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    Broker notes decline in activity and in rates

    News // March 10, 2009

    Suil na Mara Offshore Review reports that there is a ready supply of tonnage for charterers to select from in most areas at present with average rates significantly down from last year.

    The North Sea spot market has taken the most notable fall from record six figure rates last year to recent levels of 5,000-6,000 daily for both modern PSVs for supply duties and high end AHTS for rig moves.

    "The Cromarty Firth, UK which in times of low rig activity is used as a warm lay-up venue is now home to three rigs awaiting future employment," said the broker. "The area has been void of any rigs for the past two years as the drilling market has been on a high."

    "Overall global rig utilization has dipped only marginally in the last six months from approximately 92 per cent to around the 89 per cent level, however there has been a small increase in the rig fleet of 3 per cent meaning the total number of rigs under employment has remained relatively static," the broker noted.


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