Service providers in the oil and gas industry may indeed have to strive for younger fleets by ordering newbuilds or buying new vessels if they want to stay competitive in the OSV market. However, even newer vessels are unlikely to see any improvement in day rates during 2012. There is even the possibility that a maximum age may be introduced on certain contracts, a damaging step in a region where many active vessels are between 25 and 35 years old. Saudi Aramco, for instance, had issued a tender for 23 vessels not over 10 years old, to support drilling activities offshore Saudi Arabia. The award of the contract is expected this month, with the three-year term charters starting around April.
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