Arctic Offshore

Petrobras has released the results for its latest OSRV (Oil Spill Response Vessel) tender, offering bidders a chance to bid again. In the previous tender, most bidders were disqualified for submitting incorrect fuel consumption data. Petrobras responded quickly by launching a new tender in the market, giving companies another chance to submit their bids. The rates came in at a lower level than expected and well below Arctic's projections, showing owners target of securing utilization. The OSRV category is highly dependent on Petrobras, which is reflected in the rates offered.

Petrobras OSV tender showcases market strength: Mixed AHTS TS Rates, high and consistent AHTS TO and OTSV Bids, and limited PSV supply The recent Petrobras OSV tenders highlighted different market dynamics: AHTS and OTSV Tender: For AHTS vessels, rates in the TS (heading control) batch were lower than previous tenders, suggesting smaller fleet owners are prioritizing securing backlog over market rates. Oceanpact was the only bidder for the OTSV (Offshore Terminal Support Vessel) batch, with rates almost double its previous contract. AHTS TO (Offloading Hose Maintenance): Bids were consistently high, reflecting disciplined bidding by Oceanpact and CBO. Large PSV Tender: Only a few vessels were offered at market rates, indicating strong demand and tight supply in the PSV (Platform Supply Vessel) market.

Petrobras published the preliminary results of yesterday’s OSRV tender. The bid originally called for up to 5x vessels and offered a 1 460 days. LOT A OCEANPACT SERVIÇOS MARITIMOS S.A. - ILHA DE TINHARÉ - USD 33.203,77 BRASBUNKER PARTICIPAÇÕES S.A. - MAR LIMPO III - USD 34.651,26 BRASBUNKER PARTICIPAÇÕES S.A. - MAR LIMPO V - USD 34.951,26 BRASBUNKER PARTICIPAÇÕES S.A. - MAR LIMPO IV - USD 35.251,26 BRAM OFFSHORE T. M. LTDA - CAMPOS CONTENDER USD 38.314,35 CAMORIM SERVIÇOS M. LTDA - MALAVIYA 29 - USD 38.732,37 CAMORIM SERVIÇOS M. LTDA - ASTRO BARRACUDA - USD 41.739,54 COMPANHIA BRASILEIRA DE OFFSHORE - CBO NITERÓI - USD 43.114,18 CAMORIM SERVIÇOS M. LTDA - PRIYA TWENTY NINE - USD 43.435,57 ASGAARD BOURBON NAVEGAÇÃO S/A - TBN1 - USD 43.840,01 ASGAARD BOURBON NAVEGAÇÃO S/A - TBN2 - USD 44.036,01 OCEANPACT SERVIÇOS MARITIMOS S.A. - SEACOR BRAVE - USD 49.070,55 COMPANHIA BRASILEIRA DE OFFSHORE - CBO RIO - USD 49.959,21 CBO SERVIÇOS MARITIMOS S.A. - CBO VITORIA - USD 49.959,21 ASGAARD BOURBON NAVEGAÇÃO S/A - TITAN - USD 57.460,84 WILSON, SONS OFFSHORE S.A. - MANDRIÃO - USD 37.532,17 LOT B BRAM OFFSHORE T. M. LTDA - C-AGRESSOR - USD 31.885,63 BRAM OFFSHORE T. M. LTDA - C-ATLAS - USD 31.885,63 UP OFFSHORE APOIO MARITIMO LTDA - MARTIN VAZ - USD 33.000,93 BRASBUNKER PARTICIPAÇÕES S.A. - MAR LIMPO III - USD 34.651,26 BRASBUNKER PARTICIPAÇÕES S.A. - MAR LIMPO V - USD 34.951,26 MARLIN NAVEGAÇÃO S.A. - MARLIN LEBLON - USD 35.058,98 BRASBUNKER PARTICIPAÇÕES S.A. - MAR LIMPO IV - USD 35.251,26 BRASBUNKER PARTICIPAÇÕES S.A. - VIKING THAUMAS - USD 37.627,50 MARAU NAVEGAÇÃO LTDA - ILHA DE SÃO SEBASTIÃO - USD 43.373,80 WILSON, SONS OFFSHORE S.A. - SAVEIROS ATOBÁ - USD 37.546,70

