Restructuring of the OSV business is far from finished


#21

The Island Venture has [U]finally[/U] been delivered from Ulstein Shipyard: http://www.smp.no/naeringsliv/2017/01/17/Ulstein-leverte-endeleg-milliardskip-14076825.ece

She is due to depart Norway 10. Febr. bound for GoM.
May she have many happy years of work there and create jobs for US Mariners in the process.

Nice new addition to the ECO fleet: https://www.youtube.com/watch?v=vtcYJo2-3Y0


#22

Standard Drilling, which is a company with a long history of speculation in the rig market has now firmly switch their sight to the OSV market: http://splash247.com/s-d-standard-drilling-acquires-three-volstad-psvs/


#23

[QUOTE=ombugge;194460]The Island Venture has [U]finally[/U] been delivered from Ulstein Shipyard: http://www.smp.no/naeringsliv/2017/01/17/Ulstein-leverte-endeleg-milliardskip-14076825.ece

She is due to depart Norway 10. Febr. bound for GoM.
May she have many happy years of work there and create jobs for US Mariners in the process.

Nice new addition to the ECO fleet: https://www.youtube.com/watch?v=vtcYJo2-3Y0[/QUOTE]

Here is the same in gcaptain newsletter today: http://gcaptain.com/ulstein-delivers-island-venture-its-largest-construction-vessel-to-date/


#24

[QUOTE=ombugge;194525]Here is the same in gcaptain newsletter today: http://gcaptain.com/ulstein-delivers-island-venture-its-largest-construction-vessel-to-date/[/QUOTE]

yes, although foreign built I am encouraged that the vessel will take it’s place beside HOS’s big Dutch built MPSVs as foreign flagged vessels but working for US owners with US mariners. No more subterfuge and disingenuous bullshit responses to the USCG by companies pretending that qualified US mariners are not available. Everyone of us here knows they are and ready to serve…even if it is for Joe Boss!

Perhaps the tide has not only turned but beginning to pick up a healthy following current.


#25

Yes the Island Venture is a very large vessel, with all the “bells and whistles” but she lack Vertical Pipe/cable laying equipment to fill the void for such capabilities in the GoM.
To use this one only as accommodation unit and/or for simple subsea jobs are really a waste. (If that is what she will be doing)

Here is an example of a vessel with the type of equipment needed, Nordman Maximus:


#26

[QUOTE=ombugge;194606]Yes the Island Venture is a very large vessel, with all the “bells and whistles” but she lack Vertical Pipe/cable laying equipment to fill the void for such capabilities in the GoM.
To use this one only as accommodation unit and/or for simple subsea jobs are really a waste. (If that is what she will be doing)[/QUOTE]

I believe the ISLAND VENTURE is designed and constructed so that a vertical lay tower can be added easily if the job calls for one

I can also see the vessel being a very good well intervention vessel…I know there are some very high end coiled tubing subsea intervention packages on the drawingboard if not already built.


#27

[QUOTE=c.captain;194610]I believe the ISLAND VENTURE is designed and constructed so that a vertical lay tower can be added easily if the job calls for one

I can also see the vessel being a very good well intervention vessel…I know there are some very high end coiled tubing subsea intervention packages on the drawing board if not already built.[/QUOTE]

Yes the Island Venture has the Moon Pool and foundation to fit a Vertical Lay Tower. She may even have Carousel(s) below deck, or be prepared to fit them on deck, but none installed. The same goes for Well Intervention Tower and equipment.

I don’t know if there are any of this equipment available, or being manufactured, in the US. Obviously the equipment can be shipped to the GoM, or wherever, on a HLV and be installed there, but most appears to get such equipment installed in Rotterdam, which is a fairly lengthy operation.

If ECO is aiming at such work it seems to me that it would make sense to install the equipment before leaving Europe. The vessel has been idle at the building yard for long enough time to get it manufactured and ready.

Any insider information on what is actually planned for the Island Venture when she get there??


#28

The magic “15 year age” is a recurring theme these days: http://www.osjonline.com/news/view,laid-up-or-on-the-way-out_46227.htm
In this case in the North Sea and Brazil market, but could it also spread to GoM??

A short respite for the spot market has raised hope of better times ahead: http://www.osjonline.com/news/view,statoil-buys-up-anchor-handler-availability-with-quartet-of-rig-moves_46289.htm


#29

Even in these hard times there are new OSVs being delivered from yards in Norway.
The Norwegian subsidiary of GulfMark Inc. has just taken delivery of a large Arctic class PSV: http://www.offshoreenergytoday.com/gallery-simek-hands-over-new-arctic-class-psv-to-gulfmark/

I don’t know if this one goes to work, or into layup.


