Bayou Blue Boneyards

Maritime News Marine Incidents
41

There are some good buys to be had these days. Indians know how to use every opportunity:

Vessel & ROV News // April 13, 2016
The PSV Rem Stadt (UT-746, built Brattvaag 1996, 5,372 dwt) has been sold to Indian Owner TAG Offshore.
The Remoy Shipping-owned PSV is due to be delivered to TAG Offshore in April 2016. The vessel will be renamed TAG 20 and has secured a long term charter with ONGC.

Fearnley Offshore Supply said the price is reportedly US$3.75 million ‘as is – where is.’

Sure it is a 20 year old vessel, but more modern and well equipped then some that has been built in the last 5 years: http://www.remoyshipping.no/rem-stadt-psv/
If well maintained, which I suspect it would be, USD 3.75 Mill. is a steal for a UT 746.

Here is a picture from when in Aalesund a few days ago, before commencing it’s voyage to India:

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There are many more to be had at bargain prices, if anybody is interested.

I’m now situated in Aalesund, Norway, which is at the center of the Norwegian Maritime Cluster, with
Norwegian Maritime Competence Centre (NMK: http://www.nmcc.com/en/about/norwegian-maritime-competence-center/
Offshore Simulation Centre: http://osc.no/
and NTNU, one of the major centers for Shipping, Logistics and Maritime education in Norway: http://www.ntnu.edu/amo
but a stone’s throw from my house.

All the major designers, builders, equipment suppliers in the Maritime Cluster around Aalesund and many of the major Owners/Operators of Offshore vessels in Norway are headquartered within a relatively short distance from here.

42

Blue Bayou is not the romantic place of Linda Ronstadt’s songs. It is a swampy place where a lot of offshore boats are stacked.

43

Where most see only doom and gloom, others see opportunities: http://fairplay.ihs.com/commerce/article/4266676/opportunistic-investors-eye-offshore-support-vessels?utm_source=email&utm_medium=newsletter&utm_campaign=dailynewswire&mgs1=5b78mKFZVq

44

[QUOTE=ombugge;183667]Where most see only doom and gloom, others see opportunities: http://fairplay.ihs.com/commerce/article/4266676/opportunistic-investors-eye-offshore-support-vessels?utm_source=email&utm_medium=newsletter&utm_campaign=dailynewswire&mgs1=5b78mKFZVq[/QUOTE]

One can’t read this article without registering. How about figuring a way that it could be read.

45

OK, here is a copy of the article:

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Despite the depressed market for offshore support vessels (OSVs), cash-rich investors are eyeing opportunities to buy them in a bid to position themselves for a recovery in the sector.

Demand for OSVs has dropped as oil majors scale back on capital investments due to weak oil prices, thus causing asset values to fall as well.

However, IHS Fairplay understands that some of Singapore’s OSV companies have received proposals. Japan’s second largest line, Nippon Yusen Kaisha (NYK), is reportedly among those seeking to diversify into OSVs.

Sources told IHS Fairplay that NYK has enquired about investments and joint ventures in Singapore-based OSV companies, including Ezra Holdings, although the Japanese line was tight-lipped when contacted for comment.

“Due to the unique nature of our assets and capabilities, we receive queries from strategic parties interested in our different businesses from time to time,” an Ezra Holdings spokesman said. “As and when there are any material developments, Ezra Holdings and the board will make the appropriate announcement via SGXNET [the platform to submit regulatory filings] in compliance with the listing rules of the SGX-ST.”

Ezra Holdings itself is no stranger to such investments, having in August 2015 sold part of its subsea business, EMAS AMC, to Japan’s Chiyoda Corporation, which was seeking to expand its offshore and upstream portfolio.

Pacific Radiance, another Singapore-based OSV owner, also said it receives purchase enquiries from time to time. However, a company spokesman told IHS Fairplay that the company has a longer-term view of the market.

“Pacific Radiance owns and operates a young and diverse fleet of offshore support vessels,” he said. “Our vessels are built to spec to meet the needs of our target markets and are meant to strengthen our own fleet, not for speculation. In addition, our ships are built at third-party yards and this, together with our in-house shipbuilding project management expertise, allows us to achieve lower overall building costs for our vessels.

“While we regularly receive queries from third parties to buy vessels from our fleet, our decision as to whether to sell depends primarily on the continuing relevance of such vessels to our overall fleet-chartering business model and strategy. Any decision to sell will be for these reasons other than for trading purposes.”

Singapore-listed OSV owner PACC Offshore Holdings (POSH), a subsidiary of Malaysian conglomerate Kuok Group, would not comment on whether it has received offers on its vessels. However, a POSH official told IHS Fairplay that the company is in the market for the long term and has a strong balance sheet, so it does not need to sell off assets to raise cash.

46

The hard time continues, but some have other options then layup: http://www.oilpubs.com/oso/article.asp?v1=19177

47

There’s a large Tidewater boneyard in Bayou Black.

48

If anybody is interested in following the development and trend in the North Sea market, here is a useful link: http://www.westshore.no/

It may not affect your situation and market, but it doesn’t harm to see what is happening in the rest of the world.

49

Anyone heard anything on Kirby Offshore buying some Crosby wire boats?
Word around the campus in Gotham says they did.

50

I know that the North Sea is far away and doesn’t hire many American mariners anymore, but to add to the Broker link for boats in post #48, here is a list of rigs in Northern European waters: http://offshore.no/rigg

Just as a comment to the often repeated statement that “Americans are not allowed to work in Europe”;
Noticed the name of Owners of the rigs on this list? A lot of well known American companies to be found.
(As well as 4 Chinese (COSL) rigs, all working in Norway)

PS> A large number of these rigs are now in layup. Many of the older rigs will probably never work again, especially in Norwegian waters: http://www.smp.no/ntb/innenriks/2016/06/22/Analytiker-venter-riggdød-i-Nordsjøen-12927678.ece