Singapore: According to a research note released today from UOB Kay Hian, Singapore offshore vessel operator Pacific Radiance achieved an ominous vessel utilisation of 0% for its diving support vessel fleet in the second quarter of 2015.
Pacific Radiance has three DSVs in the fleet, Crest Odyssey 1, Crest Odyssey 2 and Crest Hydra, which achieved a 22% utilisation last year during the same period. The report described the subsea outlook at “bleak” and predicted the market to continue to get worse although did say the impact may be softened by cost savings from the warm-stacking of vessels.
According to the UOB analysts, Pacific Radiance saw a marginal improvement in OSV utilisation to 55% but against a market where OSV dayrates have fallen by 10-15%, with some examples in the market of requests for discounts as high as 30%.
Lastly, the note said that Pacific Radiance has delayed the delivery of two vessels scheduled for delivery in the second half of this year. The two vessels will be delayed until 2016, leaving the company with six more vessels to deliver this year.