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    May was "mediocre", says Seabrokers

    Contracts, Tenders and Rates // June 24, 2002
    May in the North Sea was a month that "plodded along, but never really got going", says the Seabrokers group.

    "Rig move and cargo run rates were in the doldrums all month with the teens only occasionally being achieved", said the company in its latest report. "There was a bit of activity in the large PSV market segment with Stolt chartering the Normand Carrier for some pipe haul duties, Petersons chartered the Waveney Fortress and Stirling Aquarius, Kerr McGee chartered the Maersk Fetcher, the Northern River was awarded a letter of intent for a three year period to Thales, and Esso Norway and BP Aberdeen tendered for large PSVs".

    "Allseas were also looking for a large PSV for pipe haul duties in July supporting the LB200, but with the rig numbers in Invergordon increasing general rig move and cargo activity is slipping thus resulting in substantially lower rates and utilisation compared to this time last year".

    "The outlook does not look much better, with many drilling campaigns being cancelled or delayed and the constant drip feed of new builds to the market. Whilst the next 2-3 months will probably be reasonable, there is still a grey cloud hanging over the 4th quarter", said Seabrokers. "Most market sectors seem to have a healthy supply of availability, and there is still a steady supply of sublettonnage".

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