June - A jump for joy or has it left the market seeing red?

June 2012 June - A jump for joy or has it left the market seeing red? 1 1

SEABREEZE June 2012 Not such a beautiful game? June was a month where North Sea Shipowners had to tackle low rates (PSVs dayrate averages were up on last month but down on the same period last year whilst AHTS dayrates saw a marginal improvement on May s levels but again this was down on the same period last year). Despite this Charterers were not having a ball either as the oil price saw a significant fall. However, activity levels in the North Sea continue to kick on and whilst the rates may at present be foul to Shipowners we may very well see a second half summer bounce-back before full time is called upon 2012... Statoil Stampede This month s lead story has to be Statoil s announcement that they have awarded term contracts for seven newbuild vessels commencing in 2014. Details as follows : Simon Mokster Shipping have contracted Astilleros Gondan shipyard in Spain to build a UT 776 WP PSV for delivery summer 2014 and upon delivery will commence a three year firm plus three x one year options fixture for Statoil. The vessel will also have ICE-1C, DE-ICE and Rescue Class. Remoy Shipping is close to ordering a VS 4412 DF LNG PSV from a Norwegian yard after being awarded a three year firm plus three x one year options contract by Statoil from 2014 onwards. Atlantic Offshore has ordered two VS 485 MK III design PSVs from Kleven yard for delivery in Q1 2014 and Q3 2014. Both vessels will immediately then go on contract for Statoil for six years firm plus three x one year options. Farstad Shipping has ordered two STX PSV 07 design vessels from STX OSV on the back of being awarded two contracts for six years firm plus three x one year options by Statoil. The first vessel will deliver in Q2 2014 from STX OSV Langsten in Norway whilst the second will deliver in Q3 2014 from Vung Au in Vietnam. Contents: Market Round-Up 2,4 Feature Vessel 3 Daily Availability -Rates & Utilisation North Sea 5 Newbuildings, Conversions, Sale & Purchase 6-9 Rig FPSO, Field and Oil company news. 10 Conundrum Corner, 11 Duty Phones Monthly Rates 12 The Seabreeze Monthly Market Report is distributed worldwide through our offices in Aberdeen, Stavanger, Singapore and Rio de Janeiro. Production and Administration: Seabrokers Ltd, Aberdeen For your free copy of Seabreeze, email: chartering@seabrokers.co.uk Troms Offshore has ordered a STX PSV 07 vessel from the STX Aukra shipyard for delivery at the end of 2013. The ICE-C and DE-ICE classed vessel will commence a three year firm plus three x one year options contract with Statoil in the first quarter of 2014. Both the Mokster and Troms vessels will be designed for operations in the High North and will have the highest oil spill protection classification. All vessels easily meet IMO regulations for NOx emissions and all will be equipped with an ecometer which is a device to enable the crew to sail the vessels more optimally and thus reduce total emissions. Total contract value is NOK 3.5 billion. Seabrokers Group was established in 1982. We work in the areas of shipbroking, development and facility management of property, radar based sea tracking, man-free decks and Entrepreneur Services. Our head office is situated in Stavanger, but we also have offices in Bergen, Aberdeen, Rio de Janeiro and Singapore. Please visit www.seabrokers-group.com for more information. 2 Seabrokers Group Forusbeen 78 4033 Stavanger Norway

DESIGN FEATURE: PAGE 3 STUNNA Page 3 Stunna... FD Incomparable This month s Page 3 Stunna is the FD Incomparable. DEPARTURES & ARRIVALS June Arrivals - North Sea Spot The Fratelli D Amato UT 755XL PSV delivered from the Rosetti Marino yard on the 9th June. This is the last of four vessels built with the revised 74.97m LOA design The 3,100 tonnes deadweight PSV has General Electric diesel engines producing a total of around 7,600 BHP and a maximum speed of over 14.5 knots. Olympic Commander Sea Tiger FD Incomparable Olympic Orion Bourbon Clear Island Crusader Troms Sirius Ex W Africa term Ex Congo Ex Yard Ex Yard Ex Yard Ex Yard Ex Yard It is also equipped with four computer controlled thrusters (two bow and two stern) which give the FD Incomparable excellent manoeuvrability. Departures - North Sea Spot Tor Viking II Shell Alaska The vessel arrived in Aberdeen on the spot market on the 25th June. 3 3

