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    Oversupply in North Sea market says broker

    News // February 14, 2003
    Offshore Shipbrokers Ltd (OSL) in Aberdeen reports that "there has been an oversupply of tonnage" in the North Sea, with many vessels especially PSVs having prolonged periods of idleness.

    "Whilst this is not uncommon at this time of the year it will take a combination of more local as well as international activity and a period of bad weather to take up the slack," noted OSL.

    "In view of BP's asset sale of the Forties Field and the potential for fields to follow, will the logistics merry go round start again?" asked OSL in its latest monthly report. "American independent Apache has purchased the Forties Field and is reportedto be setting up their own operations in the area. Other assets are likely to change hands in the coming months that may also have an impact on logistics," said OSL.

    "Whilst a healthy exodus of modern vessels from the market is underway it is offset by a number oftermination notices," said OSL. "Havila Surf, Boa Giant and Smit Lloyd 57 are all heading for West Africa. Saipem, following their fixing of the Solstad package of PSVs, has fixed from Swire three anchor handling vessels to support the Castor Sei. Delivery will be April for one year plus options with operation in the North Sea as well as the Mediterranean."

    Redelivery notices were issued by ASCO to Toisa and following negotiations Toisa Crest has beenreplaced by Toisa Intrepid until the end of the contract. In addition Northern Supporter has had itscontract suspended until early May.

    Kaubturm has redelivered from Seaforth whilst Toisa Leopard, Highland Warrior and HighlandChampion have all gone to lay-up.

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