How Spinergie's market intelligence helped a chartering team in its O&M tender process

Context

Spinergie’s client, a charterer, received a number of bids for a tender which required an SOV for O&M work in the North Sea. During the selection process, it was crucial for the charterer to access a third-party data set with a modeled vessel performance analysis consistent across the fleet for accurate benchmarking. 

They wanted to compare the operating envelope of each vessel to maximize the number of O&M days spent on the wind farm. This unbiased performance analysis was vital for the team to compare with contractor data that could potentially be optimistic. 

Spinergie data has also been used by vessel managers in similar ways to adjust their own responses to tenders. 

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Challenge

The charterer needed to narrow down the list of potential vessels that were offered in the tender and assess the attractiveness of each bid. It was vital for the chartering team to analyze each vessel’s performance during previous O&M campaigns. They needed to evaluate vessel operability including transit speed, technical specifications and the maximum wave height at which each SOV was able to connect to turbines and how many times it was able to achieve this. It was important to assess the performance of vessels on similar projects and in similar weather conditions to generate an accurate track record of candidates.   

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Spinergie's market intelligence solution 

Spinergie’s Maritime Market Intelligence has a number of dashboards and datasets that helped the chartering team screen candidates from the tender, measure past performance and compare technical specifications. This allowed the client to select the best-performing candidate. 

1. First, the team used the Vessel Comparator to identify all vessels that met the specification requirements within the tender. 
2. The next step was to assess the shortlisted fleet in the Vessel Schedule and remove vessels which would not have desired availability. 
3. Finally, the performance of each vessel could be analyzed within the Vessel Fact Sheet. 

‍Vessel Comparator - 

The Vessel Comparator utilizes a database of over 10,900 vessels to benchmark specs, availability and environmental criteria. Through it, the chartering team could analyze the abilities of competing vessels and visualize them side-by-side in granular detail to create their initial shortlist for the tender. 

The Comparator also clearly shows a side-by-side analysis of Spinergie’s Enviro-Score. The Enviro-Score, which has a maximum score of 100, is calculated based on emission reduction technologies and behavior analysis (overspeeding, ECA etc.) of the vessel. Emission reduction technologies which have a positive impact on the score include, but are not limited to, ESS, SCR and low-emission fuel.

The Vessel Schedule gave the chartering team the ability to view the contracting activity of the shortlisted fleet. They were able to utilize filters to analyze vessel availability under multiple chosen criteria. On a single page, it is possible to view recent milestones including manager changes and recent or upcoming SPS or upgrades.

Vessel Fact Sheet -

Vessel Fact Sheets gave the chartering team the granular data they needed to have for each vessel. The project and activity schedule provides detailed information about activities within each work package completed while under contract. Additional metrics within this dashboard allow for analysis of how weather conditions affected activities for each project as well as speed profiles. 

Further dashboards show turbine/substation connections over time, which can be viewed as a chart or downloaded as a data table, wave height limit analysis and connection durations at previous wind farm projects.

It is also possible to access the Map via the Vessel Fact Sheets which has a historical vessel positions feature to allow for a deep dive into locations and weather data at a specific activity. 

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Result

The charterer was satisfied to leverage an unbiased and objective solution to review the performance of the vessels. It was possible to create a longlist, then shortlist, of preferred candidates and benchmark individual vessel performance using our intelligence solutions. The charterer was confident in relying on our impartial analysis to ensure the best decision was made in selecting a vessel from the tender bids.

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Contact Spinergie today to request a demo of our innovative market intelligence solutions and discover how our benchmarking and performance analysis tools can help you with your projects and operations. For further reading on the SOV market click here for an article on how offshore wind is becoming a major factor in driving demand.