Su08 11

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

August 2011
P.O. Box 1170 9 NW Front Street, Suite 201 Coupeville, WA 98239 U.S.A. Telephone (360) 678 8880 Fax (360) 678-8890 E Mail: info@marcon.com http://www.marcon.com
Supply & Tug Supply Boat Market Report

Following is a breakdown of available supply and tug supply vessels we currently have as shipbrokers officially listed for sale worldwide. Not included are those available on a private and confidential basis.
Tug Supply Boats
Under 3,000 4,000 5,000HP 5,000 6,000HP 6,000 7,000HP 7,000 8,000HP 8,000 9,000HP 9,000 10,000HP 10,000 12,000HP 12,000HP Plus 3,000HP 4,000HP
Total
12 26 19 8 20 7 Jan 1999 5 20 9 Jan 2000 5 20 14 Jan 2002 7 18 15 Jan 2003 9 15 15 Jan 2004 5 13 8 Jan 2005 10 13 13 Jan 2006 8 22 18 Jan 2007 8 18 7 Jan 2008 3 21 8 Jan 2009 3 17 14 5 23 19 Aug 2009 5 26 21 Nov 2009 5 25 22 Feb 2010 6 33 26 May 2010 5 31 31 Aug 2010 5 31 35 Nov 2010 4 31 36 Feb 2011 1 15 26 May 2011 3 21 31 Aug 2011 Worldwide 0 2 1 Aug 2011 - U.S. 3 19 30 Aug 2011 Foreign 1978 1982 1990 Avg. Age Worldwide - 1981 1983 Avg. Age U.S. 1978 1982 1991 Avg. Age Foreign 6 7 13 For Charter Worldwide 0 0 0 For Charter U.S. 6 7 13 For Charter Foreign Up Since Last Report
Feb 1997 Jan 1998
19 11 9 10 10 6 9 26 13 17 17 19 28 48 47 41 38 40 36 20 23 0 23 1996 1996 23 1 22
8 14 9 6 8 3 4 5 5 8 15 8 7 19 8 6 13 5 6 10 7 9 11 6 6 7 5 8 8 6 8 8 1 11 8 8 12 13 15 14 15 16 15 16 18 15 20 18 20 18 20 21 18 26 19 18 25 17 17 25 19 17 23 0 0 0 19 17 23 1982 1988 1990 1982 1988 1990 12 21 14 1 0 0 11 21 14 Down Since Last Report
0 0 0 0 1 3 2 3 4 3 0 2 5 6 6 6 8 9 9 9 5 0 5 1982 1982 4 0 4
2 0 0 0 2 1 8 3 2 2 3 4 7 9 12 7 8 9 10 7 8 0 8 1986 1986 19 0 19
2 4 2 2 2 3 14 14 10 10 13 16 20 20 1 22 24 27 30 26 27 0 27 1991 1991 18 0 18
110 67 59 82 89 76 82 108 95 87 82 102 147 180 167 194 203 221 218 163 177 3 174
137 2 135
Market Overview
Of 10,958 vessels and 3,580 barges tracked by Marcon, 2,596 are supply and tug supply boats. Tug supply boats officially on the market for sale have decreased from 203 to 177 vessels over the one year period since August 2010, and is up 8.59%, or 14 vessels from May. At the time of this report, 48 tug supply boats for sale were either built within the last 10 years or are newbuilding re-sales. 68.36% of the tug supply boats are 25 years of age or over. Counterbalancing these old ladies are 17 newbuilding resales, in the 4,000BHP over 12,000BHP range, scheduled for delivery in 2011 and 2012. Other vessels not officially on the market may be able to be developed on a private and confidential basis. 62.96% of foreign and 100% of U.S. flag supply / tug supply boats we have officially listed for sale are direct from Owners. So far in 2011, actual sales price of all vessels and barges sold by Marcon has averaged 93.65% vs. 2010s 86.31% and 2009s 93.12%.
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Details believed correct, not guaranteed. Offered subject to prior sale or charter.

Supply Vessel Market Report August 2011
The number of platform supply boats for sale increased 6.12% from 98 to 104 since August of last year. There was a seven vessel decrease in supply boats on the sales market since our last report in May. As of the time of this latest report, Marcon International has available 16 supply boats built within the last ten years, which includes 4 newbuilding re-sales scheduled for delivery in 2011 and 2012. 73 PSVs, or 70.19%, are 25 years of age or older, with the oldest PSV listed built in 1967.
Platform Supply Boats

Under 150* 150 160 160 170 170 180 180 190 190 200 200 220* 220 240* 240 Plus Total
Feb 1997 Jan 1998 Jan 1999 Jan 2000 Mar 2001 Jan 2002 Jan 2003 Jan 2004 Jan 2005 Jan 2006 Jan 2007 Jan 2008 Jan 2009 Aug 2009 Nov 2009 Feb 2010 May 2010 Aug 2010 Nov 2010 Feb 2011 May 2011 Aug 2011 - Worldwide Aug 2011 - U.S. Aug 2011 Foreign Avg. Age Worldwide Avg. Age U.S. Avg. Age Foreign For Charter Worldwide For Charter U.S. For Charter Foreign Up Since Last Report
7 2 2 2 4 2 4 2 2 5 6 2 3 3 2 3 5 4 4 3 2 2 0 2 1984 1984 4 0 4
1 1 2 3 5 6 7 7 6 3 1 2 5 5 3 3 4 4 5 4 5 6 3 3 1999 1991 2008 4 0 4
5 7 6 13 16 17 20 13 15 12 8 7 6 11 12 13 14 12 14 13 10 10 5 5 1978 1979 1976 8 0 8
7 5 5 12 12 12 16 10 9 7 5 5 6 10 11 12 12 11 11 7 5 5 2 3 1986 1983 1988 1 0 1
13 5 7 17 16 17 22 32 67 60 29 23 32 29 36 35 36 46 54 48 34 31 13 18 1979 1978 1979 14 3 11
8 0 3 4 3 2 5 7 16 9 6 3 7 10 11 12 13 16 20 15 11 7 2 5 1989 2004 1983 2 0 2
6 5 6 9 3 5 5 19 8 7 3 4 6 8 8 5 5 10 16 13 10 11 2 9 1992 1999 1991 5 2 3
5 6 8 1 2 13 21 19 18 20 23 22 18 15 7 8 1988 1981 1993 6 0 6
4 6 4 4 5 9 11 15 14 13 21 16 16 17 1 16 1995 2010 1994 19 3 16
29 25 31 60 59 61 79 90 132 115 70 51 72 98 115 117 121 136 168 141 111 104 35 69
63 8 55
Down Since Last Report
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Platform & Tug Supply Locations
Caribbean 3.1% Mediterranean 5.2% Latin Am erica 5.5% Canada 0.3%
Southeast Asia 23.1%
By Arrangem ent 5.9%
Far East 7.9% Mid East 16.2%
Europe 7.9%
The dominant location for second-hand tonnage on the market has shifted again back to Southeast Asia with 23.1%, followed by the Mid East with 16.2%, while the U.S. has dropped down to 15.2%, followed by Africa with 9.7%. By arrangement or where location is unknown makes up 5.9%. The rest of the globe makes up the final 29.9% of locations. EMDs are the principal U.S. main engine suppliers to this sector and power 49 of the Supply & Tug Supply Vessels listed for sale, followed by CATs in 37. GM powers 17 vessels. MaK leads foreign manufacturers with 26, then 25 Nohab/Polar Nohab, 24 Wartsila, 14 Yanmar, 13 Bergen and 75 units powered by other engines. In addition to those for sale, Marcon has 200 straight supply and tug supply vessels listed for charter worldwide, down 19 from May.
Africa 9.7%
U.S. 15.2%
Crude Oil Prices

US$ WTI - Cushing, Oklahoma Brent - Europe Jan 11 $89.17 $96.52 Feb 11 $88.58 $103.72 Mar 11 $102.86 $114.64 Apr 11 $109.53 $123.26 Aug 11 $86.33 $110.22 Source: Energy Information Administration, Office of Oil and Gas. May 11 $100.90 $114.99 Jun 11 $96.26 $113.83 Jul 11 $97.30 $116.97
Natural Gas
Est. Average Wellhead Prices
Price ($ per Mcf) Price ($ per MMBtu) Jan 11 $4.08 $3.96 Feb 11 $4.23 $4.11 Mar 11 $3.96 $3.80 Apr 11 $3.98 $3.87 May 11 $4.12 $4.00 Jun 11 $4.19 $4.08 Jul 11 $4.27 $4.16 Aug 11 $4.20 $4.09
Source: Energy Information Administration, Office of Oil and Gas.
Marcon Sales News

Capital Signal Company Limited of Trinidad sold the survey/supply vessel Native Pride (ex-Grampian Supporter, Grampian Freedom, Maersk Puncher) to a Panamanian tanker owner on private terms. Native Pride was built in 1976 by J. Pattje of Holland. She measures 207' x 46' x 19' with draft of about 16' at 1,942mtdw. The vessel is powered by two MAK 6M452AKs producing a total of 3,200BHP driving twin fixed pitch propellers. She is also fitted with one Ulstein TV90 400BHP tunnel bow thruster. Electrical generation is provided by three Detroit Diesel auxiliaries producing 600kVa. Native Pride is classed DNV +1A1, Ice Class C, Safety Standby Rescue. Marcon brokered the sale to Capital Signal in 2008 and was sole broker in this transaction.
Worldwide Sale & Purchase News

