Deep Sea Supply Announces Multiple Contract Awards
Deep Sea Supply is pleased to announce multiple contract awards with an international major subsea contractor for a total duration of approximately 1000 vessel days. The three PSVs of PX105 design "Sea Spider", "Sea Springer" and "Sea Spark" have been awarded contracts for ten, ten and four months, respectively. The AHTS "Sea Lynx" has been awarded a contract to be performed in two phases; first phase 40 days and second phase 250 days. Commencement is expected to be November 2014 for the three PSVs and phase 1 for "Sea Lynx" and May 2015 for phase 2 for "Sea Lynx".
Deep Sea Supply takes Delivery of 'Sea Triumph'
The Deep Sea Supply took delivery of the newbuilding Platform Supply Vessel 'Sea Triumph' on Thursday 18 September. The vessels 'Sea Triumph' is a STX 05-L design built at Cochin shipyard in India. Main characteristics of the vessel are; 4.100 dwt, 810 m2 deck area, clean design and diesel electric propulsion. Following the delivery of 'Sea Triumph', Deep Sea Supply has 15 AHTS vessels and 24 PSVs in operation, in total 39 vessels. This information is subject of the disclosure requirements acc.
Deep Sea Supply Vessel to be Delivered in 2007
Deep Sea Supply PLC has through its subsidiary DESS Cyprus Limited entered into an agreement with Java Marine Lines Pte Ltd. for a 1 year firm bareboat charter of a 10.800 BHP Anchor Handling Tugs Supply vessel. The vessel is to be commissioned and delivered by Jaya Shipbuilding & Engineering Pte. Ltd. in Singapore in September/October 2007. Deep Sea Supply PLC has secured a purchase option at the end of the 1 year BB charter. Deep Sea Supply will operate the vessel in Asia, Middle East and West Africa.
New CEO for Deep Sea Supply
Deep Sea Supply, a Cyprus headquartered owner of offshore support vessels, has appointed Jon Are Gummedal as new CEO of the company, says a statement from the company. Gummedal has worked with Deep Sea Supply since January 2014 as Technical Director with the responsibility of the technical management and crewing of the fleet operating worldwide. He was previously Technical Director at Wilson, responsible for a fleet of 86 vessels. He has more than 13 years experience in the industry, the last 7 in higher management positions.
Norway's Solstad Offshore, Farstad Shipping and Deep Sea Supply Agree Merger
Norwegian OSV companies Solstad Offshore, Farstad Shipping and Deep Sea Supply have signed off on merger plans first announced on February 6, 2017. The statutory merger plans have been approved and signed by the boards of Solstad, Farstad, DESSC and Solstad’s relevant subsidiaries, into which Farstad and DESSC will be merged. Deep Sea Supply and Farstad Shipping will merge into and be established as individual subsidiaries under Solstad Offshore, with shareholders of Deep Sea Supply and Farstad Shipping receiving shares in Solstad Offshore as consideration.
12th ULSTEIN PSV Delivered to Deep Sea Supply
Zhejiang Shipbuilding in Ningbo, China, delivered Sea Swift, the final of 12 platform supply vessels (PSVs) of the large PX105 design to shipowner Deep Sea Supply PLC on October 23, 2014. The Deep Sea Supply vessels are 88.9 meters long and 19 meters in the beam. The vessels have diesel electric propulsion and can keep up a speed of 15.5 knots. The loading deck area is in excess of 1,000 square meters and the vessels each have a dead weight of 4,700 metric tons. The X-BOW hull line design eliminates slamming from head sea, increases comfort and safety and reduces fuel consumption.
Norwegian OSV Operators in Blockbuster Merger
Debt-laden Farstad Shipping gets lifeline; billionaires Fredriksen and Roekke join forces. Hit by the oil industry recession, Norwegian offshore service vessel (OSV) operators Farstad Shipping, Deep Sea Supply and Solstad Offshore announced plans to merge on Monday to counter the downturn. Under the deal Farstad is to complete a financial restructuring via a debt-for-equity swap and new share issue, and will then be merged with Deep Sea Supply and Solstad Offshore, controlled by Norwegian billionaires John Fredriksen and Kjell Inge Roekke respectively.
BP Extends PSV Deals with Deep Sea Supply
Oslo-listed offshore vessel owner Deep Sea Supply has secured two time charter contract extensions with BP Egypt. The PSVs Sea Spear and Sea Spark have been awarded a 1 year extension of their charter contracts with start from end of current firm period, in July 2017. "Deep Sea Supply is pleased to announce an extension of two time charter contracts with BP Egypt," said a statement from the company. Both vessels started operations for BP Egypt in Egypt in July 2016 on one year firm and one year option contract. Following this extension both vessels are now firm until July 2018.
