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    North Sea supply vessel market update

    Contracts, Tenders and Rates // September 12, 2002
    Offshore Shipbrokers Ltd (OSL) in Aberdeen reports that charter rates in the North Sea were generally poor during August.

    At the beginning of the month cargo runs were down to 3,000 levels whilst some rig moves were being fixed at 4,000-5,000.

    OSL says these poor rates are a reflection of negative government tax changes that is forcing operators to cut back on their drilling programmes.

    In addition delivery of new buildings, sublets as well as contracts not being renewed all contribute to an uncertain outlook.

    BP's award of a four vessel (rates are being suggested in the 7,500 / 8,000 range) contract to Maersk against their PSV requirement has a knock on effect.

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