Offshore Support Vessels Market Size & Share Analysis - Growth Trends and Forecast (2026 - 2031)

Global Offshore Support Vessels Market Trends and Insights

Up-cycle in Offshore E&P CAPEX

Offshore exploration budgets rebounded in 2024-2025 as operators sanctioned projects deferred during the 2020 downturn. Chevron allocated USD 7 billion for Gulf of Mexico tie-backs set to commence in 2026, while ExxonMobil approved the Hammerhead field in Guyana in early 2025, both programs requiring sustained AHT/AHTS and PSV support.^{[1]Exxon Mobil Corporation, “Hammerhead Project Sanction,” exxonmobil.com} Shell’s Bonga North development in Nigeria and BW Energy’s Maromba campaign in Brazil exemplify geographic breadth. Rig utilization climbed to 88% by mid-2024, pushing DP-2 day rates beyond USD 25,000 in the North Sea. Vessel owners with young, high-specification fleets are therefore positioned to capture full-rate contracts, whereas aging tonnage faces cold-stacking.

Accelerating Offshore Wind Installations

European and Asian developers are commissioning gigawatt-scale arrays that rely on specialized service-operation vessels, cable-lay support, and crew-transfer units. Cadeler secured a USD 500 million award in 2025 for Ørsted’s Hornsea 3 project, deploying installation tonnage plus standby and supply craft. China added 6 GW of offshore wind in 2024, raising crew-transfer utilization above 80% in coastal provinces.^{[2]China National Energy Administration, “2024 Offshore Wind Capacity Additions,” nea.gov.cn} U.S. Bureau of Ocean Energy Management approval for Empire Wind and Sunrise Wind in 2024 opened a Jones Act–constrained market where compliant vessels command day rates exceeding USD 50,000.^{[3]U.S. Bureau of Ocean Energy Management, “Empire Wind and Sunrise Wind Record of Decision,” boem.gov} These projects require DP-2 or higher capability, large deck areas, and walk-to-work gangways, prompting newbuild orders from Damen and Ulstein.

Aging Fleet Renewal & Green Retrofit Demand

Median fleet age reached 18 years in 2024, spurring investment in methanol dual-fuel and battery-hybrid systems. Eidesvik converted two PSVs in 2025, cutting carbon intensity 80% and securing long-term Equinor charters with sustainability-linked pricing. Maersk Supply Service invested USD 45 million in hybrid retrofits across four anchor handlers in 2024, trimming fuel burn 20% during DP operations.^{[4]Maersk Supply Service, “Hybrid Retrofit Program,” maersksupplyservice.com} Owners unwilling or unable to finance upgrades accelerated scrapping, tightening effective supply and supporting rate recovery even as nominal hull counts decline.

Data-Driven OPEX Optimization

Predictive analytics is lowering downtime and fuel costs. Bureau Veritas launched a digital-twin platform in 2024 that schedules maintenance during port calls, avoiding offshore breakdowns. Norwegian firm Seavium reported 12% fuel savings across eight PSVs by optimizing trim and routing. Bourbon connected 30 vessels to an IoT backbone in 2025, predicting failures 72 hours in advance and cutting maintenance expense 18% year over year. Adoption started in North Sea and Gulf of Mexico fleets but is spreading as charterers mandate digital readiness in tenders.

High Oil-Price Volatility

Brent swings between USD 70 and USD 90 in 2024-2025 delayed FIDs for higher-cost fields. TotalEnergies postponed the Begonia project in Angola, idling four PSVs earmarked for the campaign. Tidewater disclosed in Q3 2024 that 12% of its fleet faced contract roll-offs without immediate follow-on work, underscoring sensitivity to price uncertainty. Volatility favors short-cycle shale over multi-year offshore commitments, dampening vessel demand in West Africa and the U.S. Gulf.

Shortage of Experienced Crew

The International Maritime Organization warns of an 89,510-officer shortfall by 2026. Solstad left eight vessels idle in 2024 because it could not source DP operators and chief engineers. Achieving DP Unlimited certification entails 180 days of sea time plus coursework, creating a two-year training pipeline. Acute deficits in Asia-Pacific force operators to import European crew at premium wages, squeezing margins.

