The North Sea is seeing a spurt of offshore activity, confounding the doomsayers.
Offshore Merchant Partners (OMP) reports that PSV spot rates have soared in the first week of June, up from $14,700 to $17,500, the highest weekly average seen since 2014.
OMP did warn however: “[T]he rate level remains at risk if a substantial number of vessels currently in lay-up return to service.”
There has also been a lot of business for anchor handlers in the North Sea in early June. Staoil alone took nine AHTSs in the first week of the month, making available tonnage very tight all of a sudden. This has not yet translated into a rate hike – OMP noting that AHTS rates actually dropped $3,000 last week to $12,000.