While there is a focus on vessels leaving the North Sea spot market to take up term work in other regions, it shouldn't be forgotten that there is still plenty of available term work within the region, according to market intelligence experts IHS. New term requirements (requiring PSVs or AHTS vessels on contracts lasting at least 30 days firm) have regularly been hitting the market in February and March, with plenty of opportunities for expensively built sophisticated tonnage to pick up work at lucrative day-rates. Current term tenders last from two months to five years firm, although the latter involves locking in a day-rate for a significant period of time, which represents a big gamble in a market which is prone to regular fluctuations.
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