supply & tug supply boat market report - november 2011.pdf

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

www.marcon.com

Details believed correct, not guaranteed. Offered subject to prior sale or charter.

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: [email protected] http://www.marcon.com November 2011

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

Up Since Last Report Down Since Last Report

Market Overview Of 11,186 vessels and 3,433 barges tracked by Marcon, 2,650 are supply and tug supply boats. Tug supply boats

officially on the market for sale have decreased from 221 to 190 vessels since November 2010, and is up 6.84%, or 13

vessels from August. At the time of this report, 55 tug supply boats for sale were either built within the last 10 years or

are newbuilding re-sales. 65.79% of the tug supply boats are 25 years of age or over. Counter-balancing these “old

ladies” are 19 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.

61.07% 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 93.38% vs. 2010‟s

86.31% and 2009‟s 93.12%.

Under

3,000HP

3,000 –

4,000HP

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 Total

Feb 1997 12 26 19 19 8 14 9 0 2 2 110

Jan 1998 8 20 7 11 6 8 3 0 0 4 67

Jan 1999 5 20 9 9 4 5 5 0 0 2 59

Jan 2000 5 20 14 10 8 15 8 0 0 2 82

Jan 2002 7 18 15 10 7 19 8 1 2 2 89

Jan 2003 9 15 15 6 6 13 5 3 1 3 76

Jan 2004 5 13 8 9 6 10 7 2 8 14 82

Jan 2005 10 13 13 26 9 11 6 3 3 14 108

Jan 2006 8 22 18 13 6 7 5 4 2 10 95

Jan 2007 8 18 7 17 8 8 6 3 2 10 87

Jan 2008 3 21 8 17 8 8 1 0 3 13 82

Jan 2009 3 17 14 19 11 8 8 2 4 16 102

Nov 2009 5 26 21 48 14 15 16 6 9 20 180

Feb 2010 5 25 22 47 15 16 18 6 12 1 167

May 2010 6 33 26 41 15 20 18 6 7 22 194

Aug 2010 5 31 31 38 20 18 20 8 8 24 203

Nov 2010 5 31 35 40 21 18 26 9 9 27 221

Feb 2011 4 31 36 36 19 18 25 9 10 30 218

May 2011 1 15 26 20 17 17 25 9 7 26 163

Aug 2011 3 21 31 23 19 17 23 5 8 27 177

Nov 2011 - Worldwide 5 21 33 30 19 15 27 5 8 27 190

Nov 2011 - U.S. 0 1 1 1 0 0 0 0 0 1 4

Nov 2011 – Foreign 5 20 32 29 19 15 27 5 8 26 186

Avg. Age Worldwide 1981 1983 1990 1997 1980 1985 1990 1982 1986 1993

Avg. Age U.S. - 1981 1983 1974 - - - - - 1986

Avg. Age Foreign 1981 1983 1990 1997 1980 1985 1990 1982 1986 1994

For Charter Worldwide 6 10 12 20 11 21 15 4 18 19 136

For Charter U.S. 0 0 0 1 1 0 0 0 0 0 2

For Charter Foreign 6 10 12 19 10 21 15 4 18 19 134

Marcon International, Inc. Supply Vessel Market Report – November 2011

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The number of platform supply boats for sale decreased 35.12%

from 168 to 109 since November of last year. There was a 13

vessel increase in supply boats on the sales market since our last

report in August. As of the time of this latest report, Marcon

International has available 16 supply boats built within the last ten

years, which includes 6 newbuilding re-sales scheduled for

delivery in 2011 and 2012. 77 PSVs, or 70.64%, are 25 years of

age or older, with the oldest PSV listed built in 1969.

Platform Supply Boats

Under 150 – 160 – 170 – 180 – 190 – 200 - 220 – 240’ Total

150’* 160’ 170’ 180’ 190’ 200’ 220’* 240’* Plus

Feb 1997 7 1 5 7 13 8 6 29

Jan 1998 2 1 7 5 5 0 5 25

Jan 1999 2 2 6 5 7 3 6 31

Jan 2000 2 3 13 12 17 4 9 60

Mar 2001 4 5 16 12 16 3 3 59

Jan 2002 2 6 17 12 17 2 5 61

Jan 2003 4 7 20 16 22 5 5 79

Jan 2004 2 7 13 10 32 7 19 90

Jan 2005 2 6 15 9 67 16 8 5 4 132

Jan 2006 5 3 12 7 60 9 7 6 6 115

Jan 2007 6 1 8 5 29 6 3 8 4 70

Jan 2008 2 2 7 5 23 3 4 1 4 51

Jan 2009 3 5 6 6 32 7 6 2 5 72

Nov 2009 2 3 12 11 36 11 8 21 11 115

Feb 2010 3 3 13 12 35 12 5 19 15 117

May 2010 5 4 14 12 36 13 5 18 14 121

Aug 2010 4 4 12 11 46 16 10 20 13 136

Nov 2010 4 5 14 11 54 20 16 23 21 168

Feb 2011 3 4 13 7 48 15 13 22 16 141

May 2011 2 5 10 5 34 11 10 18 16 111

Aug 2011 2 6 10 5 31 7 11 15 17 104

Nov 2011 - Worldwide 1 6 10 9 31 10 11 15 16 109

Nov 2011 - U.S. 0 2 4 3 13 1 3 6 1 33

Nov 2011 – Foreign 1 4 6 6 18 9 8 9 15 76

Avg. Age Worldwide 1984 2005 1978 1989 1979 1984 1991 1987 1994

Avg. Age U.S. - 1998 1980 1993 1979 1998 1991 1982 2010

Avg. Age Foreign 1984 2009 1977 1987 1979 1983 1991 1991 1993

For Charter Worldwide 4 4 7 3 17 4 3 5 19 66

For Charter U.S. 0 0 0 0 2 0 1 0 2 5

For Charter Foreign 4 4 7 3 15 4 2 5 17 61

Up Since Last Report Down Since Last Report


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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. CATs are the principal U.S. main

engine suppliers to this sector and power 48 of the Supply & Tug Supply

Vessels listed for sale, closely followed by EMDs in 47. GMs power 17 vessels

and Cummins power 12. MaK leads foreign manufacturers with 26, then 24

Nohab/Polar Nohab, 21 Wartsila, 14 Bergen, 12 Yanmar and 65 units powered

by other engines. In addition to those for sale, Marcon has 202 straight supply

and tug supply vessels listed for charter worldwide, up two from August.

Crude Oil Prices US$ Apr 11 May 11 Jun 11 Jul 11 Aug 11 Sep 11 Oct 11 Nov 11

WTI - Cushing, Oklahoma $109.53 $100.90 $96.26 $97.30 $86.33 $85.52 $86.32 $97.17

Brent - Europe $123.26 $114.99 $113.83 $116.97 $110.22 $112.83 $109.55 $110.77

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

Natural Gas Est. Average Wellhead Prices

Mar 11 Apr 11 May 11 Jun 11 Jul 11 Aug 11 Sept 11 Oct 11

Price ($ per Mcf) $3.96 $3.98 $4.12 $4.19 $4.27 $4.20 $3.82 $3.62

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

Marcon Sales News

Overseas buyers purchased a U.S. flag 105‟ x 22‟ x 6.7‟ aluminum crew boat from U.S. Sellers on a private and confidential basis. The boat was built in 1980 by Camcraft Inc. of Jean Lafitte, Louisiana and is powered by three GM 12V71TI diesels producing 1,530BHP, providing a cruising speed of 18kn on about 55 gals/hour. Capacities include 25 long tons of deck cargo, 2,400 gallons of fuel oil and 800 gallons of fresh water. The vessel has seating for 59 passengers and overnight accommodations are provided for a crew of five in two air conditioned staterooms. Vessel was in full operational condition. This is our first sale to the buyer and from this owner. Marcon acted as sole broker in the transaction.

Worldwide Sale & Purchase News Go Marine has also procured one 8,000BHP AHTS vessel identified as “GO

Rigel” from Otto Marine for a consideration of US$24.0 million, as announced

on 8th September 2011. It is a dynamically positioned class 2 AHTS well-

equipped with Niigata engines that are capable of delivering 120T bollard pull.

The vessel will be handed over during the naming ceremony held at Keppel

Plaza Berth at Keppel Bay Marina, after which it will be deployed to the Bass

Strait in Australia for a contract supporting the Origin Yolla Field Development.

Originally it was commissioned as the “Redfish 2” which was built at Yuexin

Shipbuilding and was delivered in January 2011.

Second to go was their 7,240BHP AHTS “OSA Viscount” (ex-Lancelot Gulf, British Tartan,

Balder Husum) whom Tidewater sold to Nefertiti Marine of Egypt. The new owner has

reflagged it to Sierra Leone from Belize registry. The vessel was built in 1982 at Husumer

Schiffswerft Inh. Gebr. Kroeger in Germany and was powered by twin MAK 9M453 engines.


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Otto Marine has also boosted its finances with the sale of an anchor handler newbuilding contract. Singapore based

Otto is selling a 7,200BHP AHTS due to be delivered by China‟s Zhongshan Jinhui shipyard in March for $19m. The

buyer is Aries AP, a Norwegian special purpose company set up to own anchor handlers that have been involved in

previous vessel transactions with Otto and Oslo listed offshore operator, GC Rieber Shipping. The vessel being sold

by Otto Marine is Zhongshan‟s hull 7061, a 2,310GT vessel provisionally named “Beluga 2”. She measures 67m x 16m

and is powered by twin CAT C280-8 main engines. Otto Marine said the deal would have a positive effect on this

year‟s financial result in terms of both net earnings and tangible assets. There is an expectation of a third quarter loss

based on lost earning from relocating vessels and an adverse foreign exchange impact from activities in Norway. See

page 48 for Otto Marine‟s third quarter financial results.

The tug supply vessel “Langery” (ex-Seabulk Rooster, Red Rooster, Far Trout, Tender Trout)

owned by Femcoborg NV has been sold for scrap. Built 1980 at Ulstein Hatlo, it measured

223.2' loa x 46.1' beam x 22.6' depth x 19.35' loaded draft and was powered by four Bergen

KVMB12 main engines creating a total of 10,560BHP via two props. Previously the vessel had

been owned at various times by WILSHIP, Farstad, Sosema and Seabulk.

The US flagged Dive Support Vessel “Ocean Veritas” (ex-Seabulk Veritas,

American Empire, Juno Del Golfo, Jean Lafitte) owned by US operator Stabbert

Maritime has been sold to Louisiana based Aqueos. The vessel was built in

1974 at Halter Marine and rebuilt in 2006 by Stabbert. It measures 194.0' loa x

170.0' lbp x 40.0' beam x 17.0' depth x 9.80' light draft x 13.00' loaded draft and

is powered by twin CAT 3606TA creating a total of 4,800BHP at 900RPM. It

comes equipped with a 4 point anchor spread and a 20T A frame. Aqueos has

renamed the vessel, “Aqueos Acadian”. The vessel is specifically equipped and rigged to perform a variety of subsea

tasks including: Marine Abandonments and Decommissioning, Marine Construction,

Platform and Pipeline Inspections, Pipeline and Platform Repairs, Pipeline Tie-Ins

and Hot Taps, ROV Operations and Coring Operations. The previously foreign

flagged vessel was recently granted a coastwise trading endorsement under the

recently signed piece of legislation cited as the “America‟s Cup Act of 2011”.

Marcon had previously sold the vessel twice plus brokered her longterm time

charter to Divecon, the forerunner of Aqueos.

The 2010 built UT755LN PSV “Malaviya 31” has been renamed as “Caballo Argenta” after being sold by Great

Offshore to Posh Semco. The vessel is now en-route Mexico under Oceanografia management hence the new

“Caballo” prefix. Great Offshore owned the vessel since her delivery from the Bharati Shipyard for reportedly $31m.

UAE owner Wayneridge Offshore recently acquired the 2007 built “Swissco Sky”

anchor handling tug and renamed it “AHTS Jason”. The Comoros registered vessel is

now classed with DNV. The vessel was built at Guangzhou Panyu Langshan

Shipyard in China. She measures 45m x 11m x 4m depth and is powered by twin

CAT 3512-DITA engines creating around 3,300BHP and 40T of bollard pull.

The UT706 PSV “Boa Fortune”, which has been trading the North Sea

spot market, has been renamed “Adinath One” following her acquisition

by Great United Energy Pvt Ltd from Boa Offshore. The ship was

originally built in 1992 for Star Offshore Services as the “Star Pegasus”

by Ferguson Shipbuilders and remains on the spot market. Prior to this,

she was the ex-”Havila Fortune” and “Stirling Pegasus”. Measuring

68.7m x 17.5m x 7.3m depth, she has a maximum deck cargo capacity

on abt. 1,800mt on a 41m x 15m.


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Nam Cheong subsidiary, Nam Cheong Dockyard Sdn Bhd (NCD), has entered into a joint venture agreement with

three major marine support services players in its latest expansionary move. “As part of our growth strategy, we are

confident that forming alliances with strategic partners will help us capture Malaysian oil and gas chartering

businesses,” Nam Cheong CEO and executive chairman, Tiong Su Kouk. More importantly, with potential ties to major

oil players like Petronas, the joint venture parties are able to collaborate and tap each other's networks to strengthen

business ties that are essential for future growth.

The JV parties - comprising NCD, PT Bahtera Niaga Internasional (BNI), Carimin Sdn Bhd and CTNS Marine Sdn Bhd

- have also acquired a Malaysian private limited company, Intact Fleet Sdn Bhd, for RM 15.8 million (S$ 6.3 million).

The company will be renamed Synergy Kenyalang Offshore Sdn Bhd. Explaining the rationale behind the acquisition of

the JV company, Nam Cheong executive director Leong Seng Keat said that he sees spending in the region's oil

exploration and production (E&P) sector tracking a northerly path in the next few years on the back of continued

investments by oil majors in equipment and vessels that support E&P services in Malaysia and the region. As such,

the setting up of Synergy as an integrated offshore player, would enable it to be “strategically positioned to seize

opportunities in this milieu” and in turn benefit the individual JV parties. The acquisition will be funded by way of capital

contribution and shareholders' loans into Synergy, with each party contributing an initial capital of RM 100,000,

proportionate to their shareholding interest into the JV entity. NCD and BNI each hold

a 40% equity interest in Synergy, whereas Carimin owns 15% and CTNS carries the

remaining 5% stake. Simultaneously, the JV agreement has also given rise to

Synergy purchasing the RM 88 million (abt US$ 28.5m) multi-purpose support vessel

“SK Deep Sea” (sister “KPV Redang” pictured) from NCD. The DP2 vessel measures

75m x 20 x 7.2m and is powered by twin Wartsila 8L20 C3 creating about 4,300BHP

in total and is fitted with a 25T American Equipment crane. The sale of the vessel

marks Nam Cheong's fifth vessel sold in less than two months and takes Nam

Cheong's order book to 12 vessels with a total contract value of about RM 678 million.

Passenger car ferry “Island Seaway” was sold by Hays Ships to

Norwegian owner Norside AS / Seabed Shipping AS who it is

reported will convert the vessel into an offshore support vessel and

renamed to “Seabed Supporter”. The vessel had been laid up in

Malta since 2006. Measuring 81.0m x 16.8m x 10.0m with a 3.67m

loaded draft, the vessel was built in 1987 at Eglo Engineering Pty

Ltd. Shipyard in Port Adelaide, Australia. She is powered by twin

Mirrlees ESL6MK2 diesels developing a total of 2,600BHP. The “Seabed Supporter” was being towed from the

Mediterranean to Norway by the Avra Towage’s 2,000HP tug “North”.

Indian owner PFS have sold their DP 1 rated AHTS “PFS Force” to compatriot

TAG Offshore of Mumbai for $17 million and renamed “TAG 9”. The 63.4m x

15.8m x 6.8m vessel was built in 2010 by ABG Shipyard Ltd. in Surat, India.

Classed with DNV, the 6,140BHP vessel is powered by two GE 7FDM12 main

engines providing a bollard pull of abt. 82 tons . On deck, the P-729 Seatech

design vessel is fitted with a 150T double drum waterfall anchor handling and towing winch.

Reports suggest that two PSVs of MMC 887 design on order for JB

Ugland at Fujian, China have been sold to US operators Tidewater at a

price reportedly of US$ 32-33 million each. The vessels are scheduled for

delivery in December 2011 and February 2012, respectively. Tidewater is

also building a series of MMC 887 designs at Fuijan Mawei itself and has

recently taken delivery of the “Bailey Tide”, “Shepherd Tide”, “Stephen

Wallace Dick” and “Hart Tide”.


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Italian owner Rimorchiatori Riuniti SpA / Finarge sold their 2,450dwt AHTS

“AH Genova” (ex-AH Italia, Sira Giant) to Greek operators Minerva Maritime

for reportedly around $2 million. Measuring 69.3m x 15.1m x 7.8m with a 6.7m

loaded draft, the vessel was built in 1979 by Trosvik Verksted in Brevik,

Norway. Classed with Registro Italiano, the vessel carries abt. 1,000mt of

cargo on a 37m x 10.5m clear deck. She is powered by four Wartsila 12V25

main engines with a total of 12,000BHP at 800RPM and has a bollard pull of

145mt. Vessel, now renamed “Milandros”, is also ice strengthened.

Maersk Supply Service of Denmark has sold their AHTS “Maersk Rider” to

Offshore Services & Management Corporation, a part of the Greek owned World

Carrier Group. The vessel was delivered to her new owner in Tema, Ghana. Built in

1982 by Odense Shipyard for a reported cost of around $14.57 million, the

12,800BHP unit measured 67m x 15.8 x 7.5 depth and powered by four MAK

8M453AKs driving twin controllable pitch propellers. The Panama flagged vessel has

been renamed “Ima Atisi” and reportedly converted to straight platform supply.

CYK Offshore has sold its 5,000HP AHTS “CYK Falcon” to UAE owner Global

Marine Services who have renamed it “Shareif Falcon”. Built in 2010 by

Guangdong Jiangmen Shipyard under hull number GMG 0744, the unit measures

50.0m x 13.2m x 5.2m depth with a 4.5m loaded draft and powered by twin CAT

3516B-HD diesels. The vessel is now working in the Arabian Gulf. The sales price is

unknown. In related news, a 3,000T DWT newbuilding Khiam Chuan design “Posh

Avocet” has been sold by CYK Offshore to POSH when completed by Fujian

South East Shipyard and will be renamed “Caballo Babieca”, under management

of Servicios Maritimos Gosh SA of Mexico.

The DP2 offshore support and research vessel “Kommandor Subsea” has been

sold by Subsea 7 to unknown buyers. The vessel has been renamed

“Kommandor” and is now operated and managed by Dutch based Tranships BV.

At the time of press, the ship was in Bergen. The diesel electric “Kommandor” was

built in 1986 at Nordsovaerftet A/S, Denmark as a 68m survey vessel. She is

powered by twin Cummins KTS19M2 and twin Cummins KTA38G3 totaling

3,792BHP. The vessel is equipped with two Remotely Operated Vehicles (ROVs),

a moonpool and 10T A-frame for subsea inspections.

We can finally report the sale of the 6,600BHP AHTS “Augustea Quattro” (ex-Asso Quattro, Augustea Quattro, OFF

Bilboa) from Italian owner Augustea to Fenog Nigeria Ltd. Measuring 55.2m x 13.3m x 6.1m depth with a 4.95m

loaded draft, she was built in 1977 by Maritima De Axpe of Bilbao, Spain. The sale

had been pending for many months as legalities were resolved. Powered by twin

MAK 9M453AK main engines, the vessel is equipped with a double drum

Norwinch waterfall winch with a line pull of 150T. Combined the vessel‟s bollard

pull is around 85T. The new owner has renamed her “Oroghene” and has

repositioned the vessel from Tampico, Mexico to Ghana. We understand that she

was used to tow their newly acquired 350‟ x 100‟ derrick barge “Akpevweoghene”

(ex-Cherokee) from Louisiana to Ghana to undertake some refurbishment. The

vessel is RINA classed and flagged with St. Kitts and Nevis.

It has been reported that Panamanian flagged, 63.9m AHTS “Golfo De Bengala” (ex-Smit

Lloyd 116) has been sold by the Boluda Group to Star Matrix Ltd. / SALS Shipping Pvt.

Ltd. Built in 1976 at Schpsw. De Waal in Holland, the 8,000BHP tug supply boat is powered

by twin Stork Werkspoor 6TM410 main engines. This will be the vessel‟s fourth owner.

Currently, the vessel is lying near Suez.


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The 1972 built offshore support vessel “Oil Express” (ex-Springfield,

West Eagle) has been sold by Dutch owner Vroon Offshore to Eagle

Shipping Ltd., renamed “ESL Express” and reflagged under St. Vincent

registry. Built at Schpsw. De Waal, Holland, the DnV classed vessel was

originally commissioned as a platform supply vessel, but in 1999 was

outfitted with a four point anchor spread and 13T deck crane, becoming a

cable maintenance and dive support vessel working on German and

Danish wind farm projects. Measuring 53.2m x 11.5m x 5.5m depth with

a 3.8m draft, the vessel was powered by twin Industrie 6D7HDN diesels

developing a total of 2,100BHP.

Also Vroon Offshore sold their 1976 built “Keen Express” (ex-

Keen, Maersk Feeder, Edda Friea) to Kenyan based Alpha

Logistics Services. Built at the Norwegian yard of Bolsones Verft

AS, the 61.2m x 12.7m x 5.6m depth AHTS is powered by twin

Polar Nohab F216s developing around 7,000BHP. Towing gear

consists of a hydraulic Brattvaag, double drum waterfall drum with

a capacity of 1,000m of 64mm wire. The RINA classed vessel has

changed from Italian registry to Sierra Leone. New buyers

renamed her “Sparrow Hawk”. Sales price was not reported.

Tidewater has sold a pair of older vessels in recent months. First to disappear was the “Oil

Typhoon” (ex-Malaviya Eight, Suffolk Princess) the 1982 Clelands built AHTS, which

Tidewater inherited when they took over the assets of Offshore Supply Assn., was sold to

UK owner Kye Marine Ltd. for their Adamac Marine operation based in Nigeria. The

60.0m x 13.3m vessel had been laid up in Abidjan, Ivory Coast at the time of sale. The

vessel is powered by twin Nohab 8V25 diesels creating a total 5,000BHP.

Malaysian shipbuilder Nam Cheong has made over $50 million from the sale of three offshore

vessel newbuildings to a pair of new owners. Bumi Armada Navigation has come in for two of

the trio of ships which are all resales as they are part of a series of orders made by Nam

Cheong at Chinese yards. Bumi purchased a pair of 3,000dwt PSVs and at least one of these is believed to be on

order at Fujian Southeast shipyard. Shipping databases show Nam Cheong has just one 3,000dwt PSV on order, and

that is at Chinese builder Fujian Southeast for delivery next month. Nam Cheong has eight 3,250dwt PSVs on order at

its owner yard for delivery next year and in 2013. Gulf Glory Marine Services stepped in to take a 5,150BHP anchor

handling tug supply vessel from Nam Cheong. Shipbuilding databases show Nam Cheong is still awaiting delivery of

one such AHTS unit from Fujian. A Nam Cheong spokesperson said all three vessels announced as sold recently are

being built in China with delivery to the new owners spread between the end of this year and middle of 2012. The

company put the total contract price for the three sold units at $51.5 million without providing a per-ship breakdown.

Farstad Shipping initially pulled the plug on a proposed sale of one of its platform supply vessels, “Lady Christine”,

with a prospective buyer understood to have failed to stump up the deposit. Farstad announced in early July that it had

agreed to let their 1985-built ME 202 design PSV go to an unidentified buyer with delivery

expected in October. The Norwegian outfit announced however, that it had terminated the

agreement as “the buyer has not fulfilled the contractual obligations within the agreed

time limit”. Although Farstad CEO, Karl-Johan Bakken could not be drawn on the specific

reasons for the failed deal, it is most likely because the buyer failed to pay the deposit in

time. Farstad had not revealed a sales price for the unit in July, but it is understood to be

around $5 million with Farstad saying it would book a net gain of Nkr 11 million ($2 million

today) in its fourth-quarter result. Farstad said the vessel will instead continue to trade in the spot market off

Singapore. STOP PRESS: Farstad reported that the sale has been completed, but did not specify if it was the

same initial buyer or a different counterparty. The sales price is unknown.


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Charter News Swire Pacific Offshore Operations welcomed their “Pacific Hawk” to the

fleet last month on a long-term bareboat charter. “Pacific Hawk” is a

4,700dwt DP2 classed Platform Supply Vessel with 1,000m2 of deck space.

Built by Universal Shipbuilding Corporation to the STX 09 design at the

Maizuru Shipyard in Japan, “Pacific Hawk” will provide clients with the

versatile, cost-efficient services combined with SPO's reputation for safe and

reliable operations. Neil Glenn, Managing Director of Swire Pacific Offshore,

said, “We are excited to receive „Pacific Hawk‟ as the first of our new H class

large PSVs. There is a clear demand for larger more versatile and fuel

efficient vessels and she has already sparked a lot of interest from our

clients”. The vessel is owned by Sanko Steamship and was commissioned

as the “Sanko Flora”. Three other sisters are under construction.

Farstad Shipping has been awarded a charter contract for their 1990 built UT-705L design PSV “Far Superior” by

Apache North Sea Ltd. for a two years firm with 1+1 year option. Commencement of the contract is 6th November

2011. Operation area will be British Sector, North Sea. Commercial terms of the contract were not disclosed.

DOF, the Storebo-based offshore operator has extended the charter of one of its PSVs

until November 2012. The 2001 built, 67m, 5,460BHP “Skandi Yare” will now be on

charter to Petrobras for a further 292 days. DOF has a large fleet of offshore support

vessels, operating nine AHTSs, 13 multi-functional vessels, 20 PSVs and eight

miscellaneous craft. It has a further eight newbuildings on order.