Sartor Offshore announced that Ocean Flower has been sold to new Greek owners Environmental Marine Services for an undisclosed price. The company gave no details about client involved in the transaction. Ocean Flower is a Rescue/Standby vessel. The vessel, formerly Normand Flower, was built in 1974 at Volharding Shipyard Waterhuizen. She was built as a standard PSV for Solstrand. In 1985 the vessel was lengthened and converted to also act as an MRV vessel with Fire Fighting, Oil Recovery and Standby/ Rescue/ ERRV. With azimuth thruster, HiLift Rudder System and C/P/Bow Thruster she has very good station keeping capabilities, all handled by a modern Joystick system. Ocean Flower is a modern Offshore Support Vessel with special design ensuring the vessel is efficient for all her operations. Vessel has also been used for Sub Sea operations like VSP and Seabed Seismic operations. Vessel has been renamed Aegis I.
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Canadian OSV operators Atlantic Towing have confirmed the purchase of the AHTS Asso Ventidue (22) from Italian owners Augusta Offshore SpA which is now renamed the Atlantic Raven. Built in 1999 at Orskov Shipyard, Denmark, the vessel will now fly the Barbados flag. Measuring 246.0' loa x 211.2' lbp x 59.0' beam x 26.2' depth x 19.68' loaded draft, she is powered by four Bergen BRM6 totaling 14,400BHP and creates a 169T Bollard Pull. The vessel is now classed by DNV under the notation 1A1 ICE-C Tug Supply Vessel Fire Fighter II OILREC SF E0 DYNPOS-AUTR DK(+) HL(2.5). The vessel is equipped with a Brattvaag SL270WX/2BSL300WX - Triple Drum waterfall (1 towing drum and 2 A.H. drums). The vessel was repainted in Leith and was planning to head back to Canada.
The AHTS Norwich Service has been sold from Tidewater to Egyptian owners Red Sea International and renamed Red Sea Norwich. The vessel was built in 1983 at Clelands Shipbuilders; Wallsend,UK. It measures 196.8' loa x 175.7' lbp x 43.5' beam x 17.6' depth x 14.80' loaded draft and is powered by twin Mirrlees 6MB275 total 4,226BHP at 900RPM.
The AHTS Doc Tide II (ex Jaramac 68) has been sold by Tidewater to UAE buyers, Canada Shipping LLC. Built in 1983 at McDermotts yard in Louisiana, the vessel measures 205.0' loa x 42.0' beam x 16.5' depth x 7.60' light draft x 14.00' loaded draft and is powered by two EMD 16-645E7 creating a total of 6,140BHP. It comes equipped with a Fritz Culver FCSL 150W/150W winch with 150T of line pull and combined a Bollard Pull of 70mt. The new owners were reportedly extensively overhauling the vessel this summer with ABS in attendance, which issued a new 5 year certificate in July. The vessel was renamed Fatema. The Mexican flagged platform supply vessel Jan Tide has been sold by Tidewater to unknown buyers. It had been working in the Mexican oil patch during recent times until being laid up. The vessel measured 194.0' loa x 180.0' lbp x 40.0' beam x 14.0' depth x 11.99' loaded draft and was built in 1983 at McDermott, New Iberia LA. Farstad Shipping ASA has, through its wholly owned subsidiary P/R International Offshore Services ANS, reached an agreement to sell the PSV vessel Lady Christine for reportedly $5m to unknown buyers. Delivery of the vessel to the new owner is expected to take place in October 2011. The Norwegian flagged vessel is ME202 design, was built in 1985 at Australian Shipbuilding in Fremantle, measures 68m x 17.5m beam and has a deadweight of 2,368T. It can carry 1,300T of deck cargo on 500m2 (35mx14.3m) clear deck with a deck load of 5Tm2 (7T/m2 aft). The sale of the vessel will give a booked profit of approx. NOK 11 million in the 4th quarter 2011. PSV Amarco Cheetah (ex Asean Maru, Stirling Albion, Edda Sartor) has reportedly been sold by Japanese based Dokai Marine Systems to Brunei registered Amarco Services Sdn Bhd for an undisclosed price. It is understood that the vessel was on a long term lease purchase contract to Amarco prior to formal handover. The vessel was renamed Amarco Cheetah from Asean Maru several years ago. The Panamanian flagged vessel was built in 1982 at Schw. Cassens; Emden, Germany and measures 196.1' loa x 170.7' lbp x 47.7' beam x 17.9' depth x 15.25' loaded draft.
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Japanese owners Sanko Steamship Co. Ltd have sold their DP 2 rated AHTS Sanko Dolphin (ex Jaya Valiant 2) to Chinese OSV owners Shenzhen Huawei Offshore for in excess of $17 million. The vessel was built 2005 at Fuijan and Jayas yard in Singapore. Measuring 70m x 16.8m x 7.5m depth, it is powered by two Wartsila 6L32 creating a total of 8,160BHP. Classed with ABS and flagged by Liberia, the vessel has now been renamed Huacai.
Malaysian owners Petra Perdana have sold their 150T Bollard Pull anchor handlers Petra Admiral and Petra Majestic to Ukrainian buyers Sea Dynasty Ltd for an undisclosed price. The pair was built at the Labroy/Drydocks owned PT Nanindah Mutiara Shipyard in Batam in 2010. Measuring 72.5m x 17m x 7.5m depth, they are powered by twin MAK 9M32C creating a total of 12,240BHP at 600RPM. The vessels are classed ABS with the notation + A1 + DPS-2 + AMS + ACCU (E) Anchor Handling, Offshore Support, FiFi & Tow Service. Both are equipped with 350T Brake Double Drum waterfall winches. Malaysia-based OSV shipbuilder Nam Cheong has sold three of nine 5,150BHP Anchor Handling Towing Supply vessels that are currently being built for stock. Contracts worth a total $38 million have been secured for the vessels with a new Singapore customer, Sentinel Marine Pte Ltd. Though Nam Cheong's main shipbuilding facility is in Malaysia, the ABS class AHTS vessels are currently being built as part of a series in one of the three Chinese shipyards contracted by Nam Cheong. With a length of 59m, each vessel has a bollard pull of 62T. The vessels are scheduled for delivery to Sentinel Marine between the second and fourth quarters of 2012. These contracts are expected to contribute positively to the earnings of the Group for the financial years ending 2011 and 2012. Despite market concerns of an oversupply of smaller offshore support vessels, we continue to see a demand for AHTS and by securing these new contracts, it confirms again our market prediction for a continued demand for AHTS. We are even more pleased that this contract comes from a new Singapore-based company, signaling an expansion of our customer base, said Mr. Leong Seng Keat, Nam Cheong's Executive Director. Following on from this news - Nam Cheong Ltd, won a new contract for the sale and charter of a 5,220BHP Anchor Handling Towing Supply vessel worth RM41.4 million (about S$16.8 million). The contracts represent the fourth vessel sold in a month and the expansion of Nam Cheong's customer base, this time with Omni Marissa (L) Inc, an active Malaysian offshore marine company that specializes in various logistics, oil and gas services for oil and gas companies in Asia Pacific. Executive Director Leong Seng Keat said: We continue to enjoy the benefits flowing from Malaysia's expanding oil and gas ventures, and are pleased to have gained another new customer in a short span of time. In addition, we note that oil majors continue to invest in equipment and vessels essential for exploration and production activities, and we expect a rising demand for smaller AHTS vessels, he said when announcing the contracts. Leong said despite recent market volatility and talk of another downturn, our ability to secure another contract within a month speaks volumes of the confidence that our customers have placed in us. With our four decades of track record and experience, we are in a good position to accurately predict market demands and build the vessels ahead of time to suit the needs of our customers, he said. Like the previous three vessels, the newly-sold 5,220BHP AHTS vessel, which is nearing completion, is also being built as part of the group's built-to-stock series in one of Nam Cheong's subcontracted yards in China. The ABS class vessel has an overall length of 60 meters and achieved a bollard pull of 71.1 tons in a recent sea trial. It is scheduled for delivery next month. With this latest contract, Nam Cheong's order book has increased to 11 vessels, with total contract value of about RM590 million. Of these, six vessels are scheduled for delivery in the second half of this year and five will be delivered next year.
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Neptune Marine Pacific have entered into a MOA to sell their ROV Supporter (ex ROV Supplier, Bodo Supplier, Uragano Secondo, Bonnie One, Busy Bee, Maersk Shipper) for $2.4m that included the Remotely Operated Vehicle. As yet, the buyers identity is unknown. The vessel was built in 1972 at Fijge Werft Frederickshaven, in Denmark and rebuilt in 2008.
In August, the Office of Fair Trading (OFT) accepted undertakings to address the competition concerns arising from the completed acquisition of Subsea 7 Inc by Acergy S.A. (since renamed Subsea 7 S.A.). As a result, the merger will not be referred to the Competition Commission. Under the terms of the undertakings, the pipelay vessel, the Acergy Falcon, will be sold to Grup Servicii Petroliere SA (GSP). In December 2010, the OFT announced that it would consider undertakings in lieu of a reference to the Competition Commission after its investigation found that the merger raised competition concerns in the North Sea area. These concerns related to the provision of small diameter rigid pipelay services alone, and projects which required the provision of both small diameter rigid pipelay and diving services. The OFT's investigation found that Acergy S.A. and SubSea 7 Inc were two of three major firms who competed closely in these two areas. The OFT carefully assessed and consulted publicly on the proposed undertakings, as well as on the suitability of GSP as a purchaser of the Acergy Falcon. This included ensuring that GSP had formed an association with Bibby Offshore Holdings Limited, a provider of Diving Support Vessels, allowing the two firms to jointly offer pipelay services with diving services in the North Sea. Ali Nikpay, OFT Senior Director and Decision Maker in this case, said: Our investigation identified competition concerns resulting from this merger, however, the sale of the Acergy Falcon will restore pre-merger levels of competition. We believe that GSP, in an association with Bibby, is a suitable purchaser for the vessel. The Acergy Falcon was built in 1976 by IHC in Holland, measures 153m length x 21m breadth and has the following capabilities: J-lay 75T up to 14-inch pipe diameter, 2,000T onboard pipe storage, 1,600T below deck storage carousel, 64T crane, accommodation for 141 persons and two workclass ROVs. Sealink has sold two offshore support vessels. One vessel has been sold for RM 55 million to undisclosed buyers while the other was sold for RM 32 million to Logistine, Malaysia, an associate company of Sealink Group. The seismic vessel Fairfield Encounter (ex Sea Emerald, Sea Fortune, Encounter Bay) was sold by Fairfield Industries Inc to undisclosed buyers. In a colorful history, the vessel was built in 1973 at Langsten Slip, Norway as a North Sea rig tender and salvage tug. In 1981 it moved to work the oilfield in Indonesia. Four years later it left the legitimate commercial service and began running illegal drugs from Asia. In 1988 the US Coast Guard seized the vessel heading toward Vancouver Island. The Washington National Guard bought the vessel at auction in 1989 and it was then donated to Seattle Maritime Academy in 1995. Though foreign built and previously Panamanian flagged, the vessel was reflagged to US and gained Coastwise trading privileges prior to being donated to the academy. Fairfield bought the vessel in late 2001 and moved it to the US Gulf for conversion to a seismic vessel. The vessel measures 188.6' loa x 165.5' lbp x 36.0' beam x 17.8' depth x 16.30' loaded draft and is powered by two B&W 18V23HG creating a total 4,860BHP. Marcon brokered the 2001 sale of this vessel to Fairfield Industries. It has been reported that Global Offshore Services (formerly Garware Offshore Services) have sold their AHTS Garware I to unknown buyers. Built in 1983 at Maroil in Singapore for $4.5m, the unit is powered by twin Wartsila 12V22 main engines creating 4,810BHP. The current sales price was not reported, but is believed to be around the $1m region.
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Swire Pacific reported in their first half figures the sale of four J-Class AHTSs and one seismic survey vessel that contributed HK$69m in the first half of 2011. The seismic vessel sold the was Pacific Titan (ex Lady Pauline) which measures 211.0' loa x 181.1' lbp x 60.7' beam x 19.6' depth x 16.90' loaded draft and was built in 1982 at Teraoka, Japan. The vessel was sold to the Singapore based Reflect Geophysical Pte Ltd. The vessel has now been renamed Reflect Scorpio. Earlier this year, Swire sold their Pacific Javelin, now renamed An Wei, Pacific Spear, now renamed An Rong, and the Wira Keris, now renamed An Ju. All three were sold to Ocean Tankers of Singapore Pte. Also Swire recently completed the sale of the Pacific Scimitar to UK registered Union Maritime Ltd and renamed Top Fenders 2. The Saudi flagged PSV Zamil Latifah has been sold by Zamil Offshore Services Co Ltd to unknown buyers. The vessel was built in 1982 at Kanmon Zosen K.K. - Shimonoseki and measures 196.8' loa x 185.1' lbp x 41.1' beam x 16.4' depth x 11.94' loaded draft. The vessel is powered by two Daihatsu 6DSM32 totaling 4,200BHP at 620RPM, driving fixed pitch 4-blade prop(s) in kort nozzles. Originally it was an AHTS but was converted to a work / maintenance / hook-up vessel. Miclyn Express Offshore announced the purchase of three new Offshore Support Vessels. A Seismic Support Vessel has been purchased against a three year firm contract in Indonesia commencing in August 2011 and including 5 x 1 year extension options. The three OSVs were purchased for an aggregate price of US$ 18.5m and the firm value of the three contracts is US$ 29.4m. The AHTS Smit Lubaun was purchased by Smit International just as it was completed in the shipyard prior to delivery. The 60 x 16m, twin Yanmar 8N280M powered vessel was originally commissioned by Ocean Marine Egypt as the Ocean Dohab and registered to the Dominica flag; but changed hands back in June whilst undergoing the finishing touches at the Guangxi Guijiuang shipyard. The vessel is now Singapore flagged. Further to an announcement/press release of June 2011 in relation to the vessels receipt of its maritime class certification from Det Norske Veritas, the Board of Directors of Otto Marine Limited has announced that it has entered into a letter of intent dated 10 August 2011 to sell the AHTS Deep Sea 1 to an unrelated third party. The vessel was built in 2010 by PT Batamec and registered in Singapore under Singapore flag. The purchase price is US$ 90,000,000. Under the terms of the letter of intent, the Buyers will pay a 10% deposit to Otto within 30 days from the date of the letter of intent. The Company and the Buyers shall mutually agree upon all other terms and conditions pertaining to the sale of the vessel and shall execute a Memorandum of Agreement upon the payment of the Deposit. This was the first AHTS cancelled by Mosvold. The DP2 rated construction support vessel Acergy Hawk (ex Pacific Constructor, Seaway Hawk) has been sold by Subsea 7 MS Ltd to Malaysian based Bumi Armada for a reported price of around $9.5m. Originally built in 1978 by Mitsubishi Heavy. Ind., Kobe, Japan, the vessel measures 308.7' loa x 294.0' lbp x 61.7' beam x 22.1' depth x 17.65' loaded draft, the vessel is powered by two Daihatsu 6DSM32 creating a total 4,200BHP at 600RPM. On the back deck, the main crane is rated for 240T at 14m to an 84m water depth. It can accommodate 140 persons in 12 single cabins, 51 double cabins and 8 four berth cabins and personnel can be airlifted via helicopter off its Sikorksy S-61N rated helipad. The vessel is classed with DNV. It was recently working in West Africa but is expected to transfer to the Asian arena after delivery. At the time of writing the vessel had just left Mauritius en route Singapore.
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Norwegian operator DOF ASA completed the sale of one new building Skandi Kochi (Hull No. 081 at Cochin Shipyard) to Troms Offshore AS. This transaction was completed in July. The vessel is an Aker PSV 09 CD design and now renamed Troms Capella. The reported newbuild price was $54m, so the expectation is that it sold for a premium over this number. For more details on the Troms Capella see Delivery section. Singapore based owners Swiber Holdings Ltd have sold their 1973 built AHTS Swiber Captain (ex Dea Captain, Power Express, Muhammed Ali) to Myanmar based Injynn Development Co Ltd. Constructed at Schepsw. Bodewes, Holland as the Smit Lloyd 47 and rebuilt in 1994, the 180 LOA x 40.3 beam vessel is powered by twin Industrie 8D7HDN main engines creating 4,000BHP and a bollard pull of 43mt. The vessel has been renamed Injynn Captain and flagged with the Sierra Leone registry. It is reported that Dutch owners Vroon Offshore have sold their 2010 built DP2 rated UT755LN design PSV VOS Prevail to Singapore based operators Chellsea Pte Ltd. Built at Cochin in India, the vessel measures 73.6m x 16m x 7m depth and is powered by twin Bergen C25:33L6P creating 5,450BHP. The vessel has been renamed Durga Devi. Handover was undertaken in Esjberg. The sales price is unknown. Singapore builders and owners Jaya Holdings Ltd. recently sold their 2010 built DP rated AHTS Jaya Anchor to Indonesian buyers Logindo Samudramakmur. Constructed at Jayas subsidiary yard in China, Guangzhou Hangtong, the 58.7m x 14.6m x 5.5m unit is powered by Wartsila 9L20 main engines creating 4,800BHP whilst driving twin CPP in kort nozzles. Equipped with a double drum waterfall winch with a 150T line pull and 200T brake, it is capable of a bollard pull of 60T. Vessel has been renamed Logindo Braveheart and now flies the Indonesian flag.
Charter News
Mermaid Marine Australia Ltd announced that the company has been awarded two contracts by Woodside in respect of the Mermaid Sound (pictured) and the Mermaid Strait, for the provision of offshore marine support to Woodsides FPSO operations in the North West Shelf. The contracts are both for a term of three years firm, with two options of one year each. The Mermaid Sound will commence its new contract on the 15th of June 2011. The Mermaid Strait is currently under construction and is expected to be delivered in April 2012. The Mermaid Resolution will act as the lead in vessel in respect of the Mermaid Strait contract. The combined contract value is approximately A$60 million for the firm period, with further upside should the options be exercised. The Mermaid Sound, a 50m diesel electric Offshore Support Vessel, has been successfully supporting FPSOs off Exmouth Gulf for the past four years. The Mermaid Strait is a 53m DP1 OSV and a second generation version of the Mermaid Sound. MMAs marine project group has specifically designed the Mermaid Strait to include modifications that improve the safety of the vessel, especially when working in close quarters with large tankers, and offer more flexibility in relation to the range of functions the vessel can perform. The Mermaid Strait has a fuel efficient and cost effective diesel electric drive system, increased capacities to meet growing logistical needs and improved machinery specification to enhance reliability. MMA Managing Director, Mr. Jeff Weber said: The Mermaid Strait is a testament to MMAs ability to critically assess the operation of its current fleet and transfer those learnings into practical design modifications in respect of our second generation vessels. The charter of the Mermaid Sound and Mermaid Strait to Woodside is a strong endorsement of MMAs operating capability and we are very pleased to support Woodsides operations on the North West Shelf.
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Eidesvik Offshore has been awarded a five year Charter Party Contract by Statoil for the Platform Supply Vessel Viking Avant. The contract has further three yearly options for extension. Statoil has at the same time awarded Eidesvik Shipping AS, a subsidiary of Eidesvik Offshore ASA, a two year Charter Party Contract for the PSV Viking Lady (pictured). The contract has two yearly options for extension. Eidesvik has worked for Statoil for more than 30 years. We are convinced that the outstanding performance of our offshore personnel during all these years has been an important factor in the award of these contracts, says President and CEO Jan Fredrik Meling. Viking Avant was awarded Ship of the Year in 2004 with its Avant design. Viking Avant is built with bridge and engine aft, contrary to all previously built PSVs. When designing this vessel, the main emphasis was put on important criteria, such as reduced motions and noise in the superstructure due to location of the bridge, improved quality of onboard working hours for the crew, better quality of off-duty time onboard and better light conditions in living and working areas, as all of these are located above main deck. Viking Lady is Eidesvik`s third vessel of Avant design with all the advantages listed above. Further Viking Lady is by international media and specialists claimed to be the world's most environmentally friendly ship. Viking Lady employs a dual-fuel LNG/diesel electric power plant which reduces NOx emission significantly. The ship has also installed a fuel cell of 320kW output and, like the main engines, is fuelled by LNG. This provides a significant portion of the base load when the ship is stationary. With the contract of Viking Lady, all three Eidesvik vessels of Avant design will be in service for Statoil in different locations on the Norwegian continental shelf. Topaz Energy and Marine, a leading oilfield services group, has recently signed long-term vessel support contracts with prominent clients totaling US$ 160 million. Topazs cable-lay vessel, the TEAM Oman (pictured) has been contracted to ABB for a five year wind farm support contract plus options. The work will commence in early 2012 and involves a significant upgrade to the vessel which will enable her to carry out all interconnector and repair work in the wind farm industry. This award is in direct continuation of a successful two year charter in the North Sea renewable energy sector for ABB AB, High Voltage Cables. In the Arabian Gulf, the newly built anchor-handling tug supply vessel, the Topaz Khubayb has been awarded a three year contract plus options with Saudi Aramco. Topaz operates in Saudi Arabia through a joint venture with the GENTAS Group. Roy Donaldson, Chief Operating Officer of Topaz Marine, said: We are delighted to announce these two new contracts with prestigious clients that both fit well with Topazs strategic growth objectives. The prominent and fast growing Saudi Arabian market is an exciting area for the company as is the renewable energy space. Together the contracts are worth more than US$ 160 million including customer options. Silk Holdings Bhd's unit Jasa Merin (Malaysia) Sdn Bhd has entered into an RM24m (US$ 7.84M/equiv US$ 21,500 per day) contract with Talisman Malaysia Ltd for the provision of one anchor handling tug supply vessel. Silk said the contract was for a year with two extension options of one year each, exercisable at the discretion of the charterer and subject to prior approval from Petronas. In a filing to Bursa Malaysia in June, it said the contract was expected to commence in July 2011. Silk said the contract was expected to contribute positively to its earnings and assets for the financial year ending July 31, 2012. The name of the unit is unknown. Jasa currently operates nine AHTSs. Malaysian owners Tanjung Offshore Bhd has won long-term charter contracts from Petronas Carigali Sdn Bhd for the provision of three offshore support vessels. The charter contracts of between one to three primary years awarded to its wholly-owned subsidiary, Tanjung Offshore Services Sdn Bhd, are valued at RM50 million. There were options to extend the contracts for further period of up to two years, Tanjung Offshore said in a filing to Bursa Malaysia recently. The long term contracts are expected to contribute positively to its earnings and net assets for the financial year ending Dec 31, 2011 and beyond.
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Tug owners and operators Smit Singapore have been awarded a tug standby contract much like the four units that were stationed off the coasts of Britain (until recently) by the Shipping Corporation of India in an Emergency Response and Rescue role. The committee of secretaries in the Union government decided to post an emergency towing vessel on the western coast. Director-General of Shipping SB Agnihotri said that the Shipping Corporation of India has hired an emergency towing vessel for the western coast from Singaporebased ship salvaging firm, Smit, at a cost of Rs 15 crore for this year. The 2008 built, 6,000BHP tug, Smit Lumba, was activated in July. It has specialized crew, can deal with any emergency and can tow away drifting vessels. It will ensure that situations like MV Wisdom grounding do not recur, said Agnihotri. Shipping Department officials said the Coast Guard normally attends to emergencies first. This tug will be at their beck and call. It will be posted on the western coast near Mumbai. Plans are also afoot to post similar such tugs along the eastern and southern coasts of the country from next year in case a ship drifts away like MV Wisdom did. A major disaster was averted at Mumbai when MV Wisdom broke from her tug while being towed to Alang; it almost hit the Bandra-Worli sea link, said a senior Shipping Ministry official. The Coast Guard, city police, BMC and MSRDC, which owns the sea link, spent anxious moments on June 12 as the ship drifted towards the sea link. Solstad Offshore ASA (SOFF) has signed a contract with Saipem Ltd for use of the Construction Service Vessel (CSV) Normand Oceanic. The duration of the contract is 150 days with commencement end of June 2011. The commercial terms are confidential between the parties, but are in line with present market level for such vessel. Normand Oceanic is a large CSV, delivered from the yard in April 2011. She is specially designed for deepwater operations worldwide. She has a 400T crane suitable for work on water depths down to 3,000 meters, DP class 3 and a work deck of more than 2,100m2. Also Solstad Offshore ASA (SOFF) has through its subsidiary, Solstad Offshore Asia Pacific Ltd, in Singapore been awarded the following charter contracts: Nor Spring (AHTS, 2008 built, 8,000BHP) is contracted to Saipem Singapore for a firm period of 180 days with charterers option to extend for a further 120 days. Commencement of charter will be in September 2011. The contract for Nor Chief (AHTS, 2008 built, 10,800BHP) has been extended with its current charterer, ENI, Egypt, for a period of 30 months. Commencement of the new charter will be mid August 2011. For Nor Supporter (AHTS, 2005 built, 8,000BHP) Murphy Sarawak Oil Company Ltd, Malaysia has declared their option to extend the contract for a further 12 months from end of August 2011. Total value of the firm part of these contracts is approximately USD 22.5 million. GC Rieber Shipping and the subsea contractor Technocean has agreed on a one year extension of the charter regarding the Subsea IMR and light CSV vessel Polar Prince. The time-charter with Technocean for the 1999 built vessel Polar Prince has been extended to September 2012. The vessel is engaged in subsea operations related to installations of offshore wind farms in the North Sea. We are pleased with the renewal of the contract and the extension fits with our overall fleet plan going forward, comments CEO of GC Rieber Shipping, Irene Waage Basili. Technocean is a subsidiary of the subsea service company Reef Subsea. GC Rieber Shipping owns 50% of Reef Subsea. Rem Offshore entered into a charter agreement for OCV Rem Forza. The firm period of the contract is six months, with further options of six months. Commencement of contract is in August, immediately after the vessel is finished with ongoing work. In addition, Rem Offshore ASA has entered into a contract agreement with Saipem Ltd for the AHTS/ROV vessel Rem Gambler. The firm contract period will be five months, with further options up to three months. Commencement of the contract is immediately. Total value for the firm periods is approx NOK 100 million.
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Offshore services provider Alam Maritim Resources has clinched two contracts worth RM20.16m ($6.72m) to hire out two vessels. Malaysia-based Alam Maritim won tenders from Petronas Carigali to provide one accommodation vessel and from a local oil and services firm to provide one unit workboat. The Petronas Carigali contract is for 138 days with extension options and the second contract is for 30 days without extension options. The contracts. are expected to positively contribute to the earnings and net assets of Alam Maritime for the financial year ending 31 December 2011, Alam Maritim said in a statement. Bourbon Offshore announced the signing of a five-year marine charter agreement with CGGVeritas for six new seismic support and assistance vessels that will be delivered at the end of 2012. Following a tender procedure, Bourbon has decided to build these vessels at Grandweld Shipyards in Dubai. These vessels will be used to support the fleet of CGGVeritas seismic survey vessels operating all over the world, providing them with the requisite ancillary services including crew change, fuel delivery, storage, assistance and support during in-sea maintenance operations. We are delighted to have been chosen by CGGVeritas, which comes as further confirmation of Bourbons capacity to adapt to meet the needs of its clients, announced Christian Lefvre, CEO of Bourbon. At the same time, this agreement emphasizes Bourbons recognized expertise in the design and management of oil and gas marine services vessels. The construction of a new segment of vessels for our fleet fits perfectly with the investments we are making under the BOURBON 2015 strategic plan. JeanGeorges Malcor, CEO of CGGVeritas, said: This agreement to charter vessels to support our seismic acquisition operations is another step in our ambitious plan to improve the performance of our fleet and streamline the number of our maritime partners. CGGVeritas will benefit from the expertise of the Bourbon group and its commitment to the highest standards of operating quality and safety worldwide. Reflecting Bourbons constant quest for innovation, these 53-meter-long vessels will have hybrid propulsion consisting of two classic diesel engines to move at speed for transit work and two electric engines that are very precise and economical in terms of energy, for escort and support work for the seismic survey vessels. Ever focused on the satisfaction of its clients, Bourbon has already set up a department dedicated to the efficient management of these contracts and vessels, supervised by one of its Shipmanagement subsidiaries. With this new segment of Support Vessels, Bourbon is continuing to implement the investments announced for its BOURBON 2015 Leadership Strategy plan and extends the range of services offered by its fleet. Through its Brazilian subsidiary, Norskan Offshore, DOF has signed a contract with Petrobras for Skandi Botafogo. The contract will commence in third quarter 2011 and has a firm duration of two years. Skandi Botafogo is an AHTS of UT 722 L design built in Brazil in 2006.
Orders
Havila Shipping has won a tender with Statoil for delivering platform supply services. The contract is a permanent five-year deal with an option for a further three years. In order to deliver this service Havila Shipping will build a Havyard 833 L platform supply vessel at Havyard Ship Technology`s shipyard in Leirvik, Norway. The newbuild contract is worth NOK 360 million (US$ 66 million). The ship is due to be delivered in December 2012. The Havyard 833 L is a large and modern PSV design with a focus on operational costs and economy, large, flexible capacities for freight of various types of cargo, good comfort for the crew and environmentally friendly design. This version is specially designed for the demands that Statoil put forward for this particular contract. Havila Shipping has ordered a new platform supply vessel and chartered it long-term to Statoil. It will be the seventh vessel that Njal Saevik-led Havila operates on a long-term basis with Statoil.
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GulfMark Offshore, Inc. reports the initiation of a vessel construction program. The first three vessels in the program will be built by Remontowa Shipbuilding SA in Gdansk, Poland, and consist of two 1,000 square meter deck area platform supply vessels of the MMC887CD design and one MMC879CD design with a deck area of over 800 square meters. The vessels have been designed to meet requirements for supporting deepwater and harsh environment activities, and are expected to operate in the North Sea market. The first MMC887CD vessel is expected to be delivered in the second quarter of 2013. The second MMC887CD vessel and the MMC879CD vessel are expected to be delivered in the third quarter of 2013. The total cost of these three vessels is anticipated to be $120 million dollars. Bruce Streeter, President and CEO, commented, We are excited about the initiation of our new construction program. Global market and economic conditions over the past three years gave us enough concerns to hold back on building new vessels. However, recent oil and gas finds in the North Sea, a drilling focus on frontier areas and the announcement of more than 60 new offshore drilling rigs in 2011 gives us the confidence to initiate the building of vessels designed for this developing market. Forward contract visibility and increasing opportunities in areas demanding large sophisticated vessels indicate a strong potential for these additions to our fleet. Funding for these first three vessels in the program will be through cash on hand and cash flow generated from operations during the construction period. Anticipated cash commitments for this program over the next three calendar years are $20 million during 2011, $55 million during 2012 and $45 million during 2013. As of June 30, 2011, the company had $114 million of cash on hand and $10 million drawn on its $175 million of revolving credit facility. GulfMark says it anticipates announcing additional vessels to this program over the next few quarters. Singapore Technologies Engineering announced recently that its ST Marine unit won a shipbuilding contract worth about S$171million from Swire Pacific Offshore Operations (Pte) Ltd. (Swire Pacific Offshore), a wholly owned subsidiary of Swire Pacific Limited. The contract covers the building and outfitting of four anchor handling tug supply (AHTS) vessels. Swire Pacific Offshore will furnish the major equipment for ST Marine's installation, including main engines, thrusters, switchboard and automation, cranes, A-frame, stern rollers and deck machinery. Work begins immediately with the first AHTS, measuring 92m by 22m, expected to be delivered by the first half of 2013 and the fourth by the first half of 2014. The four vessels will be able to support the latest generation of deepwater harsh environment semi-submersible offshore drilling rigs. They will also have adequate tank capacities and clear deck space of about 650m2 for other offshore applications. The vessels will adopt the latest dynamic positioning technology and will be Special Purpose Ship 2008 compliant. In March this year, ST Marine successfully delivered Pacific Finder, a 68m Seismic Survey Vessel (photo) to Swire Pacific Offshore. The vessel is successfully deployed for marine seismic survey in shallow waters for oil and gas clients in the Asia Pacific region. Swire Pacific Offshore owns and operates 77 offshore support vessels, with a further 17 new vessels on order for delivery throughout 2011 and 2014. Its fleet has an average age profile of less than nine years. It operates vessels in every major oil exploration region outside of North America. Swire Pacific Offshore is committed to owning and operating a modern fleet of offshore support vessels. The recent order with ST Marine is testament to our commitment for quality, reliability and environmentally friendly fuel efficiently designed vessels. ST Marine is our shipyard of choice for these new building orders based upon their previous performance, commitment and dependability to deliver on time. We are very pleased to be working with the ST Marine team, said Brian Townsley, Managing Director, Swire Pacific Offshore. We are delighted and honored to be entrusted with this opportunity to work with Swire Pacific Offshore again. Swire, one of the world's largest owners and operators of offshore support vessels, is a forward-looking and very professional company and we are thankful for the role to enhance and grow their fleet to support their customers in the burgeoning offshore oil and gas industry. This contract is not only a testament to ST Marine's capability as a shipbuilder of choice but an affirmation that our partnership with Swire Pacific Offshore is growing from strength to strength, said Ng Sing Chan, President, ST Marine.
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Singapore-listed STX OSV will net NOK 750m ($140m) to build two 4,800DWT PSVs for Norways Island Offshore. STX OSV will deliver the pair from its Brevik shipyard in Norway in the first and third quarters of 2013 respectively. The contract for the second vessel is subject to certain conditions being fulfilled by the end of the third quarter of this year. The hulls will be built by STX OSV Braila in Romania. The Rolls Royces UT 776 CD design has a length of 96.8 meters with a beam of 20 meters. The UT 776 CD design is optimized for harsh weather operations, with enhanced focus on safety, and environmental friendly operations. Island Offshore presently has six new buildings of the proven design under construction. When the new building program is finished, Island Offshore will have ten vessels in operation of the proven UT 776 CD design. Rolls-Royce recently said it has also won a 15 million order to design and equip two offshore service vessels for the company. The vessels, of the Rolls-Royce UT775 E design, will be chartered by Brazils state oil company Petrobras and are designed specifically for carrying fluids and solid cargo to and from offshore oil and gas platforms. They will be built by Estaleiro Ilha S.A. in Brazil, for delivery in 2013, and feature a fully-integrated equipment system from Rolls-Royce, including ship propulsion, deck machinery, and vessel control systems. Atle Gaas, Rolls-Royce, General Manager Sales Offshore Service Vessels, said: This is an important contract for Rolls-Royce, and reflects our strong position in the Brazilian offshore industry. The combination of our leading edge ship designs together with fully integrated equipment systems is able to meet the demanding requirements of the offshore sector. These latest vessels feature a range of advanced equipment, which will enable Brasil Supply and Petrobras to operate safely and efficiently in the challenging sea conditions off the coast of Brazil. Rolls-Royce opened a state-of-the-art Marine Service Centre in Niteri near Rio in 2009, providing round the clock support to customers throughout the region. In total, more than 650 Rolls-Royce designed UT vessels are in service around the world. Farstad Shipping ASA has, through its wholly owned subsidiary Farstad Supply AS, reached an agreement with STX OSV AS to build two Anchor Handling Offshore Service vessels of the type UT 731 CD. Contract value is approx. NOK 1.2 billion. The vessels are designed by Rolls Royce Marine with a total length of 87.4 meters and breadth of 21.0 meters. Bollard pull will be approx. 260 tons and installed power is approx. 24,000BHP. The vessels will be built according to DNV's strictest environmental class - Clean Design - and will be arranged for safe and efficient deepwater operations. The newbuilds are of the same design as the four Langsten previously delivered to Farstad during 2009-2010. The steel hulls will be built in Romania and outfitting yard will be STX OSV Langsten in Tomrefjord. Delivery of the vessels will be April and June 2013 respectively. These newbuilds are part of Farstad's fleet renewal and focus on the segment for deepwater activities. With this latest order Farstad will have eight vessels under construction at a contract value of NOK 3.2 billion. Rolls-Royce has noted that this is a 50 million contract to it for design work and equipping the vessels. The Rolls-Royce UT 731 CD vessels are designed to work in extreme environmental conditions and carry out operations in water as deep as 3,000m. The order includes a fully integrated equipment system from Rolls-Royce, including deck machinery, vessel control systems and a diesel-electric hybrid propulsion system. This will be fitted on both vessels to maximize efficiency, reduce fuel burn and cut emissions. Great Offshore in India has recently placed an order for three offshore support vessels from Pinky Shipyard, a subsidiary of Bharati Shipyard Limited. The yard is located in Goa, West India.
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Colombo Dockyard of Sri Lanka has gained a contract from a Singapore-based owner to build four 78m multipurpose PSV ships, each of 3,600dwt and is to be classed with NKK. The yard said that the owner has asked to remain confidential but is based in Singapore. The Chairman of Colombo Dockyard PLC, Mangala Yapa speaking to the press disclosed that this deal is to the tune of US $ 110 million. These MPSVs are designed by Seatech Solutions International (S) Pte Ltd of Singapore and incorporates an oil recovery arrangement and operate as advanced PSVs as well as light construction support vessel, complying to SPS Code 2008 & Clean Design requirements of NKK, Dynamic Positioning, Fire Fighting Capability, Oil Recovery Capability, Capability to support ROV operations and these vessels shall be designed and built to accommodate 50T Active Heave Compensated Crane, an A-frame and helideck. The 78m LOA x 17m x 8m depth x 5.5m design draft MPSV will have an endurance of 35 days and a cruising range of about 9,200 nautical miles. Designed for unrestricted operation worldwide and with an outstanding speed of 14.5 knots, the 3,600T dwt vessel can get to the desired location around the world as quickly as possible, minimizing downtime. Twin controllable pitch propellers, twin high lift flap rudders and transverse bow and stern thrusters provide good maneuverability and station keeping ability. The vessel is controlled from twin maneuvering consoles fitted in the wheelhouse, forward and aft stations with joy-stick controls. The vessel shall also be equipped with advanced dynamic positioning (DPS B) system which assures safe and more efficient operations while working in close proximity to oil platforms and rigs, even under harsh weather conditions. Being equipped with a fully automated bridge layout with alarm monitoring systems for periodic single man bridge operation, the vessel is classed with BRS1 notation. The vessel is fitted with automated installations enabling machinery spaces to remain periodically unattended in all sailing conditions including maneuverings, qualifying it to be assigned with M0 notation. The vessel is designed to have an enhanced accommodation area for 50 persons. These accommodation areas are well-appointed and are aesthetically designed with special attention being made to noise and vibration levels and crew comfort onboard the vessel, thereby meeting compliance to NVC(c)* notation of the classification society. The vessel is also classed with In Water Survey denoting the vessel could be operated without being drydocked for five years. Due to this, surveying the underwater parts of the vessel could be carried out while it is still afloat instead of having to drydock for examination of the under water areas, as is conventionally done. This is a huge saving for the Owner. In addition, the vessel is also equipped with Tail Shaft monitoring system (SCM) which is a huge advantage for the Owner in his quest for monitoring of temperature and condition in the tail shafts. In addition to the dry bulk carrying capability, the vessel is also capable of carrying methanol, which is a low flash point liquid. In order to prevent any fire risks, a special deck foam fire fighting and prevention system has been installed for safety. This vessel shall be another green, eco-friendly vessel to be built by the yard, with lower fuel consumption, reduced NOx and greenhouse gas emissions. In addition, the MPSV shall also be fully equipped with a number of eco-friendly measures. The plan approval and survey during construction will be performed Class NKK of Japan. This project will be yet another first for Colombo Dockyard and Sri Lankan Shipbuilding; i.e. the first NK Class vessel(s) built by Sri Lanka and Colombo Dockyard PLC, epitomizing the evergrowing relationship between Japan and Sri Lanka. The owner of the newbuilds appears to be an existing customer of the yard, and the indications are that the new contract resulted from the owners satisfaction with the yards work on two AHTS vessels that are currently being built at Colombo Dockyard. (Colombo is currently building two AHTS - Hulls No. 219 for Eagle High Ltd and Hull No. 220 for True Wisdom Ltd both registered in Samoa. The Group Owner is unknown.) These ships had been slightly delayed, said reports, because of late delivery of anchor handling winches manufactured in China by a Norwegian/Singapore based supplier, but the AHTS ships will be handed over in mid-October and end-November, 2011. Colombo Dockyard has built four multi-purpose PSVs, with three more under construction for another Singapore-based company.
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Singapore's Keppel Singmarine landed two orders for a total of seven offshore support vessels to be built at its Brazilian facility. One of the orders is for a PSV and has been placed as a speculative order by the shipyard's own Brazilian ship-owning arm. The other vessels are offshore tugs being built for industry stalwart Smit, with all seven vessels to be built at the company's new 7.6-hectare shipyard in Santa Catarina state at a total cost of S$140 million. The first contract is for a large-sized MTD 9045P-DE design PSV placed by Keppel Offshore & Marine's Brazilian shipowning arm, Guanabara Navegacao. The vessel is the first speculative newbuild in its fleet. Keppel expects the vessel will be offered for bareboat charter or sale upon delivery. The ABS-Classed unit is 94.2m by 19.8m wide. It features a large deadweight capacity in excess of 4,500 tons and a 1,000m2 deck space. The DP2 vessel is equipped with a diesel-electric propulsion system and accommodation for 26 crew members. The second contract entails building a series of six 45T bollard pull twin-screw azimuth stern drive harbor tugboats for Smit's Brazilian offshoot Rebocadores do Brasil (Smit Rebras). The work scope for the contract includes detailed design and engineering work and the purchase of all equipment. The first tugboat will be delivered in the fourth quarter of 2012, followed by the remaining five at three-month intervals. These Robert Allandesigned tugboats will be deployed by Smit Rebras to work at key ports across Brazil. The new facility in Brazil is also able to fabricate offshore steel structures and support major projects undertaken by Keppels BrasFELS yard in Angra dos Reis. Hoe Eng Hock, executive director of KSM Brasil said: Petrobras will need over 100 Brazilian-built offshore support vessels by 2020, to facilitate the exploration and development of the Santos Basins deep water pre-salt fields. We see a growing market for purpose-built support vessels that can operate safely and efficiently offshore Brazil. ASL Marine Holdings Ltd. reports that its wholly-owned subsidiary ASL Shipyard Pte Ltd has secured new shipbuilding contracts worth a total of approximately S$131 million for the construction of eleven vessels for deliveries between the fourth quarter of 2012 and the third quarter of 2013. Two additional North Sea Standby Emergency and Response vessels will be built at the ASL Marine's Singapore shipyard for a repeat customer. Nine Anchor Handling Towing Supply Vessels will be built at the group's shipyard in Guangdong province, China. WM Offshore a subsidiary of Wintermar Offshore Marine (WINS) Tbk, has ordered another platform supply vessel for deepwater drilling operation. The 76m platform supply, oil recovery, safety standby vessel of about 3,500dwt is expected to be delivered in June 2012 and will be deployed to support deepwater drilling and operations of the oil and gas industry in Indonesia. PT Wintermar, a subsidiary of WINS, has been awarded a two-year contract from Total E&P Indonesie, to provide a supply vessel commencing in 2012. The contract is valued about US$6.5 million and will commence February 2012. WINS group has won 23 new tenders in the first five months of 2011 amounted US$104 million. The yard of build is unknown. New operators Bluesea/Cleaves Marine of Norway are understood to have ordered six PSVs, Rolls Royce designed UT-776CD, with a 4,800dwt from China Petroleum Liaohe Equipment Company (CPLEC), China. China Petroleum Liaohe Equipment Company is a subsidiary company of China National Petroleum Corporation (CNPC) and it is one of the main equipment manufacturers of CNPC. The core business of CPLEC is land & offshore petroleum equipment manufacture and engineering solutions. Harvey Gulf International Marines Board of Directors approved construction of the first United States flagged LNG Offshore Supply Vessels. Chairman & CEO Shane J. Guidry stated that this is another example of Harvey Gulfs commitment to meet clients future needs. Mr. Guidry said that a contract will be awarded to a US shipyard on or before August 28, 2011. The SV310DF vessels, designed by STX Marine Inc., will be dual-fuel with LNG capacity for seven days with three engines at full RPM. In addition, vessels will carry 5,520 tons of deadweight at load line and a transit speed of 13kn. Mr. Guidry stated that, with the stringent Governmental demands for both reduced emissions and clean burning energy use, Harvey Gulf decided to make the capital investment of US$ 100 million for two vessels.
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Supply Vessel Market Report August 2011 Supply Vessels Worldwide
According to Lloyds Register Fairplay Sea-Web, as of August 9, 2011, there were 6,190 sea-going supply vessels over 100GRT worldwide. This is up 1.24% or 76 vessels since our last report in May. Total horsepower of this fleet is 32,898,472BHP. This is up 419,466BHP or 1.29% since our last report. The largest national fleet of supply vessels worldwide in horsepower and count sails under U.S. registry. The U.S. operates 920 sea-going supply vessels over 100GRT, or 14.86% of the world market, totaling 3,868,086 horsepower (11.76% of the global horsepower) with a 15 year average age. The registry with the youngest supply fleet is Denmark with two 2011 built vessels, total 3,862BHP.
Top 50 Sea-Going Supply Vessel Fleets By Units as of August 2011 According to Lloyds Register
Flag Worldwide United States Of America Singapore Panama Malaysia Vanuatu Norway China, People's Republic Of Mexico Unknown India St Vincent & The Grenadines Brazil United Arab Emirates Indonesia Nigeria United Kingdom Bahrain Marshall Islands Italy Luxembourg Cyprus Norway (Nis) Bahamas Liberia Belize Egypt Denmark (Dis) Russia Azerbaijan Iran France (Fis) Comoros Vietnam Isle Of Man Trinidad & Tobago Qatar Honduras Canada Kazakhstan Cayman Islands Antigua & Barbuda Netherlands Saudi Arabia Turkmenistan Venezuela Kuwait Australia Thailand Dominica St Kitts & Nevis Total BHP % 32,898,472 100.00% 3,868,086 11.76% 3,006,179 9.14% 1,658,018 5.04% 1,578,912 4.80% 1,817,232 5.52% 2,580,431 7.84% 1,191,143 3.62% 824,332 2.51% 603,830 1.84% 987,808 3.00% 887,265 2.70% 1,090,591 3.32% 496,081 1.51% 511,621 1.56% 425,953 1.29% 589,871 1.79% 464,634 1.41% 444,151 1.35% 475,582 1.45% 508,710 1.55% 548,069 1.67% 679,328 2.06% 557,539 1.69% 452,782 1.38% 326,048 0.99% 207,091 0.63% 680,731 2.07% 463,508 1.41% 284,966 0.87% 161,985 0.49% 300,623 0.91% 127,927 0.39% 225,223 0.68% 445,745 1.35% 68,169 0.21% 157,115 0.48% 74,703 0.23% 324,659 0.99% 96,621 0.29% 183,915 0.56% 305,634 0.93% 184,440 0.56% 86,955 0.26% 100,933 0.31% 57,574 0.18% 91,846 0.28% 84,209 0.26% 84,305 0.26% 95,487 0.29% 70,746 0.22% #SVs % 6,190 100.00% 920 14.86% 476 7.69% 387 6.25% 315 5.09% 287 4.64% 233 3.76% 231 3.73% 219 3.54% 209 3.38% 200 3.23% 181 2.92% 165 2.67% 163 2.63% 161 2.60% 124 2.00% 111 1.79% 101 1.63% 82 1.32% 82 1.32% 80 1.29% 70 1.13% 69 1.11% 62 1.00% 59 0.95% 58 0.94% 55 0.89% 51 0.82% 50 0.81% 49 0.79% 45 0.73% 42 0.68% 42 0.68% 41 0.66% 36 0.58% 36 0.58% 35 0.57% 35 0.57% 32 0.52% 30 0.48% 28 0.45% 28 0.45% 28 0.45% 27 0.44% 26 0.42% 26 0.42% 24 0.39% 24 0.39% 23 0.37% 22 0.36% 21 0.34% Avg BHP Avg Age 5,315 1995 4,204 1996 6,316 2006 4,284 1989 5,012 2005 6,332 1998 11,075 2004 5,156 1994 3,764 1991 2,889 1984 4,939 1994 4,902 1997 6,610 2003 3,043 1988 3,178 1991 3,435 1986 5,314 1995 4,600 1998 5,416 2003 5,800 1992 6,359 2010 7,830 2004 9,845 2003 8,993 1997 7,674 1998 5,622 1987 3,765 1985 13,348 1999 9,270 1994 5,816 1988 3,600 1983 7,158 2004 3,046 1982 5,493 1993 12,382 1999 1,894 1987 4,489 1998 2,134 1970 10,146 1988 3,221 1995 6,568 2002 10,916 2001 6,587 1999 3,221 1991 3,882 1986 2,214 1979 3,827 2000 3,509 1995 3,665 2005 4,340 1987 3,369 1979
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Supply Vessel Market Report August 2011 New Construction, Shipyard and Conversion News
New construction continues, but at a declining pace. According to Fairplay, as of 1 August 2011, there were 8,340 ships over 299GRT on the World Orderbook. This is down 179 or 2.10% from 8,519 May. Of the 8,340 ships recorded on order, 611 (up 2) are Offshore Supply Vessels and 167 (up 9) are designated as Offshore Other. Of the 611 OSVs under construction, China leads the Orderbook with a total of 188 (down 10) OSVs being built. They are followed by India at 74, Singapore 51, Malaysia 47, USA 41, 33 Brazil, 26 Romania, Indonesia 25, Norway 17, 13 each Japan and the UAE, Poland 10, Italy and Vietnam 9 each, 8 each Spain and the Netherlands, 6 each Russia, Sri Lanka and Thailand, South Korea and Turkey 3 each, 2 each Australia, Finland, the Philippines and Saudi Arabia, and 1 each Egypt, France, Greece, Iran, Nigeria, South Africa and the Ukraine. The 611 OSVs on the order books represents 9.87% of the global OSV fleet of sea-going vessels over 100GRT which has an average age of 17 years.
Worldwide Offshore Supply Vessels On Order Over 299 GRT
200 175 150 125 100 75 50 25 0 China (PRC) India Singapore Malaysia USA Brazil Romania Indonesia Norway Japan UAE Poland Italy Vietnam Netherlands Spain Russia Sri Lanka Thailand South Korea Turkey Australia Finland Philippines Saudi Arabia Egypt France Greece Iran Nigeria South Africa Ukraine
Credit: Fairplay New buildings Online 8/11
The below graph shows the estimated delivery dates for those OSVs on order.
Delivery Dates Worldwide Orderbook For Offshore Supply Vessels Over 299 GRT 175 150 125 100 75 50 25 0 2011 Q2 2011 Q3 2011 Q4 2012 Q1 2012 Q2 2012 Q3 2012 Q4 2013 Q1 2013 Q2 2013 Q3 2013 Q4 2014 Q1 2014 Q2
Credit: Fairplay New building Online 8/11
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CAT power leads by far the propulsion packages, with engines in 148 OSVs followed by Cummins in 89, Wartsila in 65, Bergens and MaK 35, Yanmar 30, MAN-B&W 19, General Electric and Niigata 17 each, 10 M.T.U., 7 Mitsubishi, Daihatsu 4, 3 Chinese Standard Type, 2 Guangzhou and Hyundai Himsen, Rolls Royce and Weifang with 1 each. Engines were not listed for 127 OSVs.
Engine Types Worldwide Orderbook For Offshore Supply Vessels Over 299 GRT 150
125
100
75
50
25
0 Chinese Std Type GE Marine M.T.U. Daihatsu Guangzhou Unknown Hyundai Himsen Rolls Royce Caterpillar MAN-B&W Mitsubishi Cummins Bergens Wartsila Weifang Yanmar Niigata MaK
Credit: Fairplay Newbuilding Online 8/11
The highest portion of OSVs over 299GRT being built worldwide are in the 3 4,000HP category with 102 OSVs, or 16.7% of those OSVs where the horsepower is listed. Followed by 12.4% being built in the 5 6,000HP and 9.2% in the 4 5,000HP categories. Three OSVs are shown under 1,000BHP, but this is most likely because most of the OSVs being built in this horsepower range will be under 299GRT.
Summary of Horsepower Fairplay Worldwide Offshore Supply Vessels Orderbook over 299GRT
OSVs Under 1,000HP 3 1,000 1,999HP 16 2,0002,999HP 42 3,0003,999HP 102 4,0004,999HP 56 5,0005,999HP 76 6,0006,999HP 48 7,0007,999HP 31 8,0008,999HP 17 9,0009,999HP 12 Over 10,000HP 54 Unk. 154 Total 611
Deliveries
Vroon Offshore took delivery of VOS Vigilant in June. VOS Vigilant, a field-support vessel, is the penultimate in a series constructed for Vroon at the Astilleros Zamakona Shipyard, Pasaia. She will join Vroons extensive fleet of modern vessels providing a range of emergency response and cargo support to the offshore industry. The vessel has a length of 60m, a beam of 12.7m and a rescue draft of 4.5m. She has a GRT of 1,734 tons and a NRT of 520 tons. On August 10, 2011, at 14:33 local time in Vietnam the AHTS Skandi Saigon was delivered to Aker Dof Deepwater AS by STX Vung Tau. The Skandi Saigon is a new generation high powered anchor handling vessel designed for field installation operations across a wide range of water depths and environmental conditions. The Skandi Saigon measures 75m x 17.4m x 8.5 depth The vessel is sister to the Skandi Emerald and Skandi Peregrino.
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US flagged and built OSV AL Kat was delivered from Thoma Sea shipbuilders to new owners JG Marine in July. Measuring 220.0' loa x 210.1' lbp x 48.0' beam x 16.0' depth x 13.50' loaded draft, the vessel is powered by twin CAT 3516 totaling 4,000BHP at 1,600RPM. Propulsion is provided by Rolls Royce Z Drives in kort nozzles. The vessel is notated DP2 with ABS. TransAtlantic received delivery of Magne Viking AHTS vessel from the Astilleros Zamakona S.A shipyard in Spain. The vessel will be flagged in the Danish register of ships, DIS. Magne Viking is the third new-build in a series of four, which are being built at the Spanish shipyard. The last vessel in the series, TransBarents, is expected to be delivered in 2012. The vessel series is specifically designed to meet demands for efficient, safe and environmentally friendly offshore management in Barents Sea and areas with severe ice conditions. Magne Viking has the following technical data: AHTS, Ice 1A, standby vessel, oil recovery, clean design. Deck area 750m2, length 85m by beam 22m, 4,500 deadweight tons and complies with the most up-to-date regulations pertaining to oil clearing. Ultrapetrol Bahamas have taken delivery of their new PSV UP Jasper reportedly at a newbuild cost of $21.7m from Wison (Nantong) Heavy Industry in China. Measuring 87.4m x 19m x 8m depth, the vessel is powered by twin EMD 16-710-G7B engines creating around 8,000BHP. It is likely the vessel will join the rest of Ultrapetrol Bahamas fleet operating in Brazil Recently delivered by the Drydocks World shipyard in Nanindah, Indonesia, the anchor handling offshore support vessel Crest Olympus has been built for Singapore based Pacific Crest Pte. Ltd. at a contract value of $20.4 million, excluding owner furnished equipment. Crest Olympus has a length of 76m, beam of 18.5m and draft of 6.8m. With a bollard pull of 150T, the vessel has DP2 capability and is of fire fighting class 1. The vessel is equipped with deck machinery from Rolls-Royce Marine, a Caterpillar 9M32 main engine, Kawasaki side thruster and Berg propulsion. It is designed by Wartsila Ship Design and classified by ABS. The owner is part of Pacific Radiance Group. Deep Sea Supply took delivery of their DP 1 rated Sea Badger, a newbuilding AHTS from ABG Shipyard, India. Sea Badger is the seventh delivery in a series of nine newbuilding AHTS vessels from ABG. The vessel is a Sea-tech P-729 design with twin Yanmar main engines with 6,800BHP of output. The Deep Sea Supply fleet now consists of 13 AHTS and eight PSVs, in total 21 vessels. In addition to this, Deep Sea Supply also has another three vessels under construction. The current fleet of vessels currently operates in the North Sea spot market, West Africa, Mediterranean, South East Asia and Brazil. Sarawak Slipways has delivered a long list of anchor handling tugs and offshore vessels for petroleum producers around the world. In mid-June this year, the yard completed sea trials on one of their larger vessels. The 61m by 14m, Nautika Resolute is designated an offshore utility vessel and was built to a design by Wrtsil Ship Design of Singapore, and powered by twin Cummins QSK60-Ms. Accommodation is provided for 12 crew and 58 passengers. The registered owner is Ocean Offshore Marine. Vessel has a design speed of 12kn but achieved 13.5kn during sea trials. The positive hull design is driven through the water by a pair of IMO2 and EPA2 compliant Cummins QSK60M engines with modular common rail fuel systems. Each 1,640kW engine turns up to 1,800RPM into Twin Disc MGX5600 gears with 5:04:1 reduction. The shafts turn four-blade fixed pitch propellers with 1,900mm diameters. Tankage is provided for 600 tons of fuel and 250 tons of water. On the after deck, a pair of ten ton winches supplements capabilities of a crane with a capacity of eight tons at 12 meters. Nautika Resolute is built to ABS class.
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The Ungundja, the first of ten DP-3, 100-meter GPA 696 IMR (Inspection, Maintenance & Repair) vessels, was recently delivered by China's Zheijang Shipyard, part of the Sinopacific Shipbuilding Group, to Paris-based Bourbon Offshore. Classed by Bureau Veritas, the vessels were designed by naval architectural and marine engineering firm Guido Perla & Associates, Inc. (GPA), Seattle, Wash. GPA delivered the concept design, regulatory package, and final design for IMR vessels. The highly maneuverable DP-3 and FiFi-1 certified GPA 696 IMR vessels are equipped with three 1,686kW azimuthing drives, two 843kW tunnel bow thrusters, one 843kW drop-down azimuthing bow thruster delivered by Schottel and six 1,235kW Cummins generators, as well as one 1,235kW auxiliary generator and one 450kW emergency generator. The configuration of the environmentally friendly diesel-electric propulsion system, including two engine and two electrical rooms, creates full redundancy in accordance with DP-3 requirements. The diesel-electric propulsion system also results in reduced maintenance cost and improved stationkeeping at offshore installations, and significantly increases crewmember safety. Because of its design and standardization, the GPA 696 IMR series can compete with more expensive, similar-sized vessels, reducing operational cost to the customer by up to 20%, according to Guido Perla & Associates. The deck equipment of the 100 meter vessels includes one 150MT at 10m radius main crane, which can lower packages to a depth of 3,000 meters and one 40MT at 9m radius deck crane. Both cranes, with built-in swell compensation systems, cover the entire 1,200m2 deck surface to ensure handling and storage of packages over the entire area. The SOLAS-certified IMR vessels also have significant below-deck cargo capacities, capable of carrying 380m3 of methanol, 2,541m3 ships ballast, 1,080m3 fuel oil and 749m3 fresh water. The vessels are also equipped with a helideck designed for a Super Puma Helicopter EC225. A key benefit of these vessels is the capability to adapt to different operational needs and can serve as a stimulation vessel, rescue vessel, hotel vessel or provide light intervention on wells while offering modern conditions aboard with meeting rooms, offices, lounges and comfortable cabins. The vessel design allows two ROVs, which can be used at the same time; maximum deck cargo 2,080MT, with an equivalent 18,512m-MT deadweight vertical moment; and accommodations for 105 people on board under comfortable working conditions. The vessel could also function as a mini-FPSO vessel due to increased freight loading capacity with a storage capacity of 24,000bbls of crude oil or as an Oil Well Intervention vessel. One of the remarkable features of these vessels is the ability to operate both cranes and both ROVs simultaneously over the complete operating envelope of the vessel without any restrictions. These vessels are certified to satisfy both the current IMO deterministic and probabilistic damage stability requirements. The Stril Merkur (C-450) has been delivered to the Norwegian shipowner, Simon Mkster Shipping. After successfully passing the period of sea trials, the ship is bound for Stavanger, Norway, where said owner operates. The Stril Merkur is a stand-by vessel, which will operate for Norwegian state company, StatoilHydro, in a field of oil rigs in the North Sea, giving multifunctional support in all duties of rescue and salvage, fire-fighting, waste collection, supply of materials etc. With its 97.55m length and 19.20m beam, the Stril Merkur is the largest and one of the most complex vessels built in Gondans facilities in Figueras (Castropol) to date. American Eagle Tankers, the Malaysian headquartered business, through its US subsidiaries AET Offshore Services Inc and AET Lightering Services LLC, recently saw its new AET Innovator launched by Leevac Industries at Jennings in Louisiana. It is reported that it is Leevacs Hull No. 354 and measures 187 x 46 and powered by twin CAT engines creating 3,000BHP. Delivery is expected in September 2011 with a sister due in December 2012, being Hull No. 355. AET Offshore currently operates five US flag OSV units built around the late 1970s to early 1980s.
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Yuexin Shipbuilding Company on August 16 delivered the AHTS Redfish 3 to its owner Otto Offshore of Malaysia. The vessel was designed by Conan Wu & Associates of Singapore. Redfish 3 measures 66.6m overall length by 6m moulded breadth by 5m moulded depth by 5m draught. With 420m2 of clear deck area, the vessel can carry 42 personnel, 1,238m3 of fuel oil, and 239m3 of potable water. Powered by two Niigata main engines rated 2,942kW at 750RPM each, the vessel is equipped with two CAT gen sets and three CMR thrusters to enable the vessel to be with good stability. Redfish 3 is Yuexins sixth delivered project this year. The other five vessels are: Redfish 2, the sister vessel of Redfish 3; Boyd Tide, a 69.9m AHTS for Tidewater; Westsea Kestrel, a 45m multi-purpose vessel built for Westsea Offshore; Sealion Admiral, a 32m ASD tug for Sealion Sparkle Port and Terminal Services; and Mrs. Dorothy built for Coremar. In addition, Yuexin has signed a new contact to build four 34m ASD tugs for Red Sea Marine Service Company in Middle East. As mentioned above, the 69.9m AHTS Boyd Tide YX3133 built by Yuexin Shipbuilding Company was delivered to Tidewater Marine. The vessel was built strictly based on the requirements of owner, ABS, and IMO. With protective double shells, water and oil are separated to prevent environmental pollution. With 8,200HP, the Boyd Tide is equipped with GE main engines and Berg propellers, which endows it with excellent propulsive performance. Other capabilities include DP2. Boyd Tide is the third vessel built by Yuexin Company for Tidewater Marine. The previous vessels, 51m ASD Tug YX3096 and YX3097 (ORourke Tide), were delivered and put into service in 2009. So far, there are three 69.9m vessels being constructed for Tidewater. They are YX3135 (Archon Tide), YX3136 (Foster Tide) and YX3137 (Weyland Tide). The Boyd Tide is flagged with Vanuatu registry. Following on - in mid August a launching ceremony was held at Yuexin for the next 69.9m Anchor Handling Tug\Supply Vessel YX3137 Weyland Tide built for Tidewater. Andy Tunnah, the Project Superintendent of Tidewater and Mr. Tan Weibo, the Board Director of Yuexin Company and other senior managers attended the ceremony. The vessel was launched successfully at 11am. The vessel applies the design of Focal Marine & Offshore Pte Ltd. With 69.9m length overall, 16.6m breadth moulded, and 7.2m depth moulded as well as 4.5m draft, the vessel can carry 760m3 fuel oil, 550m3 potable water and 1,450m3 drill water. The designed bollard pull reaches 100T and the designed running speed is 13 knots. Grandweld Shipyards successfully delivered the utility vessel Artemis Star to Teams Shipping Co. on June 5, 2011. The delivery ceremony took place at Grandwelds facility at Dubai Maritime City, attended by Team Shippings General Manager Mr. Esmail Afshar Sadeghi, and his associate, Marketing Manager Mr. Mohammad Reza Sadeghi. The new vessel belongs to the latest class of crew utility vessel with ample facilities to transport fuel oil and fresh water. The vessel has fire fighting capability, can accommodate 21 people and has a deck area of more than 100m2 specially designed to support offshore operations. We will continue to support our customers by expanding their fleets with high quality vessels that can compete worldwide, explained Jamal Abki, Grandweld General Manager. This class of vessels has proven to be highly successful in addition to our unique portfolio. Customers recognize the high quality and performance of our vessels, which is a result of repeat business.
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Cochin Shipyard Ltd (CSL) delivered a high technology offshore platform supply vessel, Troms Capella, to the Norwegian company Troms Offshore. This is the first time in the country that such a vessel had been built and delivered as per the quality standards of the Norwegian owners, a CSL release said. The protocol documents of the ship were signed by CSL Executive Director (Design) Jose Mathew and Geir Lie , the Chairman of Tromsffshore Supply AS, on behalf of the buyers. The 86m x 19m vessel is of PSV 09 CD type, designed by STX OSV Norway. It is a high-end diesel electric platform supply ship with four 1,665kW diesel generator sets and two 2,200kW contra-rotating propellers. The vessel, with Grade-II Dynamic Positioning features, has been assigned Clean design notation by third party certification agency DNV, signifying the highest levels of environmental compliance. Vessel can accommodate 44 persons and has special arrangements to attain very low levels of noise and vibration. It has special stainless steel tanks with nitrogen inerting arrangements to carry low flash liquids and is capable of all other normal offshore supply operations. Vessel is working the North Sea spot market. China's Zhejiang Shipbuilding, affiliate of Sinopacific Shipbuilding, delivered the Bourbon Front, the first Ulstein PX105 platform supply vessel, to Bourbon Offshore Norway. As well as the Ulstein X-bow, this new class of large PSV includes other innovative features. With a 1,017m2 cargo deck area, the Multi Application Cargo Solution and product tank configurations give a major increase and flexibility in cargo capacity versus conventional offshore vessel design solutions. The exhaust gas system utilizes seawater injection for cooling and reduction of volume. Exhaust pipes are led overboard at shipside, enabling a bridge design with a 360 degree field of vision. With an overall length of 88.8m, breadth of 19.0m and depth of 8.0m, the 4,400dwt vessel has a max speed of 15.5 knots. From the Pacific Northwest, Anacortes based Dakota Creek delivered the third and final dive support vessel to US Gulf owner Otto Candies. The final unit Cade Candies measures 94.3m x 20m x 8.8m. The vessel is powered by four CAT 3516 creating 12,150BHP, via twin Schottel azimuthing propeller units. Forward are three Schottel 910kW tunnel thrusters. The vessel is also equipped with a 1,000m2 of deck, a helipad and can berth around 70 persons. The 2,000dwt Platform Supply vessel Don Alfonso has been delivered by De Hoop Shipyard to Mexican owners Oceanographia SA de CV. Measuring 66m x 12.8m x 5.5m depth, the diesel electric unit is powered by twin C32 CAT engines producing 2,570BHP at 1,200RPM. The unit has one tunnel thruster. It is registered under the Mexican registry and will begin work for PEMEX on arrival in Mexican waters. Lloyds Register is expected to class the vessel. Malaysian run Allied Marine & Equipment took delivery of their new Chinese built survey support vessel Allied Jane recently. Built at Guangzhou Hangtong Ship, a Coastal Contracts subsidiary, the 78m x 20m unit is powered by twin Wartsila 9L20 main engines creating 4,400BHP. The vessel is classed with ABS with the notation XA1, Offshore Support Vessel, XAMS, XDPS-2. The vessel is flagged with the Malaysian registry.
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Skandi Skansen, DOFs fourth Installer Vessel, was officially named at a ceremony held on 2 July 2011, in Bergen. DOF Installer ASA christened the latest addition to a new generation of high powered anchor handling vessels built to match the challenges of deepwater mooring and field installation operations. Mr. Knut Ola Tverdal, Senior Vice President Offshore & Specialized Vessels, STX OSV Norway Aukra, opened the ceremony by welcoming the naming party and other guests to the naming and blessing of newbuilding no. 723 from STX OSV Aukra. At the heart of the naming party, the Godmother, Emma McNeill (wife of Mr. Stephen McNeill, Vice President - UK from Subsea 7) was joined by Mr. Mons S. Aase, CEO, DOF ASA; Mr. Knut Ola Tverdal, Senior VP, Offshore & Specialized Vessels, STX Norway Aukra; Captain Harald Viddal and Father Ole Dagfinn Sky; business partners from Subsea 7; the Shipyard STX, DOF employees and other special invited guests from around the world. Godmother Emma McNeill continued the tradition and performed the official naming and blessed the vessel. Father Ole Dagfinn Sky also conducted a blessing of the ship. To complete the ceremony, Godmother Mrs. McNeill successfully broke a bottle of champagne against the ships hull to the applause of the crowd and named the ship the Skandi Skansen. After the ceremony The Bergen Police band marked the occasion by playing the Norwegian national anthem. As is tradition, the Captain and Godmother were the first to embark the vessel to inspect the vessel. The Skandi Skansen is one of four multipurpose Construction Anchor Handling Vessels in the DOF ASA Fleet, ideally suited to deepwater mooring and field installation operations. Built to meet future environmental standards, the vessel is fuel efficient and clean class, thus having the capability to work in most of the world's offshore oil and gas precincts. At 107.20m long, operating capabilities include a working moonpool, a 250T Offshore Crane and two work class Schilling UHD ROVs. Low resistance hull shape designed for high speed and low fuel consumption, good sea- and station keeping performances, excellent maneuverability, high capacities and good stability. The Shipping Corporation of India Ltd. (SCI) accepted delivery of an 80T BP Anchor Handling, Towing & Supply vessel MV SCI Panna on 23rd August, 2011, first in a series of four newbuildings built at Bharati Shipyard Limited, India. The remaining three vessels are scheduled for delivery by the end of 2011. The vessel has a gross tonnage of 2,040 tons and deadweight of 2,001 tons. The vessel has been classed with IRS, equipped with DP I system and has been built to comply with the latest and most stringent international regulations. In the offshore sector, SCI presently has a fleet of ten vessels which were acquired during the eighties. These vessels have been dedicatedly serving the oil exploration and production sector in India for the last 25 years. The four newbuild AHTSs are the first phase replacement of SCIs ten AHTSVs and comply with superior specifications like Dynamic Positioning, Reverse Osmosis Plant and UKOOA compliance as required by Indian E&P operators, etc. Other offshore deliveries in brief:
Vessel Name ASL Polaris ASL Scorpio Atef Tide Bailey Tide Bourbon Liberty 243 Bourbon Liberty 248 Bourbon Lazurit Britoil 70 Britoil 71 Caspian Provider Cormoran Owner ASL Marine ASL Marine Tidewater Tidewater Bourbon Bourbon Bourbon Britoil Britoil Renaissance/BUE Wilson Yard Jiangmen PT ASL - Batam GMG Shipbuilding Fuijan Zhejiang Zhejiang Zhejiang Britoil Batam Britoil Batam Simek Damen Type/Design AHT AHTS AHTS PSV AHTS AHTS AHTS AHTS AHTS PSV/755LC PSV/1400 Dims (LxBxDth) 45 x 11.8x 4.6m 60 x 16 x 6m 58.7 x 14.6 x 5.5m 87.1 x 18.8 x 7.4m 59.7 x 15 x 5.5m 59.7 x 15 x 5.5m 59.7 x 15 x 5.5m 47 x 13.4 x 5.6m 47 x 13.4 x 5.6m 73.4 x 16 x 7m 72.5 x 16 x 7.5 Power (2 M/E unless otherwise shown) Cummins QSK60M 4000BHP Niigata 6MG28HX, - 6000BHP CAT 5150BHP 4 x Cummins QSK60M 9300BHP 3 x Cummins QSK60M 7440BHP 3 x Cummins QSK60M 7440BHP 3 x Cummins QSK60M 7440BHP CAT 7200BHP CAT 7200BHP Bergen C25 - 6300BHP 4 x CAT 3512 5680BHP
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Crest Commander CYK Hawk De Dian De Gan Hai Yang Shi You 255 Hao Chi 9 Hart Tide IDS Darul Ehsan Kittiwake KL Barentsfjord Magellan 1 Maridive 231 Maridive 704 Minsheng 003 Minsheng 005 Minsheng 008 Nautika Resolute OOC Panther Pacific 9 Pacific 99 Pacific Peacock Pacific Phoenix POSH Resolute REM Commander Rogelio Tide Sea Badger Shark 52 Shark 56 Stanford Goshawk Subsea 99 Swissco Summit Swissco Synergy Topaz Khubayb Varada Buzious Pacific Radiance CYK Offshore China Yantai Salvage China Yantai Salvage China Offshore Environmental Zhejiang Haochi Tidewater IDS Offshore Baruna Raya K Line Miclyn Express Maridive Maridive China Oilfield China Oilfield China Oilfield Ocean Offshore Opielok Pacific Richfield Pacific Richfield Swire Swire POSH Rem Maritime Tidewater DSS Arabian Gulf Mech. Arabian Gulf Mech. GMMOS Subsea Petroleum Swissco Swissco Topaz/Nico Varada Tongfang Jiangin Guangdong Jiangmen Yantai Salvage Yantai Salvage Guangzhou Huangpu Zhoushan Haitian Fuijan Muhibbah Fuijan STX Brevik Miclyn Batam ABG Jiangsu Zhenjiang Fuijan Crown Fuijan Crown Fuijan Crown Sarawak Italhai PRM Spore PRM Spore Qingdao Qingdao PACC Yuexin Kleven Chongqing ABG Nanjing East Star Jiangsu Zhenjiang Fuijan Mawei Guangzhou Panyu Guangzhou Panyu Guangzhou Panyu Fujian Southeast ABG AHTS AHTS Tug Supply Tug Supply Standby PSV PSV AHTS AHTS PSV / Aker 06 AHTS AHTS AHTS Tug/Supply Tug/Supply Tug/Supply Tug/Supply PSV AHTS AHTS AHTS / IMT957 AHTS / IMT957 AHTS PSV / VS485 AHTS AHTS / P729 AHTS AHTS AHTS AHTS AHT AHT AHTS AHTS 70.5 x 16.6 x 7.2m 50 x 13.2 x 5.2m 59.2 x 14 x 6 59.2 x 14 x 6 75 x 15.2 x 7m 72 x 15 x 7m 87.1 x 18.8 x 7.4m 70.2 x 16 x 6.5m 65.2 x 14.9 x 6.1 94.9 x 20 x 8m 52 x 15 x 6.5m 61 x 15.6 x 6.5 70 x 16 x 7.2m 68 x 15 x 7m 68 x 15 x 7m 68 x 15 x 7m 61.4 x 13.8 x 5.5m 71.5 x 16 x 7.2m 66 x 14 x 6.6 66 x 14 x 6.6 57.7 x 14 x 6m 57.7 x 14 x 6m 71.5 x 16.6 x 7.2m 85 x 20 x 8.6m 59.3 x 14.9 x 6.1m 63.4 x 15.8 x 6.8 55 x 13.8 x 5.5m 55 x 13.8 x 5.5m 57.5 x 13.8 x 5.5m 55 x 13.8 x 5.5m 40 x 10 x 3.7m 40 x 10 x 3.7m 59.2 x 14.9 x 6.1m 63.4 x 15.8 x 6.8m GE 16V228 8300BHP CAT 3516B 5000BHP Niigata 6MG28HX 5000BHP Niigata 6MG28HX 5000BHP 4 x MAK 6000BHP Guangzhou 6G32 7200BHP 4 x Cummins QSK60M 9300BHP CAT C280 13680BHP CAT 3516 5150BHP 4 x CAT 3516 13700BHP GE 8200BHP Wartsila 9L20 4400BHP MAK 8M32C 10800BHP Guangzhou 8320ZCD 6000BHP Guangzhou 8320ZCD 6000BHP Guangzhou 8320ZCD 6000BHP Cummins QSK60M 4600BHP GE 12V228 6220BHP Yanmar 8EY26 6900BHP Yanmar 8EY26 6900BHP Yanmar 6EY26 4800BHP Yanmar 6EY26 4800BHP MAN 8L27/38 8000BHP Wartsila 9L20 8800BHP CAT 3516B 5150BHP Bergen C25:33L8P 6800BHP CAT 3516B 5200BHP CAT 3516B 4580BHP Cummins QSK60-M 4000BHP CAT 3516B 4800BHP Cummins KTA38M2 3040BHP Cummins KTA38M2 3040BHP CAT 3516B 5220BHP GE 7FDM12 6140BHP
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Off The Blocks Following is a list of AHTSs, offshore supply and PSVs on order at U.S. shipyards per MarineLog and Colton Company, as of August 2, 2011. The list shows 35 vessels on order in the U.S., eight more than our last report.
Type of Vessel Customer Yard # Name Description Price ($mm) Delivery
Bay Shipbuilding, Sturgeon Bay WI PSV PSV PSV PSV Tidewater Marine Tidewater Marine Bollinger Shipyards, Lockport LA Bee Marine Bee Marine 569 570 Eastern Shipbuilding, Panama City FL 234 ft. 234 ft. 2011 2011 303-ft. 303-ft. 12-Dec 13-Jun
OSV OSV OSV OSV OSV OSV IMR/PSV PSV PSV PSV PSV PSV
OSV OSV OSV PSV Icebreaking AHTS
Harvey Gulf Marine Harvey Gulf Marine Harvey Gulf Marine Harvey Gulf Marine Harvey Gulf Marine Harvey Gulf Marine Harvey Gulf Marine Boldini SA (Brazil) Boldini SA (Brazil) Boldini SA (Brazil) Boldini SA (Brazil) Boldini SA (Brazil)
161 162 163 164 165 166 167
Harvey Supporter Harvey Hauler Harvey Champion
Harvey Deep-Sea
300 ft. 300 ft. 300 ft. 300 ft. 300 ft. 300 ft. 310 ft. 55 55 55 55 55
11-Oct 12-Apr 12-Oct 13-Apr 13-Oct 14-Apr 13-Mar 2013 2013 2013 2013 2013
2013 11-Jun 11-Dec 2010 2012
Horizon Shipbuilding, Bayou La Batre AL 119 Master Boatbuilders, Bayou La Batre AL Abdon Callais Abdon Callais Edison Chouest Offshore Edison Chouest Offshore 246 247 St. Joseph the Worker ACO Dodie Lorraine North American Shipbuilding, Larose LA 280 ft. 368 ft. 185-ft. 185-ft. 194-ft.
North American Shipbuilding, Exact Shipyard Unknown PSV PSV PSV PSV PSV PSV PSV PSV OSV OSV OSV OSV OSV OSV Edison Chouest Offshore Edison Chouest Offshore Edison Chouest Offshore Edison Chouest Offshore Edison Chouest Offshore Edison Chouest Offshore Edison Chouest Offshore 264 265 266 267 268 270 271 280 ft. 280 ft. 280 ft. 280 ft. 280 ft. 280 ft. 280 ft. 265 ft. 197 ft. 197 ft. 35 35 11-Nov 11-Dec 11-Dec 2012 2012 2012 2012
Quality Shipyard, Houma LA Tidewater Marine 1273 Cindy Brown Tide Riverhawk Fast Sea Frames, Tampa FL U.S. Navy (for Iraqi Navy) 6012 U.S. Navy (for Iraqi Navy) 6013 VT Halter Marine, Pascagoula MS Gulf Offshore Logistics Gulf Offshore Logistics Gulf Offshore Logistics Gulf Offshore Logistics
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Supply Vessel Market Report August 2011 News
Norways Sartor Offshore has cancelled two newbuilding orders at Bergen Group after failing to finance the vessels. Bergen said that one NOK 330m (US$ 60.79m) combined platform supply/standby vessel had been cancelled due to lack of funds. Terje Sjumarken said that a second vessel the third in a series of three was cancelled earlier this year. They were due for outfitting in the second half of 2012, after the hulls were built in Eastern Europe. No construction work has taken place, however. The contract was signed in January of 2011. No financial penalty will be incurred by the owner. Funding was fixed for the first ship (hull 168), a smaller standby vessel, in April and this vessel is on schedule. It has a 10-year charter to Statoil lined up and will be outfitted in the second and third quarters of next year. The 65 oil companies covered in DnB NORs fifth annual E&P spending report expect a spending increase of 14% in 2011, 8% in 2012 and 7% in 2013. For 2011 they expect activity growth in line with last year; however, service costs are increasing and expected to contribute one third of the total growth rate. They believe that this, combined with fundamentals such as an organic Reserve Replacement Ratio of 87% and increased focus on deepwater and challenging areas, will lend good support to earnings for the oil services industry in the years to come. Baker Hughes announced the launch of its state-of-the-art fracturing and stimulation vessel, the Blue Tarpon. The 300 ship, one of the worlds largest stimulation vessels and the seventh vessel in the Baker Hughes fleet, is designed to provide high-rate and high-volume stimulation treatments for demanding offshore operations. With one of the largest proppant and fluid-carrying capacities in the world, the ABS class-certified ship can perform complex, multiple-zone completions without traveling back to port for resupply. The Blue Tarpon is designed to provide operators with redundancy on all key elements of the stimulation plant, says Derek Mathieson, president of products and technology for Baker Hughes. Enhanced safety systems, as well as redundant back-up blending and pumping capabilities, have been installed to reduce the risks associated with performing multizone, high-rate, high-pressure completions. The ship also was designed with a focus on reliability and efficiency, allowing operators to minimize delays and associated operating expenses in high-cost offshore environments, he notes. With a maximum pump rate of 80 barrels per minute, proppant capacity of 2.1 million pounds, and accommodations for up to 44 people, the Blue Tarpon is designed to perform round-the-clock operations in deepwater plays. The vessels 10 separate high-pressure pump units - housed in a fully enclosed structure to protect the equipment from the environment - can deliver up to 24,000 hydraulic horsepower and pump up to 32,000 pounds of proppant per minute. The Blue Tarpon also features a DP-2 dynamic positioning system with twin bow thrusters and a stern thruster specifically designed to operate safely in the widest possible weather and sea conditions. We are excited to launch our second world-class stimulation vessel into the Gulf of Mexico, says Richard Williams, president of Gulf of Mexico operations for Baker Hughes. This milestone further demonstrates market leadership and our commitment to the return of activity in deep water. MAN Diesel & Turbo signed a contract on 7 July 2011 in Frederikshavn, Denmark for the supply of four MAN 8L32/40 engines to power a seismic vessel ordered by Sanco Shipping of Norway. The vessel will be built by Kleven Maritime at Myklebust shipyard in southern Norway and is scheduled for delivery by 31 May 2013. The four-stroke engines will be constructed in Augsburg, headquarters of MAN Diesel & Turbo and a four-stroke engine production site in its own right.
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Rosneft and ExxonMobil have executed a Strategic Cooperation Agreement under which the companies plan to undertake joint exploration and development of hydrocarbon resources in Russia, the United States and other countries throughout the world, and commence technology and expertise sharing activities. The agreement, signed by Rosneft President Eduard Khudainatov and ExxonMobil Development Company President Neil Duffin in the presence of Russian Prime Minister Vladimir Putin, includes approximately US$ 3.2 billion to be spent funding exploration of East Prinovozemelskiy Blocks 1, 2 and 3 in the Kara Sea and the Tuapse License Block in the Black Sea, which are among the most promising and least explored offshore areas globally, with high potential for liquids and gas. In the course of these projects, the companies will use global best practices to develop state-of-the-art safety and environmental protection systems. The agreement also provides Rosneft with an opportunity to gain equity interest in a number of ExxonMobils exploration opportunities in North America, including deep-water Gulf of Mexico and tight oil fields in Texas (USA), as well as additional opportunities in other countries. The companies have also agreed to conduct a joint study of developing tight oil resources in Western Siberia. The companies will create an Arctic Research and Design Center for Offshore Developments in St. Petersburg, which will be staffed by Rosneft and ExxonMobil employees. The center will use proprietary ExxonMobil and Rosneft technology and will develop new technology to support the joint Arctic projects, including drilling, production and ice-class drilling platforms, as well as other Rosneft projects. We have a clear vision for Rosnefts strategic direction building world-class expertise in offshore business and enhancing oil recovery, said Rosneft president Eduard Khudainatov, following the signing ceremony. The partnership between Rosneft with its unique resource base, and the largest and one of the most highly capitalized companies in the world reflects our commitment to increasing capitalization of our business through application of best-in-class technology, innovative approach to business management, and enhancement of our staff potential. This venture comes as a result of many years of cooperation with ExxonMobil and brings Rosneft into large scale world-class projects, turning the company into a global energy leader. ExxonMobil Development Company President Neil Duffin said: Today's agreement with Rosneft builds on our 15-year successful relationship in the Sakhalin-1 project. Our technology, innovation and project execution capabilities will complement Rosnefts strengths and experience, especially in the area of understanding the future of Russian shelf development. Rex Tillerson, chairman and chief executive officer of Exxon Mobil Corporation who attended the ceremony, said ExxonMobil will benefit Russian energy development by working closely with Rosneft. This large-scale partnership represents a significant strategic step by both companies, said Tillerson. This agreement takes our relationship to a new level and will create substantial value for both companies. The agreement provides for constructive dialogue with the Russian Federation government concerning creation of a fiscal regime based on global best practices. Additionally Rosneft and ExxonMobil will implement a program of staff exchanges of technical and management employees which will help strengthen the relationships between the companies and provide valuable career development opportunities for personnel of both companies. The U.S. Department of the Interior has granted Royal Dutch Shell conditional approval of its plan to begin drilling exploratory wells in the Arctic Ocean next summer, a strong sign that the Obama administration was easing a regulatory clampdown on offshore oil drilling that it imposed after the deadly accident last year in the Gulf of Mexico. The move confirmed a willingness by President Barack Obama to approve expanded domestic oil and natural gas exploration in response to high gasoline prices and high levels of unemployment. It comes as the issuing of drilling permits in the gulf is quickening, including the recent granting of a permit to Shell for a floating drill rig for a well 4,000 feet, or 1,200 meters, deep. That means that all five of its rigs in the gulf will be back to work after a long drilling halt. The decision to give tentative approval to the plan to drill four exploratory wells in the Beaufort Sea off Alaska represents a major step in Shells efforts to exploit the vast oil and natural gas resources under the Arctic, although hurdles remain. The company has spent nearly $4 billion and more than five years trying to win the right to drill in the frigid waters, against the opposition of many environmental advocates and of Alaskan natives who rely on the sea for their livelihoods.
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Fuzhou FJ shipyard announced that the name-giving ceremonies for Vroon Offshores soon to be VOS Apollo, VOS Ares, VOS Artemis, VOS Themis and VOS Triton took place Wednesday 27 July 2011, in Fuzhou, China. VOS Apollo was christened by Mrs. Marij Schoenmakers, partner of Mr. Con Schoenmakers, Supervisory Board member, Vroon Group B.V. VOS Ares was christened by Mrs. Dineke Korteland, partner of Mr. Aart Korteland, Supervisory Board Chairman, Vroon Group B.V. VOS Artemis was christened by Mrs. Monika Krogulska, partner of Mr. Rob Heijliger, Regional Head Asia Asset Based Finance, ING Bank N.V., Singapore Branch. VOS Themis was christened by Mrs. Mette Kargaard, partner of Mr. Rasmus Wilhelmsen, Director, GreenOcean Brokering. VOS Triton was christened by Mrs. Johanna Nieuwenhuijse, partner of Mr. Ko Nieuwenhuijse, Managing Director, VOS Pte. Ltd. All five vessels are Anchor Handling Tug Supply vessels, built at Fujian Southeast Shipyard, Fuzhou in China and will be delivered in the course of this year. Sri Lankan shipbuilder Colombo Dockyard has begun building the second vessel in a contract for oil platform supply vessels from Greatship Global Offshore Services of Singapore. The keel for the Multipurpose Platform Supply Vessel, scheduled for delivery in the second quarter of 2012, was laid on June 07, 2011, the yard said in a statement. Takashi Nakabe, a director of Colombo Dockyard, and president of its parent firm Onomichi Dockyard in Japan, was among those present for the keel-laying. In early April, Colombo Dockyard laid the keel for the first of a series three Multipurpose Platform Supply Vessels for Singapore's Greatship Global Offshore Services, scheduled for delivery in the first quarter of 2012. The vessels are to support offshore oil and gas fields around the clock, the yard said. The 78m long vessel with 3,600dwt capacity is designed by Seatech Solutions International of Singapore and incorporates a fire fighting and oil recovery arrangements. The vessel is also designed to accommodate 50 people. Rolls-Royce Holdings PLC, said that it has won a GBP15 million order to design and equip two offshore service vessels for ship owner Brasil Supply. The vessels, of the Rolls-Royce UT775 E design, will be chartered by Brazil's state oil company Petrobras and are designed specifically for carrying fluids and solid cargo to and from offshore oil and gas platforms. They will be built by Estaleiro Ilha S.A. in Brazil, for delivery in 2013, and feature a fully-integrated equipment system from Rolls-Royce, including ship propulsion, deck machinery and vessel control systems. In December 2010, the AHTS vessel Tor Viking II executed a critical rescue operation under the leadership of the US Coast Guard off the coast of Alaska. The Greek-registered bulk cargo vessel Golden Seas suffered engine failure and started to drift towards the cliffs. At the time, weather conditions in the area were extreme with wind speeds of 70 knots, 10m waves and an air temperature of 2 degrees C. The crew of the Tor Viking II successfully attached towlines to the Golden Seas and then towed the vessel to the nearest port. The US Coast Guard showed its appreciation for the professionalism demonstrated by Captain Finn Jrgensen and his crew aboard the Tor Viking II during their rescue of the Golden Seas at a ceremony at the US Embassy in Stockholm on Monday, June 20, at which all the members of the crew were awarded a medal. We are extremely proud of our crew and their high level of seamanship. Thanks to their efforts, the 20-man crew of the Golden Seas was rescued and a major environmental disaster averted, says Christian W Berg, Head of the Offshore/Icebreaking Business Area. On the 17th of June 2011 the MMC 887 design DPS-2 Platform Supply Vessel Stanford Buzzard was launched. The PSV measures 87m by 18.8m by 7.4m depth, has a 1,000m2 clear deck with approx. 3,550MT deck cargo capacity and has accommodations for 52. She is powered by four Cummins QSK60-D(M) engines, total power 10,188BHP. The vessel is owned by Stanford Marine LLC and is being built by Mawei Shipbuilding Ltd, China. She is scheduled to be delivered to Stanford Marine end October 2011.
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DOF Subsea and vessel builder, ST Marine, joined together to host the official naming ceremony for the Skandi Singapore on 11th of June 2011. Named after her place of build, the high specification, dive support vessel is the first of the fleet to be designed, built and outfitted for work in the Asia Pacific Region. DOF Subsea has undertaken a highly targeted investment programme to prepare for the forecast trend of rapid expansion and development in the Asia Pacific offshore oil and gas market. The arrival of the Skandi Singapore strengthens DOF Subseas operational capability. The vessel is ideally matched to construction programs as well as large IRM operations and built to match and support the wider operational needs of clients. Designed for safe and efficient offshore operations the Skandi Singapore is a DNV classed, AKER 06 design DSV. With a 900m2 main deck area, operating capabilities include a 140T crane, two in-built Triton XLX work class ROVs and an 18 man saturation diving system. DSV Skandi Singapore will set a new benchmark for reliability, safety and comfort in the region. Rolls-Royce announced an 11million order to design and equip two offshore service vessels for Italian ship owner Fratelli DAmato. These UT 755 XL designed vessels will carry out operations in the offshore oil and gas sector and will be built at the Rosetti Marino S.p.A shipyard in Italy. The order includes an integrated system of Rolls-Royce equipment including thrusters for maneuvering, rudders, propellers, deck machinery and a bulk handling system for the safe loading of fluids and solid cargo. The vessels are due to be delivered by the end of 2013. Yrjar Garshol, Rolls-Royce, General Manager Commercial Ship Technology - Offshore, said: This latest order reaffirms the Rolls-Royce position as global market leader in offshore supply vessels. It also demonstrates the benefit that operators see in our integrated ship design and equipment, which delivers technologically advanced, reliable and fuel efficient vessels. This order will bring Fratelli DAmatos fleet of RollsRoyce UT vessels to eight. It currently operates four UT vessels and has two more under construction. In late August, with a giant seahorse painted on the side, the Don Daniel got quite some attention during her sail from IJsselmonde to the Europort. The 105m Diving Support Vessel then completed her seatrial program after construction at De Hoop Shipyard in Lobith, Holland. As of end August, the vessel was in drydock at Shipdock Amsterdam for some final work prior to its delivery to new Mexican owners Oceanografia SA de CV. This is the third DSV sister built by De Hoop for Oceanografia, the other two sisters being the 2008 built Don Amado, and the 2010 built Amado Daniel. The seahorse is Oceanografias logo and a reference to the vessels roles as real workhorses. Shipyard De Hoop received a special variation order for two of their newbuild vessels. This is due to a new large contract which their clients recently secured for these vessels. First of all the names were changed vice versa, which means that yard number 434 is now called Don Alfonso (formerly known as Caballo Galiceno) and YN 435 is called Caballo Galiceno (formerly known as Don Alfonso). Furthermore, both vessels shall be upgraded to DP2 and with the fitting of tailor made sponsons the deadweight shall be upgraded to 2,450 tons. The Don Alfonso is already in dock at Shipdock Harlingen to undergo these changes and additions. It is expected that the same changes shall be ordered for two KISS suppliers YN 432 Caballo Xanthus and 433 Caballo Genitor.
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On 27 June 2011, Havila Shipping ASA entered into an agreement with its controlling shareholder Havila AS and Havila AS' wholly-owned subsidiary Havvg AS for the purpose of transferring Havila AS' indirect ownership interests in the five platform supply vessels MV Havila Fortune, MV Havila Aurora, MV Havila Borg, MV Havila Commander and MV Havila Crusader (the PSVs). The transfer of the ownership interest in the PSVs to the Company will be carried out through a transfer of the shares in subsidiaries of Havila AS and interests in Havila PSV DIS as contribution in kind against the issue of shares in the Company. Havila AS' ownership interests in the PSVs are primarily held by private limited companies, wholly- or partly-owned subsidiaries of Havila AS, which in turn hold ownership interests in the partnerships owning the PSVs, provided, however, that Havila AS holds some interests directly in Havila PSV DIS. Following completion of the Agreement, Havila Shipping AS will, indirectly, be the owner of 40% in MV Havila Crusader and MV Havila Commander, 49% in MV Havila Borg and 50% in MV Havila Aurora and MV Havila Fortune. MV Havila Aurora, MV Havila Borg and MV Havila Fortune are currently managed by the Company (commercial and technical management), while MV Havila Commander and MV Havila Crusader are on 8-year bareboat charters to the Company. All PSVs are currently operational and on contracts of variable lengths, with remaining duration between two months and five years, offering a balanced market exposure. The acquisition of a controlling stake in the two PSVs currently leased, MV Havila Commander and MV Havila Crusader, is expected to improve earnings significantly through a reduction of net leasing costs, which is currently approximately NOK 100 million annually, and improving the overall financial structure of the Company through replacing leasing with traditional financing. The acquisition of three additional PSVs, MV Havila Aurora, MV Havila Borg and MV Havila Fortune, is also considered favorable as the Company already operates all of these PSVs, with solid operating performance. These PSVs have remaining contract durations of approximately two months, one year and five years (plus options), respectively, providing Havila Shipping with growth at a favourable entry point for expansion in the supply market, and at the same providing balanced contract mix. The financing of all PSVs will be continued under new ownership. As part of the transactions, the Company will cancel the Total Return Swap on approximately 1.05 million shares. The reason for this is that the Company having such financial exposure to its own share price is outside the key business scope of the Company. Further, Havila Shipping AS intends to increase its ownership in the PSVs to 100% of MV Havila Fortune, Havila Aurora and Havila Borg and 74% of the ownership interests in Havila PSV DIS (MV Havila Commander and MV Havila Crusader) through an acquisition from the third party owners of Partnerships against cash consideration, provided, however, that Mavi VX shall transfer its shares in the partnerships owning MV Havila Aurora, MV Havila Borg and MV Havila Fortune to Havila Shipping as contribution-in-kind against shares in Havila Shipping. The calculation in these acquisitions shall be calculated on the same basis as the consideration in this Transaction. The consideration in the Transaction comprises the aggregate value of the shares transferred to Havila Shipping, which for each of the PSVs is calculated on the basis of (i) the market value of the PSVs as of 31 December 2010 (based on shipbroker valuations as of 31 March 2011, and for MV Havila Commander and MV Havila Crusader also reflecting the Company's purchase options starting in 2012), (ii) value adjusted equity related to the other assets and liabilities in the relevant Partnerships as of 31 December 2010, and (iii) the net profit excluding depreciations of the relevant Partnership in the period from 1 January 2011 to 19 July 2011. The purchase price will comprise the total value of each Partnership adjusted for the percentage of ownership interests not transferred to Havila Shipping. Based on the above and an agreed total value for the five PSVs in the amount of NOK 1,503 million on a 100% basis, the aggregate value of the shares transferred to Havila Shipping is expected to amount to NOK 149.7 million, which is subject to adjustments for the actual net profit in the period up to 19 July 2011.
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On 6 July 2011, a steel cutting ceremony took place at the Vyborg Shipyard for the first in a new series of multifunctional supply vessels, ordered by SCF Group, to service oil production platforms. The ceremony was attended by representatives of SCF Group, Exxon Neftegas Limited, Arctech Helsinki Shipyard Oy, United Shipbuilding Corporation (USC), Vyborg Shipyard, the Russian Maritime Register of Shipping and Lloyds Register. The construction of multifunctional supply vessels is the result of an agreement signed last December by SCF Group and Exxon Neftegas Limited (operator of Sakhalin-1 project). This agreement envisages the long-term chartering out of two, high ice class, specialist supply vessels. The relevant shipbuilding contracts were signed by SCF Group and Arctech Helsinki Shipyard Oy a joint venture of USC and STX Finland. Vyborg Shipyard will be engaged in constructing the hull elements of the new vessels. The lead ship of the series will be named Vitus Bering, after a famous Russian explorer of the Far Eastern seas and a Dane by origin. In the future the modern supply vessels will operate in the same high latitudes that Bering explored. The first 99.2m x 21.7m x 7.9m draft, 3,950T dwt vessel is expected to be delivered at the end of 2012 to early 2013. Both ships will be registered in Russia and will fly the flag of the Russian Federation. The vessels have been designed for year-round servicing of the oil platform at the offshore Arkutun-Dagi field, part of the Sakhalin-1 project. The ships design and their equipment will enable the year-round transportation of personnel, supplies and storage materials to the platform, the performance of ice operations, including escorting ships in ice conditions in the platform area, possible oil spill containment operations, including those performed in low temperatures, active firefighting operations, ocean towage of platforms and other large installations. The hulls of the vessels have been designed to navigate in ice conditions with the stern forwards. They are equipped with dynamic positioning systems to ensure stable positioning at the platform. The design and the equipment of the ships will allow them to operate safely in winter ice up to 1.7 meters thick. The power propulsion system, comprising four main engines, will provide an aggregate power of 18mW. The vessels can accommodate 22 crewmembers. Cochin Shipyard hosted a naming ceremony for two Platform Supply Ships Hull numbers BY 83 and BY 84. These ships were named Brage Supplier and Brage Trader, respectively, by Ms. Siri Kleiveland, wife of Mr. Sigfinn Bartz Johanessen, Chairman , Sigba group, and Ms. Ingun Hestness, wife of Mr. Thorolf Hestness, Chairman of Board of Brage Supplier KS. These ships are of the PSV 09 design, developed by STX Europe. The vessels are being built by CSL for M/s Brage Supplier KS, Norway. Cmde K Subramaniam presided over the function and rendered the welcome address. Mr. Sigfin Bartz Johannessen, Chairman, Sigba group, addressed the gathering. Shri V Radhakrishnan, Director (Technical) and other senior officials of CSL were also present during the event. Brage Supplier and Brage Trader are part of a four vessel series of PSV 09 CD type Platform Supply vessel being built by CSL. The first vessel of the series was delivered to M/s DOF, Norway, on 07 July 2011. CSL ventured into the offshore vessel construction segment in 2005 and until now has delivered 21 high-end vessels to international owners. Presently, CSL has a total of 13 offshore vessels in the order book. Apart from this, the yard is also constructing 20 Nos Fast Patrol Vessels for the Indian Coast Guard and the prestigious Aircraft Carrier for the Indian Navy. The yard is well poised to achieve ambitious growth plans of the shipbuilding division with the above orders. BY 83 and BY 84 are modern large segment Diesel Electric PSVs designed to cater to meet the all around needs of the offshore oil and gas industry. The vessel, with length of 86m and breadth of 19m, meets the highest levels of environmental safety denoted by the Clean Design notation of M/s Det Norske Veritas, The vessel, in addition to the normal offshore supply operations, is capable of carrying methanol and is equipped with Dynamic Positioning Grade 2 equipment. Accommodation of high standards meeting Comfort Class requirements of DNV is arranged for 44 people.
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Hornbeck Offshore Services, Inc. and Marine Spill Response Corporation (MSRC) announced recently that they have entered into a long-term agreement for spill response services in the Gulf of Mexico. Two U.S.-flagged 370 class multi-purpose support vessels owned by Hornbeck Offshore are being retained by MSRC and equipped with dedicated spill response capability. The HOS Centerline and HOS Strongline are 370ft vessels with 24,000bbls of recovered oil capacity (30,000bbls of total liquid storage capacity) based out of Port Fourchon, LA. Each vessel is being outfitted with dedicated skimming systems, ocean boom and a support boat. The navigational systems on each vessel are also being enhanced with x-band and infrared oil spill detection systems that may increase the ability of the vessel crew to conduct skimming operations during times of adverse weather, low visibility and night operations. This contract is a continuation of the relationship that MSRC has developed with HOS as a part of MSRC's Deep Blue expansion program to significantly enhance the response capability in the Gulf of Mexico. MSRC has also expanded its capability to include a manned equipment site in Port Fourchon, LA, at Hornbeck Offshore's primary shore base facility, HOS Port. This facility will also house a spill response school to enhance responder training. HOS Chairman, President & CEO, Todd Hornbeck commented, We are excited to be selected by MSRC and are confident that this additional response capability in the Gulf of Mexico contributes to the region's commitment to safe and environmentally sound exploration and production activities. We believe these vessels will be the largest spill response vessels in the U.S. fleet and among the largest in the world. MSRC President & CEO, Steve Benz added, We are pleased to have this working partnership with Hornbeck Offshore. HOS utilized a number of their resources during the Deepwater Horizon incident, and the knowledge and experience they gained will fit very nicely with MSRC's extensive capability in the Gulf Coast. Hornbeck Offshore Services, Inc. is a leading provider of technologically advanced, new generation offshore supply vessels in the U.S. Gulf of Mexico and in select other domestic and international markets, and is a leading shorthaul transporter of petroleum products through its coastwise fleet of oceangoing tugs and tank barges in the northeastern U.S., the domestic Gulf of Mexico, the Great Lakes and in Puerto Rico. Hornbeck Offshore owns a fleet of 80 vessels primarily serving the energy industry. MSRC's Deep Blue program is funded by members of the Marine Preservation Association with exploration, development or production operations in the Gulf of Mexico. These companies, BP, Chevron, ConocoPhillips, ExxonMobil, Murphy, Nexen, Shell and Statoil, are committed to funding the most extensive surface spill response capability in the Gulf of Mexico and have the ability to cite MSRC in response plans and have access to the significant MSRC capabilities in the event of a response.
Mosvold Supply has protested strongly at the progress on the newbuilding under order at Otto Offshore Ltd in its second quarter report. Having axed three previous VS 491 CD ultra large AHTS orders at Ottos Batamec Shipyard Ptl in Batam, Mosvold says progress on the remaining vessel, Hull 7050 remains dismal, and according to its site team, construction work has fallen even further behind schedule. Mosvold, which was set to take the anchor handler on the 31st of July 2011, believes the delay will stretch to more than six months and is unlikely to meet the 180 day grace period in the contract. In consideration of the yards overall performance to date on newbuilding projects and the development over the last months, the company remains pessimistic regarding improvement of delivery schedule going forward, the report read. Mosvold booked four anchor handlers at Otto back in September 2007. Three have now been cancelled and are currently the subject of arbitration disputes in the Singapore courts and may take up to several years to resolve. Mosvold recorded a loss of US$ 100,000 in the second quarter, but had US$ 3.3 million in cash at the end of second quarter 2011.
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Supply Vessel Market Report August 2011 Corporate News
In the second quarter of 2011, Bourbons revenues amounted to 247.2 million euros, up 14.4% (+19.2% at constant exchange rates) compared with the same period in 2010 and 4.9% (+9.2% at constant exchange rates) compared with the first quarter of 2011. Compared with the same quarter of the previous year, revenues for Marine Services were 14.8% higher at 191.1 million euros. This rise is mainly due to strong performance from the shallow water offshore vessels segment which posted a 64% growth in revenues and a sharp upswing in its utilization rate (+14.8 points). In the first half, revenues were up 18.8% (19.6% at constant exchange rates) compared with the same period in 2010 thanks to the performance of shallow water offshore and, to a lesser extent, that of the Crewboats segment and the Subsea Services Activity. The steady increase in the fleets utilization rates, particularly in shallow water offshore, illustrates the recovery of the offshore market and our clients recognition of the performance of our vessels. Although significant, the improvement in daily charter rates, expected at the end of the year and in 2012, has not yet been a factor in increasing revenues. says Christian Lefvre, CEO of Bourbon. Despite an EBITDA nearly 20% higher from one half to the next, the net result of the period will be negative due to the adverse impact of the dollar exchange rate on our financial results. During the quarter, Bourbon took delivery of 11 new vessels (one deepwater offshore vessel, five shallow water offshore vessels and five crewboats). The fleet's average utilization rate continued to increase, climbing to 84.7% in the second quarter of 2011 (+3.7% compared with second quarter 2010). It was also up against first quarter 2011 (+1.6%) and fourth quarter 2010 (+3.6%). The share of the Europe & Mediterranean / Middle East segment in the Bourbons revenues increased considerably year-on-year at 20.6%, due, among other factors, to expansion of activity in Turkey. From one quarter to another, this represented an increase of 13.3 million euros. Africa is still Bourbons main geographic region. Compared with second quarter 2010, the activity of Marine Services shows an increase of 14.8% higher to 191.1 million euros. This increase is principally due to growth of the shallow water offshore segment (+64%). As anticipated, utilization continued to improve over the quarter: by 3.6% year-on-year, by 1.5% over the previous quarter, and by 3.5% compared with fourth quarter 2010. Compared with first quarter 2011, Marine Services saw a significant increase in activity in the shallow water offshore vessels, buoyed by a strong market in Africa and an upturn in activity in Asia at the end of the monsoon. The progressive start-up of offshore activity in the U.S. Gulf of Mexico prompted the relocation of American vessels from West Africa and the Mid-East to this area, a trend which is likely to intensify till year-end.
Q2 2011 84.70% 96.30% 86.90% 90.20% 81.40% Bourbon's Offshore Fleet Utilization Rates Q1 2011 Q4 2010 Q3 2010 Q2 2010 83.10% 81.10% 79.20% 81.00% 92.00% 91.20% 91.50% 89.80% 88.10% 88.70% 90.40% 92.10% 84.80% 74.20% 71.00% 75.40% 80.50% 80.50% 77.40% 78.60% Q1 2010 78.10% 80.90% 89.40% 72.40% 75.90% Q4 2009 78.30% 90.40% 91.40% 80.60% 73.20% Q3 2009 82.70% 88.90% 94.50% 79.60% 79.60% Q2 2009 84.70% 88.60% 92.60% 86.60% 81.70%
Average utilization rate IMR vessels Deepwater supply vessels Continental supply vessels Crewboats
Compared with the second quarter of 2010, revenues generated by deepwater offshore vessels in the second quarter of 2011 recorded a 6.8% decrease at 74.4 million euros, representing 39% of the total Marine Services activity. Two new vessels joined the fleet; the average utilization rate although remaining high, saw a slight decline as did the average daily rate. The deepwater offshore activity was slightly reduced, largely due to the anticipation of the technical stoppages for certain vessels and persistent overcapacity on the large AHTS. Compared with the first quarter of 2011, revenues were virtually stable despite a new vessel joining the fleet, as the small increase in daily rates was offset by the adverse trend in utilization rates.
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Compared with the second quarter of 2010, revenues from continental offshore vessels in the second quarter of 2011 were up sharply (+64%) at EUR 58.9 million and account for nearly 31% of total revenues for the Marine Services activity; vessel utilization rate climbed to 90.2%, up 14.8 points year-on-year, at a time when the fleet gained 18 new vessels. Compared with the first quarter of 2011, revenues were up 8.2%. The utilization rate continued to increase sharply (+ 5.4 points) from one quarter to another. This performance reflects a strong demand from clients for Bourbon Liberty vessels; 66 of these vessels were in operation as of June 30, 2011. The market is still in a recovery phase, with an average price per barrel (Brent) of US$ 117 over the quarter. The sustained price per barrel of oil over the last several months boosted investment in the offshore oil and gas sector. Exploration/development capital expenditure forecasts for the sector have been revised upwards, with a 15% increase anticipated for 2011 versus 2010, instead of the 12% predicted previously, and this should have a strong knock-on effect for Bourbons activity. Orders for drilling equipment confirm the markets optimistic outlook, with 61 orders in the first half of 2011 compared with only two over the same period in 2010. While average utilization rates for modern vessels on the market are rising, those for vessels over 25 years old continue to decline, confirming the alreadyevident trend of a preference among oil clients for chartering vessels that are modern, safer, more efficient and more reliable. Bourbons strategy, based on a very modern and high-performance fleet, positions Bourbon favorably to reap the benefit of any upcoming increase in charter rates. The policy of efficient management of fuel consumption of vessels operating for clients, implemented as part of the cost-reduction operating strategy, will also be a considerable advantage in a context of high oil prices. As well as a gradual increase in utilization rates for modern vessels, the market is expecting daily rates to rise as of end of 2011 and in 2012. Bourbons 2011 results will continue to be affected by the euro/dollar exchange rate.
Baker Hughes net income for the second quarter 2011 was $408 million, which excludes expenses of $70 million, before and after-tax associated with increasing the allowance for doubtful accounts and reserves for inventory and certain other assets in Libya. Including these expenses, net income attributable to Baker Hughes for the second quarter 2011 was $338 million, compared to $93 million for the second quarter 2010 and $381 million for the first quarter 2011. Revenue for the second quarter 2011 was $4.74 billion, up 41% compared to $3.37 billion for the second quarter 2010 and up 5% compared to $4.53 billion for the first quarter 2011. Results presented for the second quarter of 2010 included the results of BJ Services from the date of acquisition on April 28, 2010. Chad C. Deaton, Baker Hughes chairman and chief executive officer, said, Our performance was solid this quarter with steady improvement of our international profit margin. As expected, the sequential profit improvement in US Land and the Gulf of Mexico nearly offset the seasonal decline in Canada. International profit before tax margin now exceeds 13 percent, excluding the Libya charge, up more than 120 basis points sequentially and up 675 basis points year over year. The largest sequential improvement was in the Europe, Africa, Russia/Caspian segment. In North America, US Land revenue increased sequentially at a rate more than double that of the rig count, with strong incremental margins as the service intensity of the unconventional oil and gas plays continued to increase. Furthermore, demand for pressure pumping exceeds industry supply in North America. Gulf of Mexico revenue and profit increased modestly as new permits allowed only a limited resumption of deepwater activity. Looking forward, we continue to see improvement in North America driven by increased activity in unconventional oil and gas plays and increased service intensity driving opportunities for advanced directional drilling, complex multi-stage completions and pressure pumping. The Canada rig count has already rebounded from second quarter lows and we are mobilizing for the normal seasonal increase in activities going forward. Our continued investment in products and services for the unconventional resource plays supports the long-term strength of the North American market. While the increase in deepwater activity makes us optimistic, the pace of permits being issued has slowed significantly. In addition, we expect to incur incremental expenses associated with the increase in deepwater Gulf of Mexico regulation in the second half of 2011. Globally, spare oil production capacity is tight and we expect growing demand in China, India, developing Asia and the Middle East to support high oil prices and sustain increases in international spending. Activity is expected to increase in the second half of 2011 and into 2012 led by steady improvement in Brazil and the Middle East. If activity increases as we anticipate for 2012, conditions should support pricing improvements.
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Seacor Holdings Inc.s net income for second quarter 2011 was US$ 9.0 million on operating revenues of $536.4 million compared to $580.4 million for the proceeding quarter. Net income was US$ 64.1 million on operating revenues of th $694.6 million for the quarter ended 30 June 2010. Offshore Marine Services reported operating income was $5.5 million on operating revenues of $93.4 million compared with an operating loss of $2.6 million on operating revenues of $80.3 million in the preceding quarter. Second quarter results included $3.6 million in gains on asset dispositions compared with $4.4 million in gains in the preceding quarter. Time charter revenues were $45.4 million lower. Overall fleet utilization was 71% versus 77%. The number of days available for charter was 10,937 compared with 12,232, a 1,295 day or 11% reduction, due to net fleet dispositions. Overall average day rates were $11,142 per day compared with $13,906 per day, a decrease of $2,764 per day or 20%. Lower utilization decreased time charter revenues by $18.5 million. Net fleet dispositions, the impact of vessels mobilizing between geographic regions and other changes in fleet mix combined to reduce time charter revenues by $20.3. In overall terms, lower average day rates decreased time charter revenues by $8.1 million while the impact of favorable changes in currency exchange rates increased time charter revenues by $1.5 million.
Seacor Holdings Rates & Utilization
2011 30-Jun Fleet Count: AHTS Mini-Supply Standby-Safety Supply/Towing Supply Day Rates: AHTS Mini-Supply Standby-Safety Supply Towing Supply Utilization: AHTS Mini-Supply Standby-Safety Supply Towing Supply Available Days: AHTS Mini-Supply Standby-Safety Supply Towing Supply
19 8 26 34 $32,179 $7,494 $9,180 $13,561 $8,484 53% 77% 89% 74% 33% 1,547 728 2,291 1,591 494
31-Mar
19 9 26 33 $29,685 $7,677 $8,870 $13,224 $10,388 34% 62% 84% 65% 68% 1,530 779 2,250 1,548 540
31-Dec
20 9 26 35 $32,687 $7,616 $8,839 $14,378 $11,136 55% 55% 91% 66% 70% 1,641 930 2,300 1,739 553
2010 30-Sep 30-Jun

