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    OSL provides update on North Sea market

    Contracts, Tenders and Rates // May 28, 2004
    Offshore Shipbrokers Ltd (OSL) says the first quarter of 2004 has so far seen a very quiet spot market in the North Sea, with only typically one weekduring each month being tight due to bad weather.

    April however was another quiet month on the spot market with the weather this time not becoming a factor. Due to this rates for both PSVs and AHTS remained around the 3,000-4,000 level with the highest rate seen being 5,500 said OSL in its latest monthly report.

    "Things however look better for May and June with a busy period of rig moves scheduled combined with a large number of vessels leaving the spot market for term and summer project work. Given the reduction in the number of vessels available and the increase in drilling activity it looks like things could pick up for owners with the start of the month showing signs of this already," said OSL.

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