Segment Analysis

By Vessel Type: AHT/AHTS Dominance Meets Multi-Purpose Growth

AHT/AHTS units secured 42.4% offshore support vessels market share in 2025, driven by deepwater rig moves in the Gulf of Mexico, North Sea, and West Africa, with modern ≥ 15,000 bollard-pull vessels running above 82% utilization at Tidewater’s fleet hub. Platform Supply Vessels (PSVs) followed, supporting logistics for drilling fluids and provisions; North Sea PSV utilization climbed to 78% in 2024 on the back of Equinor and Aker BP campaigns.

The “Other Types” cluster—multi-purpose support vessels (MPSVs), subsea-construction units, and standby-crew boats—will outpace headline growth at 9.5% CAGR as owners value assets that pivot between well intervention, cable-lay, and emergency response. Saipem deployed the Constellation III MPSV in 2025 to TotalEnergies’ Mero-3 FPSO installation, showcasing DP-3 and 400-ton crane capability. Regulatory mandates in U.K. and German waters now require dedicated safety vessels within 30 minutes of turbine arrays, expanding demand for standby craft. Damen delivered six Fast Crew Supplier 2710 units in 2024, each moving 26 technicians in sea states up to 2.5 m.

Note: Segment shares of all individual segments available upon report purchase

By Application: Oil and Gas Anchors While Wind Accelerates

Oil and gas retained 50.9% of offshore support vessels market size in 2025, buoyed by Petrobras’ 62-vessel charter portfolio in Brazil’s pre-salt Santos Basin and Chevron’s Anchor project in the Gulf of Mexico. Decommissioning also underpins demand: the U.K. regulator estimates 2,000 wells and 500 platforms require abandonment by 2030, necessitating heavy-lift and plug-and-abandonment support.

Offshore wind, however, is the fastest-growing application, expanding at 15.9% CAGR. Ørsted’s Hornsea 3 alone contracted 12 service-operation vessels and eight crew-transfer boats for a 25-year operations phase. U.S. wind build-out along the Atlantic seaboard is capacity-constrained by the Jones Act, encouraging domestic yards to invest despite 36-month delivery lead times. Emerging niches include subsea mining and offshore aquaculture, where Norway’s Loke Marine commenced a two-year seabed-sampling charter in 2025.

Note: Segment shares of all individual segments available upon report purchase

Geography Analysis

North America held 33.7% offshore support vessels market share in 2025, propelled by 22 active Gulf of Mexico rigs and early-stage U.S. wind projects. Jones Act limits mean only 12 compliant service-operation vessels are available for a 30-GW Atlantic pipeline, sending charter rates north of USD 50,000 per day and prompting new orders at Gulf Coast yards despite extended delivery slots. Canada’s Bay du Nord project, sanctioned in 2025, will need six DP-2 PSVs and two AHTS units from 2028.

Europe combines North Sea drilling intensity with the world’s largest installed offshore-wind base. Ørsted’s Hornsea 3 and RWE’s Sofia projects together locked in 20 service-operation vessels through 2050, guaranteeing long-duration revenue streams for Cadeler and Seaway 7. Germany cleared 4 GW of new wind capacity in 2024, spurring cable-lay demand. Norway spudded 15 exploration wells in 2024—the highest since 2019—keeping Stavanger-based AHTS utilization above 80%.

Asia-Pacific will post a 9.1% CAGR to 2031, fueled by China’s target of 100 GW offshore wind by 2030 and India’s Krishna-Godavari deepwater program. China installed 6.3 GW in 2024, driving crew-transfer utilization beyond 85% in coastal bases such as Yangjiang. India’s ONGC drilled eight deepwater wells in 2024, chartering DP-2 PSVs from Singapore and Malaysia. Australia’s Star of the South wind farm, approved in 2024, will require six service-operation vessels from 2028.