JANUARY : A CHALLENGING YEAR AHEAD

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1 JANUARY : A CHALLENGING YEAR AHEAD

2 CONTENTS 3 OSV MARKET ROUND-UP 6 OSV AVAILABILITY, RATES & UTILISATION - NORTH SEA 7 MONTHLY OSV SPOT RATES - NORTH SEA 8 FEATURE VESSEL 9 OSV NEWBUILDINGS, CONVERSIONS, SALE & PURCHASE 12 SUBSEA 15 RIG, FIELD & OIL COMPANY NEWS 16 CONUNDRUM CORNER & DUTY PHONES ABOUT SEABROKERS GROUP The Seabrokers Group was established in We provide a unique and varied range of services to clients. The Seabrokers Group has an experienced workforce within Shipbroking, Real Estate, Facilities Management, Construction, Cranes & Transportation, Sea Surveillance and Safe Lifting Operations. Our head office is situated in Stavanger, but we also have offices in Aberdeen, Bergen, Rio de Janeiro and Singapore. The Seabrokers Group is different and we are proud of this fact. Our information, experience and knowledge provide us with the ability to perform in our diverse business areas. Seabrokers Chartering AS and Seabrokers Ltd are certified by DNV GL in line with Management System Standard ISO 9001; SHIPBROKING SECURALIFT Production and Administration: Seabrokers Ltd, Aberdeen For your free copy of Seabreeze, chartering@seabrokers.co.uk The Seabreeze Monthly Market Report is distributed worldwide through our offices in Aberdeen, Stavanger, Singapore and Rio de Janeiro. Seabrokers Group 2015 SEA SURVEILLANCE FACILITY MANAGEMENT CRANES & TRANSPORTATION OUR OFFICES: STAVANGER BERGEN SKIEN ABERDEEN RIO DE JANEIRO SINGAPORE REAL ESTATE ENTREPRENEUR YACHTING

3 OSV MARKET ROUND-UP CHALLENGING MARKET FOR OWNERS SEABROKERS LAUNCHES WEBLOG If the first month of the year is anything to go by, then 2015 looks like it could be a challenging year for OSV owners in the North Sea. While the winter season can be notoriously difficult for owners anyway, the start to 2015 has been particularly tough, with some spot fixtures coming in at rates below GBP 5,000 per day. The dramatic fall in the price of oil over the last six to seven months has prompted the postponement of many offshore projects in the North Sea, as oil & gas companies seek to limit their cost exposure this year. This has inevitably had a negative effect on the supplydemand balance for owners, with an abundant supply of vessels (particularly PSVs) available for most of January. The knock-on effect of this situation has seen average fixture rates for both PSVs and AHTS vessels that are significantly lower than they were at the beginning of last year (see p.6-7 for details). The North Sea spot market does usually experience an upturn in demand and a tightening of availability as we move out of the winter period, so owners will be hoping the same applies for 2015 if they are to make up for such a tough start to the year. As part of Seabrokers philosophy of being the shipbroker with a difference, we are proud to have launched an internet-based voyage log system. For many years, vessel crews have had to record all of their activities in a spreadsheet, with this information ed to charterers at the end of the voyage. This data is then used by the charterer to calculate cost splits and to prepare performance reports. Seabrokers WEBLOG does all this via an internet site. All that is required is for the vessel crew to have access to the internet, with no specialist hardware required. The crew simply log in to WEBLOG, and update their voyage data as and when required, without the need for any spreadsheets. The data is instantly accessible by the charterer via WEBLOG, who can use the system to produce all their cost and performance reports at the click of a button. For more information, please contact Erik Christoffersen in Seabrokers Aberdeen office at chartering@ seabrokers.co.uk. SEABREEZE 3