Edison Chouest subsidiary Alpha Marine Services, L.L.C., Galliano, La., is being awarded a $25,266,636 firm-

fixed-price contract for time charter of M/V “Dove”, a U.S.-flag, anchor-handling, towing supply vessel that will be used

to support the Sea-Based X-Band Radar Platform, also called “SBX-1”, a converted semisubmersible originally built

in the Vyborg shipyard in Russia to serve as a MODU. The 3,400dwt

“Dove” (ex-Caldwell Aker Dove, Seabulk Aker Dove) will transfer fuel,

supplies and offshore workers to and from “SBX-1”, and function as an

oil spill response vessel for the unit. Alpha Marine Services will operate

and maintain “Dove” for the duration of the charter. This contract

includes four one-year option periods, which, if exercised, would bring

the cumulative value of this contract to $146,986,164. Work will be

provided in the Pacific Ocean, and is expected to be completed by

September 2012. Contract funds are subject to availability in fiscal

2012 and will expire at the end of that fiscal year, or fiscal 2013. This contract was competitively procured via a

solicitation posted to the Military Sealift Command, Navy Electronic Commerce Online, and Federal Business

Opportunities websites with more than 100 companies having access to the solicitation. Four offers were received.

Military Sealift Command, Washington, D.C., is the contracting activity. The 279‟ x 65‟ x 26‟ depth “Dove” was built in

1998 by Halter Marine in Moss Point, Mississippi at a cost of abt. $37 million for Hvide Marine, Inc. The 180 ton bollard

pull, DP-1 vessel is powered by four EMD 16-710G7B diesels developing a total of 16,000BHP driving four 2,865kW

generators connected to two 4,413kW electric motors driving twin Lips FS35000 azimuthing props aft.

Silk Holdings Bhd unit Jasa Merin has been awarded three long-term charter contracts from Petronas Carigali Sdn

Bhd worth RM 55.3 million. In a filing to Bursa Malaysia recently, SILK said each contract is for the provision of one

anchor handling tug supply vessel. The long-term contracts for two of the vessels, which will commence in October,

are for a primary period of one year each, with an option to extend a further year. The third vessel, to commence in

early November, has a two-year primary contract period, with an option to extend another year. The contracts are

expected to contribute positively to Silk's earnings and net assets for the financial years ending July 31, 2012 and July

31, 2013 but will not affect the company's share capital and shareholding structure.


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The PSVs VS483 Mk. II “Toisa Sonata” and VS483 “Toisa Intrepid” have been fixed

on four well charters with AGR to support the semi “Leiv Eiriksson” in the Falkland

Islands. The Toisa owned / Sealion Shipping operated PSVs planned to depart the

North Sea before the end of November, but minor delays expect them to see them

depart in mid December. Both are fixed until mid-2012.The vessels have reportedly

been upgraded to DPII for the charter.

Stanford Marine, a division of UAE based Stanford Marine Group,

has been awarded a contract by BG International Limited,

Tanzania Branch for the recently delivered new generation deep-

water PSV “Stanford Buzzard”. The time charter contract represents

an approximate value of $36m for this state-of-the-art vessel, which

amongst other advanced features has eco-friendly emissions-

reducing diesel electric engines and a secure platform from which

the vessel can be controlled even under pirate attack. “Stanford

Buzzard” is a cutting-edge MMC 887 design, 87m long and 18.8m

wide vessel of 5,000dwt. The vessel is DP2 rated and is driven by four Cummins QSK60-D(M) main engines each

developing 2,547BHP. She is also equipped with one Rolls Royce bow thruster of 1,220BHP and a Rolls Royce

retractable thruster of 1,072BHP. Furthermore she has two azimuthing stern thrusters each developing 2,680BHP.

“With its diesel electric engines this vessel has significantly lower fuel consumption

and CO2 emissions – illustrating Stanford Marine‟s efforts to reduce its carbon

footprint,” commented Mr. Elias Nassif, CEO of Stanford Marine Group. The vessel

is ideal for deep water offshore supply given her 3,500mt of cargo capacity and

1,000m3 free deck space, combined with comfortable well-finished

accommodation, primarily consisting of one- and two-person cabins with en suite

modern facilities, which can house 52 personnel. Stanford Marine‟s new addition to

the fleet will support BG Tanzania‟s four to eight exploration and appraisal wells.

These wells area located in Block 1, 3 and 4 of the Mafia Deep Offshore Basin and

Northern portion of Ruvuma Basin.

“Stanford Buzzard” is presently en-route to Singapore from the Shipyard in China

where she will undergo security upgrades prior to proceeding to Tanzania in early

December 2011. These include blast-proof windows, RPG netting, armor bulletproofing

with ceramic ball material and a citadel capable of safely and securely accommodating

all personnel and allowing them to maintain control of the vessel and communications

from a hardened location which pirates are not able to breach. “This vessel will be

ballistically protected like a fortress, leaving little opportunity for pirates who might

roam the Tanzanian waters,” says Mr. Nassif. “Stanford Buzzard” is the seventh in the

series of vessels taken delivery by Stanford Marine in the year 2011. All other vessels delivered

so far this year have secured medium to long term charters in Middle East and South East Asia.

This vessel is the first of two large Offshore Support Vessels built in the quality shipyard Fujian

Mawei Shipbuilding Co (China), the second vessel - the “Stanford Hobby” - being scheduled for

delivery in January 2012.

Alam Maritim Resources Bhd secured two contracts to provide vessels with a total value of RM 32 million. It said in

September that its unit Alam Maritim (M) Sdn Bhd received letters of contract extension from

Petronas Carigali Sdn Bhd to provide two AHTSs valued at RM 23.32 million. Alam Maritim also

received a letter of award from Dayang Enterprise Sdn Bhd to provide one workboat valued at RM

8.68 million. “The contract extension is for a period of one year each. One of the AHTSs under the

contract extension has commenced its contract in August 2011, whereas the contract extension for

the other AHTS vessel shall take effect in December 2011,” it said. Alam Maritim said the RM 32

million contracts were expected to positively contribute to earnings and net assets for the financial year ending Dec 31,

2011 and beyond.


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10

Rem Offshore secured a long-term contract for one of its PSV

newbuildings built at STX Europe. Oslo Axess-listed Rem says

ExxonMobil fixed the “Rem Server” for a two-year period. No rate has

been revealed for the charter, which will start when the vessel is

delivered, with the owner saying only the deal is on “market terms”. The

fixing rate though is believed to be around NOK 170,000 ($30,000) daily.

Twenty or more vessels are thought to have been entered into the

ExxonMobil tender. Rem Offshore ordered two STX 06 CD design PSVs

in May 2010 at a price of NOK 750 million (abt. US$ 124 million). At the

same time it turned to long-term partner Kleven Maritime for two other

PSVs worth NOK 700 million (abt. US$ 115.7 million). Rem Offshore CEO Age Remoy has suggested two of the

vessels would be placed on term deals with the other pair likely to play the spot market.

Australia‟s Minister for Defense Stephen Smith and Minister for Defense Materiel Jason Clare have announced that

the Royal Australian Navy (RAN) will lease the subsea operations vessel “Windermere” from Hallin Marine, a

Superior Energy Services company, to reinforce the RAN‟s amphibious capability during the Australian region

cyclone season which commences in November. The vessel was chartered through P & O Maritime Services in an

A$ 9.4 million contract. “Windermere” is being chartered from 14th October 2011 to 31

st January 2012 with the option of

extending to the end of February 2012. Designed and built to Hallin‟s

specifications, “Windermere” was launched in 2010 and is capable of

supporting 100 passengers plus 20 crew. Facilities on board include a 700m2

deck plus an elevated helipad at the bow. “Windermere” will operate as part of

a three-vessel fleet including “HMAS Choules” which is scheduled to arrive in

December and “HMAS Tobruk” which is currently being prepared for duty. The

“Windermere” will form a key element of the RAN‟s humanitarian relief

obligations, operating as an accommodation support vessel in support of the

RAN activities. Windermere is the second of two vessels from the Hallin fleet

to be mobilized to Australia with the “Carlisle” already operating off Western

Australia on the Gorgon Development and has the versatility to provide

additional subsea and saturation diving services if required. The 2011 to 2012 Australian region cyclone season is an

event in the ongoing cycle of tropical cyclone formation. It will officially start on 1st November 2011 and end 30

th April

2012. Tropical cyclones in the region are monitored by the Australian Bureau of Meteorology in Perth, Darwin, and

Brisbane; TCWC Jakarta in Indonesia; and TCWC Port Moresby in Papua New Guinea.

Mermaid Maritime has won an $11.5m contract that will see one of its specialised

offshore vessels “Mermaid Endurer” moving to West Africa for four to six months. The

vessel is 13,500HP, 2010 built multi-purpose vessel whose primary role is diving

support. Bangkok based, but Singapore listed, Mermaid said its subsidiary Subtech

(Seychelles) would be providing subsea inspection, repair, maintenance and

saturation diving services to an oil major end client. The contract is for 120 days firm

with options potentially taking the contract to 180 days. The 6,365GT Bergen

Mekaniske Versted built vessel can accommodate a crew of up to 86, not including an

18 man saturation diving system. The deployment is the first of the “Mermaid Endurer” to West Africa.

Malaysian energy giant Petronas Carigali hired four anchor handling tug supply

vessels to work oil and gas projects off the nation‟s coast. The state-controlled

company says three units will be provided by Tanjung Offshore Services in a series

of contracts worth MYR 27m ($8.6m). While initial duration is unclear, sources

believe the charters could last for up to two years if options are executed. Silk

Holdings, which tied up three AHTS deals with Petronas earlier this week, will fix the

fourth vessel for 12 months. According to a filing with Bursa Malaysia, home of the

owner' public listings, Silk affiliate Jasa Merin will earn MYR 23.5m over the life of its contract.


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11

GC Rieber Shipping signed a two year contract for its second subsea newbuild

with the Mexican company Oceanografia. The vessel, to be named “Polar

Queen”, was recently handed over by the Spanish shipyard Freire Shipyard,

and the contract will start in November. Three of the four vessels in GC Rieber

Shipping‟s newbuilding program are thus delivered and all are on hire. “With the

whole fleet engaged, we are very well positioned going forward”, says Irene

Waage Basili, CEO of the company. “Polar Queen” will operate on a contract for

the Mexican state oil company PEMEX. “This is the first contract in the Gulf of

Mexico for GC Rieber Shipping, and gives us presence in a new and growing market for us”, says Basili. “Polar

Queen” is 110.6m long and has a beam of 20m. She is equipped with a 150T offshore AHC crane, accommodation for

112 people and a deck area of 1,000m2. The vessel was designed by

Skipsteknisk and meets the latest environmental standards through the class

designation “Clean Design”. With delivery of the “Polar Queen”, only one vessel

remains in GC Rieber‟s ongoing newbuilding program, the seismic vessel yard

number 533. The seismic operator Dolphin Geophysical has an option to

charter this vessel. “Implementation of our new building program and a diversified

client portfolio puts us in a strong position to meet what we believe will become

active and exciting years for the offshore industry”, says Basili.

The Farstad owned 1998 built UT 722L AHTS “Far Senior” has been contracted by

Petrobras in Brazil for a four year period with an option to extend the contract for an

additional four years. Contract includes both anchor handling and ROV services. A

third party has been contracted for delivery of the ROV services. “Far Senior” will be

technically upgraded before the start-up of the contract, which is expected to take

place during the first quarter of 2012. The contract, excluding options, represents

gross revenue of approx. NOK 520 mill (about $61,000/day). Also Farstad‟s 2001 built

18,700BHP AHTS “Far Scout” has been contracted by Petrobras in Brasil for a 2 year firm contract; whilst in the North

Sea, Dutch charterers Peterson exercised another one year option for 2003 built PSV “Far Splendour”. Total value of

these additional contracts is approximately NOK 200 million (abt. US$ 33.1 million).

Deep Sea Supply was awarded long term contracts with Petrobras for the 75.4m

x 16.8m, 15,000BHP AHTS sisters “Sea Cheetah” and “Sea Jaguar” for operations

in Brazil. Contract period is four year firm plus a four year option. Total net value of

the firm period is in excess of USD 100 million with expected commencement of

January 2012. DSS bid around $36,500/day per vessel in the tender to Petrobras.

Both 170 ton bollard pull vessels were built in 2007 by Jaya Shipbuilding.

Also, John Fredriksen‟s Deep Sea Supply squeezed another year out of a time charter with EnQuest. The Oslo-listed

owner says the UK energy giant has locked in the 5,400HP, 2008 built PSV “Sea Trout” for 300 days in a contract that

includes an identical option. The firm period will run through November 2012, according to a securities filing that said

the rate was “agreed at market levels”.

AGR Peak awarded the 1976 built UT 704 designed AHTS “Ocean Prince” owned by Sartor

Offshore, a term contract as a field support, oil recovery vessel at the Falkland Islands. Vessel

will operate together with drilling rig “Leiv Eriksson” as long as their drilling program continues.

Sartor Offshore is a leading supplier of MRV and PSV services to the oil and gas industry.

Miclyn Express Offshore’s OSVs “Miclyn Grace” and “Miclyn Grand” have been awarded five year contracts to act as

multi-purpose vessels for Saudi Aramco in Saudi Arabia. The vessels are currently serving out their existing charter

contracts in Thailand and Qatar respectively and will commence the new charters in early 2012 on stronger day rates.

Aggregate value of the two contracts is US$ 33 million. CEO Diederik de Boer said “Miclyn has been providing

Crew/Utility Vessel services to Saudi Aramco for some time and we are delighted to extend this important relationship

into OSV services. This long term contract supports our overall fleet strategy of maximizing utilization”.


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12

Rederi AB TransAtlantic’s wholly owned subsidiary Trans Viking Icebreaking &

Offshore AS (TVIO) agreed to an addendum to the charter party with the Swedish

Maritime Administration (SMA) which gives TVIO an option to end the contract

for “Vidar Viking”, one of its three Icebreakers/AHTS-vessels, for the upcoming

season in 2012 and for the remaining seasons of the contract. SMA also agreed to

give TVIO the right to cancel the agreement for the option periods from 2015 and

onwards for one of the icebreaking vessels. At the release, TVIO will repay the

prepaid charter hire for the relevant season(s). TVIO subsequently executed this

option and entered into a contract regarding icebreaking services with the

Estonian Maritime Administration for the season 2012 for “Vidar Viking”. Further, TVIO agreed to enter into a

contract with Sakhalin Energy Investment Company for a period of 2.5 years with additional option(s) to extend the

contract by four three-month periods for “Vidar Viking”. The vessel will perform icebreaking, supply and anchor

handling services with start-up in the summer of 2012. The total gross value of the contract is approx. US$ 70 million.

The vessel will initially under six month sail under Swedish flag and thereafter under dual Cypriot / Russian flag with

Russian crew. The agreement with Sakhalin Energy is conditional upon approval from the relevant financing banks as

well as approval from the Board of Directors in Rederi AB TransAtlantic.

Aberdeen-based subsea installation contractor Bibby Offshore announced a

multi-million pound investment in marine assets for its core North Sea market.

From January 2012, the DP3 diving support vessel “Toisa Polaris” will come under

the control of Bibby Offshore. The vessel will be taken on a two-year time charter

with options to extend. This also includes a pre-agreed purchase option as part of

the deal with Toisa Ltd. The investment will immediately create approximately 100

jobs offshore and a further 50 onshore positions during the first six months of

operation. “Toisa Polaris” has been one of the North Sea‟s premier DSVs for a

number of years and has a recognized track record since her delivery in 1999.

Bibby Offshore‟s Chief Executive, Howard Woodcock, said: “The vessel‟s track

record and specification not only enhances our current fleet but also expands our offshore service capability. It further

underlines our commitment to the North Sea offshore market, which we believe has a significant part to play in our

company‟s continued growth. This agreement firmly establishes our position as operators of the region‟s best in class

DSV fleet and further emphasizes our commitment to become a leading subsea construction and installation company.

I am personally excited by the opportunities this will bring.” The vessel was built in Van Der Gissen-de Noord BV,

Netherland in 1999 for a reported newbuild price of about $36 million and had previously been on charter to Subsea 7.

Ezra Holdings Limited, announced its offshore support services division

EMAS Marine has been awarded a new charter and charter renewals for

four offshore support vessels. These awards worth approximately US$

231 million in total were from national oil companies and an oil major. The

charters are for an average period of 4.25 years (including option periods)

for four AHTS vessels that will be deployed in South America and various

regions in the Asia Pacific. Captain Adarash Kumar, Chief Executive

Officer, EMAS Marine, stated, “As an offshore operator committed to

support the world‟s deepwater developments, these contracts are

significant as it reaffirms our ability to deliver highly responsive and reliable services to our oilfield clients globally.” Mr.

Lionel Lee EMAS‟s Managing Director, said, “This is an important milestone for us as we further solidify our

capabilities in Asia-Pacific and break new ground in South America, reaffirming our growing presence as a global

leader in marine and offshore support…. Brazil in particular will be investing heavily in offshore oil and gas

infrastructure and services over the next few years in order to achieve its goal of being one of the world‟s top oil

producers. This creates significant opportunities for us for both offshore support and construction services.” The

company had recently bid their large AHTS “Lewek Trogon”, “Lewek Stork”, “Lewek Falcon” and 2011 built UT788 CD

“Lewek Fulmar” to Petrobras, though it is not certain at this point which of these units won the contract.


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Orders Hornbeck Offshore Services, Inc. announced the execution of definitive

contracts for the construction of 16 high-specification offshore supply

vessels, in connection with its latest newbuild construction program

announced on November 7, 2011. This is Hornbeck's eighth newbuild vessel

program since its inception in 1997, and its fifth newbuild program involving

state-of-the-art, technologically advanced new generation OSVs. Hornbeck

has separately contracted with VT Halter Marine, Inc. of Pascagoula,

Mississippi and with Eastern Shipbuilding Group, Inc. of Panama City,

Florida for the construction at each yard of eight 300 class vessels with

options to build additional such vessels should future market conditions

warrant. Hornbeck's first decision with respect to the exercise of options will

need to be made in September 2012. Delivery dates for option vessels will be approximately 26 months following the

option exercise. Aggregate cost of the first sixteen vessels under this program is expected to be approximately $720

million, excluding construction period interest. Construction costs will be funded with cash on-hand (including the net

proceeds of Hornbeck's recently completed equity offering), projected free cash flow from operations and, if necessary,

available capacity under Hornbeck's currently undrawn and recently expanded $300 million revolving credit facility.

VT Halter Marine will construct eight vessels based on the Super 320 design

that it developed for Hornbeck Offshore. These DP2 OSVs are designed to

have 6,200 long tons deadweight capacity, approx. 20,900bbls liquid mud,

11,863ft2 deck area and fire-fighting. The Super 320 design is based on a

larger version of the 285‟ x 64‟ x 19.3‟, 5,600ltdw “HOS Coral”, an existing 290

class DP-2 OSV which Hornbeck has successfully operated since her delivery

in early 2009. The Super 320 design was developed with particular attention to

the most stringent regulations for environmental stewardship, including a

double-hull that eliminates any fuel storage adjacent to the sideshell, and

propulsion machinery that meets requirements of EPA Tier 3 for emissions.

The eight OSVs to be constructed by Eastern Shipbuilding will be DP-2 classed and consist of four vessels based on

the STX Marine SV 300 design and four vessels based on the STX Marine SV 310 design. Features of the STX design

include over 20,000bbls of liquid mud carrying capacity and a fire-fighting class notation. In addition, the SV 300

design calls for 5,500 long tons of deadweight capacity and 10,976ft2 of deck space, while the SV 310 design calls for

6,144 long tons of deadweight capacity and 11,536 ft2 of deck space. The STX designs meet the same environmental

standards mentioned above for the Super 320 design and will also carry the ENVIRO class notation by ABS.

Based on the schedule of projected vessel in-service dates below, Hornbeck expects to own and operate 56 and 67

new generation OSVs as of December 31, 2013 and 2014, respectively. These vessel additions result in a projected

average new generation OSV fleet complement of 52.2 and 62.8 vessels for the fiscal years 2013 and 2014,

respectively. Inclusive of the vessel deliveries referred to below, the aggregate cost of Hornbeck's fifth OSV newbuild

program is expected to be approximately $720 million, of which $44 million, $227 million, $348 million and $101 million

is expected to be incurred in 2011, 2012, 2013 and 2014, respectively. The first sixteen OSVs under this newbuild

program are expected to be placed in service in accordance with the schedule shown in the table below:

2Q

2013E 3Q

2013 4Q

2013 1Q

2014 2Q

2014 3Q

2014 4Q

2014

Estimated In-Service Dates: 300 design (Eastern) 1 1 1 1 - - - 310 design (Eastern) - - - 1 1 1 1 320 design (VT Halter) - - 2 2 3 1 -

1 1 3 4 4 2 1


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STX OSV Holdings Limited secured a new contract for the design and construction of one Platform Supply Vessel for

Troms Offshore Supply AS. The vessel will be a STX OSV's PSV 08 design, which includes Clean Design notation

and environmentally friendly diesel-electric propulsion. The vessel, scheduled for delivery in March 2013, will have a

deck space of 830m2 and will be approximately 81m long with 3,800 tons deadweight. The hull will be built at the STX

OSV Braila shipyard in Romania, and towed to STX OSV Brevik in Norway for outfitting, commissioning and delivery.

Troms Offshore has an option with the shipbuilder for an additional vessel of similar design with delivery May 2013.

STX OSV already has one PSV 09 under construction for Troms Offshore

Supply. This vessel will be delivered from STX OSV Søviknes, Norway, in

2012. Privately-owned Troms Offshore currently operates a fleet of 15

offshore service vessels from its home port in Tromsø. The company is

establishing a fleet of large, environmentally friendly vessels fit for operation

in the North Sea. Based on its expertise and experience from years of

operating in Arctic waters and demanding ice conditions, Troms Offshore is

seeking to take a leading position in the offshore supply service market as

activity picks up in the Northern and Arctic areas. Mårten Lunde, CEO of Troms Offshore, comments: “This order is an

important part of the establishment of a leading PSV shipping company with modern, environmentally friendly tonnage

strategically positioned towards the development of Norwegian oil and gas operations and the activity increase

expected for the Northern areas. We are also pleased to be able to further develop our relation with the STX group and

in particular STX Brevik which over several years have executed a number of successful projects within our sector.”

Global Offshore Services signed a contract, for the acquisition of a

Havyard 832 PSV at an approx. cost of US$ 48 million, through its wholly

owned subsidiary in The Netherlands, Global Offshore Services B. V.

The new PSV, which is scheduled to be delivered in the first quarter of

2013, is a state of the art vessel, with DP2, FiFi1, CLEAN Notation and

diesel electric propulsion. Aditya Garware, Vice Chairman and Managing

Director, Global Offshore Services commented, “As a part of our growth

strategy, we are consistently looking at opportunities of increasing our

fleet size with modern and state-of-the-art vessels and in turn the market

presence. This new acquisition is aligned to this vision of the company.”

STX OSV Holdings secured new contracts for construction of four Platform Supply

Vessels for Island Offshore. The combined value of all four contracts exceeds one

billion Norwegian kroner (abt. US$ 165.4 million). The first two contracts are expected

to become effective in November 2011, and the remaining two in January 2012. All

four contracts are subject to financing approvals. The vessels will be of Rolls Royce's

UT 717 CD design. The overall length of each vessel will be 84.3m with a beam of

17m, and the deadweight will be about 3,800 tons. Deliveries are scheduled from STX

OSV Brevik in Norway in the third and fourth quarter 2013, respectively for the first two

vessels, and in the first quarter 2014 for the other two vessels. The hulls of the vessels will be delivered from STX OSV

Braila in Romania.

Swire Pacific Offshore Operations (Pte) Limited announced an

order for four Platform Supply Vessels. The vessels will be built by

Universal Shipbuilding Corporation in Japan. The 5,000dwt

vessels will be classed with DP2 capability and have diesel electric

propulsion systems. The vessels will be delivered progressively from early 2014. This order follows on from an order

earlier in the year for four sister vessels from the EISA shipyard in Brazil. Neil Glenn, Managing Director of Swire

Pacific Offshore, said, “We are excited to announce the orders for our H Class series of large PSVs. We see large

PSVs as an important market segment moving forward which will meet with the requirements of our key customers.”


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Otto Marine Limited has secured newbuild orders for two units of 12,000BHP AHTS

worth US$ 38.5 million each from Go Marine Group Pty Ltd. Otto Marine holds

19.0% equity interest in Go Marine. These two units are expected to be delivered in

3Q 2012 and 1Q 2013 respectively. The 12,000BHP AHTS vessels, 78.2m by 18.5m,

are well-equipped with the latest technology and equipment, and its powerful engines

are capable of delivering 150T bollard pull. “These two new orders are placed almost immediately by Go Marine after

their first purchase of the 8,000BHP AHTS. These orders placed demonstrate the positive synergies we can harness

from association with Go Marine,” said Lee Kok Wah, President cum CEO of Otto Marine.

Fjellstrand shipyard in Norway won an order for a PSV from shipowner Norside Supply.

The VS485 Mk 2 is due for delivery in December 2012. The order includes options for two

further vessels of this type. Hull construction will be undertaken in Poland at the Maritim

Shipyard with fitting out to be carried out Fjellstrand‟s facility in Omastrand.

SapuraCrest is getting ready to spend $227 million to build a pair of pipe-

layers at a yard in China. The Malaysian owner‟s TL Offshore (TLO)

subsidiary has penned the order at Cosco Nantong Shipyard, according to

an exchange filing. SapuraCrest says the first unit will cost $116.8m while the

second will carry a price tag of $110.3m. The company expects the offshore construction vessels to hit the water within

two years in a deal backed by bank borrowings. “The acquisition will enable TLO to capitalize on the positive outlook in

the installation of pipelines and facilities segment in the oil and gas industry,” it told investors. Upon delivery,

SapuraCrest says the vessels will chase marine construction contracts with “major oil companies” though it is not clear

when the units will be marketed.

