010

Large PSVs (700m2+ Clear Deck) 2011

Medium PSVs (500-700m2 Clear Deck)2011

DayratesDayrates PSV PSV PSV

SPECS BOX

£0

£10,000

£20,000

£30,000

£40,000

£50,000

£60,000

Large - AHTS (16,000+ BHP) 2010

Medium - AHTS (12-15,999 BHP)2010

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

£0

£5,000

£10,000

£15,000

£20,000

£25,000

£30,000

£35,000

£40,000

Jan

-04

Ma

r-0

4

Ma

y-0

4

Jul-

04

Se

p-0

4

No

v-0

4

Jan

-05

Ma

r-0

5

Ma

y-0

5

Jul-

05

Se

p-0

5

No

v-0

5

Jan

-06

Ma

r-0

6

Ma

y-0

6

Jul-

06

Se

p-0

6

No

v-0

6

Jan

-07

Ma

r-0

7

Ma

y-0

7

Jul-

07

Se

p-0

7

No

v-0

7

Jan

-08

Ma

r-0

8

Ma

y-0

8

Jul-

08

Se

p-0

8

No

v-0

8

Jan

-09

Ma

r-0

9

Ma

y-0

9

Jul-

09

Se

p-0

9

No

v-0

9

Jan

-10

Ma

r-1

0

Ma

y-1

0

Jul-

10

Se

p-1

0

No

v-1

0

Jan

-11

Ma

r-1

1

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

DayratesDayrates PSV PSV PSV

SPECS BOX

£0

£20,000

£40,000

£60,000

£80,000

£100,000

£120,000

£140,000

Jan

-04

Ma

r-0

4

Ma

y-0

4

Jul-

04

Se

p-0

4

No

v-0

4

Jan

-05

Ma

r-0

5

Ma

y-0

5

Jul-

05

Se

p-0

5

No

v-0

5

Jan

-06

Ma

r-0

6

Ma

y-0

6

Jul-

06

Se

p-0

6

No

v-0

6

Jan

-07

Ma

r-0

7

Ma

y-0

7

Jul-

07

Se

p-0

7

No

v-0

7

Jan

-08

Ma

r-0

8

Ma

y-0

8

Jul-

08

Se

p-0

8

No

v-0

8

Jan

-09

Ma

r-0

9

Ma

y-0

9

Jul-

09

Se

p-0

9

No

v-0

9

Jan

-10

Ma

r-1

0

Ma

y-1

0

Jul-

10

Se

p-1

0

No

v-1

0

Jan

-11

Ma

r-1

1

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

Sourcing venture capital and ad-

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

Click here to leave Feedback

The Renewables Vessels

Newsletter

B raemar Seascope Offshore is in an ideal posi-

tion to offer industry insight on all aspects of

the offshore vessel market across the globe.

Our expert brokers are on call 24 hours a day

and are able to offer advice, information and up-to-the-

minute detail on vessel rates, availability and positions.

Visit the Braemar Seascope

Offshore website by clicking the

logo below or going to:

www.braemarseascope.com

WEBSITE

CONTACT US

©Braemar Seascope Offshore