Activity levels in Middle East/North Africa remain healthyNews // April 1, 2005
"Day rates remain at a low level compared to other regions, but compared to 2004, rates are predicted to be healthy," said Fearnleys.
"The first two months of the year brought few new fixtures to report in the Mediterranean as the activity level has remained even. Several Egyptian construction projects have kept North Sea supply vessels busy shuttling materials back and forth. Egyptiandrilling activity is expected to increase in the summer months ensuring extensions for the majority of the vessels currently holding contracts Additional wells are also expected to be drilled in Tunisia, Libya and Italy, calling for additional vessels to mobilize to the region," said the broker, noting that North Africa will see Vanco Energy drill a well off Abidjan while Woodside will continue their long term program offshore Mauritania.
"West Africa as a whole has seen a flurry of activity and most owners are experiencing one hundred per cent utilisation for their deepwater tonnage," said Fearnleys.