Tanjung Kapal Services Sdn Bhd has awarded a RM 99.5 million contract to build a 77m Platform Supply Vessel to

Labuan Shipyard and Engineering Sdn Bhd (LSE). “The PSV is to be delivered by LSE to Tanjung within 21 months

from the date of the contract,” SapuraCrest Petroleum Bhd said in a filing to Bursa Malaysia. LSE is SapuraCrest's 50

percent-owned associate company while Tanjung a wholly-owned subsidiary of Tanjung Offshore Bhd. “The contract is

expected to contribute positively to the SapuraCrest group‟s earnings and net assets for the current and future

financial years,” SapuraCrest said.

Havyard Group in Norway will deliver another PSV to the Faroese shipping company Supply Service Pf. The Herøy-

based company signed the contract with Supply Service, part of Sjöborg PF-group, for delivery of the Havyard 832L

design vessel to shipowner Tummas Justinussen in the Faroe Islands. This

will be the fourth ship of a Havyard design heading to the Faroe Islands and

the third Supply Service vessel being built at Havyard‟s shipyard in Leirvik,

Norway. The shipowner was also the first to order a vessel of Havyard 832

design, leading to a series of deliveries of ships based on this popular

design. The 86m long and 17.6m wide PSV newbuilding will be the 14th of

this particular Havyard design and is scheduled for completion in July 2012.

The 4,300dwt hull is already under construction at Cemre Shipyard in Turkey

and outfitting will be done at Havyard Ship Technology shipyard in Leirvik.

This new contract, valued at NOK 300 million (US$ 52 million), also involves

major deliveries from the group‟s other business areas including Havyard

Design & Engineering and Havyard Power & Systems. Norwegian Electric Systems, where Havyard Group is co-

owner, will deliver a complete diesel-electric propulsion system including four 1,550kW gensets.

Four newbuild combination PSV/ROV support vessels of Seatech design have been ordered by Adhart Shipping of

Singapore from Colombo Shipyard in Sri Lanka. The hulls are 78m length overall with a 17m beam with DP 2, FiFi-1,

50 ton heave compensated cranes, A-frames and accommodation for 50. Delivery will be staggered through 2013 into

the first quarter of 2014.


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GulfMark Offshore, Inc. announced the addition of three vessels to their vessel construction program first announced

in August. The construction program is designed to provide the company with vessels of the “right size and with the

right capabilities” to match the emerging long-term requirements of its customers. GulfMark has contracted with

Rosetti Marino S.p.A. in Ravenna, Italy to build two 715m2 deck area platform supply vessels of UT 755XL design.

These two vessels will have 3,000dwt, dynamic positioning and fixed equipment for fire-fighting support. Delivery of the

first vessel is scheduled to be in the fourth quarter of 2013 and

delivery of the second vessel is scheduled to be first quarter of 2014.

In addition, a contract has been awarded to Simek A/S of

Flekkefjord, Norway for a modified version of the very successful ST-

216L CD design large platform supply vessel. This vessel is

designed for harsh environment operations, and will be ice classed

and winterized for cold climate conditions. This vessel, designated as

ST-216 Arctic, will have over 1,000m2 of deck area and large cargo

carrying capacity. In addition, the vessel will be dynamically

positioned, and will have rescue and oil recovery capabilities.

Delivery of this vessel is scheduled for the second quarter of 2013. These three vessels are expected to operate in the

North Sea market, along with the first three vessels announced previously in this vessel construction program. The

total cost for the three vessels announced today is estimated to be US$ 125 million, and the total cost for the six

vessels commissioned under this program is US$ 245 million.

Bruce Streeter, President and CEO, commented, “GulfMark has had significant involvement in the establishment and

success of the very popular UT 755 design. We are pleased to add additional vessels of this design, complete with

recent upgrades and modern improvements in capabilities that have developed since the '755' was first introduced.

The company has also achieved substantial success with managed ST-216L CD designs, a powerful vessel with a

proven track record for operating in the North Sea, Norwegian Sea and the Barents Sea. We continue to critically

evaluate market conditions and the balance of supply and demand for the regions in which we operate. Integral to our

strategy for providing superior long-term returns is to be opportunistic in the purchase and sale of vessels. Recent

drilling success in various European locations and investment decisions by major oil companies and regional

European operators have contributed to us committing to the construction of vessels at this time.”

Also Gulf Offshore Norge, a subsidiary of Gulfmark Offshore, has ordered a new

PSV of Skipsteknisk design, from Simek shipyard in Flekkefjord, Norway. The

vessel, designated ST-216 Arctic, is based on the successful ST-216L CD design,

and will have new modified bow shape and a new improved tank configuration.

The vessel is designed for harsh environment operations, and will be ice classed

and winterized for cold climate conditions. ST-216 Arctic will have a deck area of

in excess of 1,000m2 and large cargo carrying capacity. In addition, the vessel

will have a green profile and fitted for rescue and oil recovery capabilities.

Delivery of this vessel is scheduled for the second quarter of 2013.

Heerema Marine Contractors signed a Letter of Intent with

Astilleros Armon, in Vigo, Spain, for construction of two new state-

of-the-art anchor handling tugs. Both tugs will be equipped with a

retractable bow thruster and will have DP 2 capabilities. With a

length of 72m and a width of 18m, the fully custom-built tugs will be

larger than HMC's existing tugs, “Husky” and “Retriever”. Each tug

will have a bollard pull of 180 tons and can hold up to 2,500m3 of

fuel, sufficient to sail directly from Rotterdam to Cape Town, South

Africa. The anchor winch will be able to install anchors in water

depths up to 1,500m. Each tug will also have accommodation for 28

people. Tugs are expected to be delivered in 2013.


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On Oct, 18th, the Marketing Director of Yuexin Shipbuilding, Mr. Eric Lim, signed a contract for two 77m DP2

Offshore Support/ Oil Recovery Vessels. The vessel measures 77.8m in length with a moulded breadth of 17.6m, a

moulded depth of 7.8m and maximum draft of 6.4m. With 3,600dwt, the vessel can carry 1,100m3 fuel oil, 600m3 fresh

water, 1,100m3 drill water, 700m3 mud, 280m3 dry bulk and 60 men. With 750m2 deck area, the vessels are powered

by twin 2,000kW main engines, delivering a speed on sea trials of 13.5 knots.

Harvey Gulf Marine selected Trinity Offshore to build two STX

Marine-designed, 10,500HP, LNG-fueled PSVs. The price is said to

be about $55 million each, with deliveries in November 2013 and

March 2014. The agreement is for two 302‟ x 64‟, dual fuel OSVs

with an option for a third. Trinity Offshore is a sister company to

megayacht builder Trinity Yachts, sharing the facility that used to be

known as Halter Gulfport. The yard has been significantly upgraded

by Trinity and now includes, among other things, a 3,700T syncrolift.

John Dane III, Trinity‟s President and CEO, stated “This project is a

significant step for our re-entry into the deepwater support vessel

sector and will employ 300 workers at its peak during the next 30 months.”

Singaporean offshore syndicate ASL Marine clinched a SG$ 267 million (abt. US$ 208.2 million) worth of orders for

the construction of two PSVs, a dredger and a pair of barges. The locally-listed owner‟s shipbuilding affiliate, ASL

Shipyard, did not identify the patron by name in a regulatory filing but said it expects the barges to hit the water next

year while the PSVs and dredger are due for completion in 2013 and 2014, respectively. Revenue from the projects

will be spread across the respective contact periods, a statement explains.

Marco Polo Marine Ltd. of Singapore secured two shipbuilding contracts from its associated

company, PT Pelayaran National Bina Buana Raya for construction of 5,400BHP AHTSs worth

about US$ 13.5 million each. The two units are expected to be completed and delivered in late

2012. Upon delivery, the vessels will be flagged Indonesian and be deployed by BBR to provide

services to the booming offshore oil and gas industries in Indonesia. Mr. Sean Lee, CEO of the

Group, commented “With the booming oil and gas industries in Indonesia, our effort in putting our

footprint in the industries is well paying off. Going forward, we will continue to leverage our shipyard

facilities to expand our fleet in the industries and benefit from the brisk demand in this region.”

Dubai-based Grandweld Shipyards has been appointed to build two AHTS vessels for

undisclosed offshore operators, possibly Qatar Shipping Co. SPC. The AHTS

newbuildings will be powered by two 8 cylinder MAN L27/38 diesels delivering a total of

5,440kW in a standard twin screw propulsion layout with CP props in kort nozzles. The

calculated bollard pull is 90 tons. The engines for the first and second vessel will be

shipped from Denmark in the weeks 18 and 22 of 2012 respectively. The L27/38

medium-speed propulsion engine is a popular workhorse for heavy-duty applications

like offshore supply and service vessels, anchor handlers, tugs and workboats.

JSC United Shipbuilding Corporation (USC) placed an order for two PSVs at St.

Petersburg-based Baltic Shipyard. The ships will be built for Gazprom, USC‟s head

told journalists. The supply vessels, worth $100 million each, will be ice classed Arc 4

and have a deadweight of 5,400 tons according to USC President Roman Trotsenko

said. USC is implementing a crisis management plan for Baltic Shipyard on behalf of the

Central Bank of Russia. St. Petersburg-based Baltic Shipyard is one of the largest

shipbuilding enterprises in Russia. The company specializes in the construction of diesel and nuclear-powered

icebreakers, ice-class vessels, Ro-Ro and Ro-Pax ships, heavy lift vessels and warships. Baltic Shipyard

manufactures a wide range of engineering products and power equipment. It is also a supplier of ferrous and steel

castings.


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Dutch Shipowner Vroon has placed an order for six standby safety vessels at China's yard Nanjing East Star. The

50m long ships have been contracted for operation in the North Sea and will be classed by American Bureau of

Shipping. Delivery is expected during 2012 and 2013. Propulsion will be provided by two Caterpillar 3508C main

engines rated at 820kW each for a service speed of 10kn, with accommodation being provided for 22 crew.

Damen Shipyards in The Netherlands is to build two PSVs, which are rumored

to be for Norwegian clients. The vessels are due to be delivered in the second

and third quarters of 2013. Work on the hulls will commence at Damen‟s

shipyard in Galati, Romania with final outfitting at Damen Shipyard‟s

Gorinchem facility. The two PSV 3300 series vessels are of a new design and

have a deadweight of 3,300 tons, overall length of 80m, breadth of 16.2m and

moulded depth of 7.5m. This is Damen‟s new design. See the NEWS Section

for more information.

Daewoo Shipbuilding & Marine Engineering won a $500m order to build two subsea

pipe-laying support vessels from a joint venture between Brazil's Odebrecht and France's

Technip. The South Korean shipbuilder said that the pipe-laying vessels will be built at its

Okpo shipyard. The vessels, which will have a length of 146m, breadth of 30m and are

capable of operating at a water depth of 2,500m, are scheduled to be delivered by August

2014. In addition, the joint venture has been awarded a $1 billion contract from Brazil's state-run oil company

Petrobras for the five-year charter and operation of two pipeline installation vessels with an option to extend this for a

further five years. The pipe-laying vessels have a high pipelay tension capacity

of 550T and will be employed mainly to install umbilical and flexible flowlines

and risers to connect subsea wells to floating production units in waters up to

over 2,500m deep off the shore of Brazil, including in the pre-salt area.

Technip and Odebrecht have also formed a joint venture project team that will manage the construction of the vessels

at the Daewoo Shipbuilding and Marine Engineering shipyard in South Korea, where Odebrecht is currently building its

third and fourth of four drilling units. The vessel operations and the provision of marine management and engineering

services during the charter phase will be handled by the joint venture in Rio de Janeiro.

CSSC Guangzhou Huangpu Shipbuilding in China has won a new order

for eight PSVs from a Singapore owner. The Havyard 832L SE type

newbuildings were contracted by the newly formed Basic Offshore Pte.

and are due for delivery during 2013. The Bureau Veritas class ships will

have a length overall of 84m and beam of 17.6m. The contract signing

ceremony was in November 2011, In attendance were Managing Director

Arne Johnsen from Basic Offshore, Manager Huang Zhi Hua and Wu Zheng

from BV, Mao LiLing from Havyard, Board Chairman Zhong Jian, Vice

Manager Dong ZhiCheng, Luobing and other management from the yard.

Dutch shipping company Groen ordered two seismic research & support vessels from

Maaskant Shipyards in Stellendam, The Netherlands, part of the Damen Shipyards

Group. Maaskant has broad experience in maintenance and repair of offshore support

vessels. However, the order for SRSV-newbuilds is a first. Director Frits van Dongen

says: “The Groen orders are a result of our approach towards offshore vessel design

and construction and we are very proud indeed.” The vessels have been

designed in cooperation with Saltwater Engineering (Netherlands) to meet the

needs and experiences of Groen. The vessels‟ all-weather chase and support

tasks will focus on seismic activity research. Both SRSVs will be 40m long

with a 9.30m beam. Two Caterpillar propulsion units total 1,940kW will give

the vessels a design speed of 14 knots. They can be deployed worldwide and

have accommodations for 14 people.


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Supply Vessels Worldwide According to Lloyd’s Register Fairplay Sea-Web, as of November 11, 2011, there were 6,298 “sea-going” supply vessels over 100GRT worldwide. This is up 1.74% or 108 vessels since our last report in August. Total horsepower of this fleet is 33,668,238BHP. This is up 769,766BHP or 2.34% 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 14.61% of the world market, totaling 3,845,612 horsepower (11.42% of the global horsepower) with a 16 year average age. The registry with the youngest supply fleet is Denmark with a 2011 built 1,931BHP vessel.

Top 50 “Sea-Going” Supply Vessel Fleets By Units as of November 2011 According to Lloyds Register

Flag Total BHP % #SVs % AvgBHP Avg Age

Worldwide 33,668,238 100.00% 6,298 100.00% 5,346 1995

United States Of America 3,845,612 11.42% 920 14.61% 4,180 1996

Singapore 3,102,937 9.22% 478 7.59% 6,492 2006

Panama 1,690,344 5.02% 393 6.24% 4,301 1989

Malaysia 1,556,626 4.62% 307 4.87% 5,070 2005

Vanuatu 1,843,151 5.47% 287 4.56% 6,422 1999

Unknown 753,647 2.24% 240 3.81% 3,140 1984

China, People's Republic Of 1,234,160 3.67% 237 3.76% 5,207 1994

Mexico 856,835 2.54% 222 3.52% 3,860 1991

Norway 2,300,961 6.83% 209 3.32% 11,009 2004

India 1,006,424 2.99% 203 3.22% 4,958 1994

Brazil 1,152,085 3.42% 179 2.84% 6,436 2003

St Vincent & The Grenadines 887,335 2.64% 178 2.83% 4,985 1997

Indonesia 562,053 1.67% 173 2.75% 3,249 1991

United Arab Emirates 515,015 1.53% 168 2.67% 3,066 1989

Nigeria 450,120 1.34% 129 2.05% 3,489 1987

United Kingdom 598,519 1.78% 112 1.78% 5,344 1995

Bahrain 468,579 1.39% 102 1.62% 4,594 1998

Norway (Nis) 1,019,785 3.03% 92 1.46% 11,085 2003

Luxembourg 554,455 1.65% 87 1.38% 6,373 2010

Italy 499,980 1.49% 84 1.33% 5,952 1992

Marshall Islands 455,152 1.35% 82 1.30% 5,551 2003

Cyprus 516,491 1.53% 72 1.14% 7,173 2004

Bahamas 615,044 1.83% 62 0.98% 9,920 1996

Liberia 476,090 1.41% 59 0.94% 8,069 1997

Belize 310,168 0.92% 57 0.91% 5,442 1989

Egypt 207,091 0.62% 55 0.87% 3,765 1985

Denmark (Dis) 698,861 2.08% 54 0.86% 12,942 1999

Russia 468,686 1.39% 51 0.81% 9,190 1993

Azerbaijan 291,188 0.86% 50 0.79% 5,824 1988

Iran 178,465 0.53% 49 0.78% 3,642 1983

Comoros 131,853 0.39% 44 0.70% 2,997 1984

France (Fis) 312,476 0.93% 44 0.70% 7,102 2004

Vietnam 225,223 0.67% 41 0.65% 5,493 1992

Qatar 157,115 0.47% 37 0.59% 4,246 1999

Trinidad & Tobago 68,169 0.20% 36 0.57% 1,894 1986

Honduras 72,485 0.22% 34 0.54% 2,132 1969

Netherlands 192,112 0.57% 33 0.52% 5,822 2001

Canada 328,612 0.98% 32 0.51% 10,269 1987

Isle Of Man 414,503 1.23% 32 0.51% 12,953 2000

Kazakhstan 96,621 0.29% 30 0.48% 3,221 1995

Antigua & Barbuda 303,058 0.90% 28 0.44% 10,824 2001

Venezuela 65,620 0.19% 28 0.44% 2,344 1981

Saudi Arabia 88,129 0.26% 27 0.43% 3,264 1991

Australia 88,607 0.26% 26 0.41% 3,408 1996

Turkmenistan 100,933 0.30% 26 0.41% 3,882 1985

Cayman Islands 165,879 0.49% 25 0.40% 6,635 2001

Thailand 94,434 0.28% 25 0.40% 3,777 2005

Dominica 92,963 0.28% 24 0.38% 3,873 1986

St Kitts & Nevis 84,378 0.25% 24 0.38% 3,516 1980

Kuwait 88,409 0.26% 23 0.37% 3,844 2001


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New Construction, Shipyard and Conversion News New construction continues, but at a declining pace. According to “Fairplay”, as of 11 November 2011, there were

7,956 ships over 299GRT on the World Orderbook. This is down 384 or 4.6% from 8,340 August. Of the 7,956 ships

recorded on order, 617 (up 6) are Offshore Supply Vessels and 168 (up 1) are designated as “Offshore – Other”. Of

the 617 OSVs under construction, China leads the Orderbook with a total of 183 (down 5) OSVs being built. They are

followed by India at 69, Singapore 53, 47 Brazil, USA 41, Malaysia 35, 27 Romania, Indonesia 21, Norway 15, 14 each

Poland and the UAE, the Netherlands 13, 11 each Italy, Japan and Vietnam, 8 Spain, South Korea and Turkey 7 each,

5 each Sri Lanka and Thailand, Australia, Egypt, Finland and South Africa 2 each, and 1 each France, Greece, Iran,

Nigeria, the Philippines, Saudi Arabia and the Ukraine. The 617 OSVs on the order books represents 10.22% of the

global OSV fleet of “sea-going” vessels over 100GRT which has an average age of 17 years.

The below graph shows the estimated delivery dates for those OSVs on order. Though we believe there is an error as

one OSV is shown for delivery in Q2 2010, as well as, there are several still showing for delivery earlier this year.


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CAT power leads by far the propulsion packages, with engines in 167 OSVs followed by Cummins in 91, Wartsila in

69, Bergens 34, MaK 31, Yanmar 25, MAN-B&W 22, General Electric 17, Niigata 15, 10 M.T.U., 5 Chinese Standard

Type, Daihatsu 4, 3 Mitsubishi, 2 each Baudouin and Guangzhou and A.B.C., EMD, Hyundai Himsen and Weifang

with 1 each. Engines were not listed for 116 OSVs.

The highest portion of OSVs over 299GRT being built worldwide are in the 3 – 4,000HP category with 118 OSVs, or 19.1% of those OSVs where the horsepower is listed. Followed by 11.2% being built in the 5 – 6,000HP and 11.0% 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 Under 1,000 – 2,000- 3,000- 4,000- 5,000- 6,000- 7,000- 8,000- 9,000- Over Unk. Total

1,000HP 1,999HP 2,999HP 3,999HP 4,999HP 5,999HP 6,999HP 7,999HP 8,999HP 9,999HP 10,000HP

OSVs 3 15 32 118 68 69 54 36 23 16 51 132 617

Deliveries DOF Subsea has taken delivery of DP2 DSV “Skandi Singapore”, Hull No. 621,

from shipbuilder Singapore Technology Marine. “Skandi Singapore” is an STX

DSV06 design Diving Support Vessel and measures 107.1m length overall x 21.0m

moulded breadth x 8.5m depth and a 5.8m design draft. The diesel electric vessel

is powered by four 3,150kW MAN B&W 9L27/38 diesels driving four 3,150kW

690vAC generators connected to two 3,000kW electric motors which in turn drive

twin azimuthing propellers aft, two 1,500kW tunnel and a retractable 1,500kW

directional thruster. The 900m2 deck hosts three cranes - the largest being a 140T

NOV knuckleboom. She is also equipped with an 18 man SAT dive system and two Triton work class ROVs rated to

3,000m. “Skandi Singapore” can accommodate up to 100 persons in 64 cabins. DOF Subsea Asia Pacific, a subsidiary

of DOF Subsea, has secured contracts awards for “Skandi Singapore” and the vessel will start working immediately.

The vessel will mobilize for New Zealand on completion of her current work program in Indonesia for Conoco Philips.

Work in New Zealand‟s Taranaki Basin involves diving and ROV operations for AWE Limited, Shell Todd Oil

Services Limited and Origin Energy. The program of work will be completed in February 2012. Steve Brown, EVP,

Asia Pacific said, “The „Skandi Singapore‟ is an ideal vessel for the work in the Taranaki Basin. The vessel is the

newest DSV in the DOF Subsea fleet and is equipped for extreme weather operation in environmentally sensitive

areas. Since delivery, the Skandi Singapore has proven to be a highly capable vessel and is building an excellent

reputation with our regional clients.”


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“Bourbon Front”, the first of four Ulstein PX105 design platform supply vessels built at

China‟s Zhejiang Shipbuilding has been delivered to Bourbon Offshore Norway.

The vessels are designed to minimize environmental impact, being built to DNV‟s

Clean Design class notation using catalytic reactors for minimum NOX emissions and

stamped with IMO‟s “Green Passport” recycling recommendations. “Bourbon Front”

features the ULSTEIN X-BOW® hull design combined with diesel-electric propulsion

providing outstanding fuel consumption, sea-keeping, station-keeping, speed and

cargo capacity. At nearly 89m long, the 4,250dwt “Bourbon Front” can reach a

maximum speed of 15.5 knots. The vessel is also designed with a hotel complement

with permanent capacity for 25 persons. The PX105 design uses a cargo system called Multi Application Cargo

Solution allowing increased flexibility in cargo capacity. The vessel is equipped, built and certified according to IMO

Class II for Dynamic Positioning.

Swire Pacific Offshore (SPO) took delivery recently in Qingdao, China of the

last two of eight new “P” Class AHTSs “Pacific Python” (pictured right) and

“Pacific Porpoise” (pictured below), built by Qingdao Qianjin Shipyard,

marking the successful completion of the major part of an ongoing fleet

replacement program. Equipped with a 150T line pull winch, “Pacific Python”

and “Pacific Porpoise” are IMT957 design vessels, with 5,000BHP and a

bollard pull of 64 tons. The versatile, fuel efficient vessels are well suited to

perform a wide range of offshore support activities. The pair will be deployed

to SPO's West African operations following delivery. The delivery of these new vessels will

increase SPO's fleet size to 77 vessels, with an average age of ten years. Neil Glenn,

Managing Director of Swire Pacific Offshore, said, “The delivery is an important milestone

for us as it successfully concludes a significant order, underscoring our commitment to

continuously invest in upgrading our fleet. We are happy to see the new vessels joining

our specialist fleet to provide reliable and professional services to the offshore oil and gas

industry. We will continue to develop our fleet to serve the future needs of the global

offshore oil and gas industry, upholding our position as a leading service provider.”

SPO also announced the order for four Havyard 844 XL design, 17,850BHP AHTS, with scheduled delivery between

mid-2013 to 2014, and four sister “D” Class vessels scheduled for delivery in 2012 and 2014. It has also recently

exercised the option to acquire the second wind farm installation vessel for delivery in 2012 after it placed the order for

the first such vessel last year to support the construction of offshore wind farms for European utility companies.

Tidewater Marine successfully took delivery of “Boutros Tide”, second in a series of four newbuild AHTS vessels from

Guangxin Shipbuilding & Heavy Industry (GSHI) in South China. Five days later on October 17th, “Chayaride Tide”,

the third AHTS was delivered from GSHI. Vessels are flagged in Vanuatu. The last in the series, “Mossalem Tide”, is

expected to be delivered in December, 2011. GSHI signed a contract with Tidewater for construction of four vessels

when this new shipyard was set up. It is a Chinese-foreign joint venture

specializing in the research and manufacture of marine engineering

equipment and special-purpose vessels. GSHI focuses on development of

high added-value deep-sea service vessels, offshore drilling platforms and

supporting vessels, special marine engineering vessels and offshore

complexes. The vessel series is specifically designed to meet demands for

efficient and safe management in growing offshore oil and gas field

development in Middle East. The series vessel is a Khiam Chuan Marine

KCM design 58.7m series DP-2 vessel with AH+ Towing notation. They are

equipped with three 10T side thrusters and are multi-functional vessels

capable of firefighting, anchoring, towing and supplying. The AHTSs have an overall length of 58.7m, beam 14.6m and

a draught of 4.75m. They are powered by twin CAT 3516Bs, rated at 2,575BHP each at 1,600RPM, driving four-bladed

controllable pitch propellers. Trial speed is 13.50 knots and designed bollard pull 65 tons. The first vessel in the series

was the “Atef Tide” which delivered earlier this year.