STX Europe Contract for Eco-Friendly Design
STX Europe has been awarded a contract with Deep Sea Supply for design and building of a Platform Supply Vessel. The new PSV 09 CD design, optimized for eco-drive in all weather conditions, is designed by STX Europe in Ålesund, Norway. The vessel is scheduled for delivery in Q1 2012, and will be built at STX Europe in Brazil. The contract is signed with Deep Sea Supply Navegação Maritima Ltda. in Brazil, a subsidiary of Deep Sea Supply in Arendal, Norway. Roy Reite, President of STX Europe's Offshore & Specialized Vessels business area…
Jaya Shipyard to Deliver AHTS
The first Anchor Handling Tug Supply (AHTS) vessel, Sea Cheetah, from Jaya Shipyard in Singapore is expected on February 8. The delivery date is based on the original time schedule. Deep Sea Supply has entered into a 3-4 months time charter with Acergy. The value of the charter is approximately $6.5m, including fees for mobilization and demobilization. The vessel will go directly to West Africa for future operation.
Deep Sea Supply Awarded Contracts
Deep Sea Supply ASA has been awarded medium term charter contracts for two of its AHTS vessels the Sea Lynx and the Amadon Tide in North Sea and West Africa. Total value of contracts is $13m The company will transfer the vessel McNee Tide (and rename the vessel Sea Wolf) from West Africa to the currently very strong North Sea spot market. The vessel Sea Lynx, operating in the North Sea, has been awarded a 2 well option 1 well contract to Island Oil & Gas Ltd. offshore Ireland. Expected duration is 60 - 90 days. Amadon Tide (to be renamed Sea Bear), operating in West Africa has been awarded a contract to Adoon Pte. Ltd. in Nigeria from 1st May 2006 with expected duration 67-95 days.
Scotland's Fletcher Shipping Snaps Up PSV
North Sea supply specialist Fletcher Shipping buys 'FS Taurus' its third vessel in five years. Currently operating in the Forties section of the North Sea, Taurus will take the total number of employees at Fletcher to 90. Set up in 2007 with backing from the Royal Bank of Scotland, the company transports food, equipment and other supplies to offshore oil and gas operators, reports 'The Scotsman'. The purchase of the Taurus – a 2,600 tonne vessel built in 1991 – has been backed by RBS and the Scottish Loan Fund (SLF) run by Maven Capital. The SLF provided £4 million upfront, with the option to draw down a further £1m, to help part-fund the deal.
Tenth Ulstein Designed PSV for Seatankers
‘Sea Surfer’, the 10th of twelve platform supply vessels designed by Ulstein for Seatankers/Deep Sea Supply, was delivered from Zhejiang, China, on 18 July 2014. All twelve vessels carry the PX105 design. The vessels are 88.9 metres long and 19 metres in the beam and equipped with a diesel-electric propulsion system. The cargo deck area is approximately 1,000 m2 and the vessels each have a dead weight of 4,500 tonnes. The deliveries from Ulstein also include an extensive equipment package, all power distribution and electric propulsion systems, bridge and communication systems.
Deep Sea Supply Takes Delivery of AHTS
Deep Sea announced that it took delivery of the AHTS-vessel Sea Jaguar from Jaya Shipbuilding and Engineering Pte Ltd in Singapore. Twin screw Khiam Chuang design Anchor Handling Tug/Supply Vessel is outfitted and equipped for anchor handling, towing, fire fighting, dynamic positioning, rescue , offshore supply and other related duties. The Vessel will be classed as offshore support anchor handling supply vessel, fire fighting class 1, DPS-2, ACCU for Unrestricted Service. Twin maneuvering consoles are fitted in the wheelhouse stations, forward and aft. The Dynamic Positioning with joy-stick controls provided at the aft controls.
Solstad Farstad Sells 2010-Built AHTS
Solstad Farstad, which claimed to be the world’s largest OSV firm, has sold a relatively new AHTS vessel Far Shogun, since its formation last month following the mega-merger of three leading OSV companies in Norway. The 2010-built, 23,664-bhp Far Shogun has been delivered to the unnamed new owner on Thursday, Solstad Farstad announced. "Wholly owned subsidiary Farstad Supply AS has sold the AHTS Far Shogun to an undisclosed buyer for an undisclosed price. The delivery of the anchor handling tug and supply vessel Far Shogun to the new owner took place on Thursday, July 13," said the company.
