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those ? gures on asset play over the last 5 and Solstad. Market rumors suggest that ing throughout 2022, and it looks like years. Eastern Navigation timed the mar- several owners are increasing their ask- it could be a pivotal year for the sector. ket perfectly, both from a purchasing and ing prices for large AHTS based on all After 5 years of low asset values and dis- selling perspective. The cherry on top is the above. tressed market conditions, many within that Eastern Navigation has been work- the industry will certainly be hoping that ing the vessel at various intervals since Future Outlook ‘what goes around, does indeed come purchase, and thus generating positive VesselsValue expects the large AHTS all the way back around’ and ? nally see cash ? ow - likely with a lot lower debt market and values to continue ? rm- some positivity returning to the market.

levels, if any, compared to their fellow offshore owners who built or bought at the peak of the market.

The vessel’s most recent major proj- ect was from December 2019 to May 2021 for Lantana Services Sdn Bhd. Ena

Shogun primarily supported semi-sub- mersible drilling rigs for a Bruneian oil company under a one-year contract that contains options for additional work. The vessel was managed by Vroon Offshore

Services Singapore.

Comparable Recent Sales

On December 9, 2021, Solstad sold 16,005 bhp, 2006-built Far Stream and

Far Sword vessels. While the original price guidance was $8.5 million, the sale price was actually $6.5 million.

On October 22, 2021, the 2001-built, 16,823 bhp, vessel Far Scout was sold for $3.5 million.

Both these sales caused a ? rming in asset value when they occurred, and the recent sale of the Ena Shogun will be fed into the VV model and values will in- crease accordingly.

Market Tightening

The consensus is the large AHTS sector is tightening, and the number of available large AHTS units is quickly diminishing, while inquiries are increasing. This sud- den tightening is a product of vessels be- ing sold out of the offshore sector, thus reducing overall ? eet numbers, China purchasing large numbers of vessels to service their growing renewables market, and a lack of any meaningful newbuild orders since c. 2014.

Finally, larger owners have sent signi? - cant numbers of older AHTS assets to the demolition yards as part of their overall ? eet renewal program, i.e., Tidewater www.marinelink.com 11

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