Offshore Support Vessels Market Challenges, Growth Drivers
Overview:
The global rise in offshore exploration activities is providing tailwinds to the associated industries. One such industry is an offshore supply vessel that plays a crucial role by helping companies to construct a site, maintain a proper resource chain, support the progress with resources, and transfer and relieving of employees. The global market for offshore supply vessel is slated to move ahead during the forecast period of 2018 to 2023 with a 5% CAGR where the valuation could reach up to USD 25 billion. Market Research Future (MRFR) declared development in trade policies in Asia Pacific region, advanced technologies, increasing investment to support the oil & gas sector, rising demand for LNG, and others as major reasons behind the progress of the offshore support vessel market.
Segmentation:
The global review of the offshore supply vessel market contains segmental analysis to ease the process of discussion and assessment. These segments are type and application. Data fetched from these segments could influence the understanding of the market and bolster strategic decisions
By type, the global report on the offshore supply vessel market reveals a proper understanding of anchor handling tug supply vessel, platform supply vessel, multipurpose support vessel, seismic vessel, standby & rescue vessel.
By application, the study of the offshore supply vessel market includes segments like shallow water and deep water. The deepwater segment has the scope to inspire better changes in the coming years.
Regional Analysis:
North America has the ability to continue its dominance in the global market as the exploration of untapped resources are expected to bolster the growth of the region.
Competitive Analysis:
SEACOR Marine (U.S.), Maersk (Denmark), Siem Offshore AS (Norway), GulfMark Offshore Inc. (U.S.), Tidewater (U.S.), Vroon B.V. (Netherlands), Havila Shipping (Norway), Edison Chouest Offshore (U.S.), Swire Pacific Offshore Operations (Pte) Ltd (Singapore), Solstad Farstad (Norway), Abdon Callais Offshore LLC (U.S.), and Bourbon Offshore (France) are notable players from the offshore support vessels market outlook that are setting up the market for some bigger goals.
Industry News:
In August 2020, Island Offshore signed a contract with Kongsberg Maritime for hybrid battery solutions that would be necessary for three UT 776 CD-design platform supply vessels. The Island Crusader and Island Contender used to work with a blend of Bergen LNG engines and Bergen Diesel engines. The Island Commander banked on four diesels.
PSVs used to run multiple engines to make sure redundancy happens, but this affected equipment health, fuel performance, and emissions. Now the company has decided to combine conventional LNG or diesel engines with SAVe Energy battery system that ensures the running of fewer engines. This also curbs the operational cost for the company.
In August 2020, Solstad Offshore, a Norwegian offshore supply vessel owner, announced that it has secured contract extensions with eminent oil companies like Total and Equinor in Brazil. Total, a company from France, extended these contracts to ensure smooth operation for platform supply vessel Normand Swift and Far Sagaris, an AHTS vessel until December 2020. These vessels will work in Lapa field of Brazil.
Far Sagaris will then be replaced by Far Scout. Far Sagaris will then begin its 3-year contract with Petrobras. Equinor extended its contract for the PSV’s Sea Brasil until December 2021 and for Far Scotsman until May 2022.
The COVID-19 pandemic may have some adverse effect on the market outcome as situations in various regions are not acting as favorable. However, with financial support from countries, companies are trying to restore order.
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