4 OSV MARKET ROUND-UP DOF SECURES RANGE OF TERM FIXTURES DOF has secured a range of new term fixtures, with two AHTS vessels continuing to work offshore Argentina, two AHTS vessels awarded long-term deals offshore Australia, and two North Sea PSVs being retained by their current charterers. In Argentina, Total has extended its contracts with AHTS vessels Skandi Møgster and Skandi Saigon (pictured c/o D Dodds). Both vessels will now be kept busy with Total until at least the end of February In Australia, Origin Energy has awarded DOF contracts for the charter of AHTS vessels Skandi Atlantic and Skandi Giant. Both vessels have been contracted for a firm period of approximately 150 days, commencing in the first quarter of Origin has further options available to extend the charters by up to five more wells. This fixture has resulted in the Skandi Giant being mobilised from the Canary Islands to Australia for the charter. In the North Sea, Maersk Oil UK has opted to retain PSV Skandi Caledonia for an additional period of six months from October Statoil, meanwhile, has exercised the first one-year option on its contract with PSV Skandi Gamma. The extension period commences in February NORWAY OFFERS 54 NEW PRODUCTION LICENCES Norway has offered 54 new production licences to 43 companies following its Awards in Predefined Areas (APA) 2014 process. Of the 54 licences, 34 are located in the North Sea, 16 in the Norwegian Sea, with four in the Barents Sea. The Norwegian Petroleum Directorate has indicated that it received a record number of applications for additional acreage this year. The greatest interest was received for areas in the central part of the North Sea and Norwegian Sea, following the large Pil and Bue discoveries that have been made in the Norwegian Sea. Twenty-three different companies have been offered operatorship of licences. The list of operators consists of: Bayerngas (2), BG (1), Centrica Resources (2), ConocoPhillips (2), Det Norske Oljeselskap (3), DONG (1), E.ON (3), Eni (1), EnQuest (1), Faroe Petroleum (1), GDF SUEZ (1), Ithaca Petroleum (2), Lotos Exploration and Production (1), Lundin (6), PGNiG Upstream International (1), Repsol (2), Rocksource (1), Shell (1), Statoil (8), Total (5), Tullow Oil (5), VNG (1), and Wintershall (3). 4 SEABREEZE

5 OSV MARKET ROUND-UP TWO TERM CHARTERS FOR OLYMPIC Olympic Ship AS has been awarded two new term fixtures. OCV/AHTS vessel Olympic Zeus (pictured) has been chartered in West Africa for a period of up to 90 days from February This fixture has seen the Olympic Zeus depart the North Sea spot market. Olympic has also secured a one-year plus one-year option contract for its Multifunctional Subsea Vessel Olympic Triton with Demar offshore Mexico. The vessel will perform subsea and support functions for Demar under contracts with PEMEX in the Gulf of Mexico. MARCO POLO AWARDED RANGE OF FIXTURES Marco Polo Marine has recently confirmed the receipt of a range of new long-term fixtures, some of which commenced in late 2014, with others starting in The AHTS vessel MP Prowess was awarded a maiden one-year bareboat contract in Vietnam that commenced in November In Indonesia, AHTS vessels MP Prelude (pictured) and MP Premier have been retained by their current charterer until the end of August 2015, while AHT OMS Endurance has been renewed on a bareboat charter offshore Australia for three years plus two one-year options from January NEW RUSSIA-TURKEY PIPELINE APPROVED An amended route for the new gas pipeline across the Black Sea has been approved, with the new route seeing the pipeline run from Russia to Turkey instead of Bulgaria. Saipem had been contracted to assist with the construction of the South Stream pipeline, although Saipem s progress had recently been suspended. Saipem has chartered a range of OSVs to support the project, including Solstad PSVs Normand Carrier, Corona and Flipper, Sealion PSVs Toisa Independent and Invincible, Maersk Supply AHTS vessels Maersk Tracer and Transporter, Deep Sea Supply PSVs Sea Spark, Spider and Springer, and Deep Sea Supply AHTS vessel Sea Lynx. SEABREEZE 5

