Norwegian offshore vessel operator Siem Offshore has secured a term fixture outside of the hot North Sea spot market for one of its anchor handling tug supply units.
The fourteen-year-old AHTS Siem Ruby has been fixed to an international oil major for the remainder of 2024. Siem said the 3,793 dwt ship with a bollard pull in excess of 300 tonnes should start its charter imminently without providing further details.
The company had eight large AHTS vessels and one small AHTS vessel at the end of the fourth quarter, with the Siem Ruby most recently employed in the North Sea spot market at NOK900,000 per day.
The AHTS North Sea spot market had seen utilisation at almost 100% at the end of February, according to Intermodal, with vessels earning an average of $90,000 per day, up 30% and 35% from the two previous years, respectively. “Rates have been climbing rapidly in 2024, as the average anchor handler is earning around $25,000 per day more every month,” the Greek broker noted.
Earlier this month, Siem Offshore also secured a contract extension for its multipurpose support vessel, Siem Dorado, which will keep the ship utilised outside the North Sea for a period reaching towards the end of Q4 this year.
Analysts at shipbroker Clarksons said that vessel supply constraints in offshore oil and gas remain supportive, adding that although demand trends need to be closely monitored, projections suggest a year of further improvements.
Commenting on its financial performance in 2023, the Oslo-listed Siem Offshore noted that there is an increase in the number of multi-year contracts hitting the market for almost all OSV segments, signaling that charterers are positioning themselves strategically to reduce the risk of not having control over capable assets to carry out already booked projects and planned campaigns in the coming years.