20 12 26 35 $41,619 $9,850 $8,574 $16,337 $10,798 82% 90% 88% 86% 73% 1,675 1,012 2,300 1,748 560 20 12 26 36 $40,592 $9,641 $7,861 $14,402 $10,467 89% 61% 88% 78% 81% 1,729 1,001 2,222 1,729 690
31-Mar
20 11 25 36 $30,602 $7,001 $8,302 $13,151 $11,967 62% 54% 89% 78% 76% 1,710 990 2,160 1,710 809
31-Dec
23 11 25 40 $34,293 $7,452 $8,733 $14,748 $12,300 58% 48% 91% 80% 87% 1,748 1,012 2,208 1,748 828
2009 30-Sep
21 11 24 40 $31,993 $6,822 $8,795 $15,244 $12,202 57% 54% 91% 66% 84% 1,673 1,046 2,208 1,834 828
30-Jun
21 12 24 41 $36,486 $6,286 $8,522 $14,716 $11,973 66% 61% 88% 79% 98% 1,547 1,319 2,184 1,820 819
In the U.S. Gulf of Mexico, time charter revenues were $44.2 million lower due to softer market conditions related to the ongoing slowdown in the issuance of drilling permits by the Bureau of Ocean Energy in the aftermath of the Deepwater Horizon oil spill. During second quarter 2010, incremental charters in support of the oil spill response contributed $27.1 million additional revenues. During second quarter 2011, lower utilization and lower average day rates reduced revenues by $10.8 million and $5.2 million, respectively. Vessels that mobilized out of the region, other changes in fleet mix and net fleet dispositions decreased revenues by $20.7 million and a net increase in cold-stacked vessels further decreased revenues by $7.5 million. As of June 30, 2011, Seacor had seven vessels cold-stacked in this region compared with four as of June 30, 2010. In West Africa, time charter revenues were $3.7 million lower, $3.2 million due to reduced utilization and $0.5 million due to lower average day rates. In the United Kingdom, time charter revenues were $3.4 million higher, $2.4 million due to improved average day rates and favorable changes in the USD/pound sterling exchange rate, and $1.0 million was due to incremental time charter revenues from a vessel mobilized into the region.
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Hornbeck Offshore Services second quarter 2011 revenues decreased 27.8% to $80.8 million compared to $111.9 million for second quarter 2010 and increased 11.8% compared to $72.3 million first quarter 2011. Operating income was $3.8 million, or 4.7% of revenues, second quarter 2011 compared to $34.5 million, or 30.8% of revenues, for the prior-year quarter; and $0.7 million, or 1.0% of revenues, first quarter 2011. Hornbeck recorded a net loss second quarter 2011 ($7.0 million), compared to net income of $13.0 million for the year-ago quarter; and a net loss of ($9.0 million) first quarter 2011. This is the second consecutive quarterly net loss in fiscal 2011 caused by the lack of drilling permits in Hornbeck's principal Upstream market due to the on-going de facto regulatory moratorium. EBITDA second quarter 2011 was $24.0 million compared to second quarter 2010 EBITDA of $54.1 million and first quarter 2011 EBITDA of $21.3 million. Revenues from the Upstream segment were $68.0 million second quarter 2011, a decrease of $32.5 million, or 32.3%, from $100.5 million second quarter 2010; and an increase of $6.7 million, or 10.9%, from $61.3 million first quarter 2011. The decline in Upstream revenues from the prior-year quarter primarily resulted from a drop-off in activity from Upstream vessels that were in-service during each of the quarters ended June 30, 2011 and 2010 and the resultant stacking of certain new generation OSVs in response to regulatory-driven demand weakness in the U.S. Gulf of Mexico. These lower revenues were partially offset by incremental revenues related to vessels operating in Latin America. Upstream operating income decreased $31.6 million to $3.9 million, or 5.7% of revenues, second quarter 2011 from $35.5 million, or 35.3% of revenues, second quarter 2010. Average new generation OSV dayrates second quarter 2011 were $20,493 compared to $23,874 for the same period in 2010 and $21,011 first quarter 2011. Hornbeck's new generation OSV dayrates second quarter 2010 were favorably impacted by certain non-recurring revenues for one of its specialty service vessels unrelated to the oil spill relief efforts in the GoM. Excluding those 2010 revenues for the sake of comparability to other periods, the new generation OSV average dayrates would have been $20,628, or roughly in-line with the second quarter 2011. New generation OSV utilization was 67.9% second quarter 2011 compared to 71.8% for the year-ago quarter and 59.0% for the sequential quarter. Upstream revenues, operating income and new generation OSV utilization second quarter 2011 sequentially increased largely due to the re-activation of previously stacked new generation OSVs and higher demand for the new generation OSVs in Latin America and/or for specialty service applications. Hornbeck had an average of 10.9 stacked new generation OSVs during the second quarter 2011 compared to quarterly averages of 7.4 stacked vessels during the year-ago quarter and 14.4 stacked vessels during the sequential quarter. Effective new generation OSV utilization for Hornbeck's active fleet, which excludes the impact of stacked vessels, was 86.3% second quarter 2011 compared to 84.5% for the year-ago quarter and 82.2% for the sequential quarter.
Hornbeck Offshore Services Utilization & Day Rates 2010 2011 30-Jun 31-Mar 31-Dec 30-Sep 30-Jun 31-Mar 51 51 51 50.3 49.5 48.5 2,514 2,514 2,514 2,510 2,505 2,499 67.90% 59.00% 66.30% 75.70% 71.80% 72.90% $20,493 $21,011 $20,694 $21,628 $23,874 $19,986 2009 30-Sep 44 2,469 71.90% $20,915
Number Vessels Avg. Dwt Utilization Avg. Dayrate
31-Dec 46.2 2,483 73.10% $19,880
30-Jun 42.1 2,452 83.60% $21,330
As of June 30, 2011, Hornbeck's operating fleet consisted of 51 new generation OSVs, four MPSVs, nine doublehulled tank barges and nine ocean-going tugs. With an average of 9.4 new generation OSVs projected to be coldstacked for the full-year 2011, the active Upstream Fleet for fiscal 2011 is expected to be comprised of an average of 41.6 new generation OSVs and four MPSVs. These active new generation OSVs are comprised of an average of 25.8 term vessels that are currently chartered on long-term contracts with maturities extending beyond 2011 and an average of 15.8 spot vessels that are currently idle or operating under short-term charters. These estimated vessel counts already reflect approximately 457 aggregate days out-of-service related to customer-required modifications and pre-positioning of six vessels that have mobilized or are mobilizing to Latin America during 2011 for multi-year charters. The actual and projected start dates for those six international charters are as follows: two in May 2011, two in August 2011 and two in September 2011.
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Hornbeck's forward guidance reflects the substantial uncertainty that continues to exist in the GoM due to the unprecedented U.S. government-imposed de facto regulatory moratorium in Hornbeck's principal Upstream market. Hornbeck's forward contract coverage for its 51-vessel fleet of new generation OSVs for the remainder of 2011 is currently 66%, which is up from 56% for such period when Hornbeck last reported earnings on May 5, 2011. New generation OSV contract coverage for the fiscal years ending 2012 and 2013 are currently 45% and 34%, respectively. Hornbeck's forward contract coverage for its four MPSVs for the remainder of 2011 and for fiscal years 2012 and 2013 is currently 50%. MPSV contract coverage has substantially improved as a result of recent charter activity. In July, Hornbeck was awarded a three-year charter with an international oilfield service company for the 430 class MPSV HOS Iron Horse, which is expected to begin during the third quarter 2011. In addition, the 370 class MPSV HOS Centerline has a 2.25-year charter with a major oil and gas company in the GoM, which is also expected to begin during the third quarter 2011. Hornbeck's forward contract coverage for its nine-vessel fleet of double-hulled tank barges for the remainder of 2011 is currently 28%, which is up from 19% for such period when Hornbeck last reported earnings on May 5, 2011. These contract backlog percentages are based on available vessel-days for the guidance periods, not estimated revenue. Effective, or utilization-adjusted, new generation OSV dayrates for Hornbeck's projected average of 25.8 active term OSVs are expected to be in the $20,000 to $21,000 range for the full-year 2011. This range does not reflect the incremental impact of any revenue expected to be derived in fiscal 2011 from Hornbeck's average 15.8 spot OSVs and average 9.4 stacked OSVs. Hornbeck cannot reasonably provide meaningful annual guidance regarding the effective dayrates anticipated for these average 25.2 non-term new generation OSVs at this time due to the significant market uncertainty being caused by the on-going permitorium in the GoM and the wide range of potential outcomes of its current domestic and international bidding activity for such vessels. Update on Maintenance Capital Expenditures. Hornbeck expects maintenance capital expenditures and other capital expenditures to be approximately $43.4 million and $27.0 million, respectively, for the full-year 2011, including an aggregate of approximately $10.8 million projected to be incurred related to customer-required modifications of vessels that have or are mobilizing to Latin America for multi-year charters expected to begin during the third quarter 2011. Over the next few years beyond 2011, Hornbeck expects that its annually recurring maintenance capital expenditure budget for its growing fleet of vessels will range between $35.0 million and $45.0 million per year.
Cochin Shipyard Limited (CSL), a Mini Ratna PSU under the Ministry of Shipping has declared and paid a dividend of Rs 16,86,79,400/- (Rs 16.86 crores for the year 2010-11). The dividend consists of Re.1 per Equity Share on the 11,32,80,000 fully paid equity shares of Rs 10 each amounting to Rs 11,32,80,000 (Rs 11.32 crores) and Rs 70 per 7,91,432 fully paid 7% Non Cumulative Preference Share of Rs 1,000/- each amounting to Rs 5,53,99,400/- (Rs 5.54 crores). The dividend check was handed over to the Union Minister of Shipping, Shri G K Vasan by Cmde K Subramaniam, CMD, CSL in New Delhi recently. This is the third consecutive year that the company is paying dividend to the Government of India. Cochin Shipyard has increased its turnover by four times from Rs 373 crores in 2005 - 2006 to Rs 1,426 crores in 2010 - 11. During the same period the companys Profit Before Tax increased by 14 times from Rs 25 crores to Rs 346 crores and the Net Profit by 13 times, i.e. from 18 crores to 228 crores. Presently, Cochin Shipyard has 34 ships on order consisting of 20 Fast Patrol Vessels for Coast Guards, 13 Offshore Supply Vessels for Foreign Owners and the prestigious Indigenous Aircraft Carrier for the Indian Navy. The approximate value of the orders on hand is Rs 3,500 crores, excluding the Aircraft Carrier.
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GulfMark Offshore, Inc. reported net income of $13.3 million on revenues of $96.9 million for the quarter ended June 30, 2011. Bruce Streeter, President and CEO, commented, Overall this has been an outstanding quarter and we are proud of what our employees accomplished. Although all of us would like to see more activity in the Gulf of Mexico, as we indicated on last quarter's earnings conference call, we continue to see encouraging short and long-term trends in all of our regions. Despite limited offshore drilling permits in the U.S. Gulf of Mexico, utilization in the Americas is up as we begin to see the benefit of repositioning a significant portion of our U.S. flagged vessels to Trinidad and Brazil. In our other regions of the world, we have concentrated on building our term contract position and have taken advantage of strengthening markets. Direct operating expense has been higher during the first half of 2011, in part because we repositioned vessels to achieve better overall operating profitability, but as a result we incurred higher than estimated operating costs in locations such as Brazil. On a consolidated basis, profitability increased meaningfully during the quarter and the Company's long-term outlook continues to improve. New jack-ups, semi-submersibles and drillship orders, combined with strong crude oil prices, support our optimistic view that customers will increasingly demand technologically advanced offshore support vessels in the future. During the second quarter, the average day rate in the North Sea region was up 13% and utilization was up seven percentage points, resulting in an overall increase in revenue of $8.4 million over the first quarter. The increase reflects the seasonal strength GulfMark customarily sees in the warmer North Sea months, combined with a tightening in the market for offshore supply vessels as other market participants relocated vessels to regions outside of the North Sea. Revenues in the North Sea region increased by $6.6 million (+18%) second quarter of 2011 compared to the same period 2010. Approx. $7.1 million of the increase was a result of a combination of currency effects and an increase in day rates. Day rates increased from $16,478 in the prior year quarter to $20,014 in the second quarter of 2011. Utilization rates decreased slightly from 95.1% in the second quarter of 2010 to 94.1% in the current year quarter, however, the mix of days worked associated with vessels with higher day rates resulted in a $0.3 million increase in revenue. The overall revenue increase was partially offset by decreased capacity as a result of the sale of a vessel during 2010, which negatively impacted revenue by $0.8 million. Revenue for the Southeast Asia region was $15.7 million for the second quarter of 2011, a slight increase over the first quarter. Utilization and day rates were both consistent with the first quarter of 2011. Revenues decreased from the prior year quarter by $1.2 million, or 7%, to $15.7 million. The decrease was primarily due to a decrease in day rates from $16,817 in the prior year quarter to $15,228 in the current quarter, which reduced revenue by $1.8 million. Utilization for the second quarter of 2011 decreased from 92.8% to 83.0% in the current quarter reducing revenue by $0.8 million. Capacity increased revenue by $1.5 million as a result of the addition of two new vessels during the second and third quarters of 2010.
GulfMark Offshores Utilization & Day Rates 2011 2010 30-Jun 31-Mar 31-Dec 30-Sep 30-Jun 31-Mar Utilization North Sea Southeast Asia Americas Avg. Day Rates North Sea Southeast Asia Americas No. Vessels North Sea Southeast Asia Americas
94.1% 83.0% 84.3% $20,014 $15,228 $14,217 25.0 14.0 35.0 87.1% 83.2% 70.5% $17,789 $15,248 $14,194 25.0 14.0 35.0 93.5% 78.5% 73.0% $17,046 $16,209 $14,674 19.0 20.0 21.0 91.6% 85.2% 76.0% $17,637 $16,841 $15,830 25.7 13.9 35.0 95.1% 92.8% 91.7% $16,478 $16,817 $13,486 25.2 12.1 35.3 90.2% 83.1% 79.8% $16,771 $18,039 $13,362 25.3 12.0 36.0
31-Dec
87.2% 93.1% 64.8% $17,173 $20,105 $14,395 24.4 12.0 36.0
2009 30-Sep
90.5% 85.8% 57.3% $20,171 $21,180 $16,894 24.0 11.7 35.8
30-Jun
93.1% 93.8% 79.9% $21,199 $21,201 $15,704 25.0 11.0 34.8
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Revenue for the Americas region was $37.4 million (+23%) from the first quarter. The increase in revenue was attributable to a gain of 13 percentage points in utilization, to 84% for the quarter, although the average day rate in the region was flat in comparison. The low level of drilling activity in the U.S. Gulf of Mexico continues to negatively impact the potential revenue of the Americas region, although during the second quarter of 2011 revenue for the U.S. Gulf of Mexico sub region was up $1.9 million over the prior quarter. For vessels operating in the U.S. Gulf of Mexico, utilization increased to 69% during the second quarter. Revenues in the Americas region decreased by $1.3 million (3%) compared to second quarter. Utilization decreased from 91.7% in the second quarter of 2010 to 84.3% in the current year quarter which decreased revenue by $4.0 million. The utilization decrease is a direct result of tightened regulations in the U.S. Gulf of Mexico. In addition, reduced capacity negatively impacted revenue by $0.3 million as a result of the sale of a vessel during the second quarter of 2010. The combination of day rates and currency effects positively impacted revenue by $3.0 million as average day rates increased from $13,486 second quarter of 2010 to $14,217 second quarter 2011. CEO Bruce Streeter commented on the outlook for the Company, stating, We continue to look to the future with increasing optimism. The second quarter's results help confirm our belief in an improving market for our vessels over the near term. These improvements reinforce our commitment to prepare the Company to take advantage of market opportunities in the likely event the industry begins to experience an extended up cycle period. In addition, as we look at our fleet position and our balance sheet strength, we believe we can safely increase our position to take advantage of improving markets around the world. International vessel demand and operations continue to perform well. The pace of new construction rig orders continues to be very strong, and we intend to position GulfMark to be ready to service these next generation rigs with a growing fleet of technologically advanced offshore support vessels. GulfMark currently operates a fleet of 89 offshore support vessels in the following regions: 39 vessels in the North Sea, 15 vessels offshore Southeast Asia, and 35 vessels in the Americas. Its owned fleet is one of the worlds youngest, largest and most geographically balanced, high specification offshore support vessel fleets and its owned vessels have an average age of approximately eight years.
Solstad Offshore ASA (SOFF) increased its ownership in NOR Offshore Ltd. (Nor) to 100% by the purchase of the 40.9% stake held by Nortrans Invest Pte Ltd (Nortrans). The transaction was announced to the Oslo Stock Exchange on 6th April 2011 and a new name, Solstad Offshore Asia Pacific Ltd (SOAPAC), was formally registered on 8th June 2011. SOFF sees this investment as a strategic move to strengthen its presence in the Far East, and takes advantage of the opportunities presented by this fast growing market which includes the booming economies of Asia and Australasia. By combining SOFFs 38 years of experience in the offshore industry and working in some of the worlds deepest and most challenging waters with SOAPACs regional presence and resources, SOFF aspires to increase its global presence. SOFF is now well positioned to offer its clients in the region a safe, capable and reliable service derived from its long history in the industry and through its well resourced and responsive local operator. In conjunction with the change of ownership and name, Mr. Trond Kyrkjeboe, the co-founder of Nor who led the development of the company taking delivery of 12 ships during Nors st initial six years, has passed on the CEO baton to Mr. Sven Stakkestad from 1 June 2011. Trond who has now returned to his family company, Nortrans, comments: It has been a great experience to build the company to what it is today, and with Svens 30 years of experience with Solstad, SOAPAC will be well positioned to build further on its strengths. This fast growth would not be possible without the strong support that all our business partners have shown in the company. The management of SOFF and SOAPAC are appreciative of the long standing support from its clients and suppliers, and hope that these relationships will develop further in this new chapter of SOAPACs history. It is envisaged that the synergies as a result of this acquisition and integration of SOAPAC into the SOFF group will deliver even more benefits to its valued clients and suppliers in the future, with increased safety, reliability, capability and opportunities for growth.
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Tidewater Inc.s first quarter net earnings for the period ended June 30, 2011 was $24.6 million on revenues of $254.6 million, as compared to same quarter last years net earnings of $39.8 million on revenues of $262.5 million. The quarter ended March 31, 2011, had net earnings of $12.0 million on revenues of $254.0 million. Tidewater's consolidated net earnings for the first quarter of fiscal 2012 decreased 38%, or $15.3 million, as compared to the same period in fiscal 2011, due to an approximate 3% decrease in total revenues, a 15%, or $4.8 million increase in general and administrative costs, and a $3.0 million, or 279%, increase in interest and other debt costs. Vessel revenues generated by Tidewater's international segment decreased a modest 1%, or $2.0 million as compared to the revenues earned during the first quarter of fiscal 2011, primarily due to a three percentage point decrease in the utilization rates on Tidewaters towing supply/supply class of vessels. Offsetting the effect of lower utilization rates in the international segment were day rate increases with an effective date of January 1, 2011 on certain vessel charter agreements. As the negotiations related to such rate increases were completed in the quarter ended June 30, 2011, approximately $2 million of vessel revenue recognized in the quarter ended June 30, 2011 related to services provided in the quarter ended March 31, 2011. The vessel revenues generated by the U.S. segment decreased 27%, or $6.6 million, during the same comparative periods, because three deepwater vessels mobilized to international markets due to the drilling moratorium in the U.S. GOM and its aftereffects. Other operating revenues increased $0.8 million during the same comparative periods. International segment vessel operating costs increased a modest 1%, or $0.9 million, while Tidewater's U.S. segment vessel operating costs decreased approximately 25%, or $3.2 million, during the first quarter of fiscal 2012 as compared to the same period in fiscal 2011. Costs of other operating revenues increased approximately $0.7 million during the same comparative periods. Internationally-based vessel revenues decreased a modest 1%, or $2.0 million, during the first quarter of fiscal 2012 as compared to the revenues earned during the first quarter of fiscal 2011, primarily due to a three percentage point decrease in the utilization rates on Tidewaters towing supply/supply class of vessels as a result of weak demand for Tidewater's traditional vessels in this class and because of vessel sales. Offsetting the effect of lower utilization rates in the international segment were day rate increases with an effective date of January 1, 2011 on certain vessel charter agreements. As the negotiations related to such rate increases were completed in the quarter ended June 30, 2011, approximately $2 million of vessel revenue recognized in the quarter ended June 30, 2011 related to services provided in the quarter ended March 31, 2011. Average day rates were relatively stable during the same comparative periods. The stability of the average day rates for internationallybased vessels reflects a change in the mix of vessels operating during the first quarter of fiscal 2012 as compared to the same period during fiscal 2011. Leading edge day rates generally had been declining across vessel classes; however, the impact of the decline on average day rate statistics was mitigated by a change in the mix of vessels that were working during the comparative periods. In particular, Tidewater added 32 new vessels to the international fleet since the first quarter of fiscal 2011 and stacked 57 older, traditional vessels throughout fiscal 2011 and during the three months ended June 30, 2011. Tidewater continued to stack and remove from its active fleet of internationally-based vessels those vessels that could not find attractive charter contracts. At the beginning of fiscal 2012, Tidewater had 83 internationally-based stacked vessels. During the first quarter for fiscal 2012, Tidewater stacked nine additional vessels and sold two vessels from the previously stacked vessel fleet, resulting in a total of 90 internationally-based stacked vessels as of June 30, 2011. Tidewater's towing supply/supply class of vessels accounted for approximately $5.8 million of the decline in revenue (approx. 5% decrease) during the first quarter of fiscal 2012 as compared to the first quarter of fiscal 2011, due to a three percentage points decrease in utilization rates primarily resulting from weak demand for the traditional vessels in this class of vessels and because of vessel sales.
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Quarterly Utilization and Average Day Rates for Tidewater Inc.

