Latin America, Africa, UK, and Vietnam Shallow OSV Market for Oil & Gas Market Research Report by Vessel Type (Heavy Lift Vessels (HLVs), Anchor Handling Tug Supply Vessels (AHTS), Platform Supply Vessels (PSVs), Multipurpose Support Vessels (MSVs), Dive

The oil and gas industry's shallow OSV market in Latin America, Africa, the UK, and Vietnam is expected to grow at a robust CAGR of 7.62% over the course of the review period. The growing need for oil and gas worldwide, especially in countries like Latin America, Africa, the United Kingdom, and Vietnam, is propelling the market for shallow water offshore supply vessels, or OSVs. Nigeria and Angola are two African nations that are increasing their crude oil output. Nigeria produces over 1.61 million barrels per day and has significant proved reserves. OSVs are essential for moving supplies and workers to offshore rigs as a result of this expansion, which is improving energy security and lowering dependency on imports. The high drill ship utilization rates and attractive day rates in West Africa highlight the value of OSVs in promoting operational effectiveness.

With daily averages of nearly 3.4 million and 1.9 million barrels of oil, respectively, Brazil and Mexico are the two countries that produce the most oil in Latin America. Exploration and production efforts are being fueled by Mexico's regulatory reforms intended to encourage private investment and Brazil's enormous offshore reserves, particularly in the pre-salt regions. The strong demand for OSVs, which are necessary for logistical assistance in offshore activities, is a result of this output increase.

OSVs play a significant role in the UK's offshore sector, which supplies about 794,000 barrels of crude oil per day, mostly from the North Sea. OSV demand is also being driven by the UK government's emphasis on maximizing offshore resources and energy security. With a daily production of about 313,633 barrels, Vietnam is establishing itself as a new participant in the oil and gas industry. The importance of OSVs in assisting offshore exploration and production is highlighted by the nation's strategic focus on increasing energy independence and drawing in international investment.

Segmentation of the Market
The market for shallow water offshore supply vessels for the oil and gas industry is divided into segments based on vessel type, application, and region in Latin America, Africa, the United Kingdom, and Vietnam.
Heavy Lift Vessels (HLVs), Anchor Handling Tug Supply Vessels (AHTS), Platform Supply Vessels (PSVs), Multipurpose Support Vessels (MSVs), Dive Support Vessels (DSVs), Construction Support Vessels (CSV), Subsea Support Vessels (SSVs), and Other are the different product categories that make up the market.
The market is divided into segments based on application, including Pipe & Cable Laying, Offshore Rig Moves, Subsea Services, and Exploration & Production (E&P) Activities.
The market is divided geographically into Latin America, Africa, the United Kingdom, and Vietnam. With a revenue share of 53.2% in 2023, the Africa region