#30

Here is one way of getting rid of the surplus OSVs and strengthen the market for the rest: http://www.superyachtnews.com/fleet/do-you-think-youre-vard-enough
Any candidates for conversion to propose??


#31

I’d prefer to go this route for a private yacht conversion: http://mvcaperace.com/about.html


#32

Three major Norwegian Offshore Companies to become one: http://splash247.com/farstad-solstad-deep-sea-supply-merge/
The heavy weights Rokke and Fredriksen will thus have control of some if the best and most modern Offshore vessels in the world, but will it help maintaining Norwegian seafarers on at least some of the ships?


#33

[QUOTE=ombugge;194706]The magic “15 year age” is a recurring theme these days: http://www.osjonline.com/news/view,laid-up-or-on-the-way-out_46227.htm
In this case in the North Sea and Brazil market, but could it also spread to GoM??

A short respite for the spot market has raised hope of better times ahead: http://www.osjonline.com/news/view,statoil-buys-up-anchor-handler-availability-with-quartet-of-rig-moves_46289.htm[/QUOTE]

The 15-year age limit appears to get more and more attention as a possible “game changer” for the AHTS market world wide: http://www.osjonline.com/news/view,ahts-age-profile-could-help-bring-about-recovery-conference-hears_46457.htm

It is unlikely to affect the US GoM market I believe??


#34

Farstad restructuring is in progress: http://fairplay.ihs.com/commerce/article/4282011/farstad-shipping-restructuring-starts-with-share-placement

PS> The Far Samson on the picture is the most powerful tug in the world still, at 423 m.t. Bollard pull.


#35

There is cheap sale on older OSVs.
This AHTS, built in 1998, 162 t. BP: http://www.olympic.no/fleet/ahts/olympic-poseidon/

Was sold for conversion to Standby/ERRV for US$1.3 Mill.: http://www.smp.no/nyheter/2017/02/23/Har-du-11-millionar-Da-kan-du-kjøpe-eit-offshoreskip-14303755.ece?cx_front_click=baseline_test&cx_front_click_place=7&cx_front_click_articles=2


#36

[QUOTE=ombugge;195132]The 15-year age limit appears to get more and more attention as a possible “game changer” for the AHTS market world wide: http://www.osjonline.com/news/view,ahts-age-profile-could-help-bring-about-recovery-conference-hears_46457.htm

It is unlikely to affect the US GoM market I believe??[/QUOTE]

It would be nice. There are a lot of older AHTS in the GoM.


#37

Farstad has concluded their restructuring, but at a VERY large loss to the Farstad family who used to own 40% of the company: http://sysla.no/2017/03/09/nyheter/farstad-en-vemodig-dag_194960/
Once the merger with Solstad is completed their share of the new mega company controlled by Rokke and Fredriksen will be a meager 1.5% or thereabouts: https://www.farstad.com/

Pity to see that the “Big F” is likely to disappear and the ownership of company moving from local Aalesund investors to the big boys in Oslo. Operational Management of the new company will be at Skudeneshavn, which is a small town on Karmoy.

When the dust settles, the new mega company will be at the forefront in the high-end Offshore Shipping market, with a fleet of top modern vessels. But who know when that will happen??


#38

Another major player in the Offshore Shipping market worldwide is also facing problems, which has not yet been resolved: http://www.offshoreenergytoday.com/tidewater-gets-further-waiver-extension-from-lenders/

The big difference with Farstad is that they have a young fleet of large modern vessels, incl. 7 state-of-the-art CSVs, while Tidewater are mainly in the lower end of the spectrum.

Although Tidewater has acquired a number of modern vessels in the last few years their fleet still consist [U]mainly[/U] of relatively small PSVs, low powered AHTS and older vessels that will have problem competing in the coming years.

Building cheap can become costly in the present and future market.


#39

From Splash 24/7 today: http://splash247.com/deep-sea-supply-farstad-solstad-set-complete-mega-merger/

With a combined fleet of 154 large, modern and efficient vessels, the new company will have a commanding position in the high-end market for OSVs of all kinds. Their fleet of CSVs will be able to handle any jobs anywhere in the world, leaving little room for any newcomers to get into the market for the foreseeable future.


#40

Looks like GulfMark is going down.