2011 30-Jun Utilization Domestic Towing/Supply International Towing/Supply Offshore Tugs Avg. Day Rates Domestic Towing/Supply International Towing/Supply Offshore Tugs No. Vessels Domestic Towing/Supply International Towing/Supply Offshore Tugs 51.70% 50.60% 55.40% 54.20% 54.50% 53.70% 45.90% 55.10% 58.70% 48.90% 55.20% 55.10% 44.10% 53.90% 59.40% 41.80% 56.70% 56.80% 35.80% 64.10% 56.00% 32.20% 71.10% 60.40% 39.40% 74.10% 54.20% 31-Mar 31-Dec 30-Sep 2010 30-Jun 31-Mar 31-Dec 2009 30-Sep 30-Jun
$9,032 $12,485 $6,748
$9,936 $12,090 $6,601
$8,374 $11,761 $6,665
$8,268 $11,975 $6,415
$7,702 $12,108 $6,402
$7,413 $12,259 $6,769
$8,417 $12,254 $6,654
$9,623 $12,428 $7,059
$10,071 $12,518 $7,744
18 197 25
18 199 26
22 205 27
22 205 27
24 200 27
23 201 27
25 206 25
26 208 24
26 217 28
Vessel operating profit for internationally-based vessels decreased approximately 15%, or $6.3 million, during the first quarter of fiscal 2012 as compared to the first quarter of fiscal 2011, due to lower revenues, an increase in international segment general and administrative expenses (primarily personnel costs and office and property), and approximately $0.9 million, or 1%, higher vessel operating costs (primarily crew costs, insurance and loss reserves, fuel, lube and supplies, and vessel operating leases). International marine segment general and administrative costs increased approximately 22%, or $4.6 million, during the first quarter of fiscal 2012 as compared to the same period in fiscal 2011, primarily due to pay raises for the administrative personnel, higher amortization costs related to stockbased compensation for employees, higher accruals for incentive bonuses, and higher office and property expenses (primarily office rent and information technology costs). U.S.-based vessel revenue decreased 27%, or $6.6 million, during the first quarter of fiscal 2012 as compared to the first quarter of fiscal 2011, primarily due to lower revenues generated on the U.S.-based deepwater vessels because three deepwater vessels mobilized to international markets (including one vessel that operated under an operating lease) as a result of the continued weakness in the U.S. GOM because of the aftereffects of the drilling moratorium. Tidewater continues to stack and remove from its active fleet vessels that cannot find attractive charter hire contracts. At the beginning of fiscal 2012, the U.S. GOM had seven stacked vessels. During the first quarter of fiscal 2012, Tidewater stacked one additional vessel resulting in a total of eight U.S.-based stacked vessels as of June 30, 2011. Revenues on Tidewater's towing supply/supply class of vessels increased approximately 4%, or $0.3 million, during the first quarter of fiscal 2012 as compared to the first quarter of fiscal 2011, due to an approximate 17% increase in average day rates and an eight percentage point increase in utilization rates. High utilization for the U.S.-based towing supply/supply class of vessels, in part, reflects the disposition of four vessels that operated in the U.S. GOM during the comparative periods. Average day rates increased during the comparative periods because one towing supply/supply class of vessel performed a short term charter hire assignment at a contract rate substantially higher than the otherwise average day rate.
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U.S.-based vessel operating profit decreased approximately $2.9 million, or 53%, during the first quarter of fiscal 2012 as compared to the first quarter of fiscal 2011, primarily due to lower revenues. Decreases in revenue, during the comparative periods, were partially offset by approximately $3.2 million, or 25%, lower vessel operating costs (primarily crew costs and vessel operating leases) and by approximately $0.3 million, or 10%, lower depreciation expense as a result of fewer vessels operating in the U.S. GOM due to the mobilization of vessels to international markets and because of vessel sales. Crew costs decreased approximately $1.6 million, or 19%, during the same comparative periods, primarily due to reductions in crew personnel as a result of fewer vessels operating in the U.S. GOM market for the reasons stated above. U.S.-based vessel operating lease costs decreased approximately $0.4 million, or 51%, during the first quarter of fiscal 2012 as compared to the same period in fiscal 2011, because one vessel operating under an operating lease was transferred to an international market during third quarter fiscal 2011. At June 30, 2011, Tidewater had 359 owned or chartered vessels (excluding joint-venture vessels and vessels withdrawn from service) in its fleet with an average age of 16.1 years. The average age of 196 newer vessels that have been acquired or constructed since calendar year 2000 as part of Tidewater's new build and acquisition program is 5.3 years. The remaining 163 vessels have an average age of 29.0 years. During the quarters ended June 30, 2011 and 2010, Tidewater's newer vessels generated $211.0 million and $202.9 million, respectively, of revenue and accounted for 91%, or $91.7 million, and 86%, or $91.9 million, respectively, of total vessel margin. Vessel operating costs exclude depreciation on Tidewater's new vessels of $26.1 million and $22.6 million, respectively, during the same comparative periods. During the first quarter of fiscal 2012, Tidewater disposed of eight vessels, including four anchor handling towing supply vessels, two platform supply vessels, one crewboat and one offshore tug. The eight disposed vessels were from the international fleet. During the first quarter of fiscal 2012, Tidewater took delivery of two newly-built vessels and acquired one vessel from a third party. One of the newly built vessels is a towing supply/supply class anchor handling towing supply vessel and the other is a deepwater class platform supply vessel. The AHTSV was constructed at international shipyard for approximately $10.0 million and has 5,150BHP. The deepwater PSV, which measures 290, was constructed for approximately $28.0 million and was built at an international shipyard. Tidewater also acquired a 250 deepwater PSV for a total cost of $22.2 million during the first quarter of fiscal 2012. At June 30, 2011, Tidewater had seven AHTSs under construction, varying in size from 5,150 to 8,200HP, for a total aggregate investment of approx. $130.1 million. Scheduled deliveries for the seven vessels began in July 2011, with the last scheduled for delivery in March 2012. As of June 30, 2011, Tidewater had invested $98.9 million for the construction of these seven vessels. Tidewater is also committed to the construction of four 265, one 266, eleven 286 and two 300 deepwater PSVs and two 215 towing supply/supply class PSVs for a total aggregate investment of approx. $618.2 million. The two 215 towing supply/supply class PSVs are scheduled for delivery in April and June of 2013. The four 265 deepwater class vessels are expected to be delivered to the market beginning in November 2012, with final delivery of the fourth vessel in April 2013. The 266 deepwater class vessel is scheduled for delivery in October 2011. Two of the eleven 286 deepwater class vessels were delivered in July 2011. The remaining nine 286 deepwater class vessels are expected to be delivered beginning in December 2011 with final delivery of the last 286 vessel scheduled for October of 2012. The two 300 deepwater class vessels are scheduled for delivery in October 2012 and April 2013. As of June 30, 2011, $232.3 million was invested for the construction of these 20 vessels. At June 30, 2011, Tidewater also had agreed to purchase 10 AHTSVs and two PSVs. The aggregate approximate purchase price for these 12 vessels is $174.8 million. Tidewater took possession of one of the 10 AHTSVs in July 2011 for a total cost of $11.6 million. Tidewater will acquire the remaining nine AHTSVs for a total aggregate cost of $125.0 million at various times throughout fiscal 2012. Tidewater plans to take possession of the two PSVs, which have 3,500 dwt tons of cargo capacity, in February and April of 2012 for a total aggregate cost of $38.2 million. As of June 30, 2011, Tidewater had invested $24.8 million for the acquisition of these 12 vessels.
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Havila Shipping ASA achieved a result before tax of NOK -52.8m in Q2 2011, compared with NOK 123.2m in Q2 last year including NOK 154.4m profit from sale of a vessel. Total revenue amounted to NOK 298.5m in the 2nd quarter of 2011. Total revenues for same period last year were NOK 433.2m which NOK 154.4m profit from sale of Havila Troll. Total income for Q2 2011 amounted to NOK 298.5m (NOK 433.2m). Total operating expenses for Q2 2011 were NOK 225.1m (NOK 138.4m). Increase in operating expenses is mainly a consequence of increased number of vessels, and lease of additional five vessels in 2011 compared to two vessels in 2010. The operating profit before depreciation in the period was NOK 73.4m (NOK 294.5 m). The group had 28 vessels in operation as of June 30, 2011. This includes a management agreement for three vessels that are owned by companies outside the group. Four of the vessels are operated by the joint venture company in Singapore, Posh Havila Pte Ltd. Seven Havila was delivered in February and directly sold to the joint venture company Acergy Havila Limited which hired out the vessel through a bareboat contract. The spot market for offshore service vessels has been considerably better in second quarter than in first quarter, but partly weaker than expected. Of owned vessels, the group had one AHTS vessel in the spot market during the quarter. The utilization has been acceptable, with average day rates in line with the average market rates. Havila has made an agreement to buy 100% of the parts in the owner companies of the PSV vessels Havila Aurora, Havila Borg and Havila Fortune and also 74% of the ownership companies for the PSV vessels Havila Commander and Havila Crusader. The settlement will mainly be by issuance of new shares but also partly cash payment. The transactions will be finalized during the month of July and the companies accounts will be consolidated in the group accounts from third quarter 2011. The acquisitions are expected to have considerable positive effect on the group results.
Royal Boskalis Westminster N.V. (Boskalis) has reached an agreement with The Rezayat Group of Saudi Arabia (Rezayat) to sell SMIT's terminal and AHTS transport activities to Lamnalco Ltd (Lamnalco). Boskalis and Rezayat each own a 50% stake in Lamnalco. Lamnalco will pay approximately USD 450 million for these activities and Boskalis will receive a net cash sum equaling around 75% of this consideration. Lamnalco will acquire all of SMIT's terminal activities, with the exception of the terminal activities of Rebras (Brazil) and of the joint ventures in Egypt, and Singapore (KeppelSMIT). In addition Lamnalco will take over eight L-class AHTS vessels from SMIT that are currently part of the SMIT Transport activities. On balance the activities sold represented in 2010 an EBITDA of around USD 55 million. SMIT Terminals and Lamnalco both hold a leading position in the global market for specialized services to oil and gas terminals. This is a strong growth market, driven by growing global demand for energy, in particular liquefied natural gas (LNG). The combination will create a leading world-class player and an excellent platform for further growth. The tie-up with Lamnalco will create a resourceful company with a clear focus. Furthermore thanks to its independent structure Lamnalco is able to implement a very efficient capital structure, taking full advantage of the possibilities within the financial markets. The combination of these two players will create considerable operational and commercial synergies. Currently operating over 50 terminal contracts, the combined entity employs more than 2,000 staff on over 150 vessels and is active in more than 30 countries across five continents. The solid market position was established thanks to the quality and professionalism of the employees. This increase in scale will provide them with ample opportunity for their further personal development. The transaction is expected to be executed in the second half of 2011, subject to satisfaction of the conditions customary for transactions of this nature. The sale of the SMIT activities is not expected to have a material one-off accounting effect on Boskalis' 2011 income statement.
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Sembcorp Marine achieved a net profit of $300.4 million for the half year ended 30 June 2011. This was 8% lower as compared with $324.9 million for the same period in 2010, attributable mainly to the timing in recognition of the new rig building projects that were secured since 4Q 2010. Group turnover at $1,660.2 million was 32% lower as compared with $2,457.3 million in 1H 2010. The lower turnover was due to the timing in recognition of projects, in particular the rig building sector which saw a 56% decline in turnover as new jackup rigs secured since the fourth quarter of last year are still in the planning stage. In comparison, the corresponding period in 2010 saw more turnkey semi-submersible rig building projects and the resumption of revenue recognition on the completion and delivery of PetroRig III. The lower rig building turnover was however partially offset by higher contributions from the ship conversion/offshore and ship repair sectors which saw turnover increasing 19% and 4% respectively in 1H 2011 as compared with the same period in 2010. A record total of nine units of FPSOs, fixed platforms and offshore projects, with eight units expected to be delivered within the year, are in different stages of construction. Three such units achieved the initial 20% physical completion and accounted for the higher turnover in 1H 2011. Group operating profit level as at 1H 2011 was $324.9 million and this was 10% lower as compared with $361.9 million in 1H 2010. At pre-tax level, Group profit at $361.4 million was 12% down as compared with $409.7 million in 1H 2010. Sembcorp has a net order book of $5.7 billion with completion and deliveries stretching till 2014. This includes $2.6 billion in contract orders secured since the start of 2011, excluding ship repair contracts. While the world economy remains fragile with short-term demands affected by recent events in Europe and the United States, there are signs of steady improvement from emerging economies that will provide support for increasing longer-term energy demand. The fundamentals driving the offshore oil industry remain intact with exploration and production (E&P) spending by oil majors and national oil companies expected to increase in 2011. Increased spending is expected for deepwater activity, driven largely by investments in Brazil, West Africa and Asia. As offshore rig demand continues to strengthen in most regions around the world, there is a need for technically advanced, versatile and efficient rigs that will address both the shallow and deepwater prospects. Demand for premium jack-up rigs is expected to continue with the trend of replacing older equipment with new equipment. For the deepwater segment, continued growth is expected following the resumption of drilling activities in the United States Gulf of Mexico and the strong growth in demand for development drilling in Brazil and West Africa. Enquiries for drilling rigs remain healthy. For the fixed and floating production market, global market outlook remains positive, supported by increasing long-term demand for oil and sustainable oil prices. Demand for fixed platforms and FPSOs is expected to be strong as more oil fields move towards development phase. Sembcorp Marine with its strong track record and proven expertise is well-positioned to benefit from the growing opportunities in this sector. UAE-based GMMOS Group announced it has rebranded to Stanford Marine Group (SMG) in order to better reflect its focus on chartering, operation, building, and maintenance of Offshore Supply Vessels. The Group has two main divisions focused on the marine sector: Stanford Marine (OSV chartering) and Grandweld (Shipbuilding and Repair). Stanford Marine has recently taken delivery of several new OSVs, such as the three ultra-modern 58m DP1 Platform Supply Vessels Condor, Osprey and Caracara - which are already chartered - and will be welcoming in its fleet further four new vessels this year, amongst which will be two 87m DP2 PSVs. With a fleet utilization level in excess of 90% for its current 35-vessels strong fleet, Stanford Marine remains in the forefront of marine operators in the GCC and Southeast Asia. Grandweld has recently secured three additional large ship-building contracts, raising its order-book backlog to a record $250m. This includes two 55T bollard pull tugs for Abu Dhabi Ports Company, two 57m work maintenance vessels for the Al Mojil Group (Saudi Arabia) and six 54m Hybrid Seismic Support vessels (plus two option) for Bourbon which will be the first throughout the region to utilize a completely hybrid propulsion system, and have the possibility to switch between diesel-mechanical, diesel-electric and hybrid propulsion mode, based on several operational scenarios, resulting in reduced fuel consumption and CO2 emissions.
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Grupo TMM, S.A.B., reported financial results for second quarter of 2011. Jos F. Serrano, chairman and chief executive officer of Grupo TMM, said, Secondquarter results continued to be affected by a challenging shipping marketplace, including the global reduction of tariffs for offshore vessels and product tankers, which impacted revenue and profit at Maritime compared to the second quarter of 2010. Notwithstanding, Maritimes operational results and fleet utilization improved from the first quarter of this year. Serrano continued, Prospects for a rebound in the shipping market look promising as tariffs appear to have hit bottom, which should translate in operational improvements at Maritime in upcoming quarters. Additionally, we are working diligently to add medium and long-term contracts to our fleet. Serrano concluded, We continue to work on the implementation of our five-year growth plan, which includes the development of a container and liquids terminal at the Port of Tuxpan, Veracruz, and the addition of specialized offshore vessels to TMMs fleet to meet the increasing demand for deep water exploration in Mexico. We are actively pursuing the financial implementation of these projects, which will allow TMM to grow and improve its capital structure. Compared to the same period last year, consolidated revenue in second quarter and first six months of 2011, decreased 7.7 percent and 13.4 percent, respectively, mainly due to reduced revenue at Maritime. Consolidated operating profit increased 35.4 percent in the second quarter of 2011, but decreased 12.5 percent in the first half of 2011 compared to the same periods of 2010. Consolidated operating profit in the second quarter of 2011 included other income net of $6.4 million, mainly attributable to the recovery of certain tax incentives. Compared to the same periods of last year, consolidated EBITDA in the second quarter of 2011 increased 10.0 percent to $24.3 million, and in the first half of 2011 decreased 5.1 percent to $42.8 million. Interest expense in the second quarter of 2011 and first six months of 2011 was $17.4 million and $8.6 million, respectively. EBITDA minus interest expense resulted in free cash flow of $6.9 million in the second quarter of 2011 and of $8.2 million in the first half of 2011. Compared to the same periods of last year, Maritime revenue in the second quarter and first six months of 2011 decreased 15.7 percent and 18.7 percent, respectively, compared to the same periods of last year. Second-quarter 2011 and first six-months 2011 operating profit was down 33.7 percent and 32.4 percent, respectively, compared to the same periods of last year. These reductions were partially offset by revenue and profit increases at harbor tugs due to increased vessel calls at Manzanillo. Year over year, in the first six months of 2011, offshore revenue decreased 21.1 percent to $50.1 million, negatively impacted by lower average daily tariffs, lower utilization and three less vessels in operation, compared to the same period of 2010. Also in the first half of 2011, product tanker revenue decreased 17.7 percent to $16.7 million attributable to lower average daily tariffs and to lower utilization compared to the same period of last year. Six-month chemical tanker revenue decreased 25.2 percent to $9.8 million compared to the same period of 2011 as a result of having one less vessel in operation in the second quarter and to lower freight volumes in the first half of 2011 compared to last year. Compared to the same periods of last year, Ports and Terminals second-quarter and first six-month 2011 revenue increased 21.0 percent and 18.5 percent, respectively. Year over year, second-quarter and six-month 2011 operating profit remained unchanged at $1.4 million and $3.4 million, respectively. Since 1992 the Maritime Transportation Division has supported the oil offshore industry through the operation of one of the largest fleets of specialized boats in Mexico crewed by highly specialized professionals. The fleet consists of 28 offshore support vessels. Since 1997 Grupo TMM has offered a towing service with five tugboats at the port of Manzanillo, Colima, Mexicos busiest commercial port.
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STX Europe had revenues of NOK 4,869 million in the second quarter of 2011, compared with NOK 6,318 million in the second quarter of 2010. In the second quarter 2011, STX Europe achieved an EBITDA of NOK 528 million, up from NOK 205 million in the corresponding quarter of 2010. The profit before tax was NOK 407 million in the second quarter compared with NOK 98 million in the same period last year. The result in the second quarter 2011 reflects continuous high earnings and strong results for STX OSV. Cruise & Ferries shows improvement and have reduced the losses significantly in 2011 compared with 2010, but the results are still not satisfactory. STX Europe successfully delivered 5 vessels during Q2 2011. The order intake was NOK 8,249 million during the second quarter. The order backlog at the end of second quarter 2011 consisted of 64 vessels for a total amount of NOK 31,554 million, which is an increase from NOK 27,994 million at the end of Q1 2011, and NOK 31,160 million at the end of 2010. The Offshore & Specialized Vessels business area consists only of Singapore listed STX OSV Holdings Limited where STX Europe held 69.02% of the shares as of 30 June 2011. The shares price of STX OSV as of 30 June 2011 was SGD 1.39 equal to a market capitalization of approx. SGD 1.6 billion (NOK 7.2 billion). Following the sale of 18.27% of the shares in STX OSV on 8 July 2011, STX Europe currently holds 50.75% of the shares in STX OSV. STX Europe will remain committed to STX OSV as a substantial shareholder following the sale. In 2Q 2011 STX OSV paid dividend of which STX Europe received NOK 107 million. In August 2011, STX OSV declared a SGD 0.05/share interim dividend to be paid in 3Q 2011. STX OSV had second quarter revenues of NOK 2,744 million, as compared with NOK 3,527 million in the same quarter of 2010. The second quarter EBITDA was NOK 451 million, compared with NOK 239 million in the second quarter of 2010. The year-to-date EBITDA is NOK 890 million (1H 2010: NOK 525 million), which is an improvement of NOK 365 million from the same period last year. Four vessels were delivered from Norway and Romania in 2Q 2011. Out of 25 vessels scheduled for delivery in 2011, ten vessels had been delivered by the end of the second quarter. STX OSV secured nine new vessel contracts during the quarter, comprising two anchor handling tug supply vessels, four platform supply vessels and three multi role vessels. New order intake for 2Q 2011 amounted to NOK 3,099 million, not including the value of one of the vessels contracted, which is still subject to certain conditions to be lifted by end of 3Q 2011. This brings STX OSVs total order intake for 1H 2011 to 12 vessels, 11 of which will be delivered from Norway and Romania, and one from Vietnam. The orderbook was 51 vessels equal to an order book value of NOK 15,328 million. STX OSV says that it has a positive outlook for new orders and financial results for second half 2011. STX OSV also says that while the current global economic environment is challenging, STX OSV continues to be fundamentally well positioned to capitalize on opportunities in the market upturn.
A Quebec Superior Court judge has approved a sale of the assets of Levis, Quebec, shipbuilder Davie Yards to Ontario's Upper Lakes Group for about $28 million. Davie has been in creditor protection since February 2010. Upper Lakes Group is involved in a consortium with engineering giant SNC Lavalin (TSX: SNC) and the South Korea's Daewoo Shipbuilding and Marine Engineering. The court ruling meant that the consortium had to submit a bid for a major contract under Canada's National Ship Procurement Strategy. It would not have been able to participate in the bidding process if a court agreement had not been reached.
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Swire Pacific Offshore experienced a rise in turnover for the first half of 2011 compared with 2011, but profit was down. Its turnover was up for the first half at HKD 1,581 ($203m) from HKD 1,514 for the same period last year. But profit was down by 10% at HKD 371m. Swires share of the HK United Dockyard (HUD) profit was up from HKD 39m to HKD 41m which improved the group's figures. Swire Pacific Offshore operates a fleet of 75 vessels including anchor handling tugs, platform supply vessels, ice-breaking supply vessels and survey ships. It has a further 35 vessels due to be delivered up to 2015. The offshore energy industry began to recover from the difficult conditions experienced during 2010, said group chairman Christopher Pratt. This was reflected in an improvement in SPOs overall fleet utilisation. However, average charter hire rates were lower than in the first half of 2010 and operating costs were higher. The company is positive about future operations. Activity in the offshore energy market is expected to increase. This should result in improved utilisation and charter hire rates. In addition, five new vessels were delivered during the first half and a further two P-class AHTS vessels (4,800BHP) are to be delivered in the second half of 2011. This will have a positive impact on the second half-year results. Fleet renewals continue. Five older ships were sold in the first half of 2010, and replaced by five new ships. One of these is the most powerful anchor handling tug in the fleet so far. Its C-class type develops 16,300BHP. Even bigger D-class are due from next year. They have a designed output of about 18,000BHP, it said. Ultrapetrol (Bahamas) Limited announced financial results for the second quarter ended June 30, 2011. Felipe Menndez, Ultrapetrol's President and Chief Executive Officer, said, Our long-term investment strategy of investing in our River and Offshore businesses compounded by the sale of our remaining capesize vessels in 2010 has put us on an strong path of growth. In both our River Business and Offshore Business demand is strengthening and market rates are increasing and we believe our strategic advantages are providing us with long term size and technology leadership in the markets in which we operate. Mr. Menndez continued, The expansion of our Offshore Supply Business continued in the second quarter, as Ultrapetrol operated seven PSVs for the first time for an entire quarter and took delivery of its eighth PSV, UP Jasper. The UP Jasper is in the process of being repositioned to the North Sea where we expect the vessel to commence operations in September 2011 and take advantage of the region's strong rate environment. We look forward to taking delivery of four additional PSVs that are under construction which have expected deliveries over the next 18 months. Our medium and long term view is that the offshore supply services market will strengthen as the extraordinary demand from Brazil takes a larger share of the world's available capacity. Total revenues for the second quarter 2011 were $70.0 million, compared to $60.6 million same period 2010. Adjusted net loss for the second quarter of 2011 was $(6.0) million, which excluded a $(1.0) million provision for unrealized foreign exchange rate gains on U.S. dollar-denominated debt of Ultrapetrols Brazilian subsidiary in the Offshore Supply Business. Net loss for the second quarter 2011 was $(7.0) million, compared to net income of $0.7 million same period 2010. In the Offshore Supply Business, Ultrapetrol operated seven vessels in the second quarter of 2011, and took delivery in China of the UP Jasper on June 10, 2011. The adjusted EBITDA generated by the Offshore Supply segment during the second quarter of 2011 was $4.7 million, or 8% lower than the $5.1 million generated in the same period of 2010. Despite having experienced 20 more offhire days due to scheduled drydocks and repairs in the second quarter of 2011 than in the same period of 2010, total revenues from the Offshore Supply Business increased by 12% period on period. This increase was primarily attributable to the operation of Ultrapetrols UP Turquoise for the full second quarter; partially offset by the scheduled drydocking of Ultrapetrols UP Topazio and UP Safira. Similarly, during the quarter Ultrapetrol experienced higher operating costs mainly due to the revaluation of the real against the US dollar, a tendency which is likely to continue. As planned, Ultrapetrol will continue the construction of the four remaining PSVs that will be added to the fleet, currently being built in India. Ultrapetrol believes that the Brazilian market will grow substantially due to the support of Petrobras' aggressive capital expenditure plans, while the activity in the North Sea has increased. In addition, Ultrapetrol's fleet has the advantage of being very modern and technologically capable of supporting deep sea oil drilling.
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Bumi Armada, a Malaysia-based international offshore services provider, was listed on the main market of Bursa Malaysia Securities Berhad. Malaysias largest owner and operator of offshore support vessels and the eighth largest floating production, storage and offloading operator in the world, Bumi Armadas listing marks the completion of the largest Initial Public Offering (IPO) in Malaysia and the second largest in Southeast Asia thus far this year. The event was graced by Malaysias Deputy Finance Minister, Datuk Dr. Awang Adek Hussin. The market capitalization of the company, based on the IPO price of RM3.03 per share, was RM8.9 billion. On the listing, Hassan Assad Basma, the Executive Director and Chief Executive Officer of Bumi Armada said: With the successful completion of this IPO, Bumi Armada achieved a significant milestone in its corporate history. Our IPO received tremendous response and strong demand from both the international and Malaysian investors, including some of the biggest names in the investment community. On behalf of Bumi Armada, I welcome all our new shareholders and investors into the Bumi Armada fold and thank them for having confidence in the company and its stock. He added: We are proud to introduce to the Malaysian equity markets a Malaysian-based international company in the oil and gas sector with an expanding reach that provides high end dedicated services across the entire value chain, led by a highly skilled and culturally diverse management team. On the back of this winning formula, we echo the confidence of our investors when we say we are all geared up to further expand our position as a major player in the international oilfield services sector. Following on Bumi Armada said net profits for 2Q2011 dropped 18% year on year to 61M ringgit ($20. 4M), while 1H2011 profits rose 2% y/y to 143.1M ringgit. Bumi Armada said in a Bursa Malaysia filing that profits were hit for 2Q2011 because of higher vessel operating costs, in line with a higher OSV segment, which includes the relocation cost of vessels deployed to Nigeria of 6M ringgit. Also, the company said, a fair-value charge of stock options granted to an executive director amounted to 6.2M ringgit, which was expensed off; higher finance costs of 6M ringgit mainly arose from fair-value changes on derivative financial instruments, compared with a fair-value gain of 7.5M ringgit in 1Q2011; and depreciation charges rose, mainly for Griffin Venture (a FPSO that has been renamed Armada Prima). Bumi Armada said it is optimistic for its full-year performance, citing high bidding activity for its products and services. It has already secured two letters of awards for the Balnaves project for Apache Energy in Australia and for India Oil & Natural Gass first FPSO, which will be for the D1 Field in India in June 2011. On 10 August, the contract was signed with ONGC for about $620M. These represent a significant portfolio value, and we remain optimistic for further order intake in 2011, Bumi Armada said. The OSV sector has seen vessel utilisation rates recovering as newer vessels find work at the expense of the older and less efficient vessels. At end of June 2011, the utilisation of the groups vessels reached 83%. Bumi Armada said its expected spending depends on the availability of financing and is subject to inflation. It pledged to continue to monitor the recent turmoil in the markets and assess its impact to the business. Its main area of focus remains in the deepwater developments in Latin America, West Africa, and Asia, with several FPSOs and large projects under tender. Malaysia-based Perdana Petroleum expects charter rates for AHTSs to continue rising for the rest of this year due to greater demands in high-activity areas such as West Africa and Brazil. The rising charter rates have lifted Perdana to a second-quarter net profit of RM8.3m ($2.8m) as against a net loss of RM33.1m in the same quarter of last year. It reported a net loss of RM8.1m in the first-quarter of this year. The Kuala Lumpur-listed firm booked revenue of RM73.4m, up 28% compared to the corresponding period of last year. A utilisation rate in excess of 80% seems achievable by the second-half of the year in a rising rate regime for mid-size AHTS, which is more limited in supply relative to smaller AHTS and more in demand relative to much larger AHTS, the company said.
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For Norwegian owners DOF ASA, Group income for Q2 totaled NOK 1,581 million (NOK 1,521 million), with an operating result before depreciation (EBITDA) of NOK 495 million (NOK 485 million). Utilization rate for the subsea fleet in Q2 was 91%, with 92% for the supply fleet. DOF added one new vessel to its fleet in Q2, in connection with DOF Subsea's purchase of the construction support vessel Skandi Constructor (ex Sarah). On 1 July, DOF Subsea took delivery of the Skandi Skansen. One vessel, Geosounder, was sold in the second quarter (with Marcon acting as co-broker). DOF also completed the sale of one newbuilding Skandi Kochi (hull no. 081 at Cochin Shipyard now Troms Capella) to Troms Offshore AS. This transaction was completed in July. In April, DOF signed an agreement for three seven-year contracts for ConocoPhillips in the North Sea. Three newbuildings have been contracted at STX OSV Norge in order to serve these contracts. In July, DOF Subsea was awarded the contract for Goliat FPSO marine with Eni Norge. The contract has a total value of approximately NOK 300 million. In August, Skandi Niteroi was awarded a four-year contract for Petrobras. In April, DOF Subsea completed the issue of a fiveyear bond loan totaling NOK 750 million. DOF Installer has carried out an issue of NOK 200 million, comprising 10 million new shares. DOF Subsea owns approx. 84% of the shares in DOF Installer subsequent to the share issue. DOF ASA is an international corporation involved in the ownership and operation of a fleet comprising supply and subsea vessels and engineering companies providing services to the subsea market. The Group has a modern fleet with an average age of approximately six years. When adjusted for market value, the average age is 3.5 years. As of August 2011, the fleet (partly/wholly owned) had 73 vessels (including newbuildings). The fleet is comprised as follows: 20 AHTS, 24 PSV and 29 CSV. In addition, the Group owns a fleet of 45 modern ROVs. The main share of DOF ASA's fleet operates on longterm contracts. As of June, the financial nominal value of these contracts totaled approximately NOK 21 billion, including options with a value of approximately NOK 38 billion. Contractual coverage in 2011 is 87% with 69% for 2012. The supply fleet in the North Sea had a high utilization rate for all vessels in the quarter. Two vessels, Skandi Falcon and Skandi Sotra, (pictured) have partly operated in the spot market with a utilization rate close to 100%. The activity in Brazil continues to increase, with the addition of new vessels to the fleet this quarter. Skandi Commander arrived in Brazil in April and started on a fiveyear contract with Petrobras mid May. The newbuilding, Skandi Emerald, arrived Brazil from Vietnam early May and started on its contract for OGX in the same month. A number of scheduled dry docks have been executed for the Brazilian fleet in the second quarter. Together with the transit of Skandi Commander and Skandi Emerald to Brazil, these dry docks have resulted in a reduced utilization rate for the fleet in the quarter. A weak USD rate against the BRL has had a negative impact on the EBITDA figures for parts of the Brazilian fleet. As projected, DOF Subsea had a higher level of activity when compared with the first quarter. The utilization rate for DOF Subsea's total fleet, both TC and project vessels, was 89% in April, 91% in May and 94% in June. For the project fleet alone, utilization was 74% in April, 74% in May and 81% in June. The main reason for the low utilization in April and May was the dry dockings and repositioning of 2 vessels. The level of activity in Asia has been high. One new vessel was added to the fleet in Asia during the second quarter, Skandi Hercules, which sailed from the North Sea and arrived in Asia at the start of May. This vessel had a good utilization rate both in May and June. The level of activity in Brazil has been high, while the North Sea and Gulf of Mexico have seen a low level of activity in the second quarter. GC Rieber Shipping ASA was informed that the GC Rieber AS had decided to make a voluntary offer to acquire all the shares of GC Rieber Shipping ASA. The negotiations about a merger are discontinued. Before the offer GC Rieber AS is owner of 23,108,110 shares, representing a 52.9% stake in GC Rieber Shipping ASA. The offer price will be NOK 31 per share. The offer requires, among other conditions, that GC Rieber AS achieves a minimum of 90% of the shares in GC Rieber Shipping ASA and that sufficient financing is obtained. An offer document will be prepared and made public. The board of RISH will in due time before the offer deadline prepare and publish an evaluation of the offer's implications for the company's interests.
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In 2nd Quarter 2011 Eidesvik Offshore ASA had consolidated operating revenues of MNOK 252.0 (MNOK 271.8 in the corresponding period in 2010), operating result before depreciations (EBITDA) of MNOK 114.7 (MNOK 137.6), and a operating result (EBIT) of MNOK 42.3 (MNOK 65.2). Net financial items was MNOK -16.5 (MNOK 203.1), whereof unrealized items amounted to MNOK 18.8 (MNOK -143.8). Pre-tax profit was MNOK 38.5 (MNOK -202.1) and total comprehensive income after tax was MNOK 36.0 (MNOK -189.7). Highlights from the second quarter include: Statoil has awarded a 5-year contract for the PSV Viking Avant, with options for three additional years. The dayrate is close to current market condition. Statoil has awarded a two-year contract for the PSV Viking Lady, with options for two additional years. The dayrate is close to current market condition. Eidesvik and CGGVeritas have agreed to establish a joint venture for operation of 10 high-capacity seismic vessels. In connection with the company establishment all vessels chartered to CGGVeritas by Eidesvik-owned companies will now be operated on bareboat charter parties. The contracts for Veritas Viking, Viking II, Veritas Vantage and Viking Vision will be extended by one year, two years, four years and two years, respectively. There has been a significant improvement in rates in the spot market in the North Sea in the 2nd and 3rd quarters of 2011. It has also been a greater demand for quality vessels for longer contracts. There is also a great demand for ships to Brazil for new tenders from Petrobras. The large number of rigs that come in the next few years will also increase the need for service vessels worldwide. Although there is great turmoil in the world economy, Eidesvik believes that major efforts to find and develop new oil and gas deposits are required. With the recent subsea discovery and the expected reopening of the U.S. sector of the Gulf of Mexico, Eidesvik expects a greater demand for seismic in the coming years. It expects that both maintenance and installation of equipment on the seabed will increase in coming years, and this will generate an additional need for subsea vessels. It believes oil prices will remain high, although one must expect fluctuations. This will result in increased activity in the segments that Eidesvik operates, and it is positive to the market in the years ahead although it is expecting short-term fluctuations.
Farstad Shipping achieved an operating income of NOK 883.9 million for the 2nd quarter (NOK 854.4 million same period 2010). The operating costs for the period were NOK 524.1 million (NOK 460.5 million). The operating profit was NOK 229.1 million (NOK 262.8 million) after depreciation of NOK 130.7 million (NOK 131.2 million). Net finance was negative NOK 87.9 million (negative NOK 131.5 million). Currency gain of NOK 1.5 million is booked during the 2nd quarter (gain of NOK 3.8 million). Further an unrealized currency loss of NOK 5.8 million (loss of NOK 55.1 million) is booked due to the adjustment of the companys long-term liabilities in foreign currency. The profit after taxes was NOK 119.7 million (NOK 114.0 million). The Groups cash flow for the period was NOK 277.7 million compared to NOK 317.6 million for the same period in 2010. The contract coverage of the Farstad Fleet for the remaining part of 2011 is approximately 82% and approx. 59% for 2012. These figures include the charterers options to extend certain contracts. Even though most markets experienced an increasing activity level offshore, this quarter has also been characterized by too much idle tonnage. Especially for markets in the Indian Pacific the rate level and the utility rate for supply vessels have been at low levels as consequence of overcapacity of tonnage. In Brazil, the rate level seems to have reached the bottom, whereas the spot market in the North Sea has been at satisfactory levels during the quarter. However, a general recovery in the market is not likely to happen before earliest 2012 as consequence of the large number of newbuilds still to be delivered.
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Solstad Offshore ASAs operating income for the first six months was NOK 1,384 million (including profit on disposal of NOK 13 million), which, excluding the gain on sale of assets is NOK 140 million higher than last year. Available charter days have increased by approx. 20% because of delivery of newbuilds and the 100% consolidation of Solstad Offshore Asia Pacific Ltd (SOAPAC), previously NOR Offshore Ltd. Despite increased utilization in 2011, the weakening USD (around 10%) and GBP (around 4%) exchange rate against the NOK has resulted in lower income compared to available charter days. Utilization as of June 30, 2011 was around 87% (83% in 2010). In April, SOAPAC became a wholly owned subsidiary after the Group acquired the remaining 41% of shares in the company. The acquisition totaling USD 41.5 million was made, partly by a cash payment and partly by the issuance of consideration shares in SOFF. At the end of the quarter, the fleet consisted of 50 wholly owned, partly owned or leased vessels, including one newbuild (PSV LNG). The fleet, including the newbuild, consists of: 19 Construction Service Vessels, 22 Anchor Handling Vessels and nine Platform Supply Vessels. Two of the vessels in Solstad Offshore Asia Pacific Ltd are leased on bareboat options, with an option to purchase. In total, 49 vessels are managed from offices in Skudesneshavn, Aberdeen, Rio de Janiero and Singapore. Of these, 11 are operating on the Brazilian Continental Shelf, five in the Gulf of Mexico, one in West Africa, one in Australia, 10 in Asia, three in the Mediterranean and four in the Baltic Sea, with the remaining 14 vessels operating in the North Sea area. In addition, one newbuild project is managed by Skudesneshavn (PSV LNG) with delivery middle of November 2011. The market for offshore vessels has improved somewhat in the second quarter, compared to the first quarter. An increased activity level has resulted in periods with higher rates and improved utilization in the spot market in the North Sea. The company has, during the quarter, seen an increase in enquiries and tenders both in the North Sea and internationally, and does as such expect the level of activity will continue to develop positively in the future. At the end of August, the Group had a contract coverage of 81% for the remainder of 2011. The contract coverage including options is 85%. In 2012, the contract coverage is 53% and 68% respectively.
Helix Energy Solutions Group, Inc. reported net income of $41.3 million for the second quarter of 2011 compared with a net loss of $85.6 million same period 2010, and net income of $25.9 million first quarter 2011. Owen Kratz, President and Chief Executive Officer of Helix, stated, Our Contracting Services segment rebounded nicely in the second quarter, allowing us to follow a good first quarter with an even better one. Both our Well Intervention and Robotics businesses saw a sharp increase in activity and performance levels while our pipelay business continued to lag due to a weak Gulf of Mexico business environment. During the second quarter, we repaid $111 million of debt while increasing the size and extending the maturity of our credit facility, an indicator of the continued strengthening of our balance sheet. Subsea Construction and Robotics revenues increased second quarter 2011 compared to first quarter 2011 primarily due to increased chartered vessel utilization in the Robotics division for ROV support operations and increased utilization in the trenching business. Overall the utilization rate for owned and chartered vessels increased to 71% second quarter 2011 from 48% first quarter 2011. ROV and trenching utilization increased to 54% second quarter 2011 compared to 49% first quarter 2011. Well Intervention revenues increased in the second quarter of 2011 due primarily to increased utilization of vessels in both the North Sea and the Gulf of Mexico. Vessel utilization in the North Sea increased to 87% second quarter 2011 from 68% first quarter 2011. Vessel utilization in the Gulf of Mexico increased to 93% second quarter 2011 from 88% first quarter 2011. On a combined basis, vessel utilization increased to 89% second quarter 2011 compared to 77% first quarter 2011.
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Featured Listings For Sale Direct From Owners