Kleven to Build Fish Harvesting Vessel for DESS Aqua
Kleven has signed a contract with DESS Aqua, a joint venture company established by Marine Harvest Norway and Deep Sea Supply, on the building of a fish harvesting vessel for carrying salmon from fish farms to processing plants. The vessel will be delivered from Myklebust Verft in March 2018, and is of SALT 425 FHV design from Salt Ship Design. The contract also includes an option for a second vessel. “There is impressive research and development work being done in the fish farming industry, and this is absolutely an interesting market for us to be in,” said Ståle Rasmussen, CEO of Kleven.
OSV firm Farstad Continues Restructuring Talks
Supply firm Farstad Shipping's CEO Karl Johan Bakken repeats is in stand-still agreement with lenders until Oct. * CEO says Oct. * Farstad shares down 4.7 pct to 8.9 crowns at 1004 GMT compared to a rise of 0.5 pct in Oslo's benchmark share index.
Decom North Sea Helps Supply Chain Companies
An industry body set up to ensure businesses are ready to secure opportunities from decommissioning work over the coming years will shortly launch a major mapping exercise to help the supply chain benefit from the $38.6b to $46.3b of North Sea work forecast for the future. The work by Decom North Sea will help promote the capability and capacity of the North Sea supply chain for decommissioning projects, as well as showcasing supply chain companies and their individual expertise and experience.
W.Africa Crude-Traders on Sidelines
West African oil differentials were unchanged on Friday, with traders on the sidelines as they assessed the impact of lower North Sea supply and awaited a clearer outlook for Libyan exports. The supply of North Sea crude that underpins the Brent benchmark will average 774,000 barrels per day (bpd) in May, according to loading schedules provided by trade sources on Friday, down from April. This was seen putting upward pressure on Nigerian differentials because oil from the two regions competes for customers. "We're waiting to see what the offers on the North Sea are like," a trader said. Crude oil futures prices fell earlier this week on hopes that Libyan supply would return. This would pressure West African grades because they are of a similar light, low-sulphur composition.
Tidewater to Sell Six AHTS'
Tidewater announced the pending sale of six of its KMAR 404 class of Anchor Handling Towing Supply vessels to Deep Sea Supply ASA for a total cash price of $188 million. All conditions precedent to close, including the receipt by Tidewater of a non-refundable 10% deposit and the deposit by the purchaser of the balance of the purchase price into an escrow account, have been completed and the transaction is expected to close shortly. The culmination of this transaction will result in an approximate $65.9 million pre-tax financial gain, or approximately $42.8 million after tax, or $.74 per common share. The transaction will result in an approximate $112 million taxable gain, but no cash taxes will be due because of the availability of net operating loss carryforwards.
Tidewater Reports 2Q Results
Tidewater Inc. announced second quarter net earnings for the period ended September 30, 2006, of $104.2 million, or $1.86 per common share, on revenues of $274.0 million. For the same quarter last year, net earnings were $82.2 million, or $1.42 per common share, on revenues of $204.4 million. The immediately preceding quarter ended June 30, 2006, had net earnings of $71.4 million, or $1.23 per common share, on revenues of $269.8 million. Included in the current quarter's net earnings is a gain of $28.2 million ($17.2 million after tax, or $0.31 per common share) related to the August 2006 sale of 11 of the company's offshore tug vessels to Crosby Marine Transportation, LLC for a total cash price of $34.8 million.
Norway's Offshore Shipping Sector Faces Bleak Year
Norwegian companies that provide supply ships and drilling rigs to the global oil industry face a bleak year ahead as contracts disappear and financing options dwindle in the face of weak global crude prices. They could increasingly be forced to sell or write down the value of assets, cut jobs and tap shareholders for cash to weather the downturn, according to industry experts. This would herald more pain for Norway, where the overall oil sector accounts for about a fifth of the economy and unemployment is rising, especially in the oil capital Stavanger and its environs on the west coast. Oil firms like Statoil, which offshore shipping companies rely on for business, have slashed costs and projects to cope with a 60-percent plunge in crude prices since June last year.
New & Notable:Alaska Awards Metlakatla Ferry Contract to Conrad
Conrad Industries emerged as the winner to build a new ferry for the high profile customers Alaska Marine Highway. AMH sees the signing as the ushering in of a new era in marine transportation for the community of Metlakatla with the signing of the contract. The new vessel will provide dedicated service between Metlakatla and Ketchikan, two of the Inside Passage's southernmost communities. Southeast Region Director, Bob Doll, represented the Alaska Department of Transportation & Public Facilities at the signing ceremony. "This ferry means better service to the communities of Metlakatla and Ketchikan and less cost to the State of Alaska." The detailed design for the Metlakatla ferry was performed by Pat Eberhardt, P.E. of Coastwise Engineering, Juneau under contract to the State of Alaska.