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    Term market likely to remain weak

    Contracts, Tenders and Rates // August 2, 2002
    The Stewart Group reports that activity in the term market in the North Sea continues to be very limited and the acceptance that trading conditions will remain flat until the end of 2002, at least, has seen offers for vessels significantly lower than inprevious months.

    "The volatility of a weak spot market has now become being very unpalatable for some owners", noted Stewart Group. "The low level of projected new drilling activity of the next six months, together with a substantial number of vessels which are scheduledto deliver in the near future, will further weaken overall trading conditions".

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