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Tidewater also took delivery of the AHTS “Rogelio Tide” (pictured left) from

Chongqing Jinlong Shipbuilding in China. The vessel was originally

commissioned as the “Lewek Labrador” in a series of four AHTSs ordered by

EMAS. Measuring 59.25m x 14.95m, the 67 ton bollard pull vessel is powered by

twin CAT3516B-HD engines producing a total

of 5,220BHP. Also entering the Tidewater

stable is the newly built 3,600dwt DP2 platform

supply vessel “Kosarca Tide” (pictured right)

delivered by Pacific Ocean Engineering of

Singapore. The hull was constructed at Jingjiang Nanyang Shipbuilding. The

“Kosarca Tide” was originally commissioned as the “PSV Arcturus”. She measures

76m x 17.6m x 7.8m depth and is powered by twin Niigata 8L28HX main engines

developing about 6,000BHP.

Malaysian owner IDS Offshore Sdn Bhd took delivery of two Bureau

Veritas classed AHTSs, the “Ids Darussalam” and her sister “Ids Darul

Ehsan”, both of which were delivered by Muhibbah Marine Engineering

Sdn Bhd in Port Klang. The Conan Wu design vessels are powered by twin

CAT C280-12 diesels developing a total power of 13,680BHP and measure

70.2m x 16m x 6.5m depth. Two tunnel thrusters forward enhance their

maneuverability. It is believed that Jasa Merin Malaysia Sdn Bhd will

operate the vessels.

Industrial Naval do Ceara S.A. (Inace) Shipyard in Brazil recently completed the

first of four new fast supply vessels (FSVs) designed by Guido Perla & Associates.

The yard is located on the Atlantic Ocean at Fortaleza and has a history of building

fishing boats, military craft, tugs and super yachts. The new craft, “Siem Caetes”, is

capable of carrying large loads at speed and is the first of four of the innovative new

Guido Perla designed fast supply vessels. At 50m it is a large craft, with 10m

moulded beam and 7,200HP. In August, “Siem Caetés”, was alongside at the Inace

yard for final outfitting. The main deck cabin extends forward, with a taper to the bow

and fully out to the sides of the hull. Stepping onto the starboard side from the 28.5m

by 7.8m open aft-deck, one enters a large stowage area complete with recessed

pad-eyes for transport of more sensitive cargos. The rig-crew-transport role of this boat is reduced to a relatively small

space on the portside of the main-deck house with seating for only 12 people. Below deck a well laid out galley and

mess area are just ahead of a companionway flanked by five crew staterooms with bunks for nine crew members.

From there a watertight door leads to the generator room with a pair of Cummins 6B-powered 99kW generators along

with electrical control panels. The main engine room houses four Cummins KTA50-M2 diesels each rated at 1,800HP

at 1,900RPM. The front of the two center engines have 280kW WEG

generators connected by Vulcan clutches. The two outside engines can be

set at 900RPM to operate in conjunction with the two 150HP bow tunnel

thrusters when holding position in DP1 mode. The main engines turn 1.2m

diameter propellers through Twin Disc marine gears. The vessels‟ liquid

capacities include: ship‟s fuel 22m3, cargo fuel oil 64.6m3, ship‟s potable

water 17.4m3 and potable water cargo 65m3. Deck cargo capacity is 250

tons. Maximum design speed, light boat, is 25 knots with a 21 knot service

speed with 175 tons deadweight. Maximum deadweight is 350 tons. The

vessel is classed by ABS +A1 AMS HSC Crewboat Notation +ABCU, SOLAS

Lifesaving or equivalent. It is also classed DnV +1A1 HSLC R2 Cargo A,

SOLAS Lifesaving. The owner is Siem Offshore of Norway. The next vessel

in the series off the ramp will be the “Siem Carajas”.


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The Russian JSC Shipbuilding yard Severrnaya Verf (Northern

Shipyard) in St. Petersburg has delivered Hull No. 696, the VS 485

designed platform supply vessel “Solvik Supplier” to Solvik Hull

Supplies II AS, a subsidiary of the Solvik Offshore Group. The ship

will be used in stormy waters of the Northern Atlantic. At the vessel

commissioning ceremony, Severmaya Verf signed a memo with GSE

Karl Sandvik, a Norwegian ship-owning company, to cooperate in the

spheres of vessels engineering, international bids, and partnership in

international projects including those on the Arctic shelf. Classed with

Det Norske Veritas and flying the NIS flag, principle vessel dimensions

are 85.0m length overall x 30.0m beam x 8.6m depth with a 7.0m draft. The 4,900mtdw vessel is powered by four CAT

3516C diesels developing a total of 9,500HP to twin azimuthing thrusters aft. Max speed is abt. 15.5kn, with a service

speed of abt. 12kn. “Solvik Supplier” is also fitted with three tunnel thrusters forward. According to Severnaya Shipyard

General Director Andrey Fomichev, the approximate cost of the vessel will be around EUR 40 million. This is the

second ship built at the shipyard for the Norwegian company.

Earlier this year, the multi-purpose support vessel “KPV Redang” was delivered Nam Cheong

Dockyard Sdn Bhd of Miri to Kencana Nautilus Sdn Bhd of Kuala Lumpur, a subsidiary of

Kencana Petroleum. Measuring 75.0m x 20.0 x 7.2m depth and a draft of 5.2m, the 2,869dwt

vessel is powered by twin Wartsila 8L20 main engines totaling 3,300BHP. Vessel is classed by the

American Bureau of Shipping.

International petroleum tanker owner-operator AET accepted delivery

of the world‟s first purpose-built lightering support vessel (LSV). The

new craft, designed by Elliott Bay Design Group of Seattle and built

by Leevac Industries in Louisiana was formally named at AET

Offshore Service’s headquarters in Galveston, Texas on 6th October.

The “AET Innovator” is designed and built to streamline ship-to-ship

transfers in the US Gulf and is the first of four sisters to be delivered

into the AET Offshore fleet, replacing older tonnage. Leading the

project for AET, General Manager of AET Offshore, Bill Merritt said:

“Lightering has been conducted in the US Gulf since the 1980s but, until now, support has been provided by converted

offshore supply vessels. Three years ago, AET decided to introduce a major improvement to the industry and began

work on a new fleet of specialty lightering support vessels. These new ships provide a more stable and effective

working platform for our lightering crews and are more maneuverable and able to handle less favorable weather

conditions. This means that our lightering operations will become safer, more efficient and more flexible – which is

good for our crews and good for our customers. It also means that we can provide a more comfortable life for our

teams who spend 28 days onboard during a normal shift.” The 185‟ x 46‟ x 15‟ LSVs are powered by twin CAT 3512Cs

creating 2,800BHP and have an estimated lightship of 1,670 tons. For improved maneuverability and speed, each boat

is fitted with a Schottel STT 170 bowthruster powered by a Caterpillar C-18. The LSVs are designed to be easily built

and easily operated, featuring less piping, ballast and cargo tankage, incorporating high-lift rudders to improve

steering. The bow design features minimal flare and an inward-canted side shell or tumblehome to optimize close-

quarter maneuvering and for ease and safety when working close-aboard tankers offshore. The LSVs are designed to

carry more hoses and fenders and can stay out at sea longer. Presiding over the

naming ceremony for “AET Innovator”, AET President & CEO, Hor Weng Yew

said: “AET began its lightering operations in the US Gulf in the early 1990s and,

today, we are proud to occupy a market leading position. We take our

responsibilities extremely seriously and strive to provide the safest and most

efficient lightering activities possible. That is why we took the decision to invest in

this new fleet of purpose-built support vessels. They represent a step-change in

how lightering is conducted in this region and will further our aim of delivering

high quality, safe transfers with minimal impact on the natural environment.”


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Greatship Global Offshore Services (GGOS), a Singapore incorporated subsidiary of the company`s subsidiary

Greatship (India) (GIL), who had signed contracts for two newbuilding multipurpose support vessels (Builder`s Yard

No. 26775 and 26784) with Mazagon Dock, Mumbai in September 2007, has now cancelled the shipbuilding contract

for one of these multipurpose support vessels, with Builder`s Yard No. 26784. With this cancellation, the order book of

GIL and its subsidiaries stands at six vessels and one 350 feet jack up rig in Dubai. The six vessels comprise of one

MSV in India, three ROVSVs in Sri Lanka and two 150TBP AHTSVs in Singapore.

Cochin Shipyard Limited (CSL) delivered the AHTS “SCI Pawan”, to state

controlled Shipping Corporation of India, Mumbai (SCI). The vessel is of AH03

type, designed by STX OSV, Norway (ex-Aker Yards) and certified under dual class

by the rules and regulations of ABS & the Indian Register of Shipping. The Indian

flagged, 65.2m x 16.0m vessel is a high end anchor handler with two each Wartsila

8L32 4,000kW each diesel and controllable pitch propellers in kort nozzles. The

120T bollard pull vessel is built to accommodate 29 persons with all capabilities of a

PSV in addition to anchor handling. This is the first of four sisters, others to be

named “SCI Ahimsa”, “SCI Kundan” and “SCI Urja”.

Also the Shipping Corporation of India took delivery of the AHTS “SCI Ratna”

from Bharati Shipyard Limited, India. SCI had signed contracts for four new AHTS

vessels, each with a bollard pull of 80 tons. The first vessel, “SCI Panna” (photo)

was delivered to SCI on August 23rd

. The remaining two vessels are scheduled for

delivery by the end of 2011. “SCI Ratna” has a deadweight of 1,983 tons. The

vessel has been classed with IRS, and has been built to comply with the latest and

most stringent international regulations. In the offshore sector, SCI presently has a

fleet of eleven vessels, ten of which were acquired during the 1980s. These vessels

have been dedicatedly serving the oil exploration and production sector in India for

the last 25 years. The four new vessels mark the first phase of a program to replace SCI‟s ten-strong AHTS fleet. The

company has 27 vessels on order at present, with nine scheduled for delivery by the end of 2011.

Norwegian builder Havyard says that its latest delivery, “Saeborg”, a Havyard 832L

supply vessel built for Faroese owner Tummas Justinussen was named and handed

over in the Faroes. The 832L is a development of the Havyard 832 design, the first

example of which was ordered by Justinussen‟s company Supply Service. The 832L is

an enlarged version of the 832, with a 900m2 deck area, compared to the 832‟s 800m2.

Supply Service has ordered another Havyard ship, a PSV of the Havyard 833 design,

scheduled to be launched In April 2012. Havyard says that “Saeborg” is 86m long, with a

breadth of 17.6m, has a 14 knot speed and carries a crew of 23. It is equipped for rescue and standby operations

totaling 200 people, and is the first ship for which Havyard Power & Systems has delivered a complete

communications and navigation package. Supply Service is part of the Sjöborg PF group, which has recently decided

to diversify from fishing into other business areas. Despite the fact that there is not yet any oil exploration around the

Faroe Islands, the group focuses heavily on the offshore industry in international markets.

The Ulstein-designed SX130 IMR vessels “Neptune Despina” and “Neptune Larissa” were named in a joint ceremony

on 26 October 2011 at Zhejiang Shipyard in China. “Neptune Despina” was delivered on 27 October. The second

vessel is to be delivered in mid-November. They were built for Neptune Offshore in Norway. Ulstein supplied design,

detailed documentation and main equipment for these vessels, including products such as main switchboards, bridge

and control room consoles, integrated alarm and surveillance system, navigation equipment and power management

system. The vessels are 98.6m long with a breadth of 19m. “Both vessels are equipped with a moonpool and an

integrated ROV hangar and can perform subsea operations such as inspection, maintenance and repair in deep water.

The vessels have Clean Design and Comfort V3 class and dynamic positioning to DP 2 standard,” said Lars Ståle

Skoge, sales and marketing manager in Ulstein Design & Solutions. The exhaust is released through the ship's side

close to the waterline, freeing space in the wheelhouse, and allowing for a full, unobstructed 360º view. Zhejiang

Shipyard is part of the Sinopacific Shipbuilding Group.


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The marine division of Renaissance Services, Topaz Marine recently took delivery of the DP II rated UT 755LC

designed “Caspian Provider” from Simek in Norway. The vessel will join Topaz‟s fleet on a four-year contract in

Azerbaijan with BP worth in total in excess of RO 15.4 million ($40 million). The

“Caspian Provider” joins four sister ships already under the management of the

Topaz Marine Azerbaijan unit. “Caspian Provider” is the fourth vessel delivered to

the company after construction in the Simek Yard in Norway. The vessel was

ordered in 2010 at a cost of RO 12.3 million ($32m). “Provider” is expected to

commence its charter with BP in early October 2011. The vessel is currently

replacing its wheelhouse and top accommodation deck, having removed them in

Turkey prior to transiting the Russian Canal system to enter the Caspian. The land-

locked nature of the Caspian Sea creates difficult geographical barriers to entry for

PSV and large vessels. Renaissance is strategically positioned in the Caspian Sea where approximately 60% of its

offshore support vessel fleet operates in Azerbaijan, Kazakhstan and Turkmenistan, where the company benefits from

a market share of 55%, 51% and 24% respectively. Renaissance Services‟ marine subsidiary, Topaz Marine, is

sustaining its fleet upgrade program which pursues acquisitions and divestments of vessels on a regular basis. Topaz

Marine‟s OSV fleet ranks within the top ten largest in the world and is among the top three youngest by average age.

The STX Europe – Braile, Romania newbuilding with yard number 744, the “Mangystau-

5”, has been delivered to her owner Caspian Offshore Service with homeport Aktau,

Kazakhstan. The icebreaker tug supply vessel of the Aker ARC 104 design is specially

built for shallow waters. The picture is taken after delivery on the Danube River near the

city of Galati Romania.

The 2011 built offshore tug supply vessel “Varada Buzios” was delivered earlier this

year to owner/managers Varada Marine, Norway. In September it was seen passing

through in Cape Town for minor repairs, provisions and bunkers presumably enroute to

Brazil. The Singaporean flag vessel has a GRT of 1,922 tons, a dwt of 1,350 tons and

is classed Det Norske Veritas. The Seatech P-729 design was delivered from Indian

yard ABG. Varada has another five sisters in this series with one in service and four still

on order. Varada has a newbuild program of 20 vessels, all at ABG.

Multi-purpose support vessel sisters “Toisa Warrior” and “Toisa Wave” were delivered

to Greek owner Toisa Ltd. from Wuchang Shipyard in China. The two vessels are

VS 483 MKIII design and are DP2 ROV/Subsea/PSV support vessels. Measuring

87.4m length overall x 19m beam x 8m depth, the vessels are powered by twin

Wartsila W6L32 engines, each developing 3,000kW or 8,000BHP in total. Each vessel

is equipped with four thrusters with twin 830kW tunnels fore and aft.

Dutch owner Vroon Offshore announced the delivery and naming of “VOS Valiant”.

The vessel was christened in a ceremony held at Astilleros Zamakona Shipyard in

Pasaia, Spain. Godmother was Mrs. Eva Maria Móreno, wife of Mr. Jesús Villacañas,

General Manager, Astilleros Zamakona Shipyard, Pasaia. “VOS Valiant” is a field-

support vessel and the last in a series constructed for Vroon at the Astilleros

Zamakona. She is the latest addition to Vroon„s fleet of modern vessels, providing a

range of emergency response and cargo-support services to the offshore industry.

Following her departure from the shipyard, the vessel will proceed to the United

Kingdom for a short term charter with British Gas. The vessel measures 60m x

12.7m x 4.5m rescue draft. Main engines total 2,920kW (two 910kW and two 550kW) with a diesel electric propulsion

system driving two 800kW azimuthing propellers. Rescue equipment consists of one 15-man daughter craft and one

15-man fast-rescue craft. Additional capabilities include 253m2 clear deck area, water 580m3 and fuel 600m3.


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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 November 18, 2011. The list shows 54 vessels on order in the U.S., 19 more than our last report.

Type of Vessel Customer Yard # Name Description Price ($mm)

Delivery

Bay Shipbuilding, Sturgeon Bay WI

PSV Tidewater Marine 303-ft. 12-Dec

PSV Tidewater Marine 303-ft. 13-Jun

Bollinger Shipyards, Amelia LA

PSV PSV Bee Marine 570 234 ft.

Eastern Shipbuilding, Panama City FL

IMR/PSV Harvey Gulf Marine 167 Harvey Deep-Sea 310 ft. 13-Mar

OSV Harvey Gulf Marine 161 Harvey Supporter 300 ft. 11-Oct

OSV Harvey Gulf Marine 162 Harvey Hauler 300 ft. 12-Apr

OSV Harvey Gulf Marine 163 Harvey Champion 300 ft. 12-Oct

OSV Harvey Gulf Marine 164 300 ft. 13-Apr

OSV Harvey Gulf Marine 165 300 ft. 13-Oct

OSV Harvey Gulf Marine 166 300 ft. 14-Apr

PSV Boldini SA (Brazil) 55 2013





PSV Hornbeck Offshore 300 ft. 45 2Q13








Horizon Shipbuilding, Bayou La Batre AL

OSV 119 194-ft. 2013

Master Boatbuilders, Bayou La Batre AL

OSV Abdon Callais 185-ft. 2012




North American Shipbuilding, Larose LA

Icebreaking AHTS Edison Chouest Offshore 247 368 ft. 2012

PSV Edison Chouest Offshore 246 280 ft. 2010

North American Shipbuilding, Exact Shipyard Unknown

PSV Edison Chouest Offshore 264 280 ft.







Quality Shipyard, Houma LA

PSV Tidewater Marine 1273 Cindy Brown Tide 265 ft. 11-Nov

Riverhawk Fast Sea Frames, Tampa FL

OSV U.S. Navy (for Iraqi Navy) 6012 197 ft. 35 11-Dec

OSV U.S. Navy (for Iraqi Navy) 6013 197 ft. 35 11-Dec

Thoma-Sea Marine, Lockport LA

PSV Gulf Offshore Logistics 295 ft. 2012

PSV Gulf Offshore Logistics 295 ft. 2012

Thoma-Sea Marine, Houma LA

PSV Thoma-Sea Marine 180 ft. 2012

PSV Thoma-Sea Marine 265 ft. 2012

Trinity Offshore, Gulfport MS

PSV Harvey Gulf 10,500 hp 55 13-Nov

PSV Harvey Gulf 10,500 hp 55 14-Mar


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VT Halter Marine, Pascagoula MS









News The U.S. House of Representatives recently scheduled to consider legislation that would

require standby rescue vessels within three nautical miles of active offshore oil and gas rigs. If

enacted, the measure would be the first significant safety measure approved by Congress since

the 2010 BP oil spill. It is sponsored by Rep. Jeff Landry, R-New Iberia, who has been among

the most vocal critics of post-spill regulations imposed by the Obama administration. His

legislation has set off a battle between two of the state's most influential industries and biggest

campaign contributors. The oil and gas industry opposes the provision as too expensive and

unnecessary, while maritime companies, which stand to gain lucrative new business, are

supportive. “It puts members from Louisiana in a real pickle because two of the most important

industry groups for our state are on opposing sides, “ said an aide to one Louisiana member who

asked not to be identified because the issue is sensitive. Landry, a freshman Republican who has railed against

government regulation, said his proposal represents a common-sense approach to a critical problem - how to ensure

the safety of rig workers in a major accident. After the blowout of BP's Deepwater Horizon in April 2011, which killed 11

workers, 115 others were rescued mainly because a supply boat, Tidewater‟s “Damon Bankston”, was alongside,

according to a Coast Guard report that recommended new requirements for standby vessels. Had workers on the rig

not taken a dinner break, Landry said, it is likely the boat would have been on its way back to shore, and many more

on the Deepwater Horizon would have perished, Landry said. “You know me, I'm not a big regulatory type of guy,”

Landry said. “I looked at how we could codify safety standards to protect the workers with the minimum impact on the

industry.” Don Briggs, president of the Louisiana Oil & Gas Assn., said the Landry provision, inserted into a Coast

Guard reauthorization bill, would significantly increase costs. “Companies already enforce a myriad of regulations that

address personnel safety for offshore operations,” Briggs said. “Having companies provide standby vessels will add a

significant cost burden and have an adverse effect on the slow recovery of

offshore drilling. Adequate response mechanisms are already in place and the

addition of standby vessels is a redundant measure.” He said Coast Guard

helicopter search-and-rescue teams are already capable of finding and recovering

“personnel that have been lost at sea.” Rep. Pete Olson, R-Texas, has readied

an amendment that would strip Landry's language from the Coast Guard bill, and

instead replace it with a proposal for a study on whether standby vessels are

needed. That angered Landry, who contends he has minimized the impact on the

oil and gas industry by giving companies a year to implement the new standards

and by allowing standby vessels to serve more than one rig at a time. “Here's the

problem with Congress,” Landry said. “Every time we have a problem no one has the gall to deal with it. Instead, they

want to punt and do a study.” Under Landry's legislation, rig operators would be required to keep a standby vessel no

more than three miles from offshore installations while performing drilling, plugging, abandonment or work-over

operations. The vessel could be up to 12 nautical miles away while other less dangerous operations are being

performed. The oil and gas and maritime industries, which are battling over Landry's bill, are major donors to Louisiana

members of Congress. For example, Landry has received $47,200 from sea transport company interests for his 2012

re-election campaign and $18,000 from oil and gas representatives, according to the Center for Responsive Politics.

Rep. Steve Scalise, R-Jefferson, received $60,400 from donors affiliated with oil and gas companies, and $35,700

from those associated with sea transportation companies, while Rep. Cedric Richmond, D-New Orleans, received

$7,500 from sea transport representatives.


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TransAtlantic has agreed on a refinancing of its existing loan

facilities regarding “Tor Viking II”, “Balder Viking” and “Vidar

Viking”. Previous loan facilities have been repaid and a new term

loan facility of NOK 675 million, with a credit period until

December 30, 2014, has been raised. The new NOK 675 million term loan facility is secured by mortgage deeds in

“Tor Viking II”, “Balder Viking” and “Vidar Viking” with priority ranking after the registered mortgage deeds that have

been pledged in favor of the Swedish Maritime Authority. The new loan facility is used for repayment of previous loans

and to pay half of the consideration in connection with the acquisition of SBS Marine. Remaining part of the loan will be

freely available for TransAtlantic. Remaining part of the consideration for SBS Marine is expected to be financed

through the issue of new shares of SEK 555 million, which is expected to be completed in December 2011.

Rolls-Royce won an order from Norwegian ship builder Simek AS to design

and equip a UT755 LC platform supply vessel. The contract includes a fully

integrated Rolls-Royce power and propulsion system including main

engines, propellers and tunnel thrusters. Deck machinery, electrical systems,

automation and control systems and bulk handling equipment are also

included in the order. Magne Hjelle, Rolls-Royce, Area Sales Manager, Ship

Technology - Offshore, said: “Simek has extensive experience building Rolls-

Royce designed vessels. We are delighted to continue our long term

relationship with this latest order, which combines a proven ship design with

a selection of leading edge marine technology, developed specifically for the

challenges of offshore operations.” The vessel will be built at the Flekkefjord

ship yard in Norway, and is due to be completed in the third quarter of 2012. It will be the 23rd Rolls-Royce UT design

vessel delivered by Simek. The UT 755 LC is a development of the popular UT 755 series vessel, designed specifically

for supplying equipment to oil and gas platforms. It will have an extended hull and larger deck space to increase the

capacity for transportation of solid and liquid cargo. Since the first UT 755 was delivered in 1996, more than 170

vessels of this design have gone into service or are on order worldwide. Increasingly efficient hull designs, diesel

electric propulsion technology and design solutions that minimize the impact on the environment and improve the

comfort and safety of the crew are hallmarks of the newer UT 755 models.

More financial maneuvers are happening at Havila as it has been

announced that Havila Shipping ASA entered an agreement to

acquire 23% of the shares in Havila PSV DIS, bringing the

company's ownership to 97%. Havila PSV DIS owns the two PSVs

“Havila Commander” and “Havila Crusader”, which are leased to

Havila Shipping on 8-year bareboat leases. Havila Shipping

acquired 74% of Havila PSV DIS in July this year, and this

acquisition is a direct continuation to consolidate ownership of the

fleet. Purchase price for the shares is based on the same vessel

values as the acquisition in July, and is approx. NOK 51.8 million, which is financed with a long-term bond.

On 19th November, the LNG-powered ship “Viking Prince” (Hull 346) was

launched at Kleven Yard. Kleven Maritime is the leading supplier of gas-powered

ships, with five delivered, and another three in the order book, including the

“Viking Prince”. Eidesvik Offshore and Kleven Maritime constructed the world‟s

first gas powered supply vessel “Viking Energy” together in 2003. Deadweight of

the new ship is 6,500 tons. She has a length of 89.6 meters, width 21 meters and

with a deck space of 1,050 m2. The environmental friendly LNG dual fuel engines

ensure low emissions of NOX and the reduction of CO2. “Viking Prince” is

powered by two Wartsila 6L20 1,080kW and two Wartsila 6L34DF main engines

and fitted with two tunnel and one retractable azimuthing thruster forward. A

sister vessel, the “Viking Princess” (Hull No. 347) is on order.


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Fourteen years after the disaster with the “Kursk” submarine in

the Barents Sea, the Russian Navy will finally get a modern

rescue ship. In August 2000, the world watched the horror when

lack of rescue equipment ebbed away the last chances of

survival for the 118 submariners onboard the sunken “Kursk”

submarine. Moscow was heavily criticized after the failed rescue

operation in the Barents Sea outside the Kola Peninsula.

Russian Prime Minister Vladimir Putin likely had the “Kursk”

disaster in mind when he, while in Severodvinsk, recently

oversaw the signing of the contract for payment of the

construction of new naval rescue vessel. Construction of the

vessel “Igor Belousov” started at the Admiralteyskiy Shipyard outside St. Petersburg in 2005. The construction

period was supposed to be less than four years, but due to problems with sub-suppliers, delays occurred. After the

final price-tag for the vessel now is agreed, the progress will speed up. The rescue vessel will be launched in 2012 and

handed over to the navy in 2014. The vessel will belong to the Northern fleet, the largest of the four Russian navies.

