The average number of working OSVs in September was recorded at 523 vessels, approximately 55 of the total vessel supply of 993 vessels. Vessel utilisation continues to improve, supported by new charters coming from oil and gas projects across the region. MarineBase shows the number of vessels working on term fixtures is dominated by AHTS of less 10,000 bhp, followed by PSV with more than 3,000 dwt. Day rates are expected to improve around year-end as the majority of term contracts are about to conclude then. We could expect for revised rates along with the current supply chain issues, vessel availability and high crude oil price. Currently, the average term rates in Asia Pacific are around USD 1 to USD 1.3 per bhp. Overall, the growth of OSV markets in Asia Pacific continues its upward trend with Southeast Asia taking the lead, influenced by drilling activities. Tender-assist rig Sapura T-11 commenced its five-year campaign with PTTEP around the end of September. Earlier this year, Sapura T-10, T-11 and T-12 were contracted for five years with PTTEP. Sapura T-12 has yet to mobilise to Thailand while Sapura T-10 already working in the Gulf of Thailand since August 2022. In Malaysia, drillship Maersk Viking has won a contract extension from Shell worth around USD 153 million for eight firm wells plus options for 11 wells, expected to commence in fourth quarter 2023. It has recently completed drilling campaign with Shell and will continue with TotalEnergies until the end of 2022. The drillship will then be working for PTTEP and PETRONAS until mid-2023, respectively, before it will return to Shell in fourth quarter 2023. Nam Cheong-owned vessels, SK Prime 4,000 dwt PSV and SK Perfect 4,148 dwt PSV, will remain supporting the drillship for TotalEnergies, after completing Shell's drilling campaign.
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