• Offshore
Credit: Research and Markets, Maritime Executive

A glimmer of hope amidst the gloom

The offshore marine sector in its current depressed state globally, which has resulted from the plunge in crude oil prices and oversupply of vessels.  Shipyards, equipment suppliers all the way up to service providers, brokers as well as many industry players from this once buoyant sector have now got their work cut out for them.

On a brighter note however, industry players expect to see long term growth in demand for oil combined with the depletion of production and reduced capital investments to eventually push oil prices higher. This will then prompt E & P spending’s to resume, which will mean more rigs will be employed and further result in increased OSV activity.

“One positive, I do see is that the excessive costs that were built into this business are being eroded and we will come out the other side a much healthier industry,” explained Capt. Mike Meade, Chief Executive Officer & Director, M3 Marine Group Pte Ltd

Global Offshore Support Vessel Market Growth at CAGR of 5.7%, 2016-2022: Market to Reach $43.07 Billion - Research and Markets

Discovery for new oil and gas fields offshore and its growing demand are the major factors which the driving the growth of the market for offshore support vessel. Along with this, rising offshore activities and increasing investments for infrastructure are also responsible for driving the market growth. Though the market includes several driving factors but there are some of the factors which are hindering the market growth such as high cost of maintenance and replacement cost for offshore support vessel.

The offshore support vessel global market is segmented on the basis of its type and depth of the OSV. Based upon the type the global offshore vessel market is classified by anchor handling (AHTS), multipurpose service, towing & supply vessel, platform supply vessel, crew boats market, standby vessel. Based upon the depth the global market of offshore support vessel is classified as seep water offshore support vessel, shallow water support vessel. Anchor handling and towing supply vessel are designed for positioning from one place to another for tow rigs and anchor rigs. These anchor handling and towing supply vessel type supports constructional projects and offshore drilling pipe. The anchor handling & towing supply is estimated to dominate the market.

Deepwater offshore support vessel are expected to witness largest market share for OSV market. With maturing in onshore oilfields and subsea the offshore market is estimated to rise significantly during the coming years in which regions like North America, Latin America and Europe, West Africa are leading in total expenditure and resulting for highest growth rate for deepwater offshore support vessel and this are quite ahead as of shallow water offshore support vessel.

Medium to long-term trends 2016 – 2030

Credit: Lloyd’s Register
  • Demand from emerging countries increasing
  • Expansion in offshore energy supply by 2030
  • Increased activities in regions such as West Africa and Southeast Asia, as well as the Artic and cold regions, provided oil does not remain at base-case
  • Acceleration in offshore renewables – increase size, numbers and further ashore
  • Further ashore to deeper waters for oil and gas industry
  • More hardware going subsea

Who will you meet?

  • Operating company
  • Design, engineering and construction
  • Equipment manufacturers and distributors
  • Drilling and wells services
  • Offshore support
  • Shipbuilding , conversion & repair
  • Heavy lift and transport
  • Installation and maintenance
  • Training and recruitment
  • Consulting company
  • Financial and legal services
  • Classification Services
  • Government Authorities
  • Research and education

Ride the waves of opportunities in the Offshore Support Vessel market at APM 2018.

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