Page 38: of Marine Technology Magazine (November 2015)

Surging Subsea Segments

By William Stoichevski “In pipe-lay, there’s a steady growth. We see optimism,” a The 60-ship Farstad Shipping, for one, has seen its SSVs

Rolls-Royce executive tells a disbelieving clutch of journal- completely outperform its anchor-handlers and platform sup- ists in Aalesund, Norway. Days earlier, the equipment maker ply vessels. A new three-year contract for the 9,500 DWT, and ship designer had announced hundreds of marine-division Vard-built Far Sentinel is the second new-build CSV to win layoffs amid continued “tough times” offshore. work for Farstad in 2015. Subtec S.A. de C.V. hired the Sen-

The results of Netherlands-based Boskalis, with its pipe-lay tinel for construction and maintenance work in the Gulf of vessels, lends support to the Rolls-Royce business leader’s Mexico. Most maintenance and modi? cations (or M&M) optimistic comment. While dredging out a new Suez Canal work worldwide has been put off by oil majors, judging by the might have helped produce a record pro? t of over 300 million words of nearly every industry executive, so any M&M spend- euro, it was “high equipment utilization” offshore that pro- ing is rightly seen as “the start” (of recovery).

duced what Boskalis CEO Peter Berdovski calls “a fantastic Farstad CEO Karl Johan Bakken — overseeing six new SSVs ? rst-half, historically”. For him, “there’s a clear distinction” and one new-build — tells MTR, “The reality is, a combina- between short-term reluctance on the part of oil companies to tion of reliability during unforeseen events and quality vessels invest and the long-term “prosperity” expected, soon, to drive will keep (the Farstad ? eet) working. energy demand. “The build-up in our subsea segment, which is small, has happened fairly recently,” Bakken cautions. Nevertheless, he

Never too New could book late-summer 2015 operating pro? ts for Farstad’s

As 2015 winds down, Rolls-Royce’s marine division can SSVs as up 220 percent year-on-year. The segmented pro? ts still cheer a new relationship with Wenchong Shipyard in for anchor handlers and supply vessels were down tenfold or

China. The two are brought together by a DP deal for a 124- slipped into loss. m Skipsteknisk-designed diving support vessel for Jumeirah

Offshore of Singapore. The design is noteworthy, as it joins Cable Guys pipe-lay and cable-lay in the buoyant subsea segment “off- It’s in cable-lay and related marine subsea services, where shore support”, where there’s plenty of work for subsea sup- SSVs appear to be winning out. They’re bene? tting from a port vessels (SSVs) or construction support vessels (CSVs). surge in Northwest European turbine and offshore-wind grid-

Instant success: the new-build

Far 838 due for delivery in 2016.

November/December 2015 38

MTR

MTR #9 (34-49).indd 38 12/8/2015 10:45:53 AM