Broker provides update on North Sea supply vessel market

News - January 7, 2005

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Offshore Shipbrokers Ltd (OSL) says the sport market in the North Sea continues to improve, and November was undoubtedly the best month of 2004, with rates for PSV fixtures reaching record levels and AHTS rates equally buoyant.

The company said November got off to a good start continuing on from the tight market seen during October with rates fluctuating around the 15,000-20,000 level. By the middle ofthe month however things had tightened even further with rates now reaching and exceeding the 40,000 level.

December started well, but by the end of the first week rate levels had fallen considerably to around the 7500 level. This situation lasted for several days until availability tightened once again and rates started to climb. Rates then rose to hit the 50,000 level for rig moves. OSL said it expects things to remain reasonably tight into January.

"Confidence is also beginning to grown in the term market with rates for recent term charters now beginning to creep up in response to predicted activity," said OSL. "Requirements commencing during the summer months of 2005 are attracting an additional premium due to the expected limited availability."

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