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    North Sea supply vessel update

    Contracts, Tenders and Rates // March 15, 2002
    Offshore Shipbrokers reports that - from an owner's viewpoint - market conditions have been very poor in the North Sea during February with few rigsmoves and cargo runs to soak up the available tonnage.

    Rates for cargo runs have been as low as 4,000 and for rig moving modern 12,000bhp vessels were fixing at 7,500, with one vessel dropping to 6,500 for an anchor replacement job.

    Taking into consideration utilization, average rates were very low in February, but it is anticipated that March and April will see more activity on the rig moving front - current indications are that there are a number of potentialrequirements to come - and an exodus of vessels to their summer programmes.

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