6 OSV RATES & UTILISATION JANUARY DAILY NORTH SEA OSV AVAILABILITY RATES & UTILISATION NORTH SEA SPOT AVERAGE UTILISATION JANUARY 2015 PSV 2015 PSV 2014 AHTS 2015 AHTS 2014 TYPE JAN 2015 DEC 2014 NOV 2014 OCT 2014 SEP 2014 AUG 2014 MED PSV 68% 72% 73% 80% 86% 72% LARGE PSV 76% 78% 85% 85% 86% 87% MED AHTS 69% 45% 76% 72% 83% 86% LARGE AHTS 61% 42% 65% 78% 85% 79% NORTH SEA AVERAGE RATES JANUARY 2015 CATEGORY AVERAGE RATE JANUARY 2015 AVERAGE RATE JANUARY 2014 % CHANGE MINIMUM MAXIMUM SUPPLY DUTIES PSVS < 900M 2 5,091 9, % 3,500 12,000 SUPPLY DUTIES PSVS > 900M 2 6,141 12, % 3,750 16,500 AHTS DUTIES AHTS < 18,000 BHP 12,541 29, % 5,000 30,000 AHTS DUTIES AHTS > 18,000 BHP 20,863 35, % 5,150 50,000 SPOT MARKET ARRIVALS & DEPARTURES MID-DEC 14 TO JAN 15 ARRIVALS - NORTH SEA SPOT HIGHLAND PRINCESS EX WEST AFRICA SEA LYNX EX BLACK SEA SIEM AQUAMARINE EX WEST AFRICA SKANDI ICEMAN EX MEDITERRANEAN ARRIVALS - CONTINUED SKANDI SKANSEN EX MEDITERRANEAN TROMS LYRA EX WEST AFRICA UOS ENTERPRISE EX WEST AFRICA UOS FREEDOM EX WEST AFRICA DEPARTURES - NORTH SEA SPOT OLYMPIC ZEUS WEST AFRICA TERM PACIFIC LEADER FALKLANDS TERM PACIFIC LEGEND FALKLANDS TERM SEA TRIUMPH AUSTRALIA TERM * Vessels arriving in or departing from the North Sea term market are not included here. 6 SEABREEZE

7 NORTH SEA AVERAGE SPOT RATES NORTH SEA AVERAGE SPOT MONTHLY RATES 40,000 20,000 PSVs < 900m² All Cargo Runs 30,000 15,000 20,000 10,000 10,000 5,000 - Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec ,813 15,165 9,746 8,597 11,296 10,682 10,595 11,421 11,609 9,784 8,521 5, , ,000 20,000 PSVs < > 900M² 900M2 900m² 15,000 10,000 5,000 - Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec ,653 20,559 12,136 11,409 12,840 9,112 11,583 14,432 13,712 10,278 9,949 5, , ,000 70,000 70,000 AHTS < 18,000 bhp 60,000 PSVs > 900M² 900M2 60,000 50,000 50,000 40,000 40,000 30,000 30,000 20,000 10,000 - Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec ,925 22,073 10,505 28,314 12,190 14,485 16,551 68,689 53,533 32,724 30,803 6, , ,000 70,000 AHTS Rig > Moves 18,000 bhp 60,000 50,000 40,000 30,000 20,000 10,000 - Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec ,129 26,271 17,553 39,977 21,758 18,967 28,759 73,541 68,657 52,724 28,222 8, , ,000 40,000 25,000 Average Day Rates Average To Day Month Rates (January To Month 2015) (June 2013) 30,000 20,000 15,000 20,000 10,000 10,000 5,000 - PSVs < 900m² PSVs > 900m² AHTS < 18,000 bhp AHTS > 18,000 bhp ,833 9,813 12,591 12,653 20,252 29,925 27,835 35, ,091-6,141-12,541-20,863 - SEABREEZE 7

8 FEATURE VESSEL BERNHARD SCHULTE SX175 WIND SERVICE VESSELS Ulstein Verft has signed a shipbuilding contract with Bernhard Schulte for two newbuild service operation vessels to be built to the ULSTEIN SX175 design. The final detailed arrangements and equipment for the vessels have been developed and specified in cooperation with WINDEA Offshore GmbH & Co. KG, Bernhard Schulte s affiliate for offshore wind projects. These are the first vessels that will be built utilising Ulstein s new X-STERN hull line design, and this order also represents Ulstein s 100th sale of a vessel with its X-BOW hull design. Ulstein has indicated that these features allow the vessels to operate with either their stern or front towards the wind, waves or current, increasing their operational window. These will be the first offshore wind service vessels to be built at the Ulstein Verft yard, with deliveries scheduled for the second quarter of 2016 and the first quarter of The vessels can accommodate 60 persons in single cabins, of which 40 cabins are dedicated to technicians who service wind turbines. However, the Bernhard Schulte vessels will specifically be outfitted to accommodate 109 persons. VESSEL SPECS: Design: ULSTEIN SX175 Length: 88m Breadth: 18m Speed: 13.5 knots Accomodation: 109 persons Design features: Ulstein X-BOW and X-STERN hull lines 8 SEABREEZE

