OSL assesses the marketContracts, Tenders and Rates // February 15, 2002
"Even older tonnage was being fixed at good rates, however comments made to us by both owners and operators indicate that 2002 could prove to be a little more difficult than 2001", says OSL.
"There are a number of idle rigs in the North Sea with more scheduled to come off hire during the first quarter - we hope that new budgets are forthcoming or that the units can be absorbed by other areas in order that the market can be maintained. It isalso essential that the oil price remains stable".
"December 2001 and January 2002 followed the pattern of the previous two years in that the market was very soft with cargo run rates down to below £2000 level and rig moving down at £5000", said OSL.
More recently, however, the market has improved through a combination ofbad weather and increased activity, with rates rising accordingly.