Petrobras Announces Rising Offshore Vessel Demand During Norway Visit Petrobras representatives have been traveling within Norway during this week, with Arctic closely following the agenda in various cities. The main goal of the trip was to engage in closer discussions with Norwegian shipowners and ship designers, showcasing their vessel needs, hear suggestions from the locals, and encourage the Norwegian Owners to send vessels back to Brazil’s booming market. Petrobras currently operates 140 logistics vessels and 91 subsea vessels and plan to hire about 152 offshore support vessels (OSVs) during their current investment cycle. For their newbuilding program, Petrobras highlighted the importance of the current tender for 12 platform supply vessels (PSVs) and announced upcoming bids in 2024 for 10 oil spill response vessels (OSRVs) and 16 remotely operated vehicle support vessels (RSVs). Looking ahead to their short-term demand for 2025/2026, Petrobras expects the following tenders: 1. Logistics (2025/2026 Demand): Up to 10 bids for various vessel types, including PSVs, anchor handling tug supply vessels (AHTS TS), OSRVs, and others. Approximately 64 vessels will be chartered to meet these needs. 2. Subsea (2025/2026 Demand): Up to 5 bid processes are expected. Roughly 50 vessels will be chartered, including pipeline laying support vessels (PLSVs), AHTS R, RSVs, remote diving support vessels (RDSVs - a new category), and multipurpose support vessels (MPSVs) for subsea operations.

Petrobras Hosts Live Event Showcasing Future OSV Demand The live event, held today, focused solely on the logistics department's vessel needs, specifically PSVs, AHTS for heading control, OSRVs, OTSVs, and other smaller types. In general, the company highlighted that they are trying to accommodate various requests from the market to make the tendering process and contract execution more market-friendly, ultimately providing better terms for owners. For PSVs, in addition to the current tenders on the market, three additional tenders can be expected between now and Q2 2025. As a highlight, Petrobras has introduced the payment of mobilization/demobilization fees for foreign-flagged vessels, which is unique so far. Regarding AHTS, a new tender is expected to hit the market in addition to the current one. Unlike PSVs, where Petrobras accepts both Brazilian/REB flagged and foreign-flagged vessels, only Brazilian or REB flagged vessels will be accepted in this category. This shows that access for REB tonnage is key to secure good contracts. On the oil spill response side, a new tender is expected to hit the market within Q4 2024, likely for 10 more OSRVs. Similar to AHTS, only Brazilian/REB flagged vessels will be acceptable. This further strengthens the commitment of the company with its environmental risk mitigation. Lastly, on a more general note, Petrobras highlighted their aim to ramp up production from 2.8 mboe to 3.2 mboe within the 2024-28 strategic plan as well as the deployment of 14 new FPSOs within the same time frame, with only four units still undergoing the tendering process. These two factors combined reinforce our vision of an even tighter market for offshore support vessels, with solid market fundamentals in place for further increases in day rates and newbuild placements. Note: A similar event for Petrobras' Subsea Vessels division (PLSVs, AHTS with ROV, and others) will be hosted soon.

Petrobras out with PSV Tender on behalf of the Sepia Consortium This week, Petrobras released a new tender on behalf of the Sepia Consortium, which includes Petrobras, Total, Petronas, and Qatar Petroleum. The aim is to charter up to four large PSVs, consisting of 2x Multipurpose Fluid Carriers and 2x General Cargo vessels. The mobilization is expected for January 2025, with technical specifications aligning with previous tenders. From our perspective, it seems Petrobras encountered difficulties in securing all the necessary tonnage during the previous Sepia tender, and others. Consequently, a new tender with hopes to fulfil its vessel needs short/medium term demand is needed, with owners hoping for higher budgets.

Petrobras out with 3rd Partial Large AHTS Tender Results   The tender, which closed back in November 2023, has on its third round confirmed an additional 6 vessels, whilst the remaining vessels are either still under evaluation or disqualified due to excessive pricing. The qualified vessels are: ·        Bram Titan ·        ⁠Bram Atlas ·        ⁠Skandi Botafogo ·        ⁠Normand Sagaris ·        Oceanicasub XIII (under final review) ·        ⁠Normand Ferking (under final review)

Petrobras out with 3rd Partial Large AHTS Tender Results   The tender, which closed back in November 2023, has on its third round confirmed an additional 6 vessels, whilst the remaining vessels are either still under evaluation or disqualified due to excessive pricing. The qualified vessels are: ·        Bram Titan ·        ⁠Bram Atlas ·        ⁠Skandi Botafogo ·        ⁠Normand Sagaris ·        Oceanicasub XIII (under final review) ·        ⁠Normand Ferking (under final review)

Petrobras out with PSV Tender on behalf of the Sepia Consortium This week, Petrobras released a new tender on behalf of the Sepia Consortium, which includes Petrobras, Total, Petronas, and Qatar Petroleum. The aim is to charter up to four large PSVs, consisting of 2x Multipurpose Fluid Carriers and 2x General Cargo vessels. The mobilization is expected for January 2025, with technical specifications aligning with previous tenders. From our perspective, it seems Petrobras encountered difficulties in securing all the necessary tonnage during the previous Sepia tender, and others. Consequently, a new tender with hopes to fulfil its vessel needs short/medium term demand is needed, with owners hoping for higher budgets.