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BRAEMAR SEASCOPE OFFSHORE

Asia & Australia Report

MARCH 2011 ISSUE: 5

©Braemar Seascope Offshore

Picture Courtesy of CloughHelix

We have been developing a new look to

the established and well received Brae-

mar Seascope Offshore Asia & Australia

Report. The new design brings our tried

and tested formula up to date and in-

line with new technologies. You can

now enjoy the full report from any-

where simply by clicking the picture

above and viewing the report online.

We are also seeking to offer additional

services on the Asia & Australia vessel

market soon in our mission to offer a

truly comprehensive news service for all

Braemar Seascope Offshore clients.

We’ve also added in more analysis and

more charts, data and graphs.

We hope you enjoy the changes and

look forward to hearing your feedback,

comments and suggestions that will

help to improve the experience of all of

our readers further. Our more interac-

tive feel will be adopted across our full

suite of reports so please feel free to

contact us.

We will also be seeking to constantly

improve our reports going forward with

additional features, elements and en-

hancements coming soon. In the mean-

time enjoy this month’s report,

Sean Bate

Market Analysis Manager

Online

Edition

We are pleased to an-

nounce that we now

have an online edition

of our report. This can

be viewed by clicking

the link on the picture

to the left. The online

viewer enables you to

read the report in mag-

azine format on the

screen. Readers can

also zoom in to pages,

skip to particular pages

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dress or provide feed-

back. We hope you en-

joy using this new facili-

ty and look forward to

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Online Version

Braemar Seascope Offshore’s Singapore

department has recently moved into a

new office space (pictured above).

The new office brings Braemar

Seascope’s Singapore-based Offshore

division under the same roof as the

Tankers and Dry Cargo elements as well

as the Braemar Falconer and Braemar

Steege divisions that deal with tech-

nical and insurance aspects respectively.

For further details of the full range of

services offered by Braemar Shipping

Services - click here.

Please update any details that you hold

accordingly. Please note that telephone

numbers and email addresses will re-

main unchanged.

The new address for Braemar Seascope

Offshore in Singapore is now:

1 Pickering Street

#08-01

Great Eastern Centre

Singapore 048659

We have a permanent staff of three

offshore brokers in Singapore: James

Sherrard, Søren Nielsen and Nana Lai.

They are supported by our directors in

London and Aberdeen and Candice Wu

who frequently travels to the region.

The Singapore office deals with Sale and

Purchase, Long Term and Short Term

Vessel Chartering and Vessel Valuations

throughout the Southeast Asia region.

New

Arrivals

The past few weeks

have seen an increase

in the demand for high-

specification tonnage in

the Asia and Australia

region. Whilst Australia

has taken top of the

range vessels for some

time there is now in-

creasing demand for

the best vessels in other

regions too. CNOOEC’s

recent charter of the

Normand Clough for

work in the South China

Sea and the fixture of

the Skandi Hercules for

FPSO work in Southeast

Asia are indications that

a new market for high

specification vessels

could be emerging.

CloughHelix mobilised the Normand Clough in February to work on the Huizhou fields in the South China Sea. The vessel will be utilised for a minimum of 120 days following installation of a new 15 man saturation dive system. The Normand Clough will be helping to reinstate the field fol-lowing damage to infrastructure caused by the Typhoon Koppu in September 2009.

The large AHTS vessel Skandi Hercules has left the North Sea for work in Southeast Asia. It is understood the vessel will be carrying out FPSO installation work in Vietnam and will remain in the region at the end of the contract and attempt to pick up additional work. The 2010-built Skandi Hercules is an AH-04 CD designed vessel with a 350t bol-lard pull and accommodation for 90 personnel.

Deep Sea Supply has announced it has entered into an exclusive partnership agreement with two Malaysian part-ners, Efogen Sdn Bhd and a Malaysian government owned investment fund. The new partnership has also purchased the AHTS vessel Sea Weasel from Deep Sea. The vessel is currently on charter to Petrobas and will be equipped with Malaysian flag and managed by Deep Sea Supply. The company hopes this will enable access to the vessel market in Malaysia which has strong cabotage rules.