MARKET ROUNDUP Supplier To Supply Perenco Perenco has chartered the UT 755 LN Rem Supplier for a two well firm period. The Rem Offshore PSV commences the contract in mid July and will support the Ensco 80 in the Southern sector of the North Sea. Salvador Secured From September The DOF construction vessel Skandi Salvador has been extended by one year firm by Chevron Brazil. Skandi Salvador has been on contract with Chevron since delivery in 2009 and this latest extension carries it through to September 2013. Explorer In Demand Simon Mokster Shipping ROV support vessel Stril Explorer has been term chartered by Hallin Marine. The vessel has been taken on for one year firm plus options by Hallin. Talisman s Term Tempest Talisman has contracted the VS 470 MK II SBS Tempest for a new term period which is in direct continuation of its previous Talisman contract. The PSV began the 6 months firm contract plus options on the 21st June, working on the UK side of the North Sea.. Leiv Eiriksson & The Two Vikings The Leiv Eiriksson Consortium has chartered the VS 470 Viking Athene and the VS 493 Avant Viking Lady for work in the North Sea. Both Eidesvik owned PSVs will support the semi-submersible Leiv Eiriksson for 15 wells plus up to 18 optional wells commencing in the first quarter of 2013. Lord Launches Into New Contract Golden Energy Offshore PSV Energy Lord has been chartered for three months by Conocophillips for supply work on the Norwegian side of the North Sea. The contract begins in July 2012, in direct continuation of the vessel s current contract with BP Norway. Statoil Intervene To Secure Two Island Island offshore have been awarded a contract by Statoil for two of their vessels to carry out light well intervention duties commencing in 2015. Both the UT737L Island Frontier and UT 767 CD Island Wellserver will be used by Statoil on this contract which is for operation on the Norwegian side. Farstad Fixes Farstad Shipping ASA had several term fixture announcements this month. The UT 712L Far Sound and UT 712L Far Sword have been awarded one year contracts to support the Total E & P Australia and Santos Australia Ltd drilling operations with the Jack Bates rig. Mobil Australia Resources Company has contracted the VS 470 PSV Far Swan for a 600 day period supporting the Deepwater Frontier rug on their Jansz operations. 2 4

DAILY AVAILABILITY - RATES & UTILISATION NORTH SEA North Sea Vessel Utilisation 18 June PSV 2012 PSV 2011 AHT S 2012 AHT S 2011 16 14 12 10 8 6 4 2 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 RATES & UTILISATION North Sea Spot Average Utilisation June 2012 Type June 2012 May 2012 April 2012 March 2012 Feb 2012 Jan 2012 Med PSV 75% 72% 82% 88% 68% 75% Large PSV 85% 85% 79% 92% 88% 88% Med AHTS 67% 69% 73% 85% 55% 74% Large AHTS 65% 59% 77% 78% 65% 70% North Sea Average Rates June 2012 North Sea Day Rate Levels - Spot Market June 2012 Category Average Rate June 2012 Average Rate June 2011 % Change Category Minimum Maximum All Cargo Runs 14,514 20,450-29 % All Cargo Runs 5,000 34,000 Cargo Runs PSV s up to 800M 2 13,017 19,838-35 % Cargo Runs PSV s up to 800M 2 5,000 25,000 Cargo Runs PSV s over 800M 2 16,014 20,208-21 % Cargo Runs PSV s over 800M 2 6,000 34,000 CNS/NNS/WoS Rig Moves 16,108 40,000-60 % Rig Moves Excluding Southern Sector 7,500 28,000 3 5