9 OSV NEWBUILDINGS, S&P STRIL BARENTS DELIVERED TO MØKSTER Simon Møkster Rederi has accepted delivery of its newbuild PSV Stril Barents from the Vard Aukra shipyard in Norway. A naming ceremony will take place in Stavanger on February 5. The vessel s hull was built by Vard Braila in Romania. Stril Barents was built to the VARD 1 06 design, giving her a cargo deck area of 750m², a deadweight of 4,264t, a maximum speed of 16 knots and an accommodation capacity for 27 persons. She is a duel fuel PSV, meaning she can operate on both Marine Gas Oil and LNG. Stril Barents will now enter into a long-term charter with Eni offshore Norway. TROMS PSV DELIVERED IN VIETNAM Newbuild PSV Troms Mira has been delivered to Troms Offshore AS, a wholly-owned subsidiary of Tidewater. The vessel was built at the Vard Vung Tau facility in Vietnam. Built to the VARD PSV 1 08 CD design, Troms Mira will primarily be positioned for operations in the North Sea and arctic waters, and she will be managed by the Troms team in Norway. The vessel has a cargo deck area of 830m², a deadweight of 3,956t, a maximum speed of 14.2 knots and an accommodation capacity for 28 persons. COSCO DELIVERS PSV TO TIDEWATER Tidewater has also accepted delivery of a newbuild PSV, the Chauvin Tide, from the COSCO (Guangdong) Shipyard in China. Built to Rolls Royce s UT 771 CDL design, the Chauvin Tide has a length of 83.75m, a breadth of 18m, and a loading capacity of 3,800 tonnes. She is capable of accommodating 46 persons. Separately, the COSCO (Guangdong) Shipyard recently launched the first of eight Rolls Royce UT 771 WP PSVs that it is building for Singapore-based Chellsea. DE HOOP DELIVERS ONE AND LAUNCHES ANOTHER The De Hoop Shipyard in the Netherlands delivered newbuild PSV Delta Admiral to Delta Logistics Limited of Trinidad in December. Built to De Hoop s Kiss design, the vessel has dimensions of 70m x 15.8m and a deadweight of more than 2,500t. The De Hoop yard has also recently launched Prince Job I, the first of two PSVs it is building for Awaritse Nigeria Limited (ANL). The Prince Job I is a 68m PSV designed for operations offshore Nigeria. Delivery is scheduled for later this quarter. SEABREEZE 9

10 OSV NEWBUILDINGS, S&P REM ARCTIC LAUNCHED IN NORWAY The launching of Rem Offshore s newbuild arctic PSV took place at the Kleven Verft Shipyard in Ulsteinvik, Norway, on January 15, To be named Rem Arctic, the vessel is being built to Wärtsila Ship Design s VS485 MK III Arctic design. This will provide her with a number of features for ice prevention and de-icing, meaning she is well suited for operations in arctic conditions. Rem Arctic s hull and propulsion systems will have ICE-1B class notation. Delivery of the vessel is scheduled for the second quarter of FIRST PX121 LAUNCHED FOR BRITOIL The first of two newbuild PX121 PSVs being built for Britoil Offshore Services has been launched in Indonesia. To be named Britoil Power, the vessel is being built at PT Britoil Offshore Shipyard in Batam, Indonesia. Her sister vessel, Britoil Energy, is scheduled to be launched in February These vessels mark Britoil s first entry into the PSV sector, with the owner s active fleet consisting mainly of anchor handling tugs and cargo barges. Ulstein s popular PX121 design provides vessels with a deck area of 850m² and a deadweight of 4,200 tonnes. THREE OSVS DELIVERED TO VROON Vroon Offshore Services has recently accepted delivery of three newbuild vessels in China. VOS Glamour (pictured) and VOS Glory were delivered by the Fujian South East Shipyard; these are the first two of four 60m field support vessels that Fujian is building for Vroon. Meanwhile, VOS Faithful was delivered by Jiangsu Island Shipbuilding in Nanjing. This is the third of six 50m ERRVs that are being built for Vroon at Jiangsu Island. VOS Glamour, VOS Glory and VOS Faithful are all destined for operations in the North Sea. FASTNET SENTINEL DELIVERED IN CHINA Sentinel Marine has celebrated the delivery of Fastnet Sentinel, its second of four 61m Multi Role ERRVs being built at the Fujian South East Shipyard in China. Fastnet Sentinel will now be mobilised to the South Atlantic Ocean, where she will support a drilling campaign offshore the Falkland Islands. The third vessel in the series, Lundy Sentinel, was also recently launched at Fujian, with the final unit, Forties Sentinel, to follow later in the year. Sentinel Marine also has four larger 62m Multi Role ERRVs scheduled for delivery in late 2015/early SEABREEZE