Gulmar Offshore has taken delivery of the newbuild diving support vessel Gulmar Atlantis from the Hanjin shipyard in Busan, South Korea. The vessel is the first of two sister ships from the yard. They are equipped with an 18-man diving system with twin diving bells, a 140t active heave compensated crane, Fifi 2, a large deck area and helideck. The Gulmar Atlantis is currently uncommitted. Gulmar's fleet consists of four DSV accommodation vessels.

Gulmar Atlantis Delivered

Skandi Hercules Heads to Southeast Asia

Deep Sea Supply in Malaysia Partnership

CloughHelix Gets COOEC Subsea Work

©Copyright Braemar Seascope Offshore 2011

CharteringCharteringChartering

Fairmount Marine's tugs Fairmount Sherpa and Fairmount Summit have deliverd the FPSO Skarv Idun to the port of Stord in Norway. The tugs took 92 days to tow the vessel 15,300 nautical miles from Samsung Heavy Industries shipyard in Okpo, South Korea. The FPSO will be used by BP in the Northern Norwegian Sea. The unit will remain in Stord for final fitting out and preparation before being towed into position later in the month by the Fairmount tugs.

Cairn India has confirmed that drilling will take place in its licence offshore Sri Lanka. It is understood the operator has secured a drillship to begin work in July 2011. The lat-est development follows on from interpretation of data acquired during a 3D seismic campaign held in 2010.

Swire Pacific Offshore has acquired four AHTS vessesls that are being built at SekWang Heavy Industries in Korea. The UT-786 designed vessels will be equipped with FiFi 2, DP2, 16,314 BHP and bollard pulls of around 190t. The vessels will be called Pacific Champion, Commodore, Cen-turion and Crusader. The first vessel had a delivery date of February 24th 2011 with the others expected in the third quarter of 2011 and the third quarter of 2012. The vessels had previously been cancelled by ER Schiffahrt.

Salamander Energy has announced an upgrade to the reserves on the

Bualuang oil field in the Gulf of Thailand. The company increased the

gross proved reserves 111% to 14.6 MMbo with proved and probable

reserves now standing at 27 MMbo. Salamander Energy has also an-

nounced plans for a further drilling campaign on the B8/38 licence to

further develop and explore the field. The Ocean Sovereign jack-up rig

has now been contracted until the end of June 2011 for the drilling

campaign.

Salamander Energy’s Thailand Exploration

Cairn to Drill off Sri Lanka

Swire Pacific Adds to Fleet

FPSO Skarv Idun Towed from South Korea

©Copyright Braemar Seascope Offshore 2011

CharteringCharteringChartering

The Government of Papua New Guinea has confirmed that it intends to take up to a 30% stake in the Nautilus Minerals’ Solwara 1 project in the Bismark Sea. The trans-action will involve the government contributing funds to the project including a share of the exploration and devel-opment costs incurred to date. Nautilus Minerals is a commercial company aiming to explore the ocean floor for commercial mineral and metal deposits.

Farstad has been awarded long-term contracts in Austral-ia. Apache Energy has taken on the AHTS vessels Far Scim-itar (UT-712L) and the Far Sky (ME 303 MKII) for 14-months firm to support drilling operations. Santos has al-so fixed the AHTS Lady Sandra (KMAR 404) and the Far Fosna (UT-722) for a 4-well contract from March. Mean-while, Esso Australia has exercised a 3-month option on the PSV Lady Kari-Ann and McDermott has extended the AHTS Lady Cynthia for a further three months.

It is understood that OMV is currently mulling over a deci-sion on whether to take a rig to the New Zealand area to commence drilling following seismic results on its Great South Basin permits. Meanwhile, Anadarko has recently been carrying out seismic work in the Canterbury basin off New Zealand with the possibility of spudding one or more wells later this year or early 2012. However, it is under-stood the company is investigating potential rig-share op-portunities.

Woodside has announced it has discovered gas wit the Martin-1 well in Australia’s Carnarvon Basin. According to reports from the operator approximately 100 metres of gross gas was encountered within the Triassic target. The Martin well is located within 14km of Woodside’s existing gas discoveries at Martell-1, Noblige-1, Larsen-1, Larsen Deep-1 and Remy-1.