NEWBUILDINGS, CONVERSIONS, SALE & PURCHASE Atlantic s Announcement Total has chartered a newbuild ERRV from Atlantic Offshore, with delivery due in 2014. The vessel will be used in the Martin Linge field, North West of Stavanger for a period of four years firm with options for a further four years. Designed in collaboration with Havyard. the ship will be capable of providing for up to 300 people and will have a deck area of nearly 400m2. New Entrant For Olympic June saw the naming ceremony for Olympic Shipping s latest newbuild MT 6015 Olympic Orion, held at the Hareid-Geiranger-Loen fjord, Norway. The sister vessel of the Olympic Commander which was delivered back in January, the Olympic Orion is second of a series of three MT 6015 designs built by Kleven for Olympic, with the third due in November. Spec details include Class notation Ice B (hull only), NOFO 2009, accommodation for 60 persons, helideck as well as excellent fuel economy, low emissions and large capacities above and below deck. Olympic Shipping also had some good news with the announcement that their MT 6000 Olympic Princess has been contracted for three wells firm plus an option well by Team for work in the North Sea. The charter will begin in August and will be for support of the Sedco 704 semi-sub. Olympic Order More Investing from Blue Ship Invest Following the success of the first two Ulstein PX121 PSVs, investment company Blue Ship Invest have ordered another four platform supply vessels of the same design. Featuring the fuel efficient X Bow, these vessels have an LOA of 83.4, DP II, ICE-C notation a beam of 18m, deck area of 875m2, load capacity of 4200 tonnes, a maximum speed of 15 knots and accommodation for 24 persons. All four are scheduled for delivery in 2013. Clear Is Here Zhejiang Shipbuilding in China has now delivered the second of four Ulstein PX 105 platform supply vessels to Bourbon Offshore. The Bourbon Clear is equipped with the Multi Application Cargo Solution (MACS) for maximum flexibility in cargo capacity and will have an LOA of 88.8m, a breadth of 19m, deadweight of 4,250 tons, a maximum speed of 15.5 knots and accommodation for 25 persons. There was even more news from Olympic Shipping with the release that the Norwegian shipowner had ordered a MT 6022 MK II subsea support and construction vessel to be built at Kleven Verft s shipyard in Ulsteinvik, Norway. It will have an LOA of 115m, a beam of 22m, a 250 ton crane for subsea operations and accommodation for 110 persons. The NOK 600 million contracts calls for a delivery in August 2013 and also includes an option for a sister vessel. 6 5

NEWBUILDINGS, CONVERSIONS, SALE & PURCHASE Ugland Ready Salt Ugland Offshore has signed a contract with Kleven Maritime for the construction of a platform supply vessel designated as SALT 100 PSV for delivery in Ulsteinvik Q1 2014. The contract also has an option for a second vessel. Designed by Salt Ship Design AS at Stord, Norway, the SALT 100 will have an LOA of 88.9m, a width of 20m, accommodation for 24 persons. It also combines innovations in design and technology to improve operating costs, improve safety and secure more efficient operations. As would be expected in a new vessel such as this, the fuel consumption is low but it will the first vessel of its kind to incorporate a new and more efficient cargo handling system. Kleven Maritime s yard Myklebust Verft also has a VS 485 MK II PSV under construction for Ugland which is due for imminent delivery. Crusader Cruises In The Island Crusader delivered recently from the STX OSV yard in Brevik, Norway, The Island Offshore UT 776 CDG (with the G standing for gas operation ) is, according to Island Offshore, the first offshore supply vessel in the world to operate in DP 2 mode without using conventional diesel fuel. STX OSV Braila in Romania built the hull whilst the aforementioned yard in Brevik fitted out the vessel. The vessel immediately left the yard to carry out a 40 day firm plus options contract with Conocophillips on the Norwegian side of the North Sea. Island Crusader is pictured c/o Oyvind Halland. Scout Out The UT 706 PSV Ocean Scout has been sold to new owners in the offshore wind industry to act as a windmill support vessel. Atlantic Offshore s Aberdeen division advised that the 1976 built unit was sold slightly above book value and has already been handed over to its new owners. Halul Say Hello To Four Qatar based Halul Offshore Services has ordered two PSVs and two anchor handlers from L&T Shipbuilding in India. The two DP 2 diesel electric PSVs will be equipped for fire-fighting, rescue and standby, offshore supply and oil recovery. The 90 ton bollard pull anchor handlers will be equipped for emergency response and rescue, offshore supply and oil recovery. DP 2 and advanced diesel hybrid propulsion will be fitted to the anchor handlers. NEWBUILDS (PREDOMINANTLY EUROPEAN) Vessel Type / Design Owner / Manager Commitment FD Incomparable UT 755XL Fratelli D amato N Sea Spot Olympic Orion MT 6015 Olympic Shipping N Sea Spot Bourbon Clear PX 105 Bourbon Offshore N Sea Spot Island Crusader UT 776 CDG Island Offshore Conocophillips N Troms Sirius STX PSV 09 CDL Troms Offshore N Sea Spot 7 7

