market data
Rem Offshore has ordered a vessel similar to Rem Forza, but with a larger crane
Korean yards benefitting from offshore order boom
outh Korea in particular is benefitting from growing demand for offshore vessels, securing record levels of offshore business. In relative terms, prices are holding steady, and it is noticeable that most contractors attach options to new business as a price protection move.
S
When a yard can win a drillship order worth around US$600 million, why would the same yard worry about trying to win an order for a very large crude carrier worth only US$100 million?
In 2011, around US$12 billion of offshore business was procured by South Korea, providing a welcome expansion of business for yards that have tended to specialise in vessels such as container ships and tankers. The estimated intake for the first quarter of 2012 for offshore-related projects is already US$9.6 billion. For many yards a record year is guaranteed thanks to valued-added offshore contracts. South Korean builders also know that they have the competitive edge over China and Japan. Prospects for offshore development are improving in all parts of the world. This has, in part, prompted the bullish expectation of owners and operators. With a number of major
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Investment in offshore vessels shows no sign of abating and is proving the salvation of previously troubled shipyards where a collapse in conventional shipbuilding threatened dire problems
oil and gas projects in the pipeline, and major contracts expected to be confirmed in the next 12-24 months, a plethora of vessel orders will be needed to provide vessels to undertake these projects.
The buoyant subsea industry alone has 280 projects on the drawing board, of which 107 are currently out to tender. Oil and gas projects in deep water are growing in number, scale and complexity, and older offshore tonnage is finding it difficult to adjust to these developments. Owners taking delivery of deepwater vessels with dynamic positioning to DP standard are reaping the benefits and much improved charter rates. An added factor with large specialist tonnage is that many current drilling vessels need replacing after reaching the end of long- term contracts.
Subsea construction vessels dominate recent orders. Intake for the first quarter of this year has already reached around US$6 billion, and the total order backlog now exceeds US$25 billion in value, with Saipem, Subsea 7 and Technip all having committed to orders. The subsea market boom has also prompted speculative ordering. Owners know that charter contracts will be in the offing and are prepared to order vessels now in the expectation of future employment. Rem Offshore has successfully exploited this process and repeated the move with an order for a subsea construction vessel added to the order backlog at Kleven shipyard in Ulsteinvik. The unit will be a Marin Teknikk’s MT6022 design. It is due to be delivered in June 2013. An experienced subsea operator, with all of its fleet gainfully employed, Rem Offshore has already begun marketing the new ship – to be named Rem Installer. The early delivery date is due to Norwegian policy of already having hulls built for stock in eastern Europe, thus speeding up production. Rem will pay NKr550 million (US$94 million) for this latest addition to its fleet, which is a near-sister to 2008-built Rem Forza. However, the new vessel will be fitted with a 250-tonne crane,
Offshore Support Journal I June 2012 I 93
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