File: SU15728 Supply Boat - 157.4' x 36.1' x 11.5' x 9.15' loaded draft. Built in 2011 at an Indian yard. Indian flag. GRT: 495. Class: IRS; ABS. Deadweight: 521T. Light Disp.: 506mt. 320m2 clear deck. FO: 353mt. FW: 247mt. Dry Bulk: None. Liq. Mud: None. Main Engines: 2 x Cummins KTA-38-M2 total 2,400BHP. 2 - FP prop(s). Endurance: 18 days. Bowthruster 350BHP. Speed about 11kn. Genset(s): 2 - 1,200kW; 1 - 65kW. Quarters: 22 berths. Air Conditioned. Galley. Newbuild supply boat capable of transporting equipment, fuel and water. No liquid mud or drybulk capacity. May be developed for sale with delivery September 2011. ABS classed for hull and machinery. Inspection: Indian Ocean. File: SU16041 Supply Boat - 160.0' x 38.1' x 14.3' x 12.30' loaded draft. Built in 1981 at Houma Fabricators; Houma, LA. U.S. flag. GRT: 237. Class: ABS Loadline (exp June 2013); USCG COI (exp June 2013). Deadweight: 450mt. 107' x 29' clear deck. FO: 32,022g. FW: 2,356g. DW: 74,508g. Dry Bulk: 2,840ft3 in 4 tanks. Liq. Mud: 1,400BBL. Main Engines: 2 x CAT D398TA total 1,700BHP. 2 - FP prop(s). Bowthruster 165HP. Speed about 10kn cruise on 65-125gph. Genset(s): 2 - 75kW / GM 6-71 460vAC. Quarters: 5 crew. Air Conditioned. Galley. Passengers: 9 additional persons. Last drydock 2008. Vessel working consistently. Inspection: U.S. Gulf Coast. File: SU16434 Supply Boat - AHTS - 164.0' x 43.3' x 17.1' x 14.76' loaded draft. Built in 2010 at a Chinese shipyard. Singapore flag. GRT: 1,030. Class: BV 1 Hull Mach Supply Vessel & Fire Fighting Ship Unrestricted Navigation. Deadweight: 750T. @200m2 clear deck. FO: 565m3. FW: 215m3. Winch: Double drum. Line Pull: 65T. Stern Roller. Main Engines: 2 x CAT 3516B total 5,150BHP. 2 - CP prop(s). Fuel Type: MDO. Bowthruster KT43-B1. Bollard Pull: 65T. Speed about 13kn. Pump(s): 1 - 50m3 @ 40m. Genset(s): 2 315kW / CAT 3408 415v 50Hz 3ph. Firefighting: FiFi 1 class. Quarters: 38 (4-1, 1-2, 8-4). Galley. 2 units available for 2011 delivery. See also file SU16444. Inspection: Far East. Delivery: October 2011. File: SU16450 Supply Boat AHTS - 164.0' x 43.3' x 17.1' x 14.76' loaded draft. Built in 2011. Singapore flag. GRT: 1,050. Class: BV 1 + HULL + MACH, Supply Vessel Unrestricted. Deadweight: 800T. FO: 600m3. FW: 215m3. Winch: 1 - Brake 200T; 2 - 5T capstan; 2 - 10T tugger; Shark jaw, Tow pin: 200T. Line Pull: 150T. Stern Roller. Main Engines: 2 x CAT total 5,150BHP. 2 - FP prop(s). Kort nozzle(s). Bowthruster 5T. Bollard Pull: 62mt. Speed about 12.5kn Trial. Genset(s): 3 - 245kW / CAT; 1 - 65kW / Cummins. Firefighting: FiFi: 2 - 600m3/hr; water curtain. Quarters: 38 (4-1, 1-2, 84). Air Conditioned. Galley. Similar to SU16439. Inspection: Far East. Prompt. File: SU16620 Supply Boat - 166.0' x 36.0' x 12.0' x 7.60' loaded draft. Built in 1978 at Bollinger Machine; Lockport, LA. U.S. flag. GRT: 199. Class: ABS LL. USCG COI. Deck Cargo: 350LT on 109' x 27' clear deck. FO: 110,960g. DW: 141,204g. Liq. Mud: None. Main Engines: 2 x GM 16V149 total 2,050BHP. 2 - FP 72 prop(s). Speed about 13kn on 100gph. Genset(s): 2 - 75kW Delco / GM6V-71. Quarters: 4 double, 4 quad berths. Air Conditioned. Galley. Passengers: 22. Steel hull standard supply vessel. Call for price guidance. Inspection: U.S. Gulf Coast. Delivery: Prompt.
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File: SU17444 Supply Boat - AHTS - 173.8' x 43.6' x 19.7' x 14.76' loaded draft. Built in 1983 at Torrens; Port Adelaide, Australia. Vanuatu flag. GRT: 1,141. Class: ABS A1 (E), AMS, ACCU. Deadweight: 1,503T. Deck Cargo: 575MT on 86.92' x 36.08' clear deck. FO: 554m3. FW: 727m3. Winch: Norwinch double drum w/f. Wire Capacity: 2-900m x 52mm dia. Stern Roller. Main Engines: 2 x Nohab F38A total 4,040BHP. 2 - CP prop(s). Kort nozzle(s). Bowthruster. Bollard Pull: 65MT. Speed about 12-13kn on 8-13MT/d. Genset(s): 2 - 150kW, 2 - 40kW, 415v. 50Hz. Firefighting: Fifi class 1, 2 - 2,400m3/hr @ 120m head. Quarters: 10. Air Conditioned. Passengers: 8. 300MT shark jaws. For sale out of competition on a strictly as is, where is basis. Inspection: Southeast Asia. Price: $2,075,000. File: SU17452 Maintenance Vessel - 175.0' x 38.0' x 14.0' x 11.68' loaded draft. Built in 1974 at American Marine Corp.; USA. Rebuilt: 1993. Panama flag. GRT: 400. Class: DNV +1A1 Supply Vessel. Deadweight: 853T. Deck Cargo: 500MT on 24.5m x 9m clear deck. FO: 256T. FW: 100T. Crane: 25T @ 25m MK60 Pettibone; 10T A-Frame. Winch: 4 drums/ea. Wire Capacity: 28mm x 500m. Stern Roller. Main Engines: 2 x EMD 12-645E2 total 3,000BHP. 2 - FP prop(s). Bowthruster 2.2MT. Bollard Pull: 35T. Speed about 11kn cruise on 7T/d. Genset(s): 2 - 75kW GM 6-71 / Delco 60Hz; 1 - 150kW GM. Quarters: 41 berths. Air Conditioned. Vessel substantially rebuilt and refurbished in 1997.Vessel well suited for dive support, survey, offshore construction and maintenance work. 4 point mooring system. Price ideas and further details on request. Inspection: Mid East. File: SU17537 Supply Boat - AHTS - 175.2' x 36.1' x 13.1' x 11.15' loaded draft. Built in 1971 at Aarhus Flydtedok; Denmark. Rebuilt: 2001. U.A.E. flag. GRT: 718. Class: Germanischer Lloyd. Last Special Survey/ Dry docking 2011. Deadweight: 775T. Light Disp.: 667Deck Cargo: 260T on 28.3m x 7.3m clear deck. FO: 450mt. FW: 100mt. Crane: 12T. Winch: 80T single drum tow winch & 5T tugger. Wire Capacity: 600m 40mm. Stern Roller. Main Engines: 2 x MAK 8MU452AK total 3,800BHP. Fixed Pitch prop(s). 13kn max speed. Bowthruster 130HP. Bollard Pull: 42mt. Speed about 8-9kn on 3.6T/d. Genset(s): 2-143HP-Scania/ 220/380vAC 50Hz; 1-204KVA Cummins. Firefighting: 2-80m3/h fire pumps. Quarters: 10. Ex-ERRV vessel. SS just passed in Sept 2011. Reportedly in good condition. Inspection: Mid East. File: SU18061 Supply Boat - 180.0' x 40.0' x 14.0' x 11.50' loaded draft. Built in 1981 at Halter Marine. U.S. flag. Class: ABS Loadline only (formerly full class). Annual due 08/2010. Renewal due 08/2013. 4,000ft2 clear deck. FO: 79,000g. FW: 9,800g. BW: 160,000g. Main Engines: 2 x EMD 12-567BC total 2,500BHP. Range 6,000nm. Bowthruster 300HP. Genset(s): 2 - 180kW / Baylor. Air Conditioned. Galley. Supply / research vessel. New navigation/communication equipment. Matrix Fresh Water Maker. Red Fox Waste Water Disposal System. NATO-Grid Tie Down Deck System. Rebuilt anchor windlass, 3 air compressors, new galley sink, toilets and head sinks/fixtures, walk-in freezer, refrigerator, oven, washer, dryer. 2 - 13 ft x 15 ft enclosed spaces below main deck for project needs (formerly P&S #2 tanks). Access to spaces from main deck and tunnel. Liquid mud and drybulk tanks converted to ballast and fuel. New bilge piping in 2007. Last Drydocking 2007. Vessel cold stacked and in need of reactivation and repairs. Owners will consider all offers. Inspection: U.S. Gulf Coast. File: SU18064 Supply Boat - AHTS - 180.0' x 39.4' x 14.1' x 11.90' loaded draft. Built in 1972 at Burton Shipyard; Port Arthur, TX. Bahrain flag. GRT: 558. Class: BV 1 Tug Unrestricted Navigation, SS due in 2014. Deadweight: 1,145. Deck Cargo: 471 on 108' x 31.5' clear deck. FO: 250T. FW: 400m3. Dry Bulk: 57m3 in 4 tanks. Crane: 3T. Winch: Markey Model TDSD-28 D/Drum. Line Pull: 113T. Wire Capacity: 610m x 45mm. Stern Roller. Main Engines: 2 x EMD 16-567 BCRL total 4,200BHP. 2 - Fixed prop(s). Bowthruster 300HP. Bollard Pull: 50MT. Speed about 8.5kn on 5.8T/d. Genset(s): 2 - 75kW Delco / GM6-71 220vAC 60Hz. Quarters: 16 total. Air Conditioned. Inspection: Mid East.
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File: SU18348 Supply Boat - AHTS - 185.5' x 38.1' x 16.1' x 7.20' light draft x 13.80' loaded draft. Built in 1976 at Atlantic Marine; Jacksonville, FL. Panama flag. GRT: 721. Class: ABS + A1, Towing Service, +AMS Unrestricted. SOLAS. MARPOL. Special Survey & Drydocking due 04/2011. Deadweight: 1,038mt. Light Disp.: 625mt. Deck Cargo: 500mt on 32.4m x 9.5m clear deck. FO: 433.04m3. FW: 286.6m3. Winch: (removed). Stern Roller. Main Engines: 2 x EMD 16-645E7 total 5,750BHP. BT powered by GM12V71. Bowthruster 400HP. Bollard Pull: 46MT. Speed about 10-11kn on 8-10T/d. Pump(s): FW 80m3/h @ 60m. Genset(s): 2 - 125kW Negrinni / GM12V71 440vAC 60Hz. Quarters: 10 crew. Air Conditioned. Galley. Passengers: 10. Inspection: South America East Coast. File: SU18405 Supply Boat - 184.3' x 47.0' x 24.9' x 16.90' loaded draft. Built in 1978 at J.G. Hitzler; Germany. Italian flag. GRT: 1,330. Class: RINA 100 A.1.1. - Nav. I.L.; AP (PI) exp Feb 2013. Deadweight: 1,551mt. Deck Cargo: 970MT on 318m2 clear deck. FO: 576m3. FW: 452m3. DW: 318m3. Dry Bulk: 212m in 4 tanks. Liq. Mud: 355m3. Calcium Chloride / Brine: 449m3. Winch: 5MT tugger; 2 - 10MT capstans. Stern Roller. Main Engines: 2 x MWM TBD441V12 total 3,500BHP. Last Overhauled: Feb 08/March 09. 2 CP prop(s). About 125K running hrs on each M/E. Bowthruster 610HP. Speed about 1013.5kn on 7-13MT/d. Pump(s): FO: 100m3/h, DW: 150m3/h, FW: 100m3. Genset(s): 2 - 438kVA / Shaft; 1 - 438kVA / MWM; 1 - 80kVA / MWM. Quarters: 9 - 1 berth cabins. Air Conditioned. Galley. Call for price guidance. Inspection: Mediterranean. Delivery: By Arrangement. File: SU18855 Supply Boat AHTS - 188.0' x 40.0' x 16.0' x 13.71' loaded draft. Built in 1984 at St. Louis Ship; St. Louis, MO. Vanuatu flag. GRT: 451. Class: ABS, +A1(E), +AMS, Ice Class C. Deadweight: 1,128T. Light Disp.: 768T. Deck Cargo: 258T on 30.4m x 9.4m clear deck. FO: 419.4T. Dry Bulk: 179m3. Liq. Mud: 242.3m3. Winch: Intercon Double-drum Waterfall DW200-SP. Line Pull: 350,000lbs. Main Engines: 2 x EMD 12-645E7C total 4,610BHP. 2 - FP prop(s). Kort nozzle(s). Bowthruster 1 - FPP. Bollard Pull: 68.1T. Speed about 9-12kn. Genset(s): 2 90kW / 60Hz. Quarters: 17 berths. Air Conditioned. Marcon sold to present owner. Full electronics. Vessel working with current ABS & Flag certificates. Vessel substantially rebuilt and refurbished in 2006. Price ideas and further details on request. Inspection: Mid East. File: SU19230 Supply Boat-AHTS 192.5' x 48.5' x 18.0' x 15.58' loaded draft. Built in 2009 at Guangzhou Hangtong Ship Industry. Singapore flag. GRT: 1,470. Class: ABS Class 1 +Hull +Mach Supply Vessel & FiFi 1, Unrestricted Navigation. Deadweight: 1,350T. Deck Cargo: 500MT on 370m2 clear deck. FO: 482m3. FW: 212m3. DW: 463m3. BW: 463m3. Dry Bulk: 187m3 (4 tanks). Liq. Mud: 259m3. Crane: none. Winch: 2-10MT tugger; 200MT brake Double Drum. Line Pull: 150MT. Wire Capacity: 1,000m x 56mm. Stern Roller. Main Engines: 2 x Wartsila 9L20 total 4,800BHP. 2-CP prop(s). Kort nozzle(s). Type of Fuel: MGO. Bowthruster 2-800kW CP. Dynamic Positioning. Bollard Pull: 60mt. Speed about 1013kn on m3/h. Pump(s): 2 1,550m3/hr @ 13 bars fire. Genset(s): 3-569kW / Volvo/Stamford /415v/50Hz/3ph; 199kW / Volvo/Stamford. Firefighting: FiFi 1: Monitors: Water/Foam 300-1,200m3/hr, 1 1,200m3/hr. Quarters: 42 (21, 4-2, 8-4). Air Conditioned. Galley. Tow pins. Shark jaws: 300MT. Fire: Oil Dispersant System 1 set c/w 2 spray booms 6m (6 nozzles each). Call for guidance on pricing and delivery schedules. Inspection: Southeast Asia. File: SU19258 Supply Boat-AHTS-192.5' x 47.9' x 18.0' x 15.58' loaded draft. Built in 2007 at Guangzhou Hantong, China. Singapore flag. GRT: 1,450. Class: BV I +Hull + Mach Tug Supply Vessel. Deadweight: 1,475mt. 375m2 clear deck. FO: 482KL. FW: 228m3. BW: 464m3. Dry Bulk: 1650FT3 in 4 tanks. Liq. Mud: 259m3. Winch: 200T brake Mentrade; 2 -10T Mentrade (tuggers). Line Pull: 150T. Stern Roller. Main Engines: 2 x CAT 3516B total 5,150BHP. Berg CP prop(s). Bowthruster 315kW. Bollard Pull: 68T. Speed about 14kn on 14.7KL/d. Pump(s): Fire: 1,500m3/h; FO: 1-150m3/h; FW: 100m3/h; BW/DW: 100m3/h; LM: 2-70m3/h. Genset(s): 3-315kW CAT 3408C; 1-65kW Perkins. Firefighting: 2 monitors 1,200m3/h @ 12 bars; Foam 13.17m3; Detergent 13.17m3. Quarters: 42 (2-1, 4-2, 8-4). Air Conditioned. Galley. Inspection: Southeast Asia.
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File: SU19472 / SU19473 Supply Boat - AHTS (two available) - 194.3' x 49.0' x 20.0' x 16.23' loaded draft. Built in 2007 at Fuijan Southeast Shipyard, China. Singapore flag. GRT: 1,678. Class: ABS +A1 Towing Vessel FiFi 1; OSV AH (E) + AMS. Deadweight: 1,392mt. 340m2 clear deck. FO: 537KL. FW: 361m3. BW: 399m3. Dry Bulk: 1,650ft3 in 4 tanks. Liq. Mud: 370m3. Winch: 200T brake Mentrade; 2 -10T Mentrade (tuggers). Line Pull: 150T. Stern Roller. Main Engines: 2 x CAT 3516B total 5,150BHP. Berg CP prop(s). Bowthruster 315kW. Bollard Pull: 63T. Speed about 14kn on 14.7KL/d. Pump(s): Fire: 1,500m3/h; FO: 1 - 150m3/h; FW: 100m3/h; BW/DW: 100m3/h; LM: 2 - 70m3/h. Genset(s): 3 - 315kW CAT 3408C; 1 - 52kW Perkins. Firefighting: 2 monitors 1,200m3/h @ 12 bars; Foam 13.17m3; Detergent 13.17m3. Quarters: 42 (2-1, 4-2, 8-4). Air Conditioned. Galley. Inspection: Indian Ocean. File: SU19655 Supply Boat - AHTS - 196.8' x 52.5' x 18.0' x 14.76' loaded draft. Built in 2005 at Shanghai, China. Panama flag. GRT: 1,829. Class: ABS + A1 AMS FiFi 1, DP1 Unrestricted Services. Deadweight: 1,300T. 310m2 clear deck. FO: 570m3. FW: 320m3. DW: 300m3. Dry Bulk: 4,800ft3. Liq. Mud: 200m3. Crane: 1 2T SWL hydraulic. Winch: 1 - 180T Double drum waterfall AH/tow; 2 - 7T tugger; 2 - 5T capstan. Line Pull: 100T. Wire Capacity: 1,000m x 54mm. Stern Roller. Main Engines: 2 x Yanmar 6EY26 total 5,240BHP. 2 - Azimuthing prop(s). Bowthruster 938BHP. Dynamic Positioning. Bollard Pull: 68MT. Speed about 12kn. Pump(s): FO: 80m3/hr; FW: 80m3/hr; DW: 80m3/hr. Genset(s): 1 - 60kW / Emergency. Firefighting: Fitted to FiFi 1; 2 - 1,500m3 @ 13.5 bars / pumps; 2 - 1,200m3/hr. Quarters: 66 in 23 cabins. DP1 Multipurpose vessel. 100T SWL tow pins, 150T SWL shark jaws. 4 point mooring. Vessel can be made available for term charter or bare boat worldwide including West Africa. Inspection: Mid East. File: SU19700 Supply Boat - AHTS - 197.0' x 42.7' x 19.7' x 16.30' loaded draft. Built in 1983 at Ast. de Murueta; Gernika-Lumo, Spain. Egyptian flag. GRT: 1,113. Class: GL+100 A5 E Supply Vessel Tug +MCE, AUT-Z. Continuous Hull Survey due 05/2013. Deadweight: 1,100mt. Deck Cargo: 650ST on 36.4m x 10.8m clear deck. FO: 424m3. FW: 217m3. DW: 321m3. Dry Bulk: 170m3 in 4 tanks. Crane: 1-1,500kg (Elect). Winch: Norwinch double drum waterfall. Line Pull: 150T. Wire Capacity: 320m / 1,275m 56m. Stern Roller. Main Engines: 2 x MAK 9M435AK total 6,120BHP. Lips CP prop(s). Kort nozzle(s). Bowthruster 550HP. Dynamic Positioning. Bollard Pull: 70MT. Speed about 11-14kn. Pump(s): FO:150m3/h; DW:170m3/h; FW:130m3/h; Bulk: 45mt/h @ 6 bars; Liq.Mud 2x50m3/h. Genset(s): 3 - 350kVA Indar / Guascor E202TA 440vAC. Firefighting: FiFi 1. 2-1,200m3/h water / foam monitors. Foam capacity 15m3. Quarters: 36 berths in 11 cabins. Air Conditioned. Galley. 2-95m3 chain lockers. Wildcats for 2.5 - 4 chain. 2-8T tugger winches. 1-5T capstan. 100T shark jaws. 2 hydraulic tow pins. Spare wire capacity 1,275m 56mm Dual purpose recovered oil / liquid mud / fuel capacity 321m3. Kongsberg Simrad SDP-II DP system with 2 gyros, 2 wind sensors, 2 motion reference units, DGPS with spot beam, and 3 axis control independent joystick installed 2000. 2-6m long spray booms with 20m3 dispersant. Sale as is, where is. Inspection: Mid East. File: SU19738 Support Vessel - 197.8' x 38.7' x 17.4'. Built in 1997 at Ishii Zosen; Japan. Panama flag. GRT: 998. Class: NK, Ocean Going International SOLAS Compliant. Deadweight: 1,174T. Deck Cargo: 500T on 98.4' x 32.8' clear deck. FO: 450m3. FW: 514m3. Crane: 1 - 7.5T @ 7.5m knuckle revolving. Winch: Waterfall, 70T brake. Line Pull: 45T@4m/mn. Wire Capacity: 46mm-1,000m. Main Engines: 2 x Yanmar 6N260EN total 4,000BHP. 2 - variable pitch prop(s). Kort nozzle(s). 13,500nm range. Bowthruster 520BHP. Bollard Pull: 45T. Speed about 12.514.25kn. Genset(s): 2 - 250kVA AC 440/220v 60Hz; 1 - 125kVA AC 440/220v 60Hz. Quarters: 40. Multi-purpose workboat presently employed for survey work. 4 point mooring system on board, but provided at additional cost. 14-1, 5-2, 2-4 & 1-8 man rooms. Joystick control. 2 - 7T tuggers. Call Marcon with your requirements for a charter rate quote. Inspection: South Africa. Delivery: Prompt.
www.marcon.com
55