NEWBUILDINGS, CONVERSIONS, SALE & PURCHASE Makalu Says Hi To Huawei Global Offshore Services Ltd, formerly Garware, has sold their UT 755LN PSV Makalu. The vessel has been renamed Hua Ze, and will sail under Chinese flag for new owners Huawei Offshore. Rieber Reach Agreement Ulstein Verft are to build a high capacity subsea vessel for GC Rieber Shipping. The NKR 800 million newbuilding is due to be delivered Q1 2014. The DP 3 unit is a construction support vessel built to operate in harsh environments and deep water. It will have a LOA of 130m, a beam of 25m, accommodation for 130 people and will have a 250 tonne active heave compensated offshore crane. It is also designed to operate in the SURF market and has capacity for carrying pipe below deck and on the main deck as well as being capable of embarking a vertical pipe lay system to be installed above the moonpool. There is also an option for an additional vessel. Solstad Team Up For Another OSCV Solstad Offshore has teamed up with HitecVision and Ocean Installer to order a large, advanced construction support vessel, to be operated by Ocean Installer. Solstad will take a 30% interest in the NOK 1.4bn venture but they have an option to lift their stake to 50%. Spec details include a 3000t carousel, a 400t active heave compensated crane, launching systems for ROVs, a 150t Vertical Lay Spread System, DP 3, Clean Design, 156.7 LOA, aft cargo deck area of 2,100m2 and accommodation capacity for 140 persons. The OSCV 06L will deliver in the second quarter of 2014 and will be one of the most advanced CSVs built to date. North Sea Shipping Busy Building North Sea Shipping AS has signed a contract with Bergen Group BMV for the construction of a ST-261 Offshore Construction Vessel. Delivery is scheduled for Q2 in 2014. The DP 3 vessel will be equipped with facilities for laying flexi-pipes and cables and will have an LOA of 142m, a beam of 27m and accommodation for 120 people. The offshore crane will have a lifting capacity of 400 tons and will be able to carry out construction work in water depths of up to 3,000m. It will also have two advanced ROV systems, a working deck of around 2,000m2 and will have a large carousel below deck with a storage capacity of up to 2,000 tons of cable of flexpipe (as well as the ability to mount another carousel on the main working deck.) North Sea Shipping AS also have an option with Bergen Group for a similar vessel planned for late 2014 delivery. 8 8

NEWBUILDINGS, CONVERSIONS, SALE & PURCHASE MPI On The Increase MPI Workboats has placed an order with South Boats Special Projects Ltd for the construction of four newbuilding state of the art wind farm transfer vessels. All four South Catamarans are 19 m long with twin 1200hp main engines coupled to Rolls Royce FF600 water jets for sprint speeds approaching 30 knots. They are also built with high performance, reduced fuel consumption, passenger comfort, superior sea keeping and class leading cargo carrying capability in mind. The vessels are scheduled for delivery between February and September 2013 with further options for additional vessels to be delivered into 2014. Eidesvik Orders As Well Eidesvik Offshore has ordered a Nkr 1 billion newbuild subsea installation vessel at the Kleven Verft in Ulsteinvik, Norway. Ordered by Eidesvik s partly owned subsidiary Eidesvik Neptun, the SALT 301 OCV vessel will be equipped with two offshore cranes with a lifting capacity of 400 tonnes and 100 tonnes respectively - and will have total load capacity of 13,500 tonnes.. It is designed for operation in arctic waters and will be 145 m long with a width of 31 m. Delivery is due in Q2 2014 however there is also an option for a second identical vessel that if exercised would deliver early 2015. Another AHTS For Augusta The Rosetti Marino shipyard in Italy has been contracted by Augusta Offshore for a second UT712CD anchor handler for delivery in mid 2014. The 18,774 BHP AHTS will be equipped for oil recovery, rescue and fire fighting duties and will have the ability to handle anchors in 2000m water depth. Augusta Offshore already have the Asso 31 under construction at the same yard due for Q3 in 2012. Sirius Is A Star For Troms Rig Utilisation Location June 2012 June 2011 June 2007 North Sea/Europe 90.8% 87% 100% US Gulf 66.7% 54.9% 82.4% Rig Type Average Rates US$ Semi Sub < 1,500 ft WD $229,000 Semi Sub > 1,500 ft WD $292,000 Semi Sub 4,000 ft + WD $404,000 Drill Ship 4,000 ft + WD $462,000 Jackup IC 300 ft WD $87,000 Jackup IC 300 ft + WD $150,000 Jackup MC 200 ft + WD $65,000 Inactive Rigs Northwest Europe Name Type Status Location Just missing our Seabreeze deadline last month, the Troms Offshore STX PSV 09CDL newbuild Troms Sirius delivered from the STX Soviknes shipyard in Norway at the end of May and has been working the North Sea spot market in June. The 4,800 deadweight PSV (pictured above) has an LOA of 87.9m and a deck area of 1,020m2. Sedco 712 SS Cold Stacked Cromarty Firth JW McLean SS Cold Stacked Cromarty Firth Energy Exerter JU Reactivate July Rotterdam GSP Britannia Ex GSF Britannia JU Being re-activated Teeside 9 9

