More news that things offshore are slowing down

Looks like the North Sea is skiddingand yards in Norway are sucking wind!

Broker notes decline in activity and in rates

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 recordsix 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.

Solstad cancels newbuilds after KMS files for bankruptcy

March 10, 2009

Solstad Offshore has confirmed that it has cancelled two newbuilding contracts at Karmsund Maritime Service (KMS), after the yard announced its bankruptcy earlier today.

Me thinks there are going to be more and more stories like this the longer the price of oil staying in the pooper shoot!

DAMN…just when I was feeling secure about my future!

So things are beginning to blowback on the Norwegians for overbuilding these mega subsea vessels which now nobody wants because they cost to much to charter!

from Offshore Shipping Online

[B][I][U]HAVILA PHOENIX charter cancelled![/U][/I][/B]

Contracts, Tenders and Rates - March 17, 2009

Havila Shipping says the charter for its newbuild [I]Havila Phoenix[/I], which was delivered last week, has been cancelled. Said Havila: “The company sent notice of delivery to Phoenix International Inc as charterer and requested the rest of their obligations corresponding to the charter agreement.”

"The obligations not fulfilled included payment of a mobilisation fee and a guarantee from a bank for an amount equal to six months hire, which Phoenix International Inc has rejected. The contract is therefore cancelled.

The company said it is working on several possibilities for other contracts for the vessel.

Well here’s one vessel that isn’t going to become a Fourchon fixture for the next ten years! Now I wonder is Havila is going to let Phoenix get away with this or if they are going to sue the shit out of them. I hope they do because Phoenix’s management are a bunch of pirates who deserve to get their heads handed to them on a platter even if it is by my favorite Norwegian friends!