File: SU20143 Supply Boat - AHTS - 201.1' x 43.0' x 17.0' x 14.83' loaded draft. Built in 1983 at Sing Koon Seng; Singapore. Foreign flag. GRT: 1,109. Class: ABS. Deadweight: 1,565T. Deck Cargo: 600T on 30.8m x 11m clear deck. FO: 637.32T. FW: 294m3. DW: 573m3. Dry Bulk: 142m3. Liq. Mud: 186m3. Winch: Intercon Double-drum Waterfall 340. Line Pull: 220,400lbs. Stern Roller. Main Engines: 2 x Yanmar 8Z280LET total 4,800BHP. 2 - VP prop(s). Kort nozzle(s). Bowthruster 4.5T. Bollard Pull: 53MT. Speed about 9-10kn on 18T. Genset(s): 2 175kW / 50Hz. Quarters: 24 berths. Air Conditioned. Passengers: 8. Marcon sold to present owner. Vessel working with current ABS & Flag certificates. Vessel substantially rebuilt and refurbished in 2006. Price ideas and further details on request. Inspection: Mid East. File: SU20550 Supply Boat - 205.0' x 46.0' x 17.0' x 17.00' loaded draft. Built in 1999 at Halter Marine; Lockport, LA. U.S. flag. GRT: 1,124. Class: ABS + A1 Hull/Machinery. 35.7' x 136' clear deck. FO: 121,000g. FW: 34,000g. DW: 146,000g. Dry Bulk: 8,000ft3 in 5 tanks. Liq. Mud: 3,245BBL. Main Engines: 2 x EMD total 3,900BHP. Bowthruster 480HP. Speed about 12-13kn on 100-200gph. Genset(s): 2 - 170kW / CAT3306DIT 460vAC. Quarters: 5 crew. Passengers: 11 additional. Inspection: U.S. Gulf Coast. File: SU20650 Supply Boat AHTS - 206.1' x 49.0' x 20.0' x 16.24' loaded draft. Built in 2004 at Jaya Asiatic; Batam, Indonesia. Singapore flag. GRT: 1,750. Class: ABS +A1 Towing, Firefighting class 1 + AMS. Deadweight: 1,500mt. Deck Cargo: 800MT on 400m2 clear deck. FO: 610m3. FW: 460m3. DW: 400m3. BW: 410m3. Dry Bulk: 200m3 in 4 tanks. Liq. Mud: 300m3. Crane: 1 - 2.2MT @ 12.2m / 5.9mt @ 3 to 6m. Winch: 1 - Double drum waterfall Brattvaag + 2 - 10MT tuggers. Line Pull: 150MT. Wire Capacity: 1,200m x 52mm. Stern Roller. Main Engines: 2 x Wartsila 6L26A total 5,500BHP. 2 - CP prop(s). Kort nozzle(s). 2 - 515kW Bow thrusters / 1 - 515kW Stern thruster; Range: 5,500nm @ 12kn. Bowthruster 16T. Bollard Pull: 68MT. Speed about 11 - 13.5kn on 10-18.5Tpd. Genset(s): 2 - 1,228kW / shaft; 3 370kW 440v 60Hz. Firefighting: 2 - 1,200m3/hr; 2 - 1,614m3/hr fire pump. Quarters: 42. Air Conditioned. Galley. Inspection: Southeast Asia. File: SU20800 Supply Boat - AHTS - 208.3' x 47.7' x 19.8' x 17.00' loaded draft. Built in 1982 at Teraoka Shipyard; Japan. Singapore flag. GRT: 1,370. Class: ABS A1 Tug Supply Vessel +AMS (E) ACCU (Last DD 2006). Deadweight: 1,771T. Deck Cargo: 700T on 114.8' x 36.08' clear deck. FO: 527m3. FW: 461m3. DW: 582m3. Dry Bulk: 6,000m3 in 4 tanks. Liq. Mud: 170m3. Crane: 07T Hiab Apache. Winch: Norwinch T/D Waterfall; 2 - TOT @ 15m. Line Pull: 250T. Wire Capacity: 74.5m/min. Stern Roller. Main Engines: 4 x Yanmar 6Z-ST total 6,400BHP. CP prop(s). Kort nozzle(s). Bowthruster 420HP. Bollard Pull: 94MT. Speed about 914kn. Genset(s): 2 - 280kW; 1 - 200kW/Yanmar. Firefighting: Fifi equipment. Quarters: 32 berths. Working. Inspection: Mid East. File: SU22042 Supply Boat - 220.0' x 40.0' x 14.0' x 7.00' light draft x 11.50' loaded draft. Built in 1984 at Moss Point Marine; Escatawpa, MS. U.S. flag. GRT: 385. Class: ABS Loadline Only. Annual Loadline Survey 2 overdue 31 Oct '08. Deadweight: 1,096lt. Deck Cargo: 800LT on 150'x31' clear deck. FO: 50,500g. FW: 11,923g. DW: 78,276g. Dry Bulk: 6,200ft3. Liq. Mud: 2,496BBL. Main Engines: 2 x EMD 16-645E2 total 3,900BHP. 4 blade prop(s). Kort nozzle(s). North Sea Stacks. Bowthruster 600HP. Bollard Pull: 26.4ST. Speed about 10-12.5kn. Pump(s): DW: 500gpm; FO: 500gpm; FW: 500gpm; Liq Mud: 800gpm. Genset(s): 2 - 125kW / GM8V71. Firefighting: monitor. Quarters: 23 bunks in 8 cabins. Air Conditioned. Stacks forward. Although not officially on the market, owners may consider unsolicited offers on a private & confidential as is, where is basis out of competition. Vessel in laid up status with ABS. Loadline only boat. Some steel work required. P-tanks no longer operational. Inspection: U.S. Gulf Coast.
www.marcon.com
56

