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    News // June 6, 2003
    District Offshore (DOF) in Norway says demand for supply vessels in the North Sea was "low" in the first quarter of 2003.

    Average utilisation or employment rate for supply vessels in the North Sea in January, February and March 2003 was 89.3 %, 81.9 % and 90.8 % respectively.

    For the spot market alone, the capacity utilisation for January, February and March was 88.7 %, 56.6 % and 85.4 % respectively.

    DOF said 13 PSVs and eight AHTS vessels have been delivered so far this year. A further 37 new builds are expected delivered in 2003, of which 21 PSVs and 16 AHTS vessels.

    At 01 January 2003, the North Sea fleet consisted of 191 vessels. At the end of the 1st quarter, the fleet consisted of 196 vessels.

    The company's contract coverage is approximately 96.5 % for the current year.

    There is therefore only limited uncertainty attached to the company's earnings for the remainder of the year.

    For the remainder of 2003, the company expects the spot market in the North Sea to be on a level with the same period in 2002.

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