Oil & gas exploration and production activities are being carried out, both onshore and offshore, worldwide. The offshore oilfield business consists of the survey, exploration, construction, production, maintenance, upgradation of production facilities, and decommissioning. The activities at various stages of the oilfield lifecycle require different types of specialized offshore support vessels (OSV), which are suited for the project needs.
Key Deliverables of the Study
o Gulfmark Offshore
o Maersk Supply Service
o Solstad Farstad
o Swire Pacific Offshore Ltd.
With the rebound of oil prices, offshore E&P activities have increased significantly. The global offshore drilling rig count is expected to rise by 1.4 % in 2017, as compared to 2016. Therefore, increasing offshore E&P activities are one of the major factors that drive the demand for OSVs. The prospective decommissioning of aging offshore oil & gas platforms, subsea wells, and related assets, possess an excellent opportunity for the OSV industry players to increase their revenue. Offshore renewables, particularly offshore wind installations that are expected to increase from 14 Gigawatt (GW) in 2014 to 24 GW by 2020, are also expected to offer a growth opportunity for offshore support vessels during the forecast period.
Some of the various types of offshore vessels used in the oil & gas industry include: anchor handling tug supply vessels, platform supply vessels, emergency response and recovery vessels (ERRV), and ocean-going tug, among others. By type, the anchor handling towing supply (AHTS) type vessel segment leads the offshore support vessel market. However, the demand for shallow and deepwater PSV services is expected to increase during the forecast period. However, the profit margins for shallow water PSV vessel services are expected to be higher than deepwater vessel services. Asia-pacific is expected to record a significant market share during the forecast period. However, with the growing offshore E&P and decommissioning activities, demand from the North Sea and US GOM region are also expected to increase. Shallow and deepwater regions of the Middle East are likely to be one of the shining spots for the OSV market during the forecast period.
Many major offshore supply vessel companies in the market, such as Tidewater Inc., GulfMark Offshore, Inc., etc., are at a risk of bankruptcy. In order to counter the risk, companies need to make aggressive moves, by cutting operating expenses and capital expenditures, maximizing fleet utilization, and negotiate better rates from customers. The three major Norwegian companies merged to form Solstad Farstad, which has a combined fleet of 152 ships, making it one of the biggest owners in the supply, anchor handling, and construction support segments of the OSV market.
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