RIG FPSO, FIELD AND OIL COMPANY NEWS Oil Price vs Rig Utilisation 100% $130 90% 86.8% 88.6% 88.8% 87.9% 88.0% 88.9% 90.7% 90.7% 90.7% $124.79 90.8% 90.8% 90.8% 90.8% $120.91 $120 $116.84 $116.88 $118.12 80% $109.22 $110.02 $108.60 $110.71 $107.65 $111.12 $111.31 $110 70% $100 60% 50% 53.3% 53.7% 50.4% 52.6% 56.0% 58.6% 60.2% 61.9% 62.1% 63.7% 64.9% 64.9% 66.7% $96.12 $90 $80 40% Jun 11 Jul 11 Aug 11 Sep 11 Oct 11 Nov 11 Dec 11 Jan 12 Feb 12 Mar 12 Apr 12 May 12 Jun 12 $70 Average Brent Crude US$ / Bbl European Rig Utilisation US Gulf Rig Utilisation Maersk Go For Gulf Of Mexico One of the four ultra deepwater drillships currently under construction for Maersk Drilling will be taken by an unnamed major oil company. The drillship is due to be completed by Samsung Heavy Industries at the end of 2013 where upon it is expected to start the three year contract based in the Gulf of Mexico Picture c/o Maersk Drilling. 10 10 Fram s Plan On the UK side, Shell has issued a letter of interim award (LOIA) to SBM Offshore for the supply, lease and operation of a FPSO for use on the Fram field. The LOIA, which is still subject to a Final Investment Decision, enables SBM Offshore to commence engineering and procurement of long lead items to make sure the planned Fram FPSO project is completed on time A converted Aframax tanker will be the basis for the hull and it will also incorporate an internal turret permanent mooring system. It is planned that the oil will be offloaded via shuttle tanker whilst the gas will be exported using the Fulmar pipeline. Açu Acquires Finance Financing has now been obtained by OSX Brasil SA for the Acu Shipbuilding Unit, which is set to be the largest shipyard in the Americas. OSX Construção Naval has entered into contracts with lending agents BNDES (National Development Bank) and CEF (Caixa Econômica Federal) for financing with resources from the FMM Merchant Marine Fund for around R$ 1.35 billion each, totalling approximately R$ 2.7 billion. It is scheduled to begin partial operations in the first quarter of 2013 but its order book already includes 16 offshore units for oil and gas production in Brazil. Catcher s Carnaby Contains Oil Premier s Carnaby well on the Greater Catcher area of the UK North Sea has encountered 51 feet of net pay within an estimated 86 foot oil column. This re-risks a number or prospects in close proximity and will contribute to the ongoing development planning for the Catcher area.