File: SU24253 Supply Boat - 242.0' x 54.0' x 17.0'. Built in 2010 at Thoma Sea. U.S. flag. GRT: 1,656. Class: ABS + A1 + AMS + DPS-2, SOLAS. 7,390ft2 clear deck. FO: 18,000g. FW: 83,000g. DW: 117,000g. BW: 117,000g. Dry Bulk: 6,000ft3 in 6 tanks. Liq. Mud: 8,500BBL. Main Engines: 2 x CAT 3516 total 4,200BHP. 2 - Z-drive prop(s). Bowthruster 2 - 750HP. Dynamic Positioning. Speed about 12-13.8kn. Genset(s): 2 - 425kW / C18; 1 - 99kW / C4.4. Firefighting: 1 - 1,250gpm. Quarters: 17 in 5 staterooms. Inspection: U.S. Gulf Coast. File: SU24668 Supply Boat - AHTS - 246.0' x 52.5' x 24.6' x 20.00' loaded draft. Built in 2011 at a Chinese shipyard. Singapore flag. GRT: 2,759. Class: ABS + A1 (E) OSV AH, Towing Vessel, FiFi 1 + AMS, ACCU + DP-2. Deadweight: 2,500mt. Deck Cargo: 800mt on 500m2 clear deck. FO: 850m3. FW: 355m3. DW: 1,330m3. Dry Bulk: 226m3 in 4 Tanks. Liq. Mud: 395m3. Crane: 1 - 5T @ 12m. Winch: Elec/hyd double drum Zicom. Line Pull: 200/250mt. Wire Capacity: 2 - 1,500m 64mm. Stern Roller. Main Engines: 2 x Wartsila 8L26 total 7,295BHP. CP prop(s). Kort nozzle(s). 1- 600kW 10 tonne tunnel stern thruster. Bowthruster 2 - 10T. Dynamic Positioning. Bollard Pull: 90MT. Speed about 10-14kn on 12-19m3/d. Pump(s): FO: 150m3/hr; FW: 150m3/hr; BW / DW: 150m3/hr; Liqmud: 2 - 100m3/hr. Genset(s): 2 - 1,500kW / shaft; 2 380kW; 1 - 94kW 415vAC 3Ph 50Hz. Firefighting: 2 - 1,500m3/h; 2-1,200m3/h water/foam monitors; Water curtain. Quarters: 40 in 8-1 & 16-2 berths. Air Conditioned. Galley. Kongsberg/Alstrom/MT/Nautronix DP-2 and joystick. Oil dispersant system. Foam / Detergent 10m3 / 10m3. 2 - 10T Zicom tuggers & 2-5T Zicom capstans. 300T SWL Zicom jaws. 2 elec / hyd Zicom tow pins. Storage reel for 1,500m 64mm wire. Hospital. Sewage treatment plant. Available direct from Chinese shipyard for whom Marcon has sold other newbuildings. See also SU24671 for sister vessel. Inspection: Far East. Delivery: December 2011.
We are also interested in receiving information on any other vessels which you may have surplus to your requirements and available for sale or charter on either a published or a private and confidential basis.
See our website at www.marcon.com for new and updated OSV and AHTS listings.
www.marcon.com
57