Onboard, there will be mini-submarines that can dive to 700 meters. These mini-submarines will have the ability to

dock to any type of submarine. NATO and Russia have over recent years cooperated on joint exercises simulating

rescue of submarines.

Deep Sea Supply Plc has signed a USD 260 mill loan agreement for the purpose of refinancing

the Company's current senior loan facility. The new loan agreement was oversubscribed and is

done at competitive terms with a syndicate consisting of five major international shipping banks.

The margin for the new facility is 2.5% with a term of five years. The new facility includes 15 of

the Deep Sea Supply's 22 vessels, including one newbuilding. The main purpose of the

refinancing is to facilitate further growth of the company, by way of improved flexibility and

changed set of financial covenants. Furthermore, Deep Sea Supply earlier this year secured local

financing in Brazil for a newbuilding platform supply vessel that will be delivered in 1Q 2012. Agent for this facility is

BNDES, the Brazilian Development Bank. Terms of the agreement are very competitive with approx 80% leverage, a

fixed total interest rate of approx 3.9% and 18 years profile and maturity. Following the above mentioned loan

agreements, the newbuilding program of Deep Sea Supply is fully financed.

The 1977 Ulstein built UT-704 AHTS “Sao Mai 03” (ex-Araks), the second service

vessel of Vietsovpetro J.V., has been repaired in Dung Quat Shipyard. Its

dimension is 64.4m long, 13.8m wide with a deadweight of 1,190 tons. Like most UT-

704s of the era, she is powered by a pair of Nohab F216Vs developing a total of

7,040BHP and driving CP props. 50 days of repair work were carried out by Dung

Quat. The scope of work for repair exceeded 155 items, such as main engine,

generator sets, HVAC, cooling system, winches, accommodation. Dung Quat

Shipyard is a subsidiary of PetroVietnam and is based in Quang Ngai Province.

Samantha Craig, the fourth generation of family-owned shipping and energy services

business, Craig Group, launched the latest addition to the fleet. “Grampian Don” is the

first of four new “D class” emergency response and rescue vessels ordered by Craig

Group earlier this year, representing a GBP 35 million investment, which will see four new

vessels take to the waves in 2011 and 2012. This will create 120 jobs in the North Sea

marine sector and further modernizing the fleet, operated by North Star Shipping. These

new vessels will replace existing tonnage in the group‟s 31-strong fleet, making it the

largest, most modern, wholly-owned British fleet engaged in the UK offshore industry. The

emergency response and rescue vessels will be designated NSS-IMT 950s, designed by

OSD-IMT of Montrose and equipped with daughter craft and fast rescue craft. Miss Craig,

group corporate communications manager, formally launched the new vessel at the

Balenciaga Shipyard in Northern Spain, which is the sixteenth vessel to be built there.


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In September the keel-laying ceremony of Yuexin’s 58.7m AHTS vessel YX3157

built by Yuexin for Martens Marine Company was held at No. 1 dock in Yuexin

shipyard. YX3157 is built to ABS Class notation which includes Al Offshore

Support Vessel, AH, Towing Vessel, Fire Fighting Vessel Class 1, AMS DPS-1

and is a Khiam Chuan Marine design. The vessel measures 58.7m in length with

a moulded breath of 14.6m, a moulded draft of 5.5m and a maximum draught of

4.75m. It can carry 42 men, 475m3, fuel oil, 230m3 fresh water, 187m3 drill water

and 250m3 cement. The designed bollard pull reaches 65T and the designed

speed reaches 13.5 knots. Clear deck is 370m2

The first vessel designed by Havyard group in Norway to be built in China has

been launched. The vessel from the Herøy-based company is of Havyard 843

design and was launched at Yuexin Shipbuilding on 28 October. The AHTS will be

named “Kan Tan 225” and is being built for the Chinese shipowner Shanghai

Offshore Oil Shipping Co, part of Sinopec. The 16,000BHP, 3,000dwt vessel will

measure 81m x 19.5m, will be powered by twin MAK 12M32C main engines and

will have an estimated Bollard Pull of around 200T.

Arctech Helsinki Shipyard says it has started production of a

second icebreaking supply vessel for Russian shipping company

Sovcomflot at the Helsinki Shipyard. Both vessels will be delivered

in April 2013. The two ships will supply the Arkutun-Dagi oil and gas

production platform of Exxon Neftegas in the Sakhalin area of

Russia. Production of the first vessel was started at Vyborg

Shipyard in July 2011 and production of the sister vessel has begun

in Helsinki. 37 of the hull blocks of the vessels will be assembled at

Vyborg Shipyard and five in Helsinki. The reason for most of the hull

modules being built at Vyborg is that steel production in Helsinki was closed down in 2003. “At Arctech we are more

concentrated on the project management, design, hull assembly, outfitting and implementation”, says Esko Mustamäki,

managing director of Arctech Helsinki Shipyard. Arctech Helsinki Shipyard says that cooperation with its Russian part-

owner United Shipbuilding Corporation is “about to become more active”. An on-site training program for the

Russian workers will start at Helsinki in February 2012, with the aim of familiarizing them with Finnish shipbuilding

practices, occupational safety and working methods, with the aim of outsourcing more hull work to Russia. Arctech is

jointly owned by STX and United.

Croatian based Viktor Lenac Shipyard has been recently awarded a contract for the conversion of the offshore

support vessel “Sampson”, which is managed by V Ships and Zafiro Marine and owned by CarVal Investors LLC, a

leading investment manager. “Sampson” will be converted into a crane and pipelay vessel. Six new 2,200kW diesel

generators will be installed in two independent engine rooms. New ship

systems will be installed with more than 40 tons of piping. Two new thrusters

will be installed. A HiPAP system will also be installed and a new A&R winch

room will be built and outfitted. Pipelaying equipment including tensioners,

track supports, conveyors, pipe loader will also be installed with hydraulic

systems on the main deck. A new 300 ton pipelay tunnel and 276 ton A-

frame structure will be built and installed, along with a new 390 ton stinger

structure for laying offshore pipelines. Existing ship systems will be modified

to accommodate new equipment, propulsion and power generation. Two

engine rooms, two switchboard rooms and two thruster rooms will be outfitted

and a HVAC system will be installed in new ship spaces. More than 150km of cables will be installed in total. The

superstructure will undergo considerable modification including gym, sauna and swimming pool. The 180.0m x 32.0m

x 12.0m depth / 7.5m draft “Sampson” was originally built by PT Drydocks World Pertama in Batam in 2010.


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Damen Shipyards unveiled its new platform supply vessel at EUROPORT

2011 and anticipates it will launch a complete PSV range in the next few

months. The PSV 3300 E3 is a dedicated supply vessel to transport

supplies to oil and gas rigs and is specifically designed to perform safely in

adverse weather conditions. The first two vessels will be built at the

renowned Damen shipyard in Galati, Romania. Delivery is scheduled for

early 2013. Damen‟s new vessel series will range from the smallest PSV of

1,500dwt to the largest of approx. 6,500dwt. The new range of vessels is

expected to launch in the first quarter of 2012. Although the series of

vessels are primarily designed as PSVs, the platforms can also serve as a

basis for other offshore support services such as diving support, drilling or

well stimulation. Vessels can also play a role in oil recovery and firefighting.

A unique eye-catching design, with a well-designed, sleek bow makes the PSV 3300 E3 a distinctive vessel. The

vessel boasts a large 700m2 main deck and can carry 10% more cargo than Damen‟s former PSV. Even though it has

a larger cargo capacity, the new vessel will have improved speed performance with the same engine size, facilitating

significant savings in fuel costs and emissions. This vessel follows on from the Damen PSV 3000 of which nearly 20

have been built so far. Damen has spent a lot of time on Research & Development and model tests of the new 80m

long vessel. This resulted in a modern hull with lower resistance and extremely good seakeeping behavior. Mark

Couwenberg, one of the ship‟s designers, describes the vessel as a “sea truck” because it offers efficient, reliable and

safe logistics at sea. He stresses that the new vessel type has benefited from design input from the PSV 3300‟s

Norwegian client and from operational studies carried out on Damen PSV 3000 vessels operating in the North Sea.

“We examined the logbooks and asked the crew to fill in questionnaires. We really looked at how these vessels were

being used and all of this input was fed into the new PSV 3300 design. This added to extensive experience that we

had already built up from our designs for the Brazilian market, where more than 15 of these vessels are operating to

the full satisfaction of their owner.”

“We have spent considerable time on extensive CFD studies to

investigate and optimize the hull shape. A model of the resulting hull has

been tested at Maritime Research Institute Netherlands (Marin) to verify

the results,” he adds. The slender hull reduces fuel consumption, not only

in calm water but especially in rough seas. Slamming has been reduced to

very low levels, which results in improved comfort and safety, vessel and

cargo. Safety and comfort are given a high priority. Accommodation is

designed to the current standards in the 24/7 offshore industry and each

cabin has access to the Internet, radio and television. The vessel provides

a safe working environment, especially on deck but also in all other

working areas. Additionally, there is a safe, sheltered foredeck.

The Damen mind-set during the design process is to reduce the impact vessels have on the environment and to build

ships according to the Damen E3 principles that take into account the needs of the planet, the people operating the

ship and the owner‟s need to make a profit: Environmentally friendly, Efficient in operation and Economically viable.

“The starting point here was the right hull because this is vital in reducing fuel consumption,” stresses Jan van Os,

Product Director Damen Offshore & Transport. “Every tonne of fuel saved translates to a reduction of emissions.” In

addition, the vessels fulfill the latest requirements of Clean Design and Environmental Protection standards of the

major classification societies. The location of oil tanks, hull coatings, refrigerants, ballast water and other

environmental aspects were also given special attention.

All in all, Damen expects the PSV 3300 E3 and its smaller and larger sister vessels to be a successful design. Mr. van

Os says: “Essentially, the new PSV is more productive, more environmentally friendly and has many interesting

features.”


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Fincantieri Marine Group (FMG) announced that its Bay Shipbuilding

Company of Sturgeon Bay, Wisconsin started steel-cutting on two 92.4 meter x

19.0m x 7.5m depth (303‟) platform supply vessels of the MMC 887 LH PSV

Design from MMC Ship Design of Poland, for New Orleans, Louisiana-based

Tidewater Marine. The 5,500dwt deepwater class PSVs are state-of-the-art

diesel-electric azimuthing propulsion vessels with four main engines, redundant

DPS-2 dynamic positioning, ABS Polar Ice Class 7, Firefighting Vessel Class 2,

and ENVIRO ABS notations. “I am very pleased and excited that we are building

the first Polar Class 7 Platform Supply Vessels for Tidewater Marine under the

newly developed American Bureau of Shipping (ABS) Rules,” said Gene

Caldwell, Vice President and General Manager of Bay Shipbuilding Company.

“This has allowed us to transition from the OPA ‟90 Tank Barge Market into the Offshore Arctic and Deepwater Market

Sectors. Equally important, this production will jumpstart the recall of our previously laid-off workers.”

“With the win of this project, our focus remains to acquire additional contracts and grow our

commercial business in concert with the continued CAPEX support being provided by our parent

company, Fincantieri Cantieri Navali Italiani S.p.A.,” said Floyd Charrier, Vice President of Sales

and Marketing. “We don‟t actually lay a keel anymore with today‟s modular manufacturing

techniques,” explained Gene Caldwell. “This actually represents the first 50 tons of fabricated

steel.” The ships, believed to be the first PSVs built at a Great Lakes shipyard, will join Tidewater

Marine Services‟ fleet of more than 650 vessels used in the petroleum industry worldwide. Cutting

of steel began 19th September and keel-laying for Hull 772 is about two weeks off, Caldwell said.

Workers, supervisors and company officials gathered around a sign commemorating the occasion

for photos. This particular piece of the hull will be part of the ship‟s centerpiece, said project

manager Steve Propsom. The keel laying is one of several “definable moments” in the life of a shipbuilding project,

Caldwell said. The next will be completion of 1,000 tons of fabrication, then the launch and finally delivery of the

finished vessel to Tidewater, expected in October 2012 and April 2013. About 250 workers will play a role in

construction of the ships, although not that many workers are currently on the job, he said. Bay Shipbuilding plans to

call back laid-off union workers as the project requires.

The Oceanografia SA de CV owned PSV “Caballo Genitor” (Hull No. 433)

has been launched from Scheepswerf De Hoop Lobith in The Netherlands.

The 2,050dwt vessel measures 66.6m length overall x 12.8m beam x 4.65m

draft. The diesel electric vessel will be powered by twin C32 Caterpillar

1,890kW diesel generators connected to two 900kW electric motors driving

twin azimuthing electric drives aft. Total power is abt. 2,570BHP. “Caballo

Genitor” is also fitted with a 350kW tunnel thruster forward. The DeHoop

“KISS” design vessel will be Mexican flagged and should deliver in Q1 of

2012. Lloyds Register will class the vessel with the 100A1 notation.

Kleven Maritime’s extensive investment program will result in new facilities for both the group‟s Kleven and Myklebust

shipyards. To increase newbuild capacity at Kleven Verft, in Ulsteinvik, Norway, a 100m quay and new 40m x 150m

drydock will be built, while a similarly dimensioned floating dock has been earmarked for the Myklebust Verft in Sande.

The NOK 300 million investment package also includes a new piping

workshop and automated welding machines for both facilities. Construction is

due for completion by the end of 2013. Last year Kleven Maritime, Norway‟s

largest Norwegian-owned shipbuilding group, registered record results.

Operating profit was NOK 238.7 million, an increase of NOK 96 million compared with 2009, which itself was a record

year, and 2011 is looking healthy with an order reserve of 10 ships, with a combined value of NOK 3.7 billion. The

shipbuilding and repair group is currently waiting to hear if it has won the contract to carry out the extensive repair work

to the Hurtigruten-operated passenger ship “Nordlys”, which was engulfed by fire last month. The 11,204GT vessel is

currently in Aalsund, Norway, undergoing temporary emergency repair work.


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Corporate News In the third quarter of 2011, Bourbon’s revenues amounted to 252.2 million euros,

up 14% (+20% at constant exchange rate) over the same period in 2010, buoyed

by the steady improvement in daily rates and the good performance of shallow

water offshore vessels. Compared with the second quarter of 2011, Bourbon

revenues were up 2% (+2.5% at constant exchange rate). While “Other” revenues

mainly issued from chartered vessels were cut by one third, revenues of Marine

and Subsea Services owned vessels activity were up 4%. “In a favorable oil & gas

environment, the price per barrel of Brent (113 US$ over the quarter) remains at a

high level and the North Sea activity started to recover before the steady upturn in rates for offshore vessels

worldwide. Prospects for increasing utilization rates and daily rates are set fair for the fourth quarter in deep and

shallow water offshore” says Christian Lefèvre, Chief Executive Officer of Bourbon. “Backed by the success of our

Bourbon Liberty series with our oil & gas clients, Bourbon is, and should continue to be, one of the main services

companies to benefit from this recovery. However, Bourbon's financial performance will only be impacted gradually, as

contracts are renewed, and will be offset by the costs of commissioning new vessels.”

During the quarter, Bourbon took delivery of 15 new vessels (six shallow water offshore vessels and nine crewboats),

while three crewboats, each around 18 years old, were taken out of the fleet in the period. The average utilization rate

for the fleet rose to 83.4% in the third quarter of 2011 (+4.2 points compared with

the third quarter of 2010), logically posting a slight decline compared with the

second quarter of 2011 (-1.3 points) due to a large number of vessels joining the

fleet. The Europe & Mediterranean/Middle-East and American Continent regions

were up sharply year on year. This performance is due to inclusion of the full effect

of the contracts in Brazil and the recently signed contracts in Turkey and the UK.

Compared with the third quarter of 2010, Marine Services revenues were 17%

higher at 200.3 million euros. This rise is mainly due to strong performance from

the shallow water offshore vessels segment which posted 50% growth in revenues

and an upswing in its utilization rate (+4.3 points) and average daily rates.

Compared with the second quarter of 2011, revenues for the Activity increased by

5%, thanks particularly to the growth of the deepwater offshore vessels segment, marked by an upturn in the

segment‟s utilization rates to a total of 90.2% (+ 3.3 points) and by improvement in average daily rates.

BOURBON's Offshore Fleet Utilization Rates

Q3 2011 Q2 2011 Q1 2011 Q4 2010 Q3 2010 Q2 2010 Q1 2010 Q4 2009 Q3 2009

Average utilization rate 83.40% 84.70% 83.10% 81.10% 79.20% 81.00% 78.10% 78.30% 82.70%

IMR vessels 94.00% 96.30% 92.00% 91.20% 91.50% 89.80% 80.90% 90.40% 88.90%

Deepwater supply vessels 90.20% 86.90% 88.10% 88.70% 90.40% 92.10% 89.40% 91.40% 94.50%

Shallow water supply vessels 86.40% 90.20% 84.80% 74.20% 71.00% 75.40% 72.40% 80.60% 79.60%

Crewboats 79.70% 81.40% 80.50% 80.50% 77.40% 78.60% 75.90% 73.20% 79.60%

Compared with the third quarter of 2010, revenues generated by

deepwater offshore vessels in the third quarter of 2011 recorded a 3%

increase to 81.7 million euros, representing 41% of the total Marine

Services revenues. The average utilization rate remained stable at

90.2% while the daily rate was 6.8% higher. Compared with the

second quarter of 2011, revenues were up 10%. This was partly the

result of a significant improvement in the level of North Sea activity

while the second quarter had not had the benefit of the traditional

favorable seasonal effect, as well as the renewal of 5 medium-sized

PSV contracts at much higher prices. In addition, Bourbon was once

again in a position to charge for mobilization fees. Average utilization

rates increased by 3.3 points and the average daily rate by 7.3%.


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Compared with the third quarter of 2010, revenues from shallow

water offshore vessels in the third quarter of 2011 were up sharply

(+50%) at 61.5 million euros and now account for 31% of total

revenues for the Marine Services activity. The utilization rate of the

vessels was 86.4%, up 15.4 points year on year. Compared with

the second quarter of 2011, revenues were up 4%, mainly due to

the expansion of the fleet (5 vessels delivered in the second

quarter of 2011, contracted for the third quarter of 2011). Average

daily rates continued to increase, in line with buoyant activity. The

repositioning of part of the fleet on expiry of contracts resulted in a

slight dip in the utilization rate.

Increased demand for offshore service vessels should continue in the coming years. Significant investments by oil and

gas clients and their 4-year prospects have been scaled up. The outlook for a greater number of active drilling rigs and

offshore construction companies‟ strong order books confirms the

sharp rebound expected on the market. In the short term, the IMR

activity supporting wind farms in the North Sea is expected to slow

with the onset of winter. Clients will continue to prefer innovative

and high productive vessels like those in the Bourbon fleet. The

process of replacing older vessels on the market will speed up to

meet the oil and gas companies‟ stringent demands in terms of “risk

management”. The market is expecting an improvement in the

utilization rates of offshore vessels and a continuing improvement in

daily rates during the fourth quarter of 2011 and in 2012. Through its unique positioning, its service offer, the quality of

its fleet and the expertise of its personnel, Bourbon will reap the full benefit of this improvement in the market.

Bourbon‟s 2011 results will continue to be affected by the euro/dollar exchange rate.

Baker Hughes’ net income for the third quarter 2011 of $518 million, excludes a $214 million

tax benefit associated with the reorganization of certain foreign subsidiaries and a $26 million

after-tax loss related to the early extinguishment of debt. This compares to $255 million for

the third quarter 2010, and adjusted net income of $408 million for the second quarter 2011.

Revenue for the third quarter 2011 was $5.18 billion, up 27% compared to $4.08 billion for

the third quarter 2010 and up 9% compared to $4.74 billion for the second quarter 2011. Chad C. Deaton, Baker

Hughes chairman and chief executive officer, said, “The third quarter was a record revenue quarter for Baker Hughes.

In Canada, the rig count grew substantially throughout the quarter and our operational results reflected this growth.

Strong growth continues across U.S. Land, and capacity across most of the market remains tight. The Gulf of Mexico

improved marginally during the quarter as the pace of permitting modestly improved. We continue to position our

organization to respond to gradual growth in the Gulf of Mexico over the medium term. Internationally, we delivered

strong revenue growth, but margins declined approximately 125 basis points primarily as a result of a change in

geographic and product mix. The strategy we set in place last year to enhance our international operating margins has

delivered approximately 700 basis points year-on-year improvement. We expect to deliver 15% international margins

in the fourth quarter. The commodity, capital, and foreign exchange markets have experienced tremendous volatility

throughout the third quarter; however, we have seen no material change in customer behavior. A substantial majority

of our customers' projects are justified at prices far lower than the current commodity price levels and sufficient liquidity

appears to be available to continue to develop these projects. We are very encouraged by the long-term prospects for

the North American and International markets. Oil demand is at record levels and growth for hydrocarbons will remain

strong in the years to come, supported by the continued industrialization of developing economies. Production from

declining conventional resources will be replaced by increases in production from the service-intensive unconventional

hydrocarbon resources in the U.S. and over time, internationally. We continue to position Baker Hughes to take

advantage of long-term opportunities while maintaining the flexibility to address short-term changes to our business.”


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Seacor Holdings Inc.’s net income the quarter ended September 30, 2011 was

$3.8 million, on operating revenues of $571.4 million. For the preceding quarter

ended June 30, 2011, net income attributable to Seacor Holdings Inc. was $9.0

million on operating revenues of $536.4 million. For the quarter ended September 30, 2010, net income attributable to

Seacor Holdings Inc. was $149.9 million on operating revenues of $979.8 million. Seacor‟s results for its

Environmental Services, Offshore Marine Services and Harbor and Offshore Towing Services business segments for

the three ended September 30, 2010 reflected significant oil spill response activities in the U.S. Gulf of Mexico

following the Deepwater Horizon sinking in April 2010. Offshore Marine Services reported operating income was $7.6

million on operating revenues of $93.3 million compared with operating income of $5.5 million on operating revenues

of $93.4 million in the preceding quarter. Third quarter results included $5.2 million in gains on asset dispositions

compared with $3.6 million in gains in the preceding quarter. In the third quarter, the total number of days available for

charter decreased by 458, or 4.2%; overall utilization increased from 70.7% to 72.4%; and overall average day rates

increased by 1.6% from $11,142 per day to $11,318 per day. A soft market for offshore marine equipment in the U.S.

Gulf of Mexico continued to negatively impact results. Utilization was 53.5% compared with 54.6% in the preceding

quarter and average day rates decreased from $12,982 per day to $10,631 per day. As of September 30, 2011,

Seacor had seven vessels cold-stacked in the U.S. Gulf of Mexico, unchanged from June 30, 2011. Activity in

international regions improved during the third quarter, particularly in West Africa, primarily due to the commencement

of several long term charters. Utilization was 85.2% compared with 81.0% in the preceding quarter and average day

rates increased from $10,354 per day to $11,612 per day. Equity in earnings in the third quarter increased primarily

due to an $8.4 million gain, net of tax, recognized upon Offshore Marine Services' Mexican joint venture issuing an

additional equity interest to an unrelated third party.

Seacor Holdings Rates & Utilization

2011 2010 2009

30-Sep 30-Jun 31-Mar 31-Dec 30-Sep 30-Jun 31-Mar 31-Dec 30-Sep 30-Jun

Fleet Count:

AHTS 19 19 19 20 20 20 20 23 21 21

Mini-Supply 8 8 9 9 12 12 11 11 11 12

Standby-Safety 27 26 26 26 26 26 25 25 24 24

Supply/Towing Supply 34 34 33 35 35 36 36 40 40 41

Day Rates:

AHTS $27,287 $32,179 $29,685 $32,687 $41,619 $40,592 $30,602 $34,293 $31,993 $36,486

Mini-Supply $7,535 $7,494 $7,677 $7,616 $9,850 $9,641 $7,001 $7,452 $6,822 $6,286

Standby-Safety $9,302 $9,180 $8,870 $8,839 $8,574 $7,861 $8,302 $8,733 $8,795 $8,522

Supply $15,459 $13,561 $13,224 $14,378 $16,337 $14,402 $13,151 $14,748 $15,244 $14,716

Towing Supply $8,809 $8,484 $10,388 $11,136 $10,798 $10,467 $11,967 $12,300 $12,202 $11,973

Utilization:

AHTS 52% 53% 34% 55% 82% 89% 62% 58% 57% 66%

Mini-Supply 87% 77% 62% 55% 90% 61% 54% 48% 54% 61%

Standby-Safety 88% 89% 84% 91% 88% 88% 89% 91% 91% 88%

Supply 70% 74% 65% 66% 86% 78% 78% 80% 66% 79%

Towing Supply 43% 33% 68% 70% 73% 81% 76% 87% 84% 98%

Available Days:

AHTS 1,564 1,547 1,530 1,641 1,675 1,729 1,710 1,748 1,673 1,547

Mini-Supply 644 728 779 930 1,012 1,001 990 1,012 1,046 1,319

Standby-Safety 2,392 2,291 2,250 2,300 2,300 2,222 2,160 2,208 2,208 2,184

Supply 1,748 1,591 1,548 1,739 1,748 1,729 1,710 1,748 1,834 1,820

Towing Supply 368 494 540 553 560 690 809 828 828 819

As of 30th September 2011, Seacor Holdings operated 28 harbor and offshore tugs and five ocean liquid tank barges,

down from 31 tugs and 5 barges the year earlier. During the nine months ended September 30, 2011, capital

expenditures were $212.4 million. Equipment deliveries during the period included three offshore support vessels, 55

inland river dry cargo barges, two liquid tank barges, nine helicopters and one harbor tug. In addition, Seacor Holdings

acquired a controlling interest in an offshore support vessel. During the nine months ended September 30, 2011,

Seacor sold nine offshore support vessels, eight helicopters, one inland river towboat, six inland river deck barges, two

harbor tugs and other equipment.


