Offshore Support Vessels Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)
The offshore support vessels market value was recorded at around USD 19.4 billion in 2020, and it is anticipated to reach USD 28 billion by 2027, registering a CAGR of around 4.5% during the period 2022-2027. The COVID-19 pandemic had adversely affected the market with the reduction or cancelation of offshore drilling contracts. It was noted that around 10% of contract volumes were revoked in the year 2020, which resulted in the estimated loss of USD 3 billion for offshore drilling contractors at the global level. The offshore support vessels market growth is likely to get accelerated in the near future due to the increasing demand for deepwater oil and gas drilling operations and the improved viability of offshore oil and gas projects. However, the volatility in the prices of commodities extracted creates the path to growing a bit cumbersome for the market.
Key HighlightsThe offshore support vessels market is moderately fragmented. The key players in this market include Tidewater Inc., Bourbon Corporation SA, Seacor Marine Holdings Inc., Maersk Supply Service A/S, and Solstad Offshore ASA.
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