North Sea ERRV market remains tightNews // March 10, 2006
Offshore Shipbrokers Ltd (OSL) says the Emergency Rescue Response Vessel (ERRV) market in the North Sea continues to be extremely busy with little improvement in vessel availability.
"Any vessels that are coming free are being quickly snapped up, a good example of this being the two ex-Tidewater PSVs bought by Nomis and converted to ERRVs, being secured for long term work almost immediately," said OSL. "There are a number of newbuild vessels due for delivery later in the year, however many of these are to replace older tonnage due for lay-up and we therefore don’t expect to see the market softening whilst the rig demand remains so strong."
Term rates for ‘B’ class vessels are expected to remain in excess of £5,000 with ‘A’ class fetching even higher levels.
Spot rates also continue to remain extremely buoyant with the £10,000 level and above being regularly paid and - in the majority of cases - owners can virtually name their price, said OSL.