Offshore Shipping Online

A publication for the offshore shipping industry published by Clarkson Research

  • Offshore Intelligence Monthly
  • Menu

    Availability in North Sea standby market likely to increase, says broker

    News // October 24, 2003
    The North Sea standby market remained flat during September and into October, reports The Stewart Group in its latest monthly report.

    "One fresh requirement came to the market, which resulted in ChevronTexaco chartering the Bue Iona to support the Sedco 704 up at Strathspey," noted the company.

    "It was widely expected that there would be increased availability by the end of September due to the decline in drilling activity. This has not been the case as the market was very tight throughout last month. We expect availability to increase during the next quarter when vessels complete contracts as rigs are stacked. Despite this projected availability increase, the market may remain tight if owners opt to lay up tonnage, rather than face reduced utilization," said the well known shipbroker.

    More articles from this category

    More news