The day on which this piece appears, the third Monday of January, has been dubbed Blue Monday and is supposed to be the most depressing day of the year for people in the northern hemisphere.
Having predicted that Mexico would be a source of misery for rig and boat owners in , due to the financial problems afflicting Pemex, the state oil company, things escalated pretty quickly. Borr Drilling put out one of the shortest and saddest press releases ever issued last Thursday. The temporary suspension will be for a period of up to March 31, Based on discussions with our customer, it is expected that some or all of these three rigs may be resuming operation prior to this date. Usually with press releases you get some flowery words from the CEO and an affirmation of strategy.
Not so with Borr. The stock fell nearly ten per cent after the announcement was made and has halved over the last year. Nor was there solace the next day at DOF, the Norwegian listed owner of over 50 subsea vessels and anchor handlers. DOF published an even briefer and more brutal press release on Friday:. In the presentation last year when Maersk Supply Service merged with DOF, DOF had stated that the vessel, then known as Maersk Implementer , was fixed firm in Mexico until April , but the either the owners or the charterers, believed to be Mexican company Blue Marine , could give 90 days' notice of termination.
The ship is one of the youngest and highest specification vessels in the DOF fleet with a tonne active heave compensated deepwater crane, Dynamic Positioning Class 3, a large moonpool, accommodation for personnel onboard and 1, square metres of deck space.
Definitely, it will find work again and probably at higher rates than in Mexico, but the question is how long the overdue invoices will remain unpaid by Blue Marine, and for how long the gap last until its next charter begins. Historically, February and March are quiet months in Northern Europe due to the harsh winter storms reducing offshore construction activity and inspection, maintenance and repair IMR work on production platforms and other facilities.