Woodside Strikes Gas with Martin Well

Farstad Secures Australia Charters

New Zealand Drill Decision in Balance

PNG Government Buys Into Nautilus

©Copyright Braemar Seascope Offshore 2011

Australia/New ZealandAustralia/New ZealandAustralia/New Zealand

Otto Marine has reached agreement with Go Marine Group Pty Ltd to have the option to acquire 49% and the remaining 51% of the company. The AUD 20 million deal, would see Otto Marine position itself to provide marine services to the potentially booming Australian oil and gas market. Otto Marine hopes to target major projects like Gorgon, Wheatstone, Browse Basin and the Inpex Icthys development. The ambition is for Go Marine Group to be one of Australia's largest ship operators.

Fugro N.V. has acquired Tsmarine Group Holdings Pty Ltd (TSM) and its subsidiaries. TSM, with its headquarters in Perth Australia and subsidiaries in Singapore, Labuan (Malaysia) and Aberdeen (UK), is a specialist provider of subsea construction, IRM (inspection, repair and mainte-nance) and light well intervention. The company operates ROV (Remotely Operated Vehicle) and diving services and has four high specification chartered vessels in its fleet. It is focused in the Asia-Pacific and Europe-Africa regions.

BP has announced that it has been awarded four deep-water offshore blocks in the Cenduna Sub Basin within the Great Australian Bight, off the coast of South Australia. The Exploration Permit for Petroleum (EPP) covers an area of 24,000 km2. BP has said that the proposed exploration activity will be phased over six years and will be subject to detailed environmental assessment. Seismic activity could commence in the summer of 2011/12 with drilling not ex-pected until 2013 or 2014.

Strategic Marine has received a contract from the Leigh-ton-Saipem consortium for delivery of four workboats for use on the Chevron operated Gorgon Project. The vessels, which will be built at the company's Henderson Shipyards, will be used to transport workers to and from construc-tion barges operating at Barrow Island. The workboats will be capable of carrying up to 12 passengers each and are expected to be delivered later this year.

Workboats Ordered for Gorgon Project

Fugro Acquires TSMarine

BP Awarded Four Australian Blocks

Otto Marine Acquires Go Marine

©Copyright Braemar Seascope Offshore 2011

AustraliaAustraliaAustralia

SBM Offshore has announced a long-term cooperation agreement with Mitsubishi Corporation to pursue FPSO projects worldwide. The deal will cover lease and operate projects and will be subject to the pre-existing agree-ments of the companies. Mitsubishi will be an equity part-ner with SBM Offshore for the ownership of FPSOs. SBM Offshore will supply the units and act as the operator. The pair have previously formed partnerships for the Yetagun FSO and Rang Dong FPSO lease contracts.

Swire Blue Ocean has declared an option to build a se-cond windfarm installation vessel with Samsung Heavy Industries in Korea. The vessel, which is scheduled to ar-rive in Europe in early 2013, will be named Pacific Osprey and will be utilised on the DanTysk windfarm in the Ger-man North Sea. The sister ship Pacific Orca, which was originally due to perform the DanTysk work, will be com-mitted to another European project.

Seadrill has entered into an agreement with COSCO Na-tong Shipyard in China for two new tender rigs. The T15 and T16 are scheduled for delivery in the first quarter and third quarter of 2013 respectively. Total project price is estimated to be USD 225 million. The two units will be based on similar designs to recently built tender rigs but with enhanced drilling capabilities. Both rigs have been contracted to Chevron Thailand Exploration and Produc-tion for a five-year period at a value of USD 420 million.

Beluga Group has ordered its first cable-lay vessel with Lloyd Werft. The deal, which still requires confirmation by the German Government, also includes an option for a second vessel. The first vessel will be named the Beluga Connection with delivery mid 2012. The 110.8m-vessel is to be utilised laying cable in the Wadden Sea for NKT Ca-bles. Beluga Hochtief Offshore is also building a jack-up capable of installing 120m-high turbines in 50m of water.

