Pictured this week are two stalwarts of the North Sea subsea market in Leith on their way to be scrapped.
The Seven Navica above has arguably gone earlier than envisaged when she was upgraded in 2014, but her replacement is a global asset for longer tiebacks and pipe-in-pipe projects and it reflects how much offshore development types have changed in a few short years. Not that long ago there were only two options for rigid-reel pipelay in the North Sea (excluding the s-lay Falcon) and that guaranteed Technip and Subsea 7 a substantial business where on they could integrate DSVs and rigid reel, which was the development methodology of choice. Now there are at least five options I can think of, flexibles technology has improved, and UKCS CapEx has shrunk so much the market doesn’t need dedicated assets but rather more flexible global ones.
Whereas this old girl below, caught on the same day, has more than paid for herself over the years and marks the end of what has been a very profitable investment for her owners. Rockwater shows you need to do a lot more than paint a DSV red to make money from it.