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Second-hand PSV so irresistible, Greek owner buys it ‘twice’
S&P activity was slow in Q1 2024, with just US$474M in deals, representing a fraction of the vessel sales completed during the same period over the last two years
S&P activity remains well below the levels of the last two years, with just 13 second-hand large offshore support vessels exchanging hands in Q1 2024, according to a UK ship valuations firm.
VesselsValue reported S&P sales for 13 OSVs totaled US$144M in Q1 2024. By contrast for the same period in 2023, VV recorded more than 10 times as many vessels were sold — 137 — totaling a whopping US$1.225Bn. In 2022, 90 OSVs were sold, totalling US$474M.
VV data does not include fast supply vessels or platform supply vessels (PSVs) of 300 dwt or smaller.
One transaction that was not covered in the Q1 2024 was a PSV sale by Standard Supply which completed the Oslo-listed firm’s exit from OSV business. The Norwegian owner completed the sale of the dynamic positioning class-2-capable PSV Standard Supplier to undisclosed buyers for US$22.7M. The completion of the transaction in early April follows its initial announcement in an exchange filing on 20 March. At the time, it was revealed the PSV was on hire with BP UK at £18,595 per day. Standard Supply chairman Martin Nes disclosed: “Following the sale of the last vessel the company will be left with cash of US$42M – US$43M.”
Seabrokers reported that this is the second time in recent months that 2007-built Standard Supplier has been subject of an S&P transaction. In November, Standard Supply entered into an agreement to sell three large PSVs (Standard Defender, Standard Supplier and Standard Viking) to Capital Maritime for a total price of US$72.2M.
According to the ship broker, the Evangelos Marinakis-controlled Capital Maritime took ownership of Standard Defender and Standard Viking in December but cancelled its proposed acquisition of Standard Supplier in January due to prolonged repairs that were being undertaken to the vessel’s azimuth thruster.
But the second-hand PSV was just too irresistible for the Greek owner.
“The undisclosed buyer on this occasion is again Capital Maritime, with the Greek owner keen to add the vessel to its fleet,” reported Seabrokers. The Fletcher Group will continue to manage the ST-216L CD design PSV during its long-term charter with BP UK.
Divesting interest in PSVs
In another Oslo filing, Eqva ASA, through its subsidiary Havyard Ship Invest AS, reported it struck an agreement with Havila Holding AS to divest its 50% stake in the 4,976-dwt PSV Havila Charisma. According to Eqva (formerly known as Havyard), this decision reaffirms “the company’s strategic direction and ambition to become an industrial investment company listed on the Oslo Stock Exchange.”
The transaction is settled by NrK62M (US$5.57M) in cash, where NrK4M (US$360,000) is repayment of debt. “The sale of Havila Charisma will free up important resources, enabling a concentrated focus on further development of Eqva’s current industrial portfolio,” said Eqva chairman of the board Even Matre Ellingsen.
The 2012-built Havila Charisma is a Havyard 833L PSV, with an overall length of 92.8 m, beam of 19.6 m and clear deck area of 1,084 m2.
Liftboat acquisition
Singapore-based JUB Pacific Pte has acquired the 320-ft-class liftboat Caracal Pioneer for its fleet, positioning the vessel in West Africa.
To be renamed JUB Pioneer, the liftboat is one of the largest of its type in Africa, and well suited to service the oil and gas sector in the region. Caracal Pioneer was in Lagos in the Gulf of Guinea on 1 April, according to AIS data reported by Vessel Finder.
Built in 2010 to a Levington 320E design and flying the Singaporean flag, Caracal Pioneer (ex Lewek Leader, ex Teras Conquest 1), was at one time part of the Teras Offshore fleet. It has an overall length of 57 m, beam of 44 m, draught of 3.36 m, with a leg length of 97.5 m, and maximum water depth of 65 m. The self-elevating liftboat can accommodate 160 including crew, has a helideck for Sikorsky S62 and S92 helicopters, port and starboard cranes with 181-tonne capacities and a service speed of six knots.
Crewboat newbuildings
In the fast supply boat and crewboat newbuilding, France’s Bourbon Offshore has pulled the trigger on the construction of six 27-m vessels for West African oil and gas operations.
To be built by Piriou Shipyards, the new generation Surfer-type crewboats will target a 20% reduction in fuel consumption, according to the French OSV owner.
“The undisclosed buyer on this occasion is again Capital Maritime”
With a length of 27 m and a maximum speed of 30 kts, these Surfers will be able to carry between 50 and 70 passengers, depending on the chosen configuration, and offer two deck spaces for cargo (40 m2 at the stern and 20 m2 at the bow). Powered by four diesel engines, these crewboats will have waterjet propulsion and be ‘connected vessels’, with real-time data analysis for continuous fuel consumption optimisation or engine operating parameters. No batteries were specified for the vessels, according to the owner.
Bourbon said the improved energy performance is the result of collaborative research by Bourbon Mobility with the vessel designer, Mauric, for the vessel’s hydrodynamic lines and its optimised propulsion system and Piriou shipyard for the construction. The vessels will also have a completely redesigned navigation bridge with improved control stations allowing better visibility for the pilot and the latest radar and electronic chart systems.
Delivery of the vessels is scheduled for 2025.
Crewboat for Indian owner
India’s Sadhav Shipping has taken delivery of the 2021-built Sadhav Anusha (ex Penguin Conquest), a 42-m, 60-passenger high-speed vessel that has been certified under the HSC Code 2000 with Indian Register of Shipping. Built by Penguin Shipyard International, the 30-knot crewboat is equipped with dynamic positioning, class 1, active interceptors and gyrostabiliser systems to provide increased passenger safety, ride quality and passenger comfort. Its motion compensated gangway provides safe passenger transfer for offshore oil and gas activities.
Demolitions low
Shipbreaking activity is the OSV sector remains low. At the end of Q1 2024, only two OSV demolition sales, with a total value of US$1M, were reported by VV. This was down markedly from the same period for the last two years. VV reported demolition sales of 12 vessels valued at US$14M in 2022 and seven OSVs valued at US$6M in 2023.
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