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Hornbeck Offshore Services’ third quarter 2011 decreased 15.6% to $105.8 million compared to

$125.4 million for third quarter 2010 and increased 30.9% compared to $80.8 million for second

quarter 2011. Operating income was $14.6 million, or 13.8% of revenues, for the third quarter of

2011 compared to $43.3 million, or 34.5% of revenues, for the prior-year quarter; and $3.8 million,

or 4.7% of revenues, for second quarter 2011. Hornbeck recorded a net loss for third quarter 2011

of $0.7 million compared to net income of $18.2 million for the year-ago quarter; and a net loss of

$7.0 million for second quarter 2011. EBITDA for third quarter 2011 was $35.0 million compared to

third quarter 2010 EBITDA of $63.1 million and second quarter 2011 EBITDA of $24.0 million.

Revenues from the Upstream segment were $92.0 million for the third quarter of 2011, a decrease of $20.0 million, or

17.9%, from $112.0 million for the third quarter of 2010; and an increase of $24.0 million, or 35.3%, from $68.0 million

for the second quarter of 2011. Lower Upstream revenues for the third quarter of 2011 compared to the same period in

2010 primarily resulted from a regulatory-driven slow-down in the pace of drilling permit activity and the absence of oil

spill cleanup efforts that existed during the prior-year quarter. These market conditions led to a decline in demand for

Hornbeck's MPSVs and, to a lesser extent, lower revenue earned from new generation OSVs that were in-service

during each of the quarters ended September 30, 2011 and 2010. These lower revenues were partially offset by

incremental revenues earned by vessels operating in Latin America

and improved spot market conditions in the U.S. Gulf of Mexico.

Upstream operating income was $13.8 million, or 15.0% of revenues,

for the third quarter of 2011 compared to $40.1 million, or 35.8% of

revenues, for the prior-year quarter; and $3.9 million, or 5.7% of

revenues, for the second quarter of 2011. Average new generation

OSV dayrates for the third quarter of 2011 were $20,945 compared to

$21,628 for the same period in 2010 and $20,493 for the second

quarter of 2011. New generation OSV utilization was 75.3% for the

third quarter of 2011 compared to 75.7% for the year-ago quarter and

67.9% for the sequential quarter. Hornbeck's new generation OSV

average dayrates for the third quarter of 2010 were favorably

impacted by vessels participating in the oil spill relief efforts that

concluded in the fourth quarter of 2010. The primary drivers for the sequential increase in Upstream revenues and

operating income were higher demand for Hornbeck's MPSVs, the commencement of charters for five vessels working

in Latin America and an increase in Hornbeck's active new generation OSV fleet. Hornbeck had an average of 6.3

stacked new generation OSVs during the third quarter of 2011 compared to quarterly averages of 5.1 stacked vessels

during the year-ago quarter and 10.9 stacked vessels during the sequential quarter. Effective new generation OSV

utilization for Hornbeck's active fleet, which excludes the impact of stacked vessels, was 85.9% for the third quarter of

2011 compared to 84.2% for the year-ago quarter and 86.3% for the sequential quarter.

Hornbeck Offshore Services’ Utilization & Day Rates

2011 2010 2009

30-Sep 30-Jun 31-Mar 31-Dec 30-Sep 30-Jun 31-Mar 31-Dec 30-Sep

Number Vessels 51 51 51 51 50.3 49.5 48.5 46.2 44

Avg. Dwt 2,514 2,514 2,514 2,514 2,510 2,505 2,499 2,483 2,469

Utilization 75.30% 67.90% 59.00% 66.30% 75.70% 71.80% 72.90% 73.10% 71.90%

Avg. Dayrate $20,945 $20,493 $21,011 $20,694 $21,628 $23,874 $19,986 $19,880 $20,915

As of September 30, 2011, excluding seven non-core vessels, Hornbeck‟s operating fleet consisted of 51 new

generation OSVs, four MPSVs, nine double-hulled tank barges and nine ocean-going tugs. While Hornbeck recently

unstacked all but five of its new generation OSVs, with an average of 9.3 new generation OSVs projected to be cold-

stacked for the full-year 2011, their active Upstream Fleet for fiscal 2011 is expected to be comprised of an average of

41.7 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 15.9 “spot” vessels that are currently operating or being offered for service under short-term charters.

These estimated vessel counts already reflect approx. 528 aggregate days out-of-service related to customer-required

modifications and pre-positioning of six vessels that mobilized to Latin America during 2011 for multi-year charters.


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Hornbeck's forward contract coverage for its 51-vessel fleet of

new generation OSVs for the remainder of 2011 is currently

73%, which is up from 62% for such period when Hornbeck last

reported earnings on August 4, 2011. New generation OSV

contract coverage for the fiscal years ending 2012 and 2013 are

currently 46% 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 78%, 51% and

40%, respectively.

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 15.9 spot OSVs and

average 9.3 stacked OSVs. Hornbeck cannot reasonably provide meaningful annual

guidance regarding the effective dayrates anticipated for the average 25.2 non-term new

generation OSVs due to the wide range of potential outcomes of its current domestic and

international bidding activity for such vessels. However, as a point of reference, recently improved market conditions

have allowed Hornbeck to achieve leading-edge spot dayrates for its 240 class DP-2 OSVs in the $28,000 to $32,000

range, or roughly double the spot dayrate levels from the first half of 2011. Whether these rates can be sustained will

depend on the future pace of permitting in the Gulf of Mexico.

Hornbeck expects maintenance capital expenditures and

other capital expenditures to be approximately $36.8

million and $23.2 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 mobilized to

Latin America for multi-year charters. 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 million

and $45 million per year. Hornbeck Offshore Services,

Inc. increased the size of its previously announced

underwritten public offering of shares of its common stock

from 6,750,000 shares to 7,000,000 shares and priced the Offering at a price to the public of $30.00 per share, for total

gross proceeds of $210,000,000 before underwriting discounts, commissions and offering expenses. Hornbeck has

granted the underwriters a 30-day option to purchase up to an additional 1,050,000 shares. The Offering is expected to

close on November 16, 2011, subject to customary conditions. Hornbeck intends to use the net proceeds from the

Offering to partially fund its latest newbuild construction program comprised of new generation offshore supply vessels,

which was announced on November 7, 2011. In addition, the Offering proceeds may be used in connection with

possible future acquisitions and additional new vessel construction, as well as for general corporate purposes.

Sweden's Rederi AB TransAtlantic is to acquire all shares in the British offshore shipping

company SBS Marine (Holdings) Ltd. from Kistefos AS for a preliminary consideration of

approx. SEK 340 million (abt. US$ 49.1 million). SBS Marine has a net debt of approx. SEK 480

million (abt. US$ 69.3 million). TransAtlantic plans to raise SEK 550 million through a rights issue

to finance the acquisition and to strengthen the company‟s financial position in advance of a

forthcoming division of the group. Aberdeen-based SBS Marine operates a fleet of five modern

and one older platform supply vessels with a current turnover of approx. SEK 220 million on an annual basis. SBS

Marine was founded in 2000 and since 2006 has been an indirectly wholly owned subsidiary of Kistefos. The

acquisition of SBS Marine is a part of TransAtlantic‟s focus on the business areas of offshore and icebreaking.


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39

GulfMark Offshore, Inc. reported net income of $14.2 million on revenues of $103.8 million for

the quarter ended September 30, 2011. Bruce Streeter, President and CEO, commented, “The

third quarter benefited from increased pricing and utilization in the North Sea, better pricing in

the Americas and higher utilization in Asia. It's encouraging to see quarterly revenue exceeding

the $100 million mark. That's an achievement we have not seen in a couple of years. Looking

back to the first quarter of this year, the business has improved substantially as the year has

progressed. As the signs of recovery continue in the Gulf of Mexico and as the global economy

finds its footing, we anticipate our business will continue to improve over the next few years. I

think there are a couple of noteworthy items that should help in understanding the third quarter

results. The first is that we have largely completed our scheduled drydock program for the year, and we expect to be

very close to the $17 million figure we budgeted for 2011. This entailed moving drydocks forward from the fourth

quarter and resulted in drydock expense for the third quarter being approximately $2 million higher than anticipated.

Second, in Brazil, we experienced a non-cash foreign currency charge of approximately $3 million. In addition, direct

operating expenses during the quarter were also higher than we anticipated. Some of the increase in expense is

related to the cost of moving and preparing vessels for contract changes, some related to inflationary pressures in our

international locations, and some related to a higher operating activity level than we had planned. Since reporting the

second quarter results, we have announced the commissioning of the construction of six new vessels intended for use

in the North Sea, but with the potential for use in other areas. We are extremely excited about these new vessels. Our

customers continue to demand technologically advanced offshore support vessels, and these vessels will meet their

expectations. Although this set of vessels is designed for the North Sea market, we continue to monitor market

developments throughout the world and are poised to make the best global investments for our stockholders while

maintaining a strong and secure balance sheet.” Consolidated revenue for the third quarter of 2011 was $103.8 million,

an increase of 7%, or $6.9 million, from the second quarter. Consolidated operating income was $23.2 million, up $2.8

million from the second quarter amount of $20.4 million. The increase in sequential quarterly operating income was

driven by higher overall average day rates, offset by higher operating expenses.

In the North Sea region, revenue was $49.2 million, up $5.3 million from the second quarter. The increase was driven by increases in both day rates and utilization. For the third quarter, the average day rate in the North Sea region was up 7% and utilization was up 2 percentage points, compared to the second quarter. The increase in revenue reflects the continued seasonal strength we customarily see in the warmer North Sea months, as well as a tightening in the market for offshore supply vessels.

During the third quarter, revenue in the Southeast Asia region was $16.7 million, an increase of approximately 6% over the second quarter amount. Revenue in Southeast Asia has continued to gradually improve as a result of increasing utilization. Utilization was up approximately 5% compared to the second quarter, while the average day rate decreased slightly over the same period.

GulfMark Offshore’s Utilization & Day Rates

2011 2010 2009

30-Sep 30-Jun 31-Mar 31-Dec 30-Sep 30-Jun 31-Mar 31-Dec 30-Sep 30-Jun

Utilization

North Sea 96.5% 94.1% 87.1% 93.5% 91.6% 95.1% 90.2% 87.2% 90.5% 93.1%

Southeast Asia 87.9% 83.0% 83.2% 78.5% 85.2% 92.8% 83.1% 93.1% 85.8% 93.8%

Americas 81.5% 84.3% 70.5% 73.0% 76.0% 91.7% 79.8% 64.8% 57.3% 79.9%

Avg. Day Rates

North Sea $21,358 $20,014 $17,789 $17,046 $17,637 $16,478 $16,771 $17,173 $20,171 $21,199

Southeast Asia $15,063 $15,228 $15,248 $16,209 $16,841 $16,817 $18,039 $20,105 $21,180 $21,201

Americas $14,766 $14,217 $14,194 $14,674 $15,830 $13,486 $13,362 $14,395 $16,894 $15,704

No. Vessels

North Sea 25.0 25.0 25.0 19.0 25.7 25.2 25.3 24.4 24.0 25.0

Southeast Asia 14.0 14.0 14.0 20.0 13.9 12.1 12.0 12.0 11.7 11.0

Americas 35.0 35.0 35.0 21.0 35.0 35.3 36.0 36.0 35.8 34.8


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Revenue for the Americas region was $37.9 million, a slight increase over the second quarter amount of $37.4 million. The slight increase in revenue was driven by an increase in the average day rate of approx. 4%, offset by a decrease in utilization of approximately 3%. The decrease in utilization in the Americas region was largely due to having two vessels out of service for a significant portion of the quarter to undergo a planned major renovation to lengthen the vessels through a mid-body extension.

CEO Bruce Streeter commented on the outlook for GulfMark Offshore, stating, “The continued sequential quarterly improvement in our business is extremely encouraging and we continue to believe that the recovery seen thus far in 2011 will continue throughout 2012 and beyond, although we may see some typical seasonality in the fourth quarter of 2011 and the first quarter of 2012. Each of our operating regions will continue to meet the demand of a very challenging marketplace, and I want to thank all of our employees for their dedicated work to improve our operations and for working hard to satisfy our customers.”

Singapore-listed Mermaid Marine is to lose CEO Denis Welch, who is stepping down from

his post. Welsh, who was pushed off the top spot at Asia Offshore Drilling in August, is

leaving “to pursue another senior executive opportunity”, a statement said. He joined

Mermaid in February. Welsh stepped aside at AOD in favor of Seadrill Management CFO

Esa Ikaheimonen when Mermaid reduced its stake in the offshore drilling outfit. Mermaid,

which is 35% owned by Thoresen Thai Agencies,

has made two further appointments. Graham

Cooper, who was previously with Hallin Marine,

joins as commercial director. Bruce Saunders,

who was recently with Crest Subsea International,

joined as Mermaid's director of projects. Cooper‟s appointment is to oversee

“integration and growth of business units Subtech Qatar and Seascape

Surveys”, according to Mermaid. Saunders will look at enabling the company

to take on “more complex projects”, it said.

After 13 years of operation, the vision of transforming the Tema Shipyard and Dry-Dock Corporation (TSDC) into a

modern and well-equipped facility to meet the nation‟s strategic objectives has failed to materialize, Alhaji Collins

Dauda, Minister for Transport has indicated. Accordingly, Alhaji Dauda said, the Government of Ghana (GoG) and the

Penang Shipbuilding and Construction SDN BHD (Penang) have agreed to renegotiate a framework for a structured

and well-organized transfer to the Republic of Ghana the entire 60 percent of the shares held by Penang in the TSDC.

The Transport Minister said the GoG in 1996 divested 60 percent of its interest in the TSDC as part of measures

aimed at improving the standard of operations in the shipyard, enhancing its efficiency and making it contribute

effectively to the national economy. Under the divestiture, Alhaji Dauda said, the GoG

executed a Joint Venture Agreement by which Penang agreed to rehabilitate the shipyard

and procure such funding as is reasonably required by the company to meet costs in

connection with the rehabilitation and completion of the refurbishment of the shipyard. He

said following concerns expressed from various quarters on the state of the shipyard, a

Committee of Enquiry, headed by Mr. Chris Ackummey, a legal practitioner, was set up in

2009 to investigate its operations and make recommendations that will help the company

improve its operations. He said, based upon the recommendations of the Committee, the GoG initiated action to regain

control of the shipyard, leading to the conclusion of arrangements for the ownership of the shipyard to return to the

Republic of Ghana. This arrangement, Alhaji Dauda said, will make the Republic of Ghana the sole shareholder of the

Shipyard. The Shipyard was built in the 1960s during the construction of the Tema Harbor as part of the overall

infrastructural requirements for the country‟s maritime industry and socio-economic development. The Shipyard has

two graving docks - one of which is the largest between the Cape of Good Hope (South Africa) and the southern tip of

Europe - and a slipway. The Shipyard is, therefore strategically placed to take advantage of dry-docking and repair

needs of ships of up to 100,000 deadweight plying the western shoreline of Africa.


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Tidewater Inc. reported a second quarter net loss for the period ended September 30,

2011, of $4.9 million, or $0.09 per share, on revenues of $250.9 million. For the same

quarter last year, net earnings were $19.4 million on revenues of $267.1 million. The

immediately preceding quarter ended June 30, 2011, had net earnings of $24.6 million on

revenues of $254.6 million. Included in the current fiscal quarter's net loss is a non-cash

goodwill impairment charge of $30.9 million ($22.1 million after tax), resulting from

Tidewater‟s decision to change its reportable segments during the September 2011

quarter. As previously announced, Tidewater has been working with Saudi Aramco to

resolve certain performance standards issues identified with respect to nine newbuild vessels previously committed to

multi-year charters with Saudi Aramco. Tidewater is pleased to report that one of these vessels is now on hire with

Saudi Aramco and other vessels continue with inspections associated with the on-hire process. Further, Tidewater has

worked out an arrangement to use substitute vessels for four of the remaining eight newbuild vessels, as necessary,

until their construction is completed and they become available. Saudi Aramco declined to accept the remaining four

vessels of the nine-vessel package, and they will be redeployed by Tidewater in other operations outside Saudi Arabia.

While Saudi Aramco has not indicated whether it will seek additional remedies with respect to these four vessels, the

Company is pleased to have come to an acceptable resolution with respect to five of nine vessels and is focused on

continuing to develop this important new relationship. The agreement with Saudi Aramco in regards to the five-vessel

package includes dayrate discounts related to late delivery for a period of time. At this time, Tidewater believes that

discounts with respect to these vessels will total approx. $1.5 - $2.0 million and will be recognized as lower vessel

revenue than was originally anticipated, spread over the next several quarters.

The primary driver of Tidewater‟s business, and therefore revenues, is the level of capital

and operating expenditures for oil and natural gas exploration, field development and

production. These expenditures, in turn, generally reflect expectations for future oil and

natural gas prices, economic growth, hydrocarbon demand and estimates of current and

future oil and natural gas production. Prices of crude oil and natural gas are critical factors

in exploration and production companies' decisions to contract drilling rigs and offshore

service vessels in the various international markets or the U.S. Gulf of Mexico, with

various international markets being largely driven by supply and demand for crude oil,

and the U.S. Gulf influenced both by supply and demand for natural gas (primarily shallow

water activity) and the supply and demand for crude oil (primarily deepwater activity).

During the quarter ended September 30, 2011, crude oil prices continued to be volatile because of concerns that the

demand for crude oil will likely decrease if the global economic recovery continues to lose momentum due to a

prolonged level of high unemployment and lackluster consumer spending in the U.S., and fiscal and financial

uncertainty in the U.S. and certain European countries. In addition, the perception that crude oil demand will ease in

the near-term comes at a time when additional crude oil will be supplied to the global market as Libya revives crude oil

production that was significantly curtailed due to political tensions and civil war. Analysts anticipate that the OPEC

ministers will likely decide at their next meeting, which is

scheduled in December 2011, to reduce current production

targets, in order to support strong crude oil prices.

Tidewater anticipates that its longer-term utilization and day

rate trends for its vessels will be correlated with the price of

crude oil, which in mid-October 2011, was trading around

$87 per barrel for West Texas Intermediate crude and

around $111 / bbl for Intercontinental Exchange (ICE) Brent

crude. High crude oil prices generally bode well for

increases in drilling and exploration activity, which would

support increases in demand for the company's vessels,

both in the various global markets and the deepwater

sectors of the U.S. Gulf, assuming the pace of permits

increases.


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Prices for natural gas continue to be weak due to the rise in production of unconventional gas resources in North

America (in part due to increases in onshore shale production resulting from technological advancements in horizontal

drilling and hydraulic fracturing) and commissioning of a number of new, large LNG exporting facilities around the

world, which contributed to an over-supplied natural gas market. While production of natural gas from unconventional

sources is still a relatively small portion of the worldwide natural gas

production, it is increasing because improved drilling efficiencies are

lowering costs of extraction. The price of natural gas trended lower

during the quarter ended September 30, 2011 and as of mid-October

2011, natural gas was trading in the $3.40 to $3.55 per Mcf range

down from the $4.20 to $4.33 range at the start of the quarter. The

price for natural gas trended lower as inventories for the resource

trended higher. Natural gas inventories in the U.S. continue to be well

over-supplied. This dynamic exerts downward pricing pressures on

natural gas prices. Prolonged increases in the supply of natural gas,

whether from conventional or unconventional production, will likely

restrain prices for natural gas. Increases in onshore gas production along with a very slow offshore drilling and

exploration permitting process in the U.S. Gulf of Mexico and prolonged downturn in natural gas prices can negatively

impact offshore exploration and development plans of E&P companies, which in turn, would result in a decrease in

demand for offshore support vessel services, primarily in the Americas and specifically U.S. operations, where natural

gas is a more predominant exploitable hydrocarbon resource.

Deepwater activity has been a growing part of the global offshore crude oil and natural gas markets, and it is also a

source of growth for the company. Deepwater activity in non-U.S. markets did not experience significant negative

effects from the 2008-2009 global economic recession, largely because deepwater oil and gas development typically

involves significant capital investment and multi-year development plans. Such projects are generally underwritten by

the participating exploration, field development and production companies using relatively conservative assumptions

relating to crude oil and natural gas prices. These projects are therefore considered

less susceptible to short-term fluctuations in the price of crude oil and natural gas.

During the past few years, worldwide rig construction increased as rig owners

capitalized on the high worldwide demand for drilling and low shipyard and financing

costs. Reports published during the most recently completed quarter suggest that

over the next five and a half years, the worldwide movable drilling rig count

(currently estimated at approx. 847 movable offshore rigs worldwide, approx. 40%

of which are designed to operate in deeper waters) will increase as approx. 153

new-build offshore rigs that are currently on order and under construction are

delivered. Of the estimated 847 movable offshore rigs worldwide, approx. 596 are

currently working. It is further estimated that approx. 50% of the new build rigs are

being built to operate in deeper waters, suggesting that the number of rigs designed

to operate in deeper waters could grow in the coming years by approximately one-third. Investment is also being made

in the floating production market, with approx. 62 new floating production units currently under construction and are

expected to be delivered over the next six and a half years to supplement the current approx. 428 floating production

units worldwide. To the extent the rigs are built and delivered, it is believed that the new build rigs will largely target

international regions rather than the U.S. Gulf of Mexico due to longer contract durations, generally lower operating

costs, including insurance costs, and higher drilling day rates available in the international markets. Additional and

future regulatory oversight and control with respect to offshore drilling in the U.S. Gulf following the explosion of the

Deepwater Horizon may also increase the relative appeal of international markets.

According to ODS-Petrodata, the global offshore supply vessel market at September 30, 2011 has approx. 455 new-

build offshore support vessels (PSVs and AHTSs only), under construction that are expected to be delivered to the

worldwide offshore vessel market primarily over the next five and a half years. The current worldwide fleet of these

classes of vessels is estimated at approx. 2,670 vessels, of which Tidewater estimates 10% or more of these vessels

are stacked. An increase in worldwide vessel capacity could have the effect of lowering charter rates, particularly when

there are lower levels of exploration, field development and production activity.


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The worldwide offshore marine vessel industry, however, also has a large number

of aging vessels, including more than 725 vessels, or approx. 27% of the

worldwide offshore fleet, that are at least 25 years old and that are nearing or

exceeding original expectations of their estimated economic lives. These older

vessels could potentially be removed from the market within the next few years if

the cost of extending the vessels' lives is not economically justifiable. Although the

future attrition rate of these aging vessels cannot be determined with absolute

certainty, Tidewater believes that the retirement of a sizeable portion of these

aging vessels would likely mitigate the potential combined negative effects of

new-build vessels on vessel utilization and vessel pricing. Additional vessel

demand could also be created with the addition of new drilling rigs and floating production units that are expected to be

delivered and become operational over the next few years, which should help minimize the possible negative effects of

the new-build offshore support vessels being added to the offshore support vessel fleet.

At September 30, 2011, Tidewater had 338

owned or chartered vessels (excluding joint-

venture vessels and vessels withdrawn from

service) in its fleet with an average age of 14.7

years. The average age of 201 newer vessels that

have been acquired or constructed since calendar

year 2000 as part of Tidewater‟s new build and

acquisition program is 5.2 years. The remaining

137 vessels have an average age of 28.7 years.

During the first half of fiscal 2012 and 2011,

Tidewater‟s newer vessels generated $422.1

million and $414.3 million, respectively, of

revenue and accounted for 91%, or $171.5

million, and 87%, or $181.1 million, respectively, of total vessel margin (vessel revenues less vessel operating costs).

Vessel operating costs exclude depreciation on Tidewater‟s new vessels of $53.0 million and $47.0 million,

respectively, during the same comparative periods.

Tidewater‟s consolidated net earnings for the first half of fiscal 2012 decreased 67%, or $39.6 million, compared to the

same period in fiscal 2011, due to an approx. 5% decrease in total revenues and because a $30.9 million non-cash

goodwill impairment ($22.1 million after-tax) was recorded during the quarter ended September 30, 2011 on the

company's Middle East/North Africa segment. Tidewater recorded $505.5 million in revenues during the first half of

fiscal 2012, which is a decrease of approx. $24.1 million over the revenue earned during the same period of fiscal

2011. Consolidated revenues during the first half of fiscal 2012 include 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, approx. $2.0 million of vessel revenue recognized in the first half of

fiscal 2012 relate to services provided in the quarter ended March 31, 2011.

During the quarter ended September 30, 2011,

Tidewater‟s International and United States segments

reorganized to form four new operating segments.

Tidewater now manages and measures business

performance in four distinct operating segments:

Americas, Asia/Pacific, Middle East/North Africa, and

Sub-Saharan Africa/Europe. Vessel revenues and

operating costs relate to vessels owned and operated by

Tidewater, while other operating revenues relate to third-

party activities of their shipyards, brokered vessels and

other miscellaneous marine-related activities.


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Tidewater‟s Americas-based vessel revenues decreased

approx. 14%, or $13.1 million, during the quarter ended

September 30, 2011 compared to the same periods in fiscal

2011, primarily due to a 6% decrease in utilization rates and an

approx. 9% decrease in average day rates on the deepwater

vessels operating in the Americas because of fewer vessels

operating in the area resulting from transfer of deepwater

vessels to other segments. Total utilization rates for the

Americas-based vessels increased 6%, during the quarter

ended September 30, 2011, however, the increase is primarily a

result of the sale of 26 older, stacked vessels from the Americas

fleet. Vessel utilization rates are calculated by dividing the

number of days a vessel works by the number of days the vessel is available to work. As such, stacked vessels

depressed utilization rates during the comparative periods because stacked vessels are considered available to work,

and as such, are included in the calculation of utilization rates. Tidewater continues to stack and remove vessels that

could not find attractive charter contracts from its Americas-based active fleet.

At the beginning of fiscal 2012, Tidewater had 39 Americas-based stacked

vessels. During the first half of fiscal 2012, Tidewater stacked four additional

vessels and sold 14 vessels from the previously stacked vessel fleet, resulting

in a total of 29 stacked Americas-based vessels as of September 30, 2011.