Seabrokers JDRF Update CONUNDRUM CORNER, DUTY PHONES The Seabreeze Archive For the current or archive copies of Seabreeze go to: http:// www.seabrokers.co.uk/ - see under Shipbroking / Market Reports. If you wish to Subscribe or Unsubscribe please contact : First of all, a massive thank you to all of you out there who have already donated and helped us to reach our current level of GBP 440 (GBP 525 if you include Gift Aid). Plenty of time for those of you who still wish to donate to this very worthwhile cause the Walk To Cure Diabetes at Hazlehead Park, Aberdeen is on the 16th September. Seabrokers Ltd will be there as a team and are one of the sponsors of the event too. Please help us by donating at : http://www.justgiving.com/seabrokers- JDRFwalktocurediabetes JDRF exists to find the cure for Type 1 diabetes which is a chronic life threatening and life-long condition. Together we can help JDRF find the cure. Thank you! Conundrum Corner Last month s teaser : It s a clear day, you are on the summit of Britain s highest mountain, Ben Nevis. What is the furthest away object you can see? Answer :- the sun The winner of last month s competition is : Duncan Fail This month, our poser is as follows : Q. A man walked outside through a pouring rain for twenty minutes without getting a single hair on his head wet. He didn t wear a hat, carry an umbrella or hold anything over his head. His clothes got soaked. How could this happen? chartering@seabrokers.co.uk Seabrokers Office Contacts Seabrokers Limited - Aberdeen Seabrokers House, Prospect Road Arnhall Business Park, Westhill Aberdeenshire AB32 6FE, Scotland Duty Telephone ++44 1224 747744 (24 Hrs) Duty Mobile ++44 7802 304129 Internet www.seabrokers-group.com E-Mail chartering@seabrokers.co.uk Seabrokers Chartering AS - Stavanger Forusbeen 78-4033 Stavanger - Norway Duty Telephone ++47 51 815400 (24 Hrs) Internet www.seabrokers-group.com E-mail chartering@seabrokers.no Seabrokers Brasil Ltda - Rio de Janeiro Rua Lauro Muller no 116, Sala 1404, Edificio Rio Sul Center Cep: 22.290-160, Botafogo, RJ - Rio de Janeiro, Brazil Duty Telephone ++55 21 3505 4224 (24 Hrs) Internet www.seabrokers-group.com E-mail rio@seabrokers-group.com Seabrokers Pte Ltd - Singapore 165 B Telok Ayer Street, Singapore 068618 Telephone ++65 6224 6062 or 0951 Internet www.seabrokers-group.com E-mail chartering@seabrokers.sg Securalift AS - Stavanger Forusbeen 80-4033 Stavanger - Norway Telephone ++47 51 815400 Internet www.securalift.com Sea Surveillance AS - Bergen Lønningsflaten 28 5258 Blomsterdalen, Norway Telephone ++47 55 136500 Internet www.seabrokers-group.com Answers back to chartering@seabrokers.co.uk for a chance to win a bottle of wine. 11 11

NORTH SEA AVERAGE SPOT MONTHLY RATES 40,000 30,000 All Cargo Runs 20,000 10,000 - Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2011 4,101 5,814 8,871 10,705 12,771 20,450 17,940 15,823 19,222 15,427 12,337 9,820 2012 8,425 8,624 17,969 18,541 10,990 14,514 - - - - - - 25,000 20,000 PSVs < 800M2 15,000 10,000 5,000 - Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2011 3,536 5,412 8,465 10,355 10,923 19,838 16,574 13,828 16,894 13,023 10,870 8,448 2012 7,833 7,804 17,121 17,543 9,554 13,017 - - - - - - 30,000 20,000 PSVs > 800M2 10,000 - Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2011 7,639 6,396 9,514 11,330 16,813 20,208 20,309 19,922 19,834 17,263 12,735 9,704 2012 9,032 9,786 18,983 19,405 11,783 16,014 - - - - - - 80,000 70,000 60,000 50,000 40,000 30,000 20,000 10,000 - Rig Moves Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2011 6,826 10,187 15,347 23,803 17,260 40,000 30,356 44,280 39,295 71,964 20,967 22,655 2012 16,803 16,448 34,838 37,576 15,229 16,108 - - - - - - 25,000 20,000 Average Day Rates To Month (June 2012) 15,000 10,000 5,000 - All Cargo Runs PSV's <800M2 PSVs >800M2 Rig Moves 2011 10,030 9,094 10,851 19,416 2012 12,889 11,296 14,060 23,172 12 12