11 OSV NEWBUILDINGS, S&P HAVYARD TO BUILD WIND SERVICE VESSEL FOR ESVAGT Havyard Ship Technology AS has signed a contract with ESVAGT to design and build a Havyard 832 SOV windmill service vessel. ESVAGT will utilise the vessel to fulfil a long-term contract it has been awarded for servicing the Dudgeon Offshore Wind Farm, which is operated by Statoil off the east coast of England. The five-year plus options charter is scheduled to commence in autumn The newbuild ESVAGT vessel will have a length of 83.7m, breadth of 17.6m, speed of 14 knots and an accommodation capacity for 60 persons. NAM CHEONG SELLS TWO VESSELS Nam Cheong Limited has sold two newbuild vessels for a total consideration of approximately USD 45 million. One 6,000bhp AHTS vessel has been sold to Vroon Offshore, while one 5,000 deadweight PSV was sold to the E.A. Temile Development Company of Nigeria Limited. The vessels are due for delivery in Both are classed by the American Bureau of Shipping (ABS), and they are being built as part of Nam Cheong s buildto-stock series at subcontracted yards in China. This continues Nam Cheong s focus on the shallow water sector. WUCHANG RECEIVES ORDER FOR 16 OSVS The Wuchang Shipbuilding Industry Group, a subsidiary of China Shipbuilding Industry Corporation (CSIC), has received an order to build 16 OSVs for a Singaporean shipowner. Wuchang will build six 8,000 bhp AHTS vessels and ten 16,000 bhp multi-purpose workboats. The AHTS vessels are based on an inhouse Wuchang design, with the shipyard claiming to be the first yard in China to break into the international market with the 8,000 bhp AHTS vessel series. RECENT DELIVERIES OF NEWBUILD OSVS NAME TYPE/DESIGN OWNER/ MANAGER COMMITMENT CHAUVIN TIDE ROLLS ROYCE UT 771 CDL PSV TIDEWATER TBC DELTA ADMIRAL DE HOOP KISS PSV DELTA LOGISTICS LTD CENTRAL AMERICA FASTNET SENTINEL 61M MULTI ROLE ERRV SENTINEL MARINE FALKLAND ISLANDS STRIL BARENTS VARD 1 06 PSV SIMON MØKSTER REDERI NORTH SEA TROMS MIRA VARD 1 08 CD PSV TROMS OFFSHORE/TIDEWATER TBC VOS FAITHFUL 50M ERRV VROON OFFSHORE NORTH SEA VOS GLAMOUR 60M FIELD SUPPORT VESSEL VROON OFFSHORE NORTH SEA VOS GLORY 60M FIELD SUPPORT VESSEL VROON OFFSHORE NORTH SEA SEABREEZE 11

