Rise of the Semisub Floatel

Posted by Michelle Howard
Monday, July 14, 2014

Declining North Sea production and increasingly mature assets are expected to drive demand for offshore accommodation support, with the attributed maintenance, refurbishment and shutdown work requiring additional personnel-on-board and workshop capacity, Douglas-Westwood reported. However, the harsh met ocean conditions of the northern North Sea (NNS) ultimately limit Operator choice to two types of accommodation - jackup barges and semisubs – due to the greater stability and safety offered.
 
Despite growing demand for semisub units, the sector is plagued by constrained global supply and limited availability, placing upward pressure on day rates. This is having a significant impact on contract costs in the NNS, with day rates typically ranging from $200-350k. Additionally, Operators are placing contracts several years in advance to ensure maintenance or construction schedules are satisfied. This is forcing Operators to seek more efficient contracting practices, either through unit sharing agreements or securing units on an annual basis.
 
Notably; although costs continue to rise, a key emerging trend in the floating accommodation sector is employee welfare. IOCs are using their global footprints to help drive the adoption of the ‘quality equals efficiency’ concept. This is now being mirrored in the NNS, where several large Operators and service contractors have identified a trend between ‘spanner time’ – hours worked by offshore personnel – and the quality of worker accommodation. While this may incur greater costs in terms of unit day rates, the cost advantages gained from reduced downtime and improved worker efficiency could make this increased expenditure worthwhile.
 
The industry is screaming for offshore accommodation capable of working in harsh conditions. Although the market will see 11 new units delivered between 2015-2016, continued growth in demand for accommodation semisubs, intensified by unit retirement, will further constrain supply. We are already seeing the market respond with new orders; however, will this be enough to offset growing demand pressures?

 

Maritime Reporter August 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Contracts

Vard Orders Parat Electric Steam & Hot Water Boilers

During the last month, PARAT Halvorsen AS has collected four new boiler plant orders from the Vard Group and their multipurpose platform ships of Vard 1 08 design.

Newport News Selects Paramarine Design Software

QinetiQ’s Paramarine Ship and Submersible Design Software has been selected by Newport News Shipbuilding (NSS) as its primary naval architectural software. QinetiQ

VOSTA LMG Secures Order From Boskalis

VOSTA LMG has been awarded an order for efficient dredge ball joints from maritime services company Royal Boskalis Westminster. The order consists of a series

Shipbuilding

Van Oord Orders Subsea Rock Installation Vessel

Van Oord has ordered a new subsea rock installation vessel. Sinopacific Shipbuilding Group Shanghai will build the vessel at its Ningbo yard in China. The vessel will be delivered in 2016.

ClassNK Head Attends KOTC Delivery Ceremony

Noboru Ueda, Chairman and President of ClassNK attended the delivery ceremony for the M/T Al Yarmouk, constructed at Daewoo Shipbuilding & Marine Engineering Co.

Vard Orders Parat Electric Steam & Hot Water Boilers

During the last month, PARAT Halvorsen AS has collected four new boiler plant orders from the Vard Group and their multipurpose platform ships of Vard 1 08 design.

Energy

Shell CEO: US Should Export Oil, Embrace Global Markets

The head of energy company Royal Dutch Shell said on Tuesday that U.S. policymakers should lift the crude oil export ban because allowing the shipments would make global energy system more stable.

Bureau Veritas Diversifies with MatthewsDaniel Acquisition

Bureau Veritas announced today that it has acquired MatthewsDaniel Ltd, a global provider of loss adjusting and risk assessment services for the offshore industry.

Fogal Retires from Zentech After 57 Years in O&G

Robert “Bob” “Sonny” Fogal, Jr., one of the icons in the offshore oil and gas industry, has decided to retire from front-line work as Zentech’s Director of Business Development.

News

BHP Billiton Congratulates Women in Resources

More diverse workforces are helping resource companies achieve superior performance, safety and stable production, says BHP Billiton’s Human Resource President, Mike Fraser.

Van Oord Orders Subsea Rock Installation Vessel

Van Oord has ordered a new subsea rock installation vessel. Sinopacific Shipbuilding Group Shanghai will build the vessel at its Ningbo yard in China. The vessel will be delivered in 2016.

Five Port Projects Shortlisted for ESPO Award

Today, the projects of the ports of Huelva, Koper, Lisbon, Marseille and Rotterdam have been shortlisted for the sixth ESPO Award on Societal Integration of Ports.

Barges

MN 100: Horizon Shipbuilding, Inc.

13980 Shell Belt Road Bayou La Batre, AL 36509 E-mail: trshort@horizonshipbuilding.com Website: www.horizonshipbuilding.com President and General Manager: Travis R.

US Rail Jams Force Rush to Roads and Rivers

U.S. coal-burning power utilities are being forced to turn to barges and more expensive trucks to move coal, desperate to shore up stockpiles left dangerously low

ABS to Class Ultra Deepwater Offloading Unit

The Remora HiLoad DP BR unit design approved by ABS will have advanced capabilities for offloading operations in Brazil's Santos Basin. ABS, a provider of classification

Offshore Energy

N-KOM Lays Keel for Qatar’s First Liftboat

Nakilat-Keppel Offshore & Marine (N-KOM) has achieved another milestone with the keel laying of its first liftboat newbuild project, awarded in July 2014 by long-time

Master Fined After Wind Farm Collision

The master of a wind farm support vessel has today been made to pay £3,000 in fines and costs after pleading guilty to breaches of maritime collision regulations.

Bureau Veritas Diversifies with MatthewsDaniel Acquisition

Bureau Veritas announced today that it has acquired MatthewsDaniel Ltd, a global provider of loss adjusting and risk assessment services for the offshore industry.

 
 
Maritime Careers / Shipboard Positions Maritime Standards Naval Architecture Pipelines Port Authority Salvage Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1689 sec (6 req/sec)