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    North Sea supply vessel market picks up - briefly

    Contracts, Tenders and Rates // June 24, 2002
    Offshore Shipbrokers Ltd (OSL) reports that although May was what it called "a rather dull month" - which at the beginning of the month saw owners fixing at low rates - it "suddenly changed" in the last two weeks when through an increase in rig moving rates more than double to 10/15,000 level.

    "In an interesting move which may result in them taking back their own chartering activities BP have entered the market for a number of platform supply vessels (suggestion is that they could require up to 9/10) with delivery scheduled for January 2003",said OSL in its latest monthly report. The period is for 18 months plus options for up to another twelve months.

    The period indicates that the vessels could be used as front running vessels until BP award and take delivery of newbuilding vessels under their Jigsaw contract.

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