In recent months, while a large amount of OSV tonnage in the Middle East was swept inshore during the Indian monsoon season, a spate of new Gulf activities is expected to boost term and rolling spot charters in late 2012. Term utilisation rates in August dipped further to 64.54% for working AHTS vessels and 51.09% for PSVs, mainly due to the influx of Indian vessels looking for spot work, as well as the slow-activity period of Ramadan. However, the cyclical calm for OSV demand is likely to be roused soon.Petrofac, the international services provider, has signed a contract worth approximately USD 100 million to provide its offshore operations and maintenance services for the Iraq Crude Oil Expansion Project - the company's debut offshore project in the country. Awarded by Iraq's South Oil Company (SOC), the 12-month contract will commence following a three-month mobilisation period. There is also additional scope for the contract to be extended via two one-year contract extension options.
展开▼
