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    International markets also buoyant, says Fearnleys

    News // June 10, 2005
    The market outside the North Sea is almost as buoyant as the market in the North Sea, according to Fearnleys Offshore Supply.

    "In most offshore theatres, such as Australasia, Indonesia, India, Middle East, Egypt, West Africa, support vessel owners are enjoying good times. North Africa is expected to continue its current pace, although some of the expected activity is now likely to slip into next year as many oil companies are having difficulties finding available drilling rigs. Libya has released its second licensing round and several offshore blocks are expected to be awarded post summer, to be drilled in 2006/2007," said Fearnleys in its latest report on the market.

    West Africa continues in an upbeat manner, with rates stable and vessels fixed on newcontracts faster than they can be released from current contracts. Several new arrivals havenot been able to dampen the market, as these vessels were fixed on contracts prior to arrival.

    "The US Gulf market continues to be strong and several owners are reactivating vessels tomeet the growing demand. Rumors are also rampant in the market of numerous newbuildingprogrammes and we should not be too surprised to see the order books increase by eight to tenvessels in the weeks ahead," noted the broker.

    Utilization for straight supply vessels remains at close to one hundred per cent and anchorhandlers are making hourly rates of up to US$4500/hr on the spot market.

    In Mexico Pemex continues their fleet renewal programme by tendering for modern supplyvessels. Bids for Mexican and International flag PSVs were submitted earlier in the weekand commercial openings are expected in ten to fourteen days time.

    At the same time bids for FSVs are being prepared for submission and anchor handling bids will be submitted in another couple of weeks. All in all this could mean a total of 10 additional vessels heading for Mexico.

    Brazil has seen some recent tender activity with Petrobras being in the market for a largeAHTS as well as a medium PSV and a medium sized AHTS.

    Activity is high throughout the region with Indonesia leading the way with the issuing of numerous vessel tenders to cover upcoming drilling activity.

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