Americas-based vessel revenues increased approx. 2%, or $1.2 million, during

the quarter ended September 30, 2011 compared to the quarter ended June

30, 2011, due to the transfer of two deepwater vessels to the segment in mid-

June 2011 and to an approx. 5% increase in average day rates on Tidewater‟s

towing supply/supply class of vessels due to stronger demand for this class of

vessels in the Americas segment.

Asia/Pacific-based vessel revenues decreased approx. 32% or $13.5 million, during the quarter ended September 30,

2011 compared to the same period in fiscal 2011 (Calendar Year 2010), due to a respective 10% decrease in

utilization rates and an approx. 7% decrease in average day rates on the towing supply/supply class of vessels

operating in the Asia Pacific region as a result of weaker demand for this class of vessel in the area. Revenues also

declined due to a 2% decrease in utilization rates and an approx. 17% decrease in average day rates on deepwater

vessels operating in this area. Like in the

Americas, Tidewater also continues to

stack and remove vessels that could not

find attractive charter contracts from its

Asia/Pacific-based active fleet. At the

beginning of fiscal 2012, Tidewater had 19

Asia/Pacific-based stacked vessels. During

the first half of fiscal 2012, Tidewater

stacked two additional vessels and sold

two vessels from the previously stacked

vessel fleet, resulting in a total of 19

stacked Asia/Pacific-based vessels as of September 30, 2011. Asia/Pacific-based vessel revenues decreased approx.

18%, or $6.4 million, during the quarter ended September 30, 2011 compared to the quarter ended June 30, 2011, due

to a 12% in utilization rates and an approx. 4% decrease in average day rates on their deepwater vessels which

together resulted in a $3.7 million decline in revenue, and a 6% decrease in utilization and an approx. 4% decrease in

average day rates on the towing supply/supply class of vessels which together resulted in a $2.6 million decrease in

revenue. Utilization and average day rates on the deepwater vessels decreased, during the comparative periods,

because on a net basis, one deepwater vessel transferred out of the segment, while utilization and average day rates

on the towing supply/supply class of vessels decreased due to a weaker demand for this class.


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45

Middle East/North Africa-based vessel revenues increased approx. 8%, or $1.9 million, during the quarter ended

September 30, 2011, as compared to the same period in fiscal 2011, primarily due to an approx. 8% in average day

rates on deepwater vessels operating in the area, which resulted in a $5.7 million increase in deepwater vessel

revenues, because two deepwater vessels were transferred in to the region from other segments during the last

quarter. Revenues on the towing supply/supply class of vessels

decreased approx. $3.5 million primarily due to a respective 22%

decrease in utilization resulting from delays with acceptance of

some vessels that are part of a package committed to charter

hire contracts with Saudi Aramco. Tidewater continues to stack

and remove vessels that could not find attractive charter

contracts from its Middle East/North Africa-based active fleet. At

the beginning of fiscal 2012, Tidewater had six Middle East/North

Africa-based stacked vessels. During the first half of fiscal 2012,

Tidewater stacked two additional vessels and sold five vessels

from the previously stacked vessel fleet, resulting in a total of

three stacked Middle East/North Africa-based vessels as of September 30, 2011. Middle East/North Africa-based

vessel revenues decreased approx. 5%, or $1.2 million, during the quarter ended September 30, 2011 compared to

the quarter ended June 30, 2011, primarily due to an 8% decrease in the utilization rates on towing supply/supply

vessels, which resulted in a $1.9 million decline in revenue. Increases in revenues earned by the deepwater vessels

partially offset the revenue declines incurred by the towing supply/supply vessels during the period. Revenues on the

Middle East/North Africa-based deepwater vessels increased approx. 10%, or $1.0 million due to a 15% increase in

utilization rates, despite an approx. 4% decrease in average day rates for this class of vessel resulting from the

transfer of one deepwater vessel in mid-June 2011 to a different area.

Sub-Saharan Africa/Europe-based vessel revenues increased approx. 6%, or $6.4 million, during the quarter ended

September 30, 2011 compared to the same period in fiscal 2011, primarily due to an increase in the number of

deepwater vessels operating resulting from new vessel additions and vessels mobilizing into this area. Deepwater

vessel revenue also increased because of an approx. 7% increase in average day rates. Revenue increases

generated by the deepwater vessels were partially offset by a decline in revenue experienced by the towing

supply/supply class of vessels. Vessel revenue on towing supply/supply vessels

decreased approx. 13%, or $7.3 million, during the period due to a 7% decrease in

utilization rates. At the beginning of FY2012, Tidewater had 26 Sub-Saharan

Africa/Europe-based stacked vessels. During the first half of fiscal 2012, Tidewater

stacked five additional vessels and sold four vessels from the previously stacked

vessel fleet, resulting in a total of 27 stacked Sub-Saharan Africa/Europe-based

vessels as of September 30, 2011. Sub-Saharan Africa/Europe-based vessel

revenues increased a modest 1%, or $1.5 million, during the quarter ended

September 30, 2011 compared to the quarter ended June 30, 2011, primarily due to

a 7% increase in utilization rates on deepwater vessels and an increase in the number of deepwater vessels operating

in Sub-Saharan Africa/Europe. Revenue increases generated by deepwater vessels were partially offset by declines in

revenue experienced by towing supply/supply vessels and crewboats. Revenue on the towing supply/supply class of

vessels decreased approx. 7%, or $4.0 million, during the same comparative periods, due to a 2% decrease in

utilization rates, an approx. 1% decrease in average day rates and because of fewer towing supply/supply vessels

operating in the segment due to vessel transfers and sales. Revenues generated by crewboats decreased approx. 9%,

or $1.3 million, during the same comparative periods, due to a 6% decrease in utilization rates and an approx. 5%

decrease in average day rates.

During the first half of fiscal 2012, Tidewater disposed of 36 vessels, including 28 anchor handling towing supply

vessels, six platform supply vessels, one crewboat and one offshore tug. Fifteen of the 36 vessels were disposed from

the Americas fleet, three vessels were disposed from the Asia/Pacific fleet, 11 vessels were disposed from the Middle

East/North Africa fleet and five vessels were disposed from the Sub-Saharan Africa/Europe fleet. The remaining two

vessels were disposed of from vessels previously withdrawn from service. During fiscal 2011, Tidewater disposed of

46 vessels, including 25 AHTSs, six PSVs, 12 crewboats, one offshore tug vessel and two utility vessels.


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Havila Shipping ASA achieved a profit before tax of NOK -4.1m in Q3 2011, compared with

NOK 9.8m in Q3 last year. Year to date, the profit before tax was NOK -82.3m, compared with

NOK 118.2m at 30/09/2010. Total operating income was NOK 383.7m in the 3rd quarter of 2011.

Total operating income for corresponding period last year was NOK 298.0m. Year to date total

operating income was NOK 991.8m included gain on sale of assets of NOK 54.0m compared

with NOK 953.5m at 30/09/2010, whereof NOK 154.4m was gain on sale of a vessel. The group

had 28 vessels in operation at September 30, 2011. Four of the vessels are operated by the

50% owned company in Singapore, Posh Havila Pte Ltd. It also includes the vessel “Seven Havila” which is owned by

the 50% owned company Acergy Havila Limited where Subsea7 leases the vessel through a bareboat contract. Three

vessels are still leased through a bareboat contract. The Group has through the quarter acquired 100% of the parts in

the owner companies of the PSV vessels “Havila Aurora”,

“Havila Borg”, “Havila Fortune”, “Havila Commander” and

“Havila Crusader”. These vessels have also earlier been

operated by the Group. The transactions were settled through

the issue of new shares but also partly through a bond loan and

cash payment. The company's accounts are consolidated into

the group accounts from 21 July 2011. The spot market for

offshore service vessels has in average been better during third

quarter than the second quarter. Of owned vessels, the group had one AHTS and one PSV vessel in the spot marked

during most of the quarter. The utilization has been good, with average day rates in line with the average market rates.

Union Minister for Shipping, G K Vasan has directed Cochin

Shipyard Limited (CSL) to set up a committee and undertake a

feasibility study for setting up ship repair facility / shipyard at

Vizhinjam, Poovar or Azhikkal in Kerala. This study is scheduled

to be completed by 30 November 2011. The Minister visited

Cochin Shipyard on 04 November 2011 and reviewed the

company's present operations and future plans. He was

apprised of the performance of CSL and the growth plans of the

shipyard. Prof K V Thomas, Union Minister for Consumer Affairs, Food and Public Distribution was also present on the

occasion. The yard also successfully carried out the bollard pull tests on the first Anchor Handling Tugs being

constructed for SCI by the yard. The tests were undertaken at the new facility recently set up at Vizhinjam near

Trivandrum. This is the first time in India that such a high capacity tug has been tested for bollard pull. The 500T SWL

Bollard Pull facility set up at Vizhinjam is the largest in Asia and was dedicated to the nation on 23 September 2011 by

K Babu, Minister for Excise and Ports, Government of Kerala.

Farstad Shipping ASA, on certain conditions, reached an agreement with

Petroserv S.A. in Brazil to buy Petroserv's 50% share in BOS Navegação S.A.

The formal aspects of the financial transaction are now set and payment for the

shares has taken place. The acquisition will be consolidated in Farstad Shipping's

accounts as from 1 July 2011. Prior to the acquisition Farstad treated its 50%

share as a joint controlled operation in the accounts. This implies that its existing shares will also be adjusted in the

accounts according to the values used in the acquisition of the remaining shares. This revaluation will be incorporated

in the profit and loss accounts for the 3rd

Quarter and implies an income of NOK 105.4 million. NOK 70.4 million of the

amount will be booked as profit “by gradual acquisition”, while the remaining NOK 35.0 million will be booked as a

reduction of deferred tax. Further, the acquisition will result in a revaluation of NOK 89.0 million in the account of the

three vessels owned by BOS, a goodwill of NOK 88.4 million and an allocation to deferred tax of NOK 30.3 million. The

equity capital will increase by NOK 49.4 million. The acquisition will improve Farstad Shipping's position for further

growth in the Brazilian market. BOS was established in June 1999 as a joint venture between Farstad Shipping and

Petroserv. Today the company owns three AHTSs, all on contracts to Petrobras. In addition BOS operates 11 Farstad

vessels in Brazil. BOS' offices in Rio de Janeiro and Macaé employ 39 people onshore and 336 people offshore.

http://www.reuters.com/places/brazil


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Sembcorp Marine achieved a net profit of $523 million for the first nine months of

2011. Return on equity was 29.2%. For the nine months, Group turnover at $2,963

million was 17% lower as compared with the same period in 2010. The lower

turnover was attributable to the timing in progressive revenue recognition of projects

in the three different sectors. The rig building sector saw a 33% decline in turnover

as nine of the thirteen new jack-up rigs secured since the fourth quarter of last year are still in the planning stage (with

no revenue recognition). The corresponding period in 2010 saw more turnkey semi-submersible rig building projects,

the resumption of revenue recognition on the delivery of semi-submersible “PetroRig III” and the sale of CJ-70 harsh

environment jack-up rig whereas in 3Q 2011, one semisubmersible rig unit, the “Songa Eclipse”, saw revenue

recognition upon completion and delivery. The lower turnover from the rig building sector was partially offset by the

higher revenue recognition from the ship conversion/offshore sector which registered a 27% increase in turnover to

$847 million as compared with the same period in 2010. The sector saw a total of four deliveries comprising FPSOs,

fixed platform and offshore projects as at nine months 2011 with seven other projects in varying stages of construction

and four units in the planning stage. The first nine months of 2011 saw the ship repair sector at $485 million which was

comparable to the $488 million achieved for the corresponding period in 2010. A total of 188 vessels were repaired

with an average value per vessel at $2.38 million. Group operating profit at $536 million was 17% lower as compared

with $645 million for the corresponding period in 2010. The semi-submersible rig, “Songa Eclipse” saw resumption of

revenue and profit on completion and delivery in the third quarter of 2011 as compared with the same period in 2010

which saw the resumption of margin recognition arising from the sale of the CJ-70 harsh environment jack-up rig. The

Group has a net order book of S$5.2 billion with completion and deliveries stretching till second quarter of 2014. This

includes S$3.2 billion in contract orders secured since the start of 2011, excluding ship repair contracts. The global

economy remains fragile and uncertain. The outlook has been affected by events in Europe, economic slowdown in

the United States and concerns over China. Despite the macro conditions, the medium to long-term fundamentals for

the offshore oil and gas industry remain intact with exploration and production expenditure by oil majors and national

oil companies expected to increase further into 2013, especially for the deep and ultra-deepwater segments. Outlook

for the fixed and floating production market remains positive supported by increasing long-term demand for oil and

sustainable oil prices. With the Brent crude oil prices expected to remain firm, demand for fixed platforms and FPSOs

is expected to be strong with more projects moving towards development phase. For ship repair, the Group has

secured several long-term contracts from its customers, in particular in the niche segments for upgrading and life

extension of LNG carriers and passenger/cruise vessels. These long-term customers will continue to provide a stable

base-load for the Group. Overall, enquiries remain healthy but competition is keen.

Global Industries, Ltd announced that it has entered into a definitive merger agreement

with Technip under which Technip will acquire Global in an all cash merger. Under the terms

of the agreement, which was unanimously approved by Global‟s Board of Directors, Global

stockholders will receive $8.00 in cash per share of Global‟s common stock. The transaction

values Global at an enterprise value of approximately $1,073 million, including Global‟s

approximately $136 million of net debt. The $8.00 per share acquisition price represents a

55% premium to Global‟s closing share price on September 9, 2011, the last trading day

prior to announcement of the transaction, and a 92% premium to Global‟s average closing

share price for the 30 trading days ending on September 9, 2011. The transaction is not

subject to any financing condition. Global brings to Technip a complementary subsea

business comprising the know-how and experience of Global‟s teams supported by 14

vessels, including two newly-built leading edge S-Lay vessels, as well as important geographic positions notably in the

Gulf of Mexico (US and Mexican waters), Asia-Pacific and the Middle East. Technip‟s skills, commercial track record,

and strong client base will realize the full value and potential of Global‟s know-how, assets and experience, and

broaden opportunities for Global‟s employees. Global expects the transaction to be completed in early 2012. The

management teams of Global and Technip expect to work closely together to develop an integration plan. John B.

Reed, Chief Executive Officer of Global, said: “Global and Technip share a common view of the promising subsea

market. The merger of our two companies will provide our customers with an unrivaled execution capability, combining

Technip‟s leading, integrated subsea capabilities with Global‟s G1200 and G1201, complementary market presence

and skills and know-how in S-Lay and heavy lift.” Subsequently the shareholders of Global Industries approved the

merger at a special shareholders meeting held on November 30th 2011.


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Jaya Holdings Limited reported consolidated revenue of US$ 28.5 million and net profit of US$ 4.8 million for the

financial quarter ended 30 September 2011. The Offshore Shipping Division recorded revenue of US$ 16.0 million,

18% higher than the previous corresponding quarter while revenue from the Shipbuilding Division of US$ 12.5 million

was 72% lower than the previous corresponding quarter. As a result, Group revenue for the quarter under review was

51% lower than that of the previous corresponding quarter. These shifts in revenue were consistent with the Group‟s

increased focus on its chartering business. The higher Offshore Shipping

Division‟s revenue was attributable to higher charter utilisation for the quarter

under review at 68% compared to 66% for the previous corresponding

quarter. Fleet size as at 30 September 2011 was 28 vessels compared to 21

vessels a year ago. The Shipbuilding Division recorded significantly lower

revenue for the quarter under review as a result of fewer vessels sales. During

the quarter, the Division sold one vessel as compared to three vessels

delivered and sold a year ago. This shift is consistent with the Group‟s

increasing focus on asset growth and expanding the charter fleet. The recent

financial turmoil has not affected the E&P spending momentum as oil price

remained resilient. In spite of high fleet growth, there are positive signs of improving demand and utilisation although

charter rates stayed soft with the market still absorbing excess tonnage.

Otto Marine has been setting out a strategy to address its problems after reporting a SGD 20.6m ($16m) third quarter

loss. The Singapore listed offshore shipbuilder and owner was battered on several fronts with shipbuilding revenue

sharply down, its geophysical fleet operating at a loss, while what to do with two anchor handlers

cancelled by Norway‟s Mosvold group is a further pressing issue. Otto‟s share price however rose

2.34% to SGD 0.131 suggesting a bigger loss may have been expected as the company issued a

profit warning in late October. The third quarter loss compared to a profit of SGD 8.3m through

the same period of 2010. At the nine months stage Otto has rung up a loss of SGD 57.4m

compared to a profit of more than SGD 50m through the first nine months of 2010. Despite the

red ink Otto is however confident that the fundamentals of its business look good with rising oil

prices increasing exploration and production and so demand for its vessels as the industry moves

into deeper waters. Otto‟s chairman and controlling shareholder Yaw Chee Siew (pictured) with a

64% stake is also to take on the chief executive role.

The core strategy of Otto Marine‟s bid to return to profit is to reinforce its position as a premium builder of offshore

support vessels and focus on ships for deep water operation. The Batam, Indonesia yard currently has an order book

that stands at SGD 81.3m ($62.5m). Otto also builds vessels for its own account which it then charters out on medium

or long term deals. The chartered out offshore fleet currently runs to 29 vessels mostly anchor handlers with the fleet

set to grow to 34 next year. It is aiming to expand chartering of vessels to the Australian market through Go Marine

and to Africa through Global Workboats. The 300TBP sophisticated anchor handlers cancelled by Mosvold will either

be sold at market value or added to Otto‟s chartering portfolio. Otto says it already has enquiries about these vessels.

The other immediate problem is to streamline its geophysical operations. It is aiming to change the cost structure of

the geophysical fleet from fixed to variable, manage vessels within the group rather than by outsourcing, target

projects which are physically proximate to minimize lost revenue as vessels are mobilized to different areas and

generally intensify marketing efforts. Otto chief executive and president, Lee Kok Wah who is 64 is to retire from the

group in two weeks time.

In related news - The Board of Directors of Otto Marine Limited announced that Otto Ventures Pte. Ltd, a wholly-

owned subsidiary of the Company had entered into a Joint Venture Agreement with Limin Marine Private Limited.

Limin is in the business of shipowning, managing and operating, ship brokering, ship building and repair and shipping

agency. Under the terms of the Joint Venture Agreement, OVPL and Limin incorporated a joint venture company, Otto

Limin Marine Private Limited in Singapore, with a combined investment of US$ 600,000 in equity capital for a 50-50

interest each. The JV company will carry on business in the ownership and operation of vessels.


www.marcon.com


49

China Oilfield Services Limited announced its unaudited results for the nine months

ended 30 September 2011 “the period”. During the period, the Group boosted its

operation capacity in large-scale equipment with four 200-ft jack-up rigs, one semi-

submersible rig and one 12-streamer seismic vessel commencing operation. Yet competition was still intense in the

oilfield services segment amid the continuing challenges to the global economy. The land drilling rigs in Libya

suspended their operations due to effects of the civil war outbreak in the country. The Group has upgraded and

modified its four module rigs in order to adapt to the more stringent safety and technological requirements in Mexican

market. Together with the impact on the well services segment stemmed from suspension of Penglai 19-3 oilfield due

to the oil spillage incident, the Group recorded a slight decline in its revenue. Revenue for the nine-month period was

RMB13,317.9 million, down 2.3% from RMB13,630.3 million in the last corresponding period. Net profit for the period

was RMB3,373.4 million, down 1.6% from RMB3,429.2 million for the last corresponding period.

On drilling services, driven by the operation commencement of four 200‟ jack-up platform and one semi-submersible

platform, a total of 7,047 operating days were achieved by the Group's drilling fleets during the nine-month period, up

317 days year on year. Among these, jack-up drilling rigs added a net of 255 operating days, primarily driven by 581

additional operating days achieved by six vessels “COSL921”, “COSL922”, “COSL923”, “COSL924”, “COSL936” and

“COSL937”. Yet “COSL Seeker” and “COSL Confidence” operated 350 fewer days due to the subdued market

conditions. Other drilling rigs operated 24 more days. Semi-submersible rigs, meanwhile, operated 62 more days due

to the commencement of operation of “COSL Pioneer”, which added 38 operating days since it commenced operation

in August, while the number of days of spent for repair and maintenance by of other vessels decreased by 24 days.

During the period, the Group upgraded and modified its four module rigs for its clients in Gulf of Mexico. These rigs

which achieved 724 operating days and achieved a calendar day utilization rate of 66.3%. The six land drilling rigs in

the Libya, battered by the civil war there, achieved 444 operating days during the period.

Revenue for the well services segment experienced a decline from the last

corresponding period due to unfavorable market conditions and suspension

of Penglai 19-3 oilfield due to the oil spillage incident.

On marine support and transportation services, the Group owned an

aggregate of 75 oilfield utility vessels as of 30 September 2011. A total of

19,548 operating days were achieved during the period, down 541 days

from the last corresponding period, prompted by the five utility vessels

returned or written off. As a result standby vessels and AHTS vessels

achieved 797 fewer operating days. With commencement of operation of a

new barge in October 2010, the barges achieved 223 more operating days.

Meanwhile, PSV vessels and multi-purpose vessels operated 33 more days.

In geophysical services, the 2D seismic data collection business grew steadily during the period, with operation volume

increased 4.9% year on year. For 3D seismic data collection, the Group successfully tapped the strong demand for

exploration. Driven by the capacity boosts by the commencement of operation of 12-streamer seismic vessel

HYSY720 and the high efficiency of HYSY719, operation volume of 3D seismic data collection increased 7,990 km2,

representing a growth of 71.9%. For the data processing services, operation volume of 2D data processing and 3D

data processing increased 153.2% and 37.0% respectively.

Mr. Li Yong, CEO and President of the Group, said: “For the first three quarters of 2011, despite facing challenging

domestic and international macroeconomic environment, the Group actively responded to changes and adjusted its

business strategies in a timely manner. The Group achieved a solid business development with a stable domestic

market and expanding overseas markets. As the fourth quarter is a low season for operations in some regions in

China, we will further exploit our potential and seize the opportunity to explore new markets. The Group will also

implement proper cost control measures and work diligently to meet our full-year performance targets.”


www.marcon.com


50

Grupo TMM, S.A.B., reported financial results for third quarter of 2011. José

F. Serrano, Chairman and CEO of Grupo TMM, said, “Third-quarter

consolidated operational results continued to be affected by a challenging

economic marketplace. At Maritime, third-quarter results were negatively

impacted by the global reduction of tariffs for offshore vessels and product

tankers compared to the third quarter of 2010. However, Maritime‟s revenue

and fleet utilization sequentially improved from the first and second quarters of this year. In the third quarter of 2011,

our offshore fleet utilization was at 88% and our product tanker utilization was at 99%, both well above the industry

average.” Serrano continued, “Our strategy to renew our maritime fleet through a 20-year, peso denominated

financing with no recourse to the Company benefitted us in the third quarter, as the peso depreciated 14.3 percent

versus the dollar, reducing the book value of our peso denominated debt, which represents over 90 percent of our total

debt.” Serrano concluded, “During the third quarter, we continued to work very closely with selected, interested parties

for the financial implementation of the development of a container and liquids terminal at the Port of Tuxpan and the

addition of specialized offshore vessels to TMM‟s fleet. These projects will be funded with a combination of equity and

debt. We have satisfied all preliminary requirements, so once the funding is in place, we will be ready to carry out

these projects, which will significantly improve our revenue base, profits and capital structure.”

Compared to the same periods of last year, third-quarter and first nine-month 2011

revenue decreased 8.0% and 11.7%, respectively, mainly due to revenue

reductions at Maritime. Third-quarter and first nine-month 2011 consolidated

operating profit decreased 28.6% and 17.5%, respectively, compared to the same

periods of 2010. Consolidated operating profit included other income net of $1.5

million in the 2011 third quarter and of $8.6 million in the 2011 first nine months,

mainly attributable to the recovery of certain tax incentives. Compared to the same

periods of last year, consolidated EBITDA decreased 15.8% to $18.7 million in

third quarter 2011 and decreased 8.7% to $61.5 million in the first nine months of

2011. Maritime revenue in the third quarter and first nine months of 2011

decreased 12.9% and 16.7%, respectively, compared to the same periods of last

year. Third-quarter and first nine-month 2011 operating profit was down 29.5%

and 31.4%, 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 and to higher revenue per call. Year

over year, in the 2011 first nine months, offshore revenue decreased 20.4% to $76.1 million, negatively impacted by

lower average daily tariffs, lower utilization and three less vessels in operation. Product tanker revenue decreased 10.7

percent to $27.4 million attributable to lower average daily tariffs and to lower utilization. Chemical tanker revenue

decreased 24.7 percent to $14.0 million as a result of having one less vessel in

operation in the second and third quarters and to lower freight volumes.

However, the chemical tanker segment returned to profitability in the 2011 third

quarter generating $0.6 million of gross profit. Compared to the same periods of

last year, Ports and Terminals third-quarter and first nine-month 2011 revenue

increased 25.4% and 20.1%, respectively. This revenue increase was partially

offset by lower revenue in the cruise ship segment at Acapulco and in shipping

agencies in both 2011 periods, as some cruise lines changed routes from the

Pacific to other destinations. Year over year, operating profit in the 2011 third

quarter remained unchanged at $1.0 million and in the 2011 nine months

increased 2.3 percent.