12 SUBSEA SUBSEA MARKET ROUND-UP At the time of writing this section, the price of Brent Crude was around USD 48 a barrel and the weakening offshore market has led Rem Offshore to delay the delivery of its NOK 800 million offshore construction vessel from VARD by a year. The VARD 2 06 design newbuild was originally due to be delivered in the first quarter of 2016, but this has now been pushed back until the first quarter of The vessel will have a length of 100m, beam of 25m and it will be equipped with a 150t crane and accommodation for 90 persons. The unit will also be winterised with an Ice 1B hull, specially designed for operations in arctic areas. The challenging market has not prevented some vessel owners from ordering additional tonnage, however, as more yard availability opening up has allowed attractive deals to be made. DEME has ordered two newbuild vessels at the La Naval yard in Spain and the Uljanik yard in Croatia, to respectively build a multipurpose vessel, to be named Living Stone, and a self-propelled jackup, to be named Apollo. Both vessels will be delivered in Following delivery the Apollo, which will be equipped with an 800t leg-encircling crane, a free deck area of 2,000m², a length of 106.8m, and capabilities to operate in 70m water depths, will join GeoSea s fleet of self-propelled jackups. The Apollo will also have accommodation for 90 persons, upgradeable to 150. Meanwhile. the Living Stone will be equipped with a fall-pipe system, as well as cable/umbilical loading & installation facilities, accommodation for 100 persons, and rock installation capabilities. Elsewhere, Keppel Singmarine has secured a USD million contract with New Orient Marine Pte Ltd to construct an ice-class multi-purpose vessel. Scheduled for delivery in mid-2017, the vessel will be equipped with DP3 station keeping, diving support functions, and Arc 5 ice-class notation for operations in temperatures down to minus 30 C. Keppel Singmarine now has four ice-class vessels on its order book. FARSTAD PLACES NOK 520 MILLION ORDER WITH VARD Further to an earlier Seabreeze publication, Farstad Shipping has placed a NOK 520 million HAVYARD DELIVERS AFRICAN INSPIRATION Havyard has delivered the Havyard 857L-design offshore construction vessel African Inspiration (pictured c/o D Dodds) to Marine Platforms. The 113m long vessel is targeted for the deepwater market offshore Nigeria and is equipped with two order for a newbuild IMR support vessel with Vard Holdings. Delivery of the vessel is scheduled from Vard Vung Tau in Vietnam in the fourth quarter of The unit will be built to the VARD 3 17 design, and will have a length of 98m, a beam of 21.5m, and a deck area of around 200hp work-class ROVs, a 250t crane and accommodation for 120 persons. Marine Platforms currently operates the 2009-built Siem Marlin and the 2010-built African Vision offshore Nigeria, as well as 12 work-class ROV systems. 900 m². She will be equipped with a crane with a maximum lift of 150t, and will have accommodation for 85 persons. This order is to fulfil Farstad s five-year frame agreement with Technip for light construction and IMR duties, which is due to commence in the first quarter of SEABREEZE

13 SUBSEA STONE ENERGY LOOKS TO TECHNIP Stone Energy has elected Technip to design, manufacture and install a 5-in flexible pipe for the Amethyst field, located in Mississippi Canyon Block 26 in the Gulf of Mexico.The 9km pipe will be tied back to the Pompano fixed platform, in around 395m of water, utilising Technip s pipelay vessel Deep Blue. The Deep Blue has a length of 206m, a 400t max lift crane, and 770t tensioning capacity for the installation of up to 28-in pipes. SIEM GIVES DAYA MORE TIME Siem Offshore has given Daya Materials until April to pay the full 10% deposit for its acquisition of OCVs Siem Daya 1 (pictured c/o H M Valderhaug) and Siem Daya 2. Thus far, Daya has paid USD 1.4 million towards the deposit, which will equate to 10% of the purchase price. The purchase price, which was agreed in August 2014, is USD 282 million and would result in a profit to Siem Offshore of USD 64 million. Both units are due to be handed over to Daya by mid-july and are currently on long-term charter to Daya. The charter agreements will continue until deliveries are concluded. EMAS WINS APACHE S JULIMAR CAMPAIGN Apache has awarded EMAS AMC a subsea construction contract worth USD 105 million for work offshore Australia. The contract scope covers project management, engineering, transportation, and subsea installation of an electro-hydraulic steel tube umbilical, two heavy lift subsea manifolds, flying leads and jumpers, as well as the procurement, fabrication, transportation and installation of diverless tie-in spools for Apache s Julimar development project. Project management and engineering will begin immediately, while the derrick pipelay barge Lewek Constellation will be deployed for the offshore scope in the first quarter of TECHNIP EXERCISES OPTION ON VIKING NEPTUN Technip has exercised the first extension option on its contract with Reach Subsea in relation to Eidesvik s offshore construction vessel Viking Neptun. The Salt 301-designed newbuild was originally fixed to Technip for 110 days from March 2015 upon delivery from the Kleven yard in Norway, but this has now been extended to 180 days during The 145m long vessel has a 400t crane, DP 3 station keeping, and ice-class B notation. The Viking Neptun will be manned by Eidesvik s marine crew as well as being equipped with Reach Subsea s ROVs and ROV personnel. SEABREEZE 13

