Global Offshore Support Vessels Market - Growth, Trends, and Forecast (2022 - 2030)
SKU ID : INH-13102379 | Publishing Date : 01-Apr-2018 | No. of pages : 120
Increasing Offshore Decommissioning Activities Driving the Market
With the drop in oil prices, many of the offshore production platforms have turned uneconomical, and are expected to be decommissioned. Many offshore oil & gas fields, particularly in the Gulf of Mexico and North Sea regions, are approaching their maturity. Therefore, the number of production platforms operating in these fields is expected to be decommissioned in the near future. With the drop in OSV day rates after oil price crisis, decommissioning activity has become cheaper, and hence, some platforms of decommissioning projects, which were delayed in the past, are being reconsidered. There are around 2,189 estimated existing platforms on the outer continental shelf (OCS) of the United States, as of September 30, 2017. Of this, approximately 30% of the platforms are non-producing and need decommissioning. Similar decommissioning activities are expected to be needed in other offshore oil & gas regions as well. The demand for OSVs is expected to further increase from the same, during the forecast period.
Asia-Pacific to Witness Modest Growth
When counting all asset sizes (i.e., including low-end tonnage), the Southeast Asian market is the largest OSV market in the world. The Asian OSV market has been negatively impacted by continued high-supply growth within the region. As a result, the utilization and day rates of OSV in the region have been under pressure. The market is dominated by local vessel owners and locally flagged ones and is highly competitive. However, with the rebounding of oil prices to sustainable levels, since January 2016, coupled with growing quest for energy security via offshore oil & gas field development, the demand for OSVs is expected to further increase in the Asia-Pacific region during the forecast period.
China to Witness High Demand for OSVs
As a part of its national policy to reduce its dependence on foreign countries for its domestic crude needs, China has been rapidly making a significant investment for the development of its offshore oil & gas fields. In 2016, China’s largest producer of crude oil & natural gas, China National Offshore Oil Corporation (CNOOC), drilled a total of 115 exploration wells and made 12 new discoveries in offshore China. The company is planning to drill over 120 offshore exploration wells in the next five years, which, in turn, is expected to increase the demand for PSV and AHTS in the country, to carry out different activities during exploration & production activities.
Key Developments in the Market
• March 2018: Maersk Supply Services completed first project with its new stingray-class SSV Maersk Installer.
• January 2018: Maersk Supply Services won a contract with Quadrant Energy for both Starfish new-builds.
The major players include - Bourbon Corporation SA, Maersk Supply Services, A/S, SEACOR Holdings Inc., Swire Pacific Limited, Harvey Gulf International Marine, LLC, Solstad Farstad ASA, and GulfMark Offshore, Inc., amongst others.
Reasons to Purchase the Report
• Current and future offshore support vessel market outlook in the developed and emerging countries
• Analyzing various perspectives of the market with the help of Porter’s five forces analysis
• The segment that is expected to dominate the market
• Regions that are expected to witness the fastest growth during the forecast period
• Identify the market share, latest developments, and strategies employed by the major market players
• 3 months analyst support, along with the Market Estimate sheet (in excel).
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