Gulf of Mexico area report
Hornbeck Offshore has led the way in the Gulf of Mexico, ordering large numbers of DP2 vessels
Tight market likely to get tighter still
O
verall, vessel operators are very satisfied with the way that utilisation levels in the Gulf of Mexico are increasing. In some cases, they have reached 100 per cent. Many in the industry see the Gulf of Mexico returning to pre-Macondo levels of drilling activity within the year, even if it hasn’t quite done so already. Day rates continue to increase, with Hornbeck reporting spot rates of US$30- 36,000 for their new-generation DP2 tonnage. Confidence has been buoyed by the growing
presence of ultra-deepwater drilling equipment. A total of 43 drillships and semis are currently in the Gulf of Mexico, of which 26 are working. The first quarter of 2012 saw five deepwater units enter the area from overseas, including the Noble Globetrotter I, Pacific Santa Anna, Seadrill West Capricorn, Ensco 8505, and Stena Forth. Eight additional deepwater units are destined for the Gulf of Mexico later in 2012 including the Vantage Dragon Quest, Atwood Condor, Ensco 8506, and Noble Globetrotter II.
With a continued uptick in deepwater drilling activity in the Gulf of Mexico, the market for DP2 vessels is beginning to tighten up, in a positive and negative sense
by Matthew van de Witt
The regulatory environment also continues to evolve. Most industry analysts acknowledge that the pace of drilling permits will continue to be uneven for the foreseeable future, but the number of drilling programmes currently underway (or scheduled to begin in the second and third quarters of 2012) bodes well for a continued expansion of offshore exploration and production. A total of 44 drilling permits were issued in the first quarter of 2012, the highest number since the Macondo disaster; 26 permits were issued in February alone,
more than in the previous three months combined. However,
the crewing situation remains difficult. Owners’ operating costs are increasing, wages are rising, and there is ever more competition for personnel between vessel and rig owners for dynamic positioning officers (DPOs). These cost increases are, typically, being passed on to owners’ customers, the exploration and production (E&P) operators.
Apart from the crewing situation, there is an overall sense that the market for DP2 vessels will remain tight, at least until 2013, when newbuilds ordered by Hornbeck Offshore, GulfMark, Harvey Gulf and Chouest begin to enter service. Despite
the improving market, many
vessels continue to leave the Gulf of Mexico on contracts that their owners secured earlier. Shell’s upcoming Alaskan drilling programme is a major factor – Harvey Gulf is sending two Tiger-class newbuilds, Harvey Spirit and the just-delivered Harvey Sisuaq, in fulfilment of an
Mexico ratifies transboundary agreement
On April 12, Mexico’s senate ratified the transboundary agreement that was developed in conjunction with the State Department in the US. The agreement, which has yet to be ratified by the Senate in the US, would allow Mexico’s state-run oil company Pemex to partner with US companies to develop oil reserves along the maritime border in the Gulf of Mexico.
www.osjonline.com
Mexico’s constitution bans private companies from developing hydrocarbon reserves, but it also allows the state-run oil company Pemex
to develop reserves on
Mexico’s borders with outside assistance, under the terms of treaties that have been approved by Mexico’s government. The transboundary agreement allows Pemex to partner with US oil companies to develop
offshore oil reserves. Reserves along the border are estimated at up to 9 billion barrels. A statement from the Mexican Senate said the agreement was “a crucially important step so the country can access the hydrocarbons it will eventually share with its northern neighbour.” Pemex’s output has fallen in recent years, with many blaming over-regulation and the lack of investment in new technology.
Offshore Support Journal I June 2012 I 19
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