offshore vessel support market

Offshore Support Vessel Market and trends
The development of offshore facilities involves a variety of marine assets. Over the past few
decades, there has been a drastic increase in the offshore E&P activities resulting in to
increase in development and demand for offshore support vessels. These vessels are used for
exploration, development, production and decommissioning phase of an offshore oil, and gas
fields. Offshore support vessel (OSV) can be prepared according to the operators
specifications. Offshore E&P operations are complex, failure of operations have drastic
consequences on economy and environment. Different types of support vessels are required
for different offshore environment. Therefore, development in technology has immensely
supported the growth of offshore support vessel market.
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Increase in oil demand is expected to increase the exploration and production, in turn fueling
offshore support vessel market. However, fluctuating oil price, high initial investment, lack of
skilled labor, and government regulations are the major restrains for the growth of offshore
support vessel market.
The Anchor Handling Towing and Supply Vessel segment is accounted to have highest
demand in the offshore support vessel market. However, demand for Platform Supply Vessel
is anticipated to increase over the forecast period.
The shallow water depth segment is accounted to have highest growth in offshore support
vessel market, as the expenditure in shallow water is less. However, new projects are
established in deep and ultra-deep waters over the last few decades emphasizing on the
growth of offshore support vessel market.
Global Offshore Support Vessel Market Outlook
Asia Pacific is accounted to have fastest growth in the offshore support vessel market, owing
to increase in globalization and energy demand from economies, such as China, India,
Malaysia, and Indonesia. Development in technology has led to augment in the offshore
support vessel market. Furthermore, increasing consumption and offshore E&P development
in Australia, South China Sea, and Gulf of Thailand have driven the offshore support vessel
market in this region. According to Baker Hughes, the offshore rig count in Asia Pacific in
March 2017 was 76 as compared to March 2016, which was 70.
North America is witnessed to have a prominent growth in the offshore support vessel market
owing to the increasing production activity in the Gulf of Mexico. Latin America is witnessed
to have a burgeoning growth, owing to increase in E&P activities in Golden Triangle (Brazil).
According to the U.S. Energy Information Administration, total offshore production has
grown by 6.5% in the U.S. In 2016, Gulf of Mexico is anticipated to witness a production of
0.1 million b/d and 0.2 million b/d in 2017.
Middle East is projected to have a significant growth in the offshore support vessel market
owing to the rising offshore production activities in Saudi Arabia. According to the U.S
Energy Information Administration, Saudi Arabia is the world’s largest producer in offshore
field comprising of 13% of world’s total offshore production including Safaniya oil field,
with the highest production of 1.1 to 1.5 million b/d.
In 2010, Bumiarmada, offshore support vessel company war awarded hurt-less operations
with more than hundred thousand man hours by the ExxonMobil and Petronas Carigali Sdn
Bhd awarded the company for excellent HSE performance for 250 days.
The major players operating global offshore support vessel market are maEdison Chouest
Offshore, Abdon Callais Offshore, Havila Shipping ASA, Farstad Shipping ASA, Gulfmark
Offshore Inc., Bourbon Offshore Marine services, and Island Offshore Management AS.
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Offshore Support Vessel Market report is segmented on the basis of type and water depth– Global Industry Insights, Trends, Outlook and Opportunity Analysis

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