Brokerage expands to local market

Fearnley Offshore intends to retain its leading position as an advisory and brokerage firm for the international offshore service industry through predicting trends and developments in the market and developing an extensive network in China.

"We have participated in more new building contracts than any other brokerage entity in the world for offshore drilling units," said Managing Director Morten Mhle.

"Fearnley Offshore aims at providing its clients with developing the best deal in the market at any given time by focusing on competitive pricing and timely delivery," Mhle said.

"With the strong interest by the Chinese yards to become a significant provider of newly built offshore mobile drilling units, we see a great potential here."

Fearnley Offshore provides advisory and brokerage services also for charter and sale purchase contracts for all types of mobile drilling, production, accommodation and construction support units.

"In the current market with high demand for further drilling units, Fearnley Offshore strives to participate when working on new projects in developing the drilling units for the future, very much based on input from our close dialog with all operators and oil companies worldwide" said Mhle.

The company has been part of several high-profile new building projects, the latest of which in China is a contract at Yantai Raffles shipyard for three semi-submersible drilling units with Awilco Offshore, and has long-term charter contracts with BP and StatoilHydro for work on the Norwegian continental shelf .

Fearnley Offshore has increasingly made contacts with Chinese companies and acquainted itself with the local market, as well as with the needs and requirements of its contractors, oil companies and shipyards.

"Chinese oil companies and contractors can draw on our services to identify and negotiate for units that can be made available for charter or purchase. Given that we know the price level and the competitive situation elsewhere, we can assist and add value in the contracting process," said Mhle.

With the company since 1976, Mhle cites Fearnley Offshore's mix of well-experienced and new younger professionals and extensive network of contacts within the oil industry as its prime assets.

"We don't cut corners and we strive to give first class service to all our clients. We welcome new customers, and we pride ourselves in a very high percentage of repeat customers. We believe that our team of advisors in Singapore, Houston and Oslo have developed Fearnley Offshore into a brand name in the oil service industry," he said.

(China Daily 04/14/2008 page30)