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, Mexico‟s busiest commercial port.


www.marcon.com


51

STX OSV Holdings Limited, a major global designer and shipbuilder of offshore and

specialized vessels headquartered in Norway, announced results for third quarter and

nine months ended 30 September 2011. Compared to corresponding periods in 2010,

STX OSV‟s revenue and operating profit grew 57% and 52% to NOK 3.4 billion and NOK

557 million for 3Q 2011 respectively. On the back of a 12% year-on-year increase in

revenue to NOK 9.3 billion in 9M 2011, operating profit rose 67% to NOK 1,385 million. EBITDA increased 48% to

NOK 589 million for 3Q 2011 and 60% to NOK 1,478 million for 9M 2011, yielding an EBITDA margin of 15.9% for 9M

2011, up from 11.1% in 9M 2010. Margin increases were attributed to continued stable operations, successful project

execution, improved productivity, and favorable business environment, as well as on-time deliveries of highly complex

projects. Since the end of 3Q 2011, six more contracts have been secured, two of which are firm contracts and four

still subject to financing approvals. New order intake for 9M 2011 totaled 14 vessels worth NOK 5,090 million. Of the

24 vessels scheduled for delivery in 2011, 13 had been delivered as at end of 3Q 2011, with five more delivered since

the end of 3Q 2011. As of 30 September, STX had an order book of 50 vessels, 37 of which will be of STX OSV‟s own

design. Order book value at the end of 9M 2011 amounted to NOK 13,597 million. New order intake in the third quarter

fell short of expectations, mainly attributed to macroeconomic

uncertainties. While the general economic environment remains

volatile, STX OSV still receives a healthy level of order inquiries

and expects to profit from a strong fundamental market outlook

for key products and markets. STX OSV continues to receive a

healthy stream of inquiries and has projects under discussion

within all vessel segments. However, macro uncertainties,

including concerns about shipowners‟ access to financing, cloud

visibility on new order intake for the time being. STX does not

expect revenues for FY2011 to be lower than FY2010, and

strong financial results to persist throughout 2011. Roy Reite,

Executive Director & CEO of STX OSV, commented, “Despite

the unstable global economic environment, our core markets

Norway and Brazil remain fundamentally strong and continue to

demonstrate high activity levels.”

Ultrapetrol (Bahamas) Limited recorded third quarter 2011 revenues of $80.0 million and adjusted consolidated EBITDA of $13.3 million. River segment EBITDA increased 34% and Offshore Supply segment EBITDA increased 24%, each in third quarter 2011 compared with the same 2010 period. Felipe Menendez, Ultrapetrol's President and CEO, said, “We

are satisfied with the progress of the implementation of our long term plans during this quarter. As we had announced, 2011 has been a transition year where the Company, having moved away in 2009 and 2010 from Capesizes operating internationally, has focused on growing its River and Offshore fleets and starting a new feeder container operation which opens the door to our future development in logistical services in South America.” In the Offshore Supply Business, Ultrapetrol operated seven vessels in third quarter 2011, and repositioned “UP Jasper” from China to the North Sea, after her delivery in June 2011. Adjusted EBITDA generated by the Offshore Supply segment during third quarter 2011 was $5.6 million, or 24% higher than the $4.5 million generated in the same period 2010. Total revenues from the Offshore Supply Business increased by 38% period on period. This increase was primarily attributable to operation of the “UP Turquoise” for the full quarter and a 10-day spot operation for the “UP Jasper” while repositioning from China to the North Sea. In addition, third quarter 2010 was impacted by the scheduled drydocking of “UP Esmeralda”. As planned, Ultrapetrol will continue construction of four remaining PSVs that will be added to the fleet, currently being built in India. Ultrapetrol expects to take delivery of the first PSV during first quarter 2012. Ultrapetrol believes that the Brazilian market will grow substantially due to 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. Ultrapetrol's building program in India is expected to add four new vessels to the Offshore fleet in 2012, thus growing capacity by approx. 47%.


www.marcon.com


52

Featured Listings For Sale Direct From Owners File: SU13228 Supply Boat - 131.7' loa x 28.3' beam x 11.5' depth x 10.39'

loaded draft. Built in 1984 at MacLaren Estaleiros; Brazil. Belize flag. GRT:

296. Class: ABS + A1 (E). Special Survey passed 04/09. Deadweight: 376T.

Deck Cargo: 120T on 150m2 clear deck. FO: 140MT. FW: 200MT. Crane: 2T

deck. Derrick/A-Frame: 5T A frame. Main Engines: 3 x Scania DSI 14 M03

total 1,071BHP. 3 Fixed Pitch 4 blade prop(s) on 3 each shaft(s). Range 30

days. Bowthruster 90HP. Speed about 8-9kn on 3Tpd. Pump(s): FW:

30m3/h; Bilge: 5m3/h; FO: 15m3/h. Genset(s): 2 - 125kVA / Scania 440v AC

60Hz 3ph. Quarters: 25 berths.. Passengers: 1- 4, 2 - 6 berth. Marcon sold

vessel in 1995. Southeast Asia. Prompt.

File: SU13729 Supply Boat - AHTS - 137.8' loa x 36.1' beam x 16.1' depth x 11.50' light draft x

13.61' loaded draft. Built in 2011 at Chinese Yard. Foreign flag. GRT: 499. Class: BV I + Hull +

Mach Special Service Multi-purpose AHT Unrestricted Navigation. 160m2 clear deck. FO:

363.53m3. FW: 78.49m3. Crane: 1.25MT/8MT @ 9.75m/2m. Winch: Double Drum 180MT brake.

Line Pull: 65MT. Wire Capacity: 52mm x 1,000m; 600m x 52mm. Stern Roller. Main Engines: 2 x

Cummins QSK60-M total 4,400BHP. 2 FP 4 blades prop(s). Kort nozzle(s). Bowthruster

335BHP. Bollard Pull: 60mt. Speed about 14kn. Pump(s): FO: 40m3/h; FW: 36m3/h. Genset(s): 2 - 245kW / CAT

3406mSG 400v 50Hz; 1 - 60kW / Cummins CCFJ-60Y. Firefighting: 2 - monitors 1,000m3/h @135m; Foam: 9.27m3.

Quarters: 22 people. Air Conditioned. Hydraulic shark jaw: 200MT. Tow pin: 200MT. Far East. 10 months after MOA.

File: SU15005 Supply Boat - 150.0' loa x 35.0' beam x 12.0' depth x 10.00'

loaded draft. Built in 1980 at Zigler (#269); Mermentau, LA. Foreign flag.

GRT: 182. Class: ABS International Loadline. Last Drydock 2011.

Deadweight: 413lt. Deck Cargo: 350LT on 112' x 30.5' clear deck. FO:

60,000g. FW: 6,335g. DW: 186,900g. Liq. Mud: 1,200BBL. Calcium Chloride

/ Brine: 1,131BBL. Main Engines: 2 x GM 12V149 total 1,400BHP. 58" fixed

stainless prop(s). Range 7,800nm. 45-60 day endurance. Recent overhaul.

Bowthruster 200HP. Speed about 11kn on 1,500gph. Genset(s): 2 - 75kW / GM6-71 3ph 60Hz. Firefighting: Fire

monitor. Quarters: 12 men / 4 staterooms. Air Conditioned. Galley. In recent years, tanks coated, back deck renewed,

new main engines installed, bow renewed, as part of refurbishment costing over USD 1mil. Further work done in 2011

on upgrade to interior + wheelhouse, new sewage system and new 5 year bottom system. Caribbean.

File: SU15729 Supply Boat - 157.5' loa x 36.1' beam x 11.5' depth x 8.20' loaded draft. Built in 2005 at Sealink

Shipyard; Miri, Malaysia. Malaysian flag. GRT: 496. Class: ABS A1(E) + AMS, Unrestricted Service. Continuous Hull

survey due 02/2015. Deadweight: 593mt. FO: 298m3. FW: 428m3. Crane: 2MT SWL @ 10m. Winch: 1 - 5MT capstan;

1 - 5MT tugger. Main Engines: 2 x CAT 3412 total 1,440BHP. Endurance 28 days. Bowthruster 5T. Speed about 10kn

service. Genset(s): 2 - 140kW 415v 3ph 50Hz. Quarters: 20 berths. Air Conditioned. Multi-purpose platform supply

vessel. 6 reefer plugs. Although not officially on the market, we may be able to develop on a private & confidential

basis direct from Owners. Southeast Asia.

File: SU15752 Supply Boat - 157.4' loa x 36.1' beam x 13.4' depth x 9.84' light draft x

11.15' loaded draft. Built in 2010 at Southeast Asian shipyard. Foreign flag. Class: LR

R100 A1 Complies with SOLAS requirement (GMDSS A3). Light Disp.: 1,000T. FO:

295m3. FW: 313m3. Winch: 1 - 5MT tugger; 1 - 5MT capstan. Main Engines: 2 x

Cummins KTA38M2 total 3,400BHP. 4-blade (1.5m) Kaplan prop(s). Kort nozzle(s).

Endurance: 28 Days. Bowthruster 5MT. Speed about 12kn. Genset(s): 2 - 150kW /

Cummins 415v 3ph 50Hz. Firefighting: FiFi 1/2: 1,200m3/hr; 2 fire monitors. Quarters:

24 total. Air Conditioned. Galley. Conan Wu design. Reefer Point: 6 Nos. About 1,000mt

Displacement. Working. Call for price guidance. Southeast Asia.


www.marcon.com


53

File: SU17503 Supply Boat - AHTS - 175.6' loa x 38.6' beam x 18.0'

depth x 15.00' loaded draft. Built in 1982 at BV Schpswerf Waterhuizen J

Pattje. St. Vincent flag. GRT: 991. Class: BV I 3/3 E +, High Sea Tug

Supply, AUT - OS. Special Survey due 11/2012. Deadweight: 1,013T.

Deck Cargo: 475MT on 208m2 clear deck. FO: 388m3. FW: 315m3. DW:

306m3. Crane: Fassi F8 3MT @ 6.2m. Winch: Hydraulic Double Drum.

Wire Capacity: 1,000/800m x 56mm. Stern Roller. Main Engines: 2 x

Wichmann 7AXA total 4,000BHP. 2.3m 4-blade CP prop(s). Kort

nozzle(s). Range 13,248nm. Bowthruster 4.6T. Bollard Pull: 50MT. Speed

about 12.3kn on 10Tpd. Pump(s): Fire: 600m3/h, DW/FO up to 100m3/h. Genset(s): 2 - 228kW / Diesel. Firefighting: 2

fire monitors range 90m. Quarters: Total 25 persons. Air Conditioned. Galley. Anti-pollution control. 2 - 5T mooring

capstans. 5m SOLAS/SAMSA rescue boat for 10 persons. Aft deck capacity 2 FEU + 6 TEU. "Old lady" but well

maintained. South Africa.

File: SU17640 Supply Boat - 176.5' loa x 45.3' beam x 14.7' depth x 9.80' loaded draft. Built in 2004 at Guangzhou

Hangtong Ship Ind.; China. Singapore flag. GRT: 914. Class: ABS + A1 (E) + AMS, Unrestricted Service. Deadweight:

1,192mt. Deck Cargo: 550T on 475m2 clear deck. FO: 757MT. Main Engines: 2 x Yanmar M220-EN total 2,402BHP. 2

- FP prop(s). Bowthruster. Quarters: 23 berths. Multi-purpose supply vessel. Southeast Asia. Prompt.

File: SU17994 Supply Boat - 180.0' loa x 40.0' beam x 10.5' depth. Built at U.S. Gulf Shipyard. Foreign flag.

Unfinished hull without machinery for sale "as is". Approx. 15% completed. Built as a supply boat for Caribbean inter-

island cargo transport. Started in „08 and stopped due to economic slowdown. Has been built at US yard and not

registered foreign yet, so may be eligible to be completed for US Jones Act trade. Bulkheads and framework 15%

completed. Hull steel cut. Built to Panamanian regs, but should comply with ABS. Owner believes she could be

classed. No machinery included. Yard estimates about 12 months to complete as inter-island cargo vessel. May be

completed as oilfield supply boat as similar hull design. Owners want to sell cut steel and completed framework, etc.

"as is" at the shipyard. Price idea region USD 950,000 "as is, where is". Try all reasonable offers. U.S. Gulf Coast.

File: SU18003 Supply Boat - 180.0' loa x 40.0' beam x 15.0' depth x 12.76' loaded draft. Built in 1975 at Zigler

Shipyard; Mermentau, LA. U.A.E. flag. GRT: 726. Class: ABS + A1 + AMS. Deadweight: 963lt. Deck Cargo: 483LT on

114' x 30.2' clear deck. FO: 54,490g. FW: 12,158g. DW: 57,832g. Dry Bulk: 3,285ft3. Crane: Pedestal mount crane

optional. Main Engines: 2 x GM 16V149TI total 2,760BHP. 2 - Fixed Pitch prop(s). 8,500nm range @ 10kn.

Bowthruster 280HP. Speed about 8-10kn on 68-85-132gph. Pump(s): DW: 270gpm, FO: 260g, Bulk 17cfm. Genset(s):

2 - 99kW / GM6V71 440vAC 60Hz. Firefighting: 2 monitors. Quarters: 10 (2-1, 1-4, 2-2, 2-6). Air Conditioned.

Passengers: 20 workers. Rescue Boat. Available for spot employment. Call for rates & availability. Mid East.

File: SU18021 Supply Boat - 180.1' loa x 38.0' beam x 14.0' depth x 12.01' loaded draft. Built

in 1977 at Halter Marine; Lockport, LA. U.S. flag. GRT: 685. Class: ABS (disc.). Deadweight:

1,000T. Deck Cargo: 750LT on 117' x 28' clear deck. 4 holds. 4 hatch(es). FO: 84,000g. FW:

13,000g. DW: 518m3. Main Engines: 2 x GM 16V149TI total 2,240BHP. 2 - FP prop(s).

Bowthruster. Bollard Pull: 12MT. Speed about 12kn. Genset(s): 2 - 99kW / GM 440vAC 60Hz.

Quarters: 17 in 6 cabins. Air Conditioned. New wood deck. New electronics. Last drydocked

September 2007. Still under renovation. Has had 125,000lbs steel replaced but needs about

another 6,000lbs plus M/Es overhauled, then vessel needs blasted & painted. U.S. Gulf Coast.

File: SU18069 Supply Boat - 180.0' loa x 40.0' beam x 14.0' depth x 5.90' light draft x 12.10' loaded draft. Built in

1980 at Halter Marine; Moss Point, MS. U.S. flag. GRT: 268. ABS + 1(E) + AMS. Deadweight: 994T. Deck Cargo:

640LT on 111' x 30' clear deck. FO: 943,000g. FW: 180,400g. Dry Bulk: 4,000ft3. Liq. Mud: 1,230BBL. Main Engines:

2 x CAT D399TA total 2,250BHP. 76 x 70 prop(s). Bowthruster 300HP. Speed about 12kn on 94gph. Genset(s): 2 -

125kW / GM8V-71 450v 60Hz. Quarters: 20 persons. Air Conditioned. Galley. U.S. West Coast. 1Q 2012.


www.marcon.com


54

File: SU18080 Supply Boat - 180.0' loa x 40.0' beam x 14.0' depth x 7.00' light

draft x 13.00' loaded draft. Built in 1979 at Halter Marine; New Orleans, LA. U.S.

flag. GRT: 299. ABS Loadline exp. 2014 USCG Certified. Deck Cargo: 600LT on

118' x 31' deck. FO: 60,432g. FW: 41,706g. DW: 97,345g. Dry Bulk: 4,000ft3. Liq.

Mud: 1,605BBL. Main Engines: 2 x CAT D399 total 2,250BHP. Last Overhauled:

2009. 2 - 76"x 63" prop(s) on 7" shaft(s). Bowthruster 300HP. Speed about 12kn on

100gph. Genset(s): 2 - 125kW / GM 8V71. Quarters: 20 berths, 4 cabins. Air

Conditioned. Call Marcon for new lower price ideas. Vessel refurbished recently &

good condition. Working spot but can be sold prompt. List of refurbishments on

request. Sister (SU18140) also available. U.S. Gulf Coast.

File: SU18140 Supply Boat - 180.0' loa x 40.0' beam x 14.0' depth x 12.01' loaded draft. Built in 1982 at Halter, Moss

Point, MS. U.S. flag. GRT: 282. Class: ABS Loadline/USCG - Under Consideration. (COI current Nov '10).

Deadweight: 949T. Deck Cargo: 600LT on 115' x 31' clear deck. FO: 60,432g. DW: 97,345g. Dry Bulk: 4,000ft3. Liq.

Mud: 1,740BBL. Main Engines: 2 x CAT D399TA total 2,250BHP. Last Overhauled: 2009. 2 - FP prop(s). Bowthruster.

Speed about 12kn on 100gph. Genset(s): 2 - 125kW / GM 8V71. Quarters: 17 berths, 4 cabins. Air Conditioned.

Galley. Call Marcon for new lower price ideas. Steel hull construction supply vessel completely refurbished. Very good

condition. Working the spot market but can be sold prompt. Sister (SU18080) also available. U.S. Gulf Coast.

File: SU18161 Supply Boat - AHTS - 180.5' loa x 45.3' beam x 13.8' depth. Built in 2010 at Evergrow Shipbuilding

Ltd. Vanuatu flag. GRT: 1,123. Class: ABS A1, Towing Vessel, AH, Fire Fighting Vessel Class 1, Offshore Support

Vessel, AMS, DPS-1. Deadweight: 1,000T. Deck Cargo: 500T on 337m2 clear deck. FO: 419.5m3. FW: 494.2m3. DW:

165.7m3. Liq. Mud: 134.5m3. Crane: 1 - Elect. Hyd. 2T @ 6m. Winch: 1 - Double drum. Line Pull: 120T. Wire

Capacity: 1,000m x 54mm. Stern Roller. Main Engines: 2 x CAT 3516B total 5,150BHP. CP prop(s). Stern thruster: 5T.

Bowthruster 5T. Dynamic Positioning. Bollard Pull: 69.2MT. Speed about 12kn. Genset(s): 2 - 450kW 415v 50Hz 3ph;

2 - 285kW / CAT 415v 50Hz; 1 - 75kW. Quarters: 13 crew. Galley. Passengers: 17 pax cabins. Shark jaws & tow pins.

Anti-pollution equipment. Not officially on the market, but may be developed for sale. West Africa.


loaded draft. Built in 1978 at J.G. Hitzler; Germany. Italian flag. GRT: 1,330. 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 hours on each M/E. Bowthruster 610HP. Speed about 10-13.5kn 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. Mediterranean.

File: SU18538 Supply Boat - AHTS - 185.0' loa x 38.1' beam x 16.0' depth x 13.02'

loaded draft. Built in 1982 at Mangone Swiftships; Houston, TX. Italian flag. GRT:

753. Class: RINA 100 A 1.1 - Nav. I.L.; Re; Ap (PI). Deadweight: 881mt. Deck Cargo:

330MT on 290m2 clear deck. FO: 385m3. FW: 112m3. DW: 166m3. Dry Bulk:

102m3. Liq. Mud: 144m3. Winch: SMATCO 66 DAW-200 Double Drum waterfall. Line

Pull: 136T. Wire Capacity: 2,952' x 2" ea. Stern Roller. Main Engines: 2 x EMD 16-

645E2 total 4,012BHP. Liaaen CP prop(s). Bowthruster 350HP. Dynamic Positioning.

Bollard Pull: 45T. Speed about 9-14kn on 6-12MT/d. Pump(s): FO: 97m3/h; DW/FW:

97m3/h; Liqmud: 50m3/h. Genset(s): 2 - 125kW; 1 - 150kW. Firefighting: 2 Fire

monitors (200m3/hr ea). Quarters: 5-1; 3-2 berth cabins. Air Conditioned.

Passengers: 6 beds. Mediterranean. Prompt.


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File: SU19472 Supply Boat - AHTS - 194.3' loa x 49.0' beam x 20.0' depth 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. 4 Blades, Berg CP

prop(s). Bowthruster 1 - 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). Indian Ocean. May 2012.

File: SU19473 Supply Boat - AHTS - 194.3' loa x 49.0' beam x 20.0' depth 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: 372m3.

DW: 396m3. BW: 396m3. 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. 4 Blades, Berg

CP prop(s). Bowthruster 1 - 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.

Available for prompt sale. Southeast Asia.


loaded draft. Built in 1982 at Gul Engineering Pte Ltd.; Singapore. Belize flag. GRT:

1,963. Class: ABS + A1 AMS. Unrestricted Service. SOLAS fully compliant.

Deadweight: 1,440mt. Deck Cargo: 750T on 360m2 clear deck. FO: 627m3. FW:

277m3. DW: 885m3. Dry Bulk: 266m3. Liq. Mud: 250m3. Crane: 1-2T @ 20m/min

jet 7.4m. Winch: Hydraulic double drum + 2 tuggers & 2 capstans. Line Pull: 150MT.

Wire Capacity: 900m 62mm + spare. Stern Roller. Main Engines: 4 x Wichmann

5AXA total 8,000BHP. CP prop(s). 1-300HP stern thruster. Bowthruster 2-500HP.

Bollard Pull: 80MT. Speed about 10-12kn on 11-18Tpd. Pump(s): DW: 150m3/h;

FW: 100m3/h; FO: 150m3/h; Dry bulk: 60m3/h; Brine: 60m3/h. Genset(s): 2 - 940kVA / shaft, 1 - 376kVA / main +

emergency. Firefighting: 1 - 1,200m3/hr pump & 2 monitors. Quarters: 14 in 10 cabins. Air Conditioned. Galley.

Passengers: 12 in 2 cabins. 300MT Karmfork chain stoppers. Hydraulic tow pins. Hatlapa storage reels for 1,000m

wire. 2 chain lockers max 1,200m chain. Southeast Asia. Prompt.

File: SU19629 Supply Boat - AHTS - 196.8' x 46.6' x 19.7' depth x

16.70' loaded draft. Built 2012 at Chinese Shipyard. Hong Kong flag.

GRT: 1,576. Class: BV 1 + Hull + MACH + DYNAPOS AM/TR,

Supply Vessel, Tug, Special Service AHTS, OSV, Standby Vsl, FiFi

1, Unrestricted. Deadweight: 1,974mt. Deck Cargo: 600T on 330m2

clear deck. FO: 578.6m3. FW: 296.9m3. DW: 234.4m3. Dry Bulk:

136m3 in 4 tanks. Liq. Mud: 220.55m3. Crane: 2T with 9.75m

outreach. Winch: Double drum 200T brake; 2 - 5T capstans; 2 - 10T

tuggers. Line Pull: 75T. Wire Capacity: 1,000 x 52mm. Stern Roller.

Main Engines: 2 x CAT 3516B total 4,400BHP. Berg CP prop(s). Stern thruster 400kW. Bowthruster 2 - 550kW.

Dynamic Positioning. Bollard Pull: 56T. Speed about 12kn. Pump(s): Liqmd: 2 - 30-60m3/h dual speed Desmi.

Genset(s): 1-245kW/CAT 3406C, 2-450kW/CAT C-18, 1-100kW/Deutz 400vAC 50Hz 3ph. Firefighting: 2 - 1,550m3/h

pumps; 300/1,200m3/h foam/sea-water FFS monitor. Quarters: 46 persons (2-1, 16-2, 3-4). Air Conditioned. Galley.

FiFi-1. Hydraulic shark jaws & tow pins 200T. Kongsberg K-POS DP-21 system. Sister SU19630. Far East.


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56

File: SU19738 Support Vessel - 197.8' loa x 38.7' beam x 17.4' depth. 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/mm.

Wire Capacity: 46mm-1,000m. 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 12.5-14.25kn. 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. South Africa. January 2012.


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. Working. U.S. Gulf Coast. By Arrangement.


loaded draft. Built in 2011 at Tongfang Jiangxin Shipbldg, China. Singapore flag. GRT:

2,558. ABS + A1 (E) OSV, Tow Service, FiFi 1 + AMS + DPS-2, Unrestricted Service.

Deadweight: 2,450mt. 450m2 clear deck. FO: 985m3. FW: 430m3. DW: 576m3. Dry Bulk:

250m3 in 4 tanks. Liq. Mud: 496m3. Calcium Chloride / Brine: 378m3. Crane: 6T SWL @

12m. Winch: Elect. Hyd. waterfall double drum; 2 - 10T tuggers; 2 - 5T capstans. Line

Pull: 200MT. Stern Roller. Main Engines: 2 x GE 16V228 total 8,200BHP. 2 - Kamome CP

prop(s). Stern Thruster: 1 - 10T. Fixed CO2 system in engine room. Bowthruster 2 - 10T.

Dynamic Positioning. Bollard Pull: 103MT. Speed about 13kn trial. Pump(s): FO: 100m3/h;

FW: 100m3/h; Liqmd: 2 - 100m3/h. Genset(s): 2 - 2,250kVA / shaft; 2 - 488kVA; 1 -

113kVA / 440vAC 3ph 60Hz. Firefighting: 2 - 1,725m3/h pumps; 1,200m3/h water & water/foam monitors. Quarters: 42

persons in 15 cabins. Air Conditioned. Marine Tech DPS-2 system with 2 DGPS, 2 VRU, Cyscan, 3 gyros & 3 Gill wind

sensors. Tow pins & Karm forks 300MT SWL. Hydraulic storage reel. Curtain type 1,050m3/h water spray. Sewage

treatment plant. Watermaker 5m3/day. Dispersant 10m3. Foam 10m3. Hospital. Far East. Prompt.

File: SU23752 Supply Boat - 237.5' loa x 54.0' beam x 20.0' depth x 16.10' loaded draft.

Built in 2005 at Transnave Estaleiros Reparos Naval. Foreign flag. GRT: 2,048. Class: ABS

+ A1 (E) + AMS + DPS-1, Unrestricted. Deadweight: 3,248mt. Deck Cargo: 1,320MT on

610m2 clear deck. FO: 857.7MT. FW: 1,100MT. BW: 341.6MT. Main Engines: 2 x CAT

3516B-HD-DITA total 3,900BHP. Azimuthing prop(s). Dynamic Positioning. Quarters: 21

persons. Galley. South America East Coast.

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.

supply & tug supply boat market report - november 2011.pdf

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