Beluga Orders Cable-Lay Vessel

Second Vessel for Swire Blue Ocean

Seadrill Places Order for Two Tender Rigs

SBM Offshore & Mitsubishi Deal

©Copyright Braemar Seascope Offshore 2011

NewbuildsNewbuildsNewbuilds

Drydocks World has delivered the jack-up platform Swift 10 to Swift Drilling. The specialised platform, which was built at Drydock World's yard Nanindah in Indonesia, is expected to be deployed in European waters and be in-volved in windfarm installation activities as well as oil and gas work. An additional unit JB-116 is also currently under construction at Graha in Indonesia.

Atwood Oceanics has executed a turnkey construction contract with Daewoo Shipbuild and Marine Engineering for an ultra deepwater drillship that will be named At-wood Advantage. The drillship will cost a total of around USD 600 million and is expected to be delivered by the end of September 2013. The vessel will be a DP3 dual der-rick drillship rated to operated in water depths of 12,000 feet. It will have a 165-ton active heave knuckle boom crane and accommodation for up to 200.

Aker Solutions has announced its planned specification for its newbuild subsea installation and construction vesel the AMC Connector. The vessel, which was perviously called Aker Connector, will be equippped with two turntables for high voltage power cables or subsea umbilicals and will have a transit speed of 16 knots. The AMC Connector which is set for delivery in early 2012 will also have two heave-compensated cranes with 400 and 50 tonne capaci-ties. It will work for ABB in 2012 and 2013 on delivery.

Rolls-Royce has announced an order from Singapore-based offshore company, PaxOcean to provide the ship design, propulsion systems and deck machinery for two platform supply vessels. The order also includes options for a further four vessels. The vessels are of UT-755 CD design and will be built at PaxOcean Engineering's Zhuhai yard in China with expected delivery in 2012.

PaxOcean Places Rolls Royce PSV Deal

Atwood Oceanics Orders DSME Drillship

AMC Connector Specs Finalised

Swift 10 Jack Up Being Completed

©Copyright Braemar Seascope Offshore 2011

CorporateCorporateCorporate

DayratesDayrates PSV PSV PSV

SPECS BOX

£0

£20,000

£40,000

£60,000

£80,000

£100,000

£120,000

£140,000

Jan

-04

Ma

r-0

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Ma

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Jul-

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Jan

-11

Large - AHTS (16,000+ BHP) Medium - AHTS (12-15,999 BHP)

DayratesDayrates AHTS AHTS AHTS

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

AHTS Rates 2004AHTS Rates 2004AHTS Rates 2004---PresentPresentPresent

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

PSV Rates 2004PSV Rates 2004PSV Rates 2004---PresentPresentPresent

DayratesDayrates PSV PSV PSV

SPECS BOX

£0

£10,000

£20,000

£30,000

£40,000

£50,000

£60,000

Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10 Jan-11

Large - AHTS (16,000+ BHP) Medium - AHTS (12-15,999 BHP)

DayratesDayrates AHTS AHTS AHTS

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

AHTS Rates 2010AHTS Rates 2010AHTS Rates 2010---PresentPresentPresent

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

PSV Rates 2010PSV Rates 2010PSV Rates 2010---PresentPresentPresent

Braemar Seascope Offshore is a division of

Braemar Shipping Services PLC, a leading

integrated provider of brokering and con-

sultancy services to the shipping industry.

At Braemar Seascope Offshore our aim is

to provide cost effective solutions to our

clients' offshore programmes.

Regular advances in technology mean our

work is a direct response to constantly

changing market needs.

From offices in London, Aberdeen, Singa-

pore and Australia we specialise in the

worldwide offshore market.

Our services include:

Spot and period chartering

Short sea and ocean towage

Newbuild and second hand sale &

purchase

Bespoke research and reports

Corporate mergers, acquisitions &

fleet sales

Sourcing venture capital and ad-

vising banks

Valuation services

Contact

Us

Sean Bate

Market Analysis

Manager

25 Carden Place

Aberdeen

AB10 1UQ

UK

Phone:

+44 (0)1224 628470

Fax:

+44 (0)1224 621444

E-mail:

research

@seascope.co.uk

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