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Marcon International, Inc.

Vessels and Barges for Sale or Charter Worldwide

Supply & Tug Supply Boat Market Report

Marcon International, Inc.

Platform Supply Boats

1 1 2 3 5 6 7 7 6 3 1 2 5 5 3 3 4 4 5 4 5 6 3 3 1999 1991 2008 4 0 4

5 7 6 13 16 17 20 13 15 12 8 7 6 11 12 13 14 12 14 13 10 10 5 5 1978 1979 1976 8 0 8

7 5 5 12 12 12 16 10 9 7 5 5 6 10 11 12 12 11 11 7 5 5 2 3 1986 1983 1988 1 0 1

13 5 7 17 16 17 22 32 67 60 29 23 32 29 36 35 36 46 54 48 34 31 13 18 1979 1978 1979 14 3 11

8 0 3 4 3 2 5 7 16 9 6 3 7 10 11 12 13 16 20 15 11 7 2 5 1989 2004 1983 2 0 2

6 5 6 9 3 5 5 19 8 7 3 4 6 8 8 5 5 10 16 13 10 11 2 9 1992 1999 1991 5 2 3

5 6 8 1 2 13 21 19 18 20 23 22 18 15 7 8 1988 1981 1993 6 0 6

4 6 4 4 5 9 11 15 14 13 21 16 16 17 1 16 1995 2010 1994 19 3 16

Down Since Last Report

Marcon International, Inc.

Southeast Asia 23.1%

By Arrangem ent 5.9%

Far East 7.9% Mid East 16.2%

Crude Oil Prices

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

Marcon Sales News

Worldwide Sale & Purchase News

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Marcon International, Inc.

Credit: Fairplay New building Online 8/11

Marcon International, Inc.

Credit: Fairplay Newbuilding Online 8/11

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161 162 163 164 165 166 167

Harvey Supporter Harvey Hauler Harvey Champion

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2010 30-Sep 30-Jun

Marcon International, Inc.

Number Vessels Avg. Dwt Utilization Avg. Dayrate

31-Dec 46.2 2,483 73.10% $19,880