14 SUBSEA REM OFFSHORE SECURES CHARTERS Bibby Subsea has signed a threeyear contract with Bordelon Marine for its newbuild IRM vessel Brandon Bordelon, commencing in August 2015 upon delivery from the Bordelon Marine yard. The vessel will be working in DeepOcean has entered into a charter with Rem Offshore to utilise the OCV Rem Forza for a period of three years firm with additional options tied in. The MT 6022-designed Rem Forza has a length of 108m, a maximum lift of 250t and accommodation BRANDON BORDELON TO WORK FOR BIBBY the US Gulf of Mexico providing a variety of operations, such as IRM, light construction, survey and inspection work. The DP2 Brandon Bordelon is equipped with a 54t crane, accommodation for 60 persons and she will for 120 persons. Additionally, Rem Offshore has secured an extension on the MT 6022L-designed Rem Pioneer, currently on charter to Micoperi. The 117m long vessel will remain with Micoperi until February 2016, with an additional one-year option remaining. have a length of 78m. OCEAN YIELD TAKES DELIVERY OF SBM INSTALLER Ocean Yield has taken delivery of DP3 diving support and construction vessel SBM Installer. SBM Offshore will bareboat charter SBM Installer for a fixed period of 12 years, with certain options to acquire the vessel N-SEA CHARTERS VESSEL FOR THREE-YEAR CAMPAIGN Siem Offshore has entered into a charter agreement with N-Sea for the IRM support vessel Siem N-Sea (formerly Siem Stork). The charter commenced on January 1, 2015 and N-Sea will utilise the MT 6017 MkII-designed vessel, which has a during the charter period. The first purchase option is exercisable after five years. The MT-6024 designed vessel has a length of 111m, a 250t knuckle boom crane and a 150t winch, as well as accommodation for 100 persons. length of 94m, 100t max lift and accommodation for 68 persons, for a firm period of three years. EUROPEAN BUILT SUBSEA DELIVERIES (NEXT THREE MONTHS) SHIP OWNER NAME CHARTERER SHIP YARD TYPE DESIGN MONTH CEONA CEONA AMAZON - HUISMAN SCHIEDAM OCV - FEB FARSTAD FAR SLEIPNER - VARD LANGSTEN OCV VARD 3 07 MAR VOLSTAD MARITIME GRAND CANYON II VOLSTAD KLEVEN VERFT OCV ST 259 CD MAR EIDESVIK VIKING NEPTUN TECHNIP KLEVEN VERFT OCV SALT 301 MAR OLYMPIC SHIPPING OLYMPIC BIBBY BIBBY KLEVEN VERFT IRM 6021 MKII APR ALLSEAS PIETER SCHELTE TALISMAN DAEWOO DERRICK PIPELAY - APR 14 SEABREEZE

15 RIG, FIELD & OIL COMPANY NEWS OIL PRICE VS RIG UTILISATION 100% 90% 80% 70% 60% 50% 98.9% 98.9% 98.9% 98.9% 98.9% 98.3% 97.3% 95.8% 95.9% 95.3% 94.3% 95.0% 95.9% $ $ $ $ $ $ $ $ $97.34 $ % 72.4% 71.2% 72.0% 71.6% 71.1% 70.8% 67.6% 65.8% $ % 62.9% 61.6% 58.6% $62.16 $50.77 $120 $110 $100 $90 $80 $70 $60 $50 40% ABS APPROVES NEW HYUNDAI DRILLSHIP DESIGN Hyundai Heavy Industries has received approval in principle from classification society ABS for its next-generation HD12000 drillship design. The heavy duty, wide beam drillship, which can accommodate a 20,000-psi, will be capable Jan 14 Feb 14 Mar 14 Apr 14 May 14 Jun 14 Jul 14 Aug 14 Sep 14 Oct 14 Nov 14 Dec 14 Jan 15 Average Brent Crude US$ / Bbl Northwest Europe Rig Utilisation US Gulf Rig Utilisation of operating in water depths of 12,000ft (3,658m) and of drilling wells to a total depth of 40,000ft (12,192m). The rig design is based on Hyundai s proprietary technology, and comes with an innovative hull form and DP3 station keeping. $40 TRANSOCEAN SCRAPPING 12 RIGS Transocean has recently confirmed that it intends, in an environmentally responsible manner, to scrap 12 of its lower-specification floating drilling rigs. The list of Transocean rigs to be scrapped includes: the 1976-built semi C. Kirk Rhein, Jr., the 1976-built drillship Discoverer Seven Seas, the 1974-built semi Falcon 100, the 1983-built semi GSF Arctic I, the 1974-built semi J.W. McLean, the 1983-built semi Sedco 601, the 1973-built semi Sedco 700, the 1974-built semi Sedco 703, the 1977-built semi Sedco 709, the 1983-built semi Sedco 710, the 1973-built semi Sedneth 701, and the 1984-built semi Sovereign Explorer. Given the challenging market conditions at the current time, Transocean is not the only rig contractor announcing plans to scrap older tonnage, with the likes of Atwood Oceanics, Diamond Offshore and Ensco also confirming plans to offload some of their lower-specification semisubmersible rigs that were built in the 1970s and 1980s. RIG UTILISATION LOCATION JAN 2015 JAN 2014 JAN 2010 NORTHWEST EUROPE 95.9% 98.9% 86.0% US GULF 58.6% 73.7% 59.2% RIG TYPE AVERAGE RATES US$ SEMISUBMERSIBLE < 1,500 FT WD 288,000 SEMISUBMERSIBLE > 1,500 FT WD 349,000 SEMISUBMERSIBLE 4,000 FT + WD 439,000 DRILLSHIP 4,000 FT + WD 520,000 JACKUP IC 300 FT WD 114,000 JACKUP IC 300 FT + WD 180,000 INACTIVE RIGS NORTHWEST EUROPE NAME TYPE STATUS LOCATION BORGNY DOLPHIN SS COLD STACKED BELFAST GSF ARCTIC III SS WARM STACKED INVERGORDON J.W. MCLEAN SS TO BE SCRAPPED INVERGORDON OCEAN VANGUARD SS COLD STACKED INVERGORDON WEST NAVIGATOR DS WARM STACKED SLOVAG SEABREEZE 15

