Global Offshore Support Vessel Services Market Outlook to 2028

Global Offshore Support Vessel Services Market Outlook to 2028

Increased oil and gas offshore activity, Offshore Wind campaigns, Russia's attack on Ukraine, and the consequent sanctions against the Nordstream 2 pipeline, soaring oil and gas prices drive demand for offshore energy. An increase in activity is observed in Brazil, West Africa, and the North Sea. Several projects have been approved, and more are in the pipeline. The Offshore Support Vessels (OSV) market is witnessing an improved baseline activity compared to previous years in light of new offshore discoveries and globally increasing targets for offshore wind farms.

Introduction

Offshore Support Vessels, also known as Offshore Supply Vessels(OSV), are speciality ships designed for operating on the ocean, serving multiple purposes. Depending on the function, they are classified into (Anchor Handling Tug Supply) AHTS vessels, Platform Supply Vessel (PSV), and Others (Offshore Construction Vessel (OCV), Inspection, Maintenance and Repair Vessel(IMR), Well Intervention Vessel (WIV) and the like).

The long-term fundamentals for the Offshore Support Vessels Market look promising in the wake of increasing oil prices and energy demands. In addition, the sanctions for new drilling campaigns and offshore projects are anticipated to drive the growth of the OSV market. Although vessel supply-demand dynamics are shifting, the OSV market still suffers from oversupply, and consolidation could help improve the efficiency of the world OSV fleet.

Rising global vessel demand, increasing day rates, and higher fleet utilisation hint at a bullish economy for the global OSV services market. The OCV market has been more active than previous years and has witnessed rising day rates. Some aspects that complicate business for the OSV market are the challenges in the global arena, especially regarding travel, complicated logistics regarding crew changes, and the rules prohibiting unprotected/unvaccinated personnel from accessing certain geographical areas.

Oil and Gas Investments in the offshore market are anticipated to increase by 7% in 2022 compared to 2021. Resurgence in offshore rig market activity due to high attrition rates, few new deliveries, and a conservative approach of crucial players contributes to the demand for global OSVs. Offshore rigs demand is anticipated to increase in shallow water and deepwater segments, returning to 2019 levels.

AHTS

Anchor Handling Tug Supply Vessels, also known as AHTS, refer to naval vessels primarily concerned with anchor handling operations and towing. AHTS vessels are usually equipped with towing winches and anchor winches. Based on the power source of the winch, there are hydraulic and electric winches. During times of emergencies, AHTS vessels also function as rescue vessels. Apart from anchor handling, AHTS also undertake ROV services and supply services(between the mainland and offshore rig site). AHTS usually have high power to increase bollard pull. Bollard pull refers to the pulling power of a vessel comparable to the Horsepower of conventional engines. As of March 2022, AHTS day rates in the North Sea market have reached USD 100,000 in the wake of a tight market.

Market Developments

The world has witnessed a steady foray of Oil and Gas Companies into the Offshore wind market. Growing ESG investing concerns and the corporate need to be sustainable are pushing Oil and Gas companies to invest in renewable energies. The fact that green energy sources are not as volatile as crude oil prices serves as an incentive for companies despite the modest returns associated with Renewable energy compared to the double-digit returns in the core Oil and Gas industry. 2016-2020 has witnessed Oil and Gas companies investing over USD22 billion in alternative energies. Total Energies, Eni, Royal Dutch Shell, BP, Equinor and Repsol are major Oil and Gas companies investing in or setting up Offshore wind farms in alignment with their net zero-emission goals.

M&As, JVs, Collaborations

In October 2021, Eidesvik Offshore ASA and the technology group Wärtsilä entered an agreement to convert an offshore supply vessel to operate with ammonia fuelled combustion engine with the required fuel supply and safety system. The "Apollo" project is touted to be the first of its kind and has a provisional completion target of mid-2024.

In November 2021, MMA Offshore Ltd. entered into a JV with a Taiwanese company, Global Aqua Survey Ltd (GAS), to form a new JV, the MMA Global Aqua JV, which intends to target the growing offshore wind sector in Taiwan. This venture is set to provide cabotage and local ownership to MMA, crucial in the Taiwanese market. While MMA gets exposure in Taiwan, GAS gets access to MMA's global asset base.

About the Report

What do we cover in the report?

Offshore Support Vessel Services Drivers & Restraints

The study covers all the major underlying forces that help the market develop and grow and the factors that constrain the growth.

The report includes a meticulous analysis of each factor, explaining the relevant, qualitative information with supporting data.

Each factor's respective impact in the near, medium and long term will be covered using Harvey balls for visual communication of qualitative information and functions as a guide for you to analyze the degree of impact.

Offshore Support Vessel Services Market Analysis

This report discusses the overview of the market, latest updates, important commercial developments and structural trends, and government policies and regulations.

This section provides an assessment of COVID-19 impact on Offshore Support Vessel Services demand.

Offshore Support Vessel Services Market Size and Demand Forecast

The report offers Global Offshore Support Vessel Services Market size and demand forecast until 2027, including year-on-year (YoY) market growth rates and CAGR.

Offshore Support Vessel Services Market Industry Analysis

The report examines the critical elements of the Offshore Support Vessel Services industry supply chain, its structure, and the participants

Using Porter's five forces framework, the report covers the assessment of the Offshore Support Vessel Services industry's state of competition and profitability.

Offshore Support Vessel Services Market Segmentation & Forecast

The report dissects the Global Offshore Support Vessel Services Market into various segments. The report offers a detailed summary of each segment's current scenario and recent developments.

Further, market size and demand forecasts will be presented, along with various drivers and barriers for individual market segments.

Effective market segmentation enables you to identify emerging trends and opportunities for long-term growth. Contact us for "bespoke" market segmentation to align the research report better with your requirements.

Regional Market Analysis

The report covers detailed profiles of major countries across the world. Each country's analysis covers the current market scenario, market drivers, government policies & regulations, and market outlook.

In addition, market size, demand forecast, and growth rates will be provided for all regions.

Following are the notable countries covered under each region.

North America- United States, Canada, Mexico, and Rest of North America

Europe- Germany, France, United Kingdom (UK), Russia, and the Rest of Europe

Asia Pacific- China, India, Japan, South Korea, Australia, Rest of APAC

Rest of the world- Middle East, Latin America, Nigeria, South Africa, and other countries

Key Company Profiles

This report presents detailed profiles of Key companies in the Offshore Support Vessel Services industry. In general, each company profile includes - a company overview, relevant products and services, a financial overview, and recent developments.

Competitive Landscape

The report provides a comprehensive list of notable companies in the global market, including mergers and acquisitions (M&As), joint ventures (JVs), partnerships, collaborations, and other business agreements.

The study also discusses the strategies adopted by leading players in the industry.

Executive Summary

The Executive Summary will be jam-packed with charts, infographics, and forecasts. This chapter summarizes the findings of the report crisply and clearly.

The report begins with an Executive Summary chapter and ends with Conclusions and Recommendations.
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