1 / 21

The North Sea AHTS market 15 th of May Rigg-Flytt i praksis , Bergen

The North Sea AHTS market 15 th of May Rigg-Flytt i praksis , Bergen. North Sea AHTS spot-rates. Weekly Annual averages. North-Sea term rates: AHTS and PSV. Total North Sea AHTS utilisation currently at low levels. Supply, demand and utilisation rate: AHTS.

saman
Download Presentation

The North Sea AHTS market 15 th of May Rigg-Flytt i praksis , Bergen

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. The North Sea AHTS market15th of MayRigg-Flyttipraksis, Bergen

  2. North Sea AHTS spot-rates WeeklyAnnualaverages

  3. North-Sea term rates: AHTS and PSV

  4. Total North Sea AHTS utilisation currently at low levels Supply, demand and utilisation rate: AHTS

  5. Smaller vessels have beensqueezedoutofthe North Sea market AHTS demand by sizecategory (bhp)

  6. Servicing rigs main driver of AHTS demand – North Sea (2011-12) Onlyvessels >12,000 bhpincluded Term work (2011-12) Spot work (1496 fixtures)

  7. Dayrates correlated with size and work type (>12,000bhp) Average spot rate (2011-12) by work type

  8. North-Sea: Rig moves driving spot work Onlyvessels >12,000 bhpincluded Spot fixtures vs spot work

  9. North-Searigs: Supply, demand and utilization Norway - JackupOtherNorth-Sea - Jackup Norway - FloaterOtherNorth-Sea: Floater

  10. Market Drivers – Jackup Activity Norway • Mostly large jackups (~CJ70) contribute to growth • Large jackupsrequirealsolarger AHTS vessels

  11. Market Drivers – Floater Activity Norway • Only newbuilds and modern units are entering the NCS • The majorityofthesesemi-submersiblesareboth CM and DP

  12. Other demand – Prelay, Mooring, FloatingProduction, etc Otherdemand (basedon spot fixtures) Platforms (existing and expected) Source:Infield

  13. Large untapped potential in Arctic/Harsh Environment areas Oil reserves Gas reserves Source:Infield, USGS, NPD, DE&C, RS Platou

  14. North-Sea AHTS VesselDemand Drivers (12,000+bhp) - Summary

  15. Orderingactivityof AHTS vessels (>12,000bhp) by sizecategory by region ofbuild

  16. Existing fleet and orderbook April 2013 AHTS vessels on order in % of existing fleet (worldwide) is higher in the larger AHTS categories. Many of the units in the >16,000 bhp size category are built in Asia.

  17. The North Sea AHTS fleet – in service vessels Onlyvessels >12,000 bhpincluded, March 2013 Age profile by countryofbuild: Norwegian Continental Shelf Age profile by country ofbuild: Other North-Sea

  18. Can “North Sea” AHTS vessels return home? North-Sea AHTS fleetchanges Location ofNorwegianbuilt tonnage (blt >2000) ? 18

  19. North Sea AHTS fleet: Supply, demand and utilization rate • Onlyvessels >12,000 bhpincluded Supply, demand, utilization rate Utilization rate vs spot-rates* *Spot-rates – as quoted in Platou Supply Monthly for 16,000+bhp

  20. Conclusions/Summary AHTS demand in the North-Sea is currently growing as a consequence of higher offshore activity as a result of more lenient taxes on the NCS (since 2005), new basins opening for exploration and development, significant discoveries in even mature basins and a generally favourable investment climate in the oil and gas industry (oil prices are still very much elevated). Large AHTS demand is largely driven by rig activity and especially the floaters. There has been extensive discussions whether the new floaters, which generally have both DP and Conventionally Mooring, will require the same AHTS intensity. Generally speaking we see that conventionally moored floaters use 3-4 vessels, while DP/CM units require 2-3 vessels. North-Sea AHTS vessels are likely to receive a significant boost in demand from new basins opening up in the Arctic. Exploration, development and production has already started in the Barents Sea and exploration has started in Greenland. The Greenland campaign of Cairn gave a significant boost to demand in 2010/11 and this is likely to continue in 2014+ when Cairn returns with Statoil and other oil companies follow in their footsteps. Very few orders of North-Sea specified AHTS tonnage have been made in recent years. Earnings have been moderate and capital increasingly difficult to get hold of, thus restraining investments. This will lead to very little supply growth the next years. The North-Sea fleet utilization is therefore likely to have passed its cyclical low (although 2013 is still expected to be a challenging year) and will start to climb in 2014/15. Spot-rates/Term-rates are likely to follow.

  21. OSLO ABERDEEN / LONDON MOSCOW COPENHAGEN GENEVA SHANGHAI ATHENS ISTANBUL HOUSTON ACCRA NEW YORK SINGAPORE RIO CAPE TOWN SYDNEY

More Related