16 CONUNDRUM CORNER, DUTY PHONES IN MEMORY OF We regret to advise that our former colleague, Jan Skaare, passed away in Rio de Janeiro, Brazil, on Friday 23rd January, Jan was well known in the offshore industry, and during his 23 years with Seabrokers he worked in our Stavanger office, as well as starting up our office in Rio de Janeiro where he worked for many years. Jan will always be remembered as an enthusiastic, knowledgeable and kind person, and our thoughts are with Jan s family at this time. CONUNDRUM CORNER The answer to last month s teaser :- I add five to nine, and get two. The answer is correct, but how can this be? The correct answer was :- either 1) a clock (five hours after 9 o clock is 2 o clock), or 2) a fortnight (adding five days to nine days = 2 weeks). Congratulations to the winner :- Bjørn Julius Ulstein Vattøy This month, our poser is as follows: At a party, everyone shook hands with everybody else. There were 66 handshakes. How many people were at the party? Answers back to chartering@seabrokers.co.uk for a chance to win a bottle of wine. THE SEABREEZE ARCHIVE For the current or archive copies of Seabreeze go to: - see under Shipbroking / Market Reports. If you wish to Subscribe or Unsubscribe please contact : chartering@seabrokers.co.uk SEABROKERS OFFICE CONTACTS SEABROKERS LIMITED - ABERDEEN Seabrokers House, Prospect Road Arnhall Business Park, Westhill Aberdeenshire AB32 6FE - Scotland Duty Telephone (24 Hrs) Duty Mobile Internet chartering@seabrokers.co.uk SEABROKERS CHARTERING AS - STAVANGER Forusbeen Stavanger - Norway Duty Telephone (24 Hrs) Internet chartering@seabrokers.no SEABROKERS BRASIL LTDA - RIO DE JANEIRO Rua Lauro Muller no 116, Sala 1404, Edificio Rio Sul Center Cep: , Botafogo, RJ - Rio de Janeiro - Brazil Duty Telephone (24 Hrs) Internet chartering@seabrokers.com.br HEADING SEABROKERS PTE LTD - SINGAPORE 165 B Telok Ayer Street - Singapore Quiatis Telephone imaximilitem num 6062 enis or porum 0951 ne dolles Internet qui rerum id min chartering@seabrokers.sg corepta dolo quo conet il id quisto que voluptatus eatis re ventur? Hilibust quis SECURALIFT as mincias AS peribustis - STAVANGER qui dolorit officatus aut Gamle preiumquas Forusvei 53 qui iuscimu Stavanger sapelest, - Norway esto odio. Telephone Itatecum Internet cus acerum ipidunture corporpores et int faccum remperi onsequi SEA SURVEILLANCE AS - BERGEN Laksevaagneset Laksevaag - Norway Telephone Internet 16 SEABREEZE

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