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Vessels

Photo from Farstad.

Tough tonnage growth in mobile drilling units to 1110. average the earnings in the spot-market

New anchor handling tug supply

Newbuilding levels were forecast at did not give owners a suf? cient return on vessel orders have slowed, but about 120 a year, with about 30 units their investments,” said Norway’s DOF forecast to be scrapped each year. AS, which operates 20 AHTS vessels, the market is starting to turn a

A report by ? nance ? rm Cleaves Group in and has a further three on order, in its corner. reports. Elaine Maslin 2012 had been just as buoyant. It said, since 2013 annual report. 2005, the AHTS ? eet had doubled, while DOF says AHTS units are exposed epending on which analyst’s the PSV ? eet increased by about 30%. to volatile North Sea spot market rates. data on anchor handling tug However, the growth rate has slowed. “Only about 50 of the 300 PSVs in the

D supply vessels (AHTS) you look Con? dence declined as activity and rig North Sea are trading in the spot-market, at, the size of the ? eet varies. What has requirements slowed—the main driver while 60% of the AHTS ?eet depends on not been in doubt is its growth trajectory. for AHTS vessels. the spot-market,” the ? rm says.

Last year also saw a drop in new-

A 2013 report by Ocean Shipping Offshore support vessel (OSV) opera- build activity. In the ? rst seven months

Consultants, “Offshore Support Vessels tors (AHTS and PSVs) have also seen of 2013, 54 vessels were delivered, and Mobile Rigs: Global Prospects to reduced margins. according to an RS Platou September 2025,” put the AHTS ? eet at about David Palmer, of Pareto Securities, told 2013 presentation, implying an annual 2850 vessels and said this number was the IBC 6th Annual Offshore Support rate of 93 vessels. expected to grow by 41% to 3900 ves- Vessels Conference, in Singapore, in sels, by 2025, matching a 41% projected April, that it was becoming “increasingly Palmer says the AHTS orderbook is challenging” to make “distinctly light,” falling more inline money in the OSV sector, with rig utilization rates, which he

Palmer says. expects to continue to be muted, rather “Global OSV compa- than newbuilds.

DOF’s , Skandi Iceman built by Vard for DOF. nies’ forward EV/EBITDA Norwegian shipbuilder Vard’s yearend

Photo from Vard, by Harald M estimates have been ? at 2012 order book listed eight AHTS new-

Valderhaug.

over the past six months,” builds, compared to ? ve at yearend 2013, he says, re? ecting inves- with no new orders in 2013. tor concerns about the Vard, owned by Italy’s Fincantieri, overall level of E&P cited the reasons in its 2013 annual spending and offshore report: “There is some uncertainty fundamentals. surrounding oil companies’ continued “In 2013, the markets willingness to grow their exploration and for PSVs and AHTS ves- production spending, as cost in the oil sels were moving in the and gas industry is on the rise and many right direction, but on players are refocusing their activities.”

June 2014 | OE oedigital.com 68 068_OE0614_Vessels3_AHTS.indd 68 5/22/14 11:02 PM