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    Activity in Med and West Africa on the up

    News // March 19, 2004
    Norwegian operator Farstad reports that activity in the Mediterranean and West Africa is increasing, but a large number of the vessels that have departed the North Sea lately have headed for West Africa.

    According to broker Marcon, Seabulk Offshore has also advised that demand for vessels in West Africa remains strong, driven by the deepwater market.

    However, revenue decreased as day rates and utilization declined slightly from peak levels in the second and third quarters of 2002, and Seabulk sold six vessels from its West African fleet during the first nine months of 2003. They also redeployed one vessel and added three newbuild vessels to West African ops during the first nine months of 2003.

    The unrest in Nigeria reportedly did not have a significant impact on operations, said Marcon.

    Marcon said Seabulk expects exploration and production spending will continue to increase in West Africa, which should strengthen vessel demand.

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