With an oil price that fluctuates between 40 and 50 dollars per barrel, many players in the oil and gas industry are in dire straits. Investments in new projects are postponed until further notice or even cancelled. One of the consequences is an overcapacity of vessels worldwide. In these extremely difficult market conditions Oceanteam nevertheless managed to extend two vessel contracts, albeit at significantly reduced rates.
The CSV Bourbon Oceanteam 101 has started a new time charter contract in Angola. The contract is for a period of three years plus options. The project started in late August 2016. Prior, the vessel successfully completed a long-term charter with Oceaneering and BP Angola, followed by a dry dock period.
The CSV Southern Ocean, which has been on long-term bare boat charter with Fugro TSM Australia since its delivery in 2010, has been transferred to Shelf Subsea Australia. Our client recently concluded a buy-out with Fugro NV in The Netherlands. The vessel contract has been extended for five years until 2021.