"Actionable Insights to Fuel Your Growth"
Region : Global | Published Date: Upcoming | Report ID: FBI100147| Status : Upcoming
The offshore support vessels are essential in oil exploration and construction work at the high seas. Varied operations are carried out by OSV like towing operations, firefighting, oil spill recovery in the marine environment, subsea pipeline installation, evacuating and receiving personnel from an offshore installation. Offshore vessels are specially designed ships for transporting goods and personnel to the offshore platform that operate deep inside the oceans. The size of these vessels ranges from 20meters to 100meters. They are inevitable and vital in accomplishing a variety of tasks in the oil exploration and supply chain. In the past decade, offshore activities expanded tremendously which led to an increase in demand of OSV to carry out necessary operations for floating drilling rigs or fixed production platform.
The main categories of Offshore Support Vessels include Platform Supply Vessels (PSV), Anchor Handling Vessels (AHT), and others. They are mainly employed for oil and gas activities along with offshore wind power operating in deepwater and shallow water.
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After a prolonged downturn, offshore field developments projects are moving towards fast growth. Higher oil prices, technological breakthrough, and strategic engineering have enabled an operator to sanction their deep-water projects.
The offshore support sector remains in trouble despite the rising prices of oil. There are too many offshore support vessels compared to active rigs. The challenge for all the players in the OSV sector is not the market. Rather, it’s the structural problem of oversupply that needs to be solved.
Some of the leading companies that are present in offshore support vessels market are Bourbon, Edison Chouest Offshore, Tidewater Marine and GulfMark Offshore, Solstad Farstad, Nam Cheong International Ltd., Hornbeck Offshore Services, Havila Shipping, Maersk, Seam Offshore, and Seacor Marine
Segmentation of the Offshore Support Vessels Market
· Anchor Handling Tug Vessel
· Multipurpose Support Vessel
· Platform Support Vessel
· Construction Support Vessel
· Seismic Vessel
· Shallow Water
By End User
· Oil and Gas
· Offshore wind power
· North America (USA and Canada)
· Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe)
· Asia Pacific (China, India, Australia, Southeast Asia and Rest of Asia Pacific)
· Latin America (Brazil, Mexico and Rest of Latin America)
· Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)
The global offshore support vessels market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is the largest market in the world holding 26% of the total global OSV followed by Middle East & Africa and North America with 19% and 16% active OSV respectively. There is a tremendous scope for OSV in MEA as it holds large number of offshore companies in the world. Europe is developing offshore wind power which can give scope for OSV.
Key Industry Developments
· In February 2019, Modec International has been awarded a contract by Woodside Energy (Senegal) for floating production storage and offloading (FPSO) vessel. The FPSO will be designed to produce around 100,000 barrels of crude oil per day, with the first oil production target in 2022.
· In February 2019, Gimi MS Corporation a newly incorporated subsidiary of LNG firm Golar LNG Limited, has entered into a 20-year lease and operating agreement with BP for the charter of an FLNG unit, Gimi. Expected to commence production in 2022 and is designed to produce an average of approximately 2.5 million tons of LPG per annum.
· In March 2019, Bourbon is leading in OSV having 500 standardized vessels accounting major parts in total global OSV fleet with 317 vessels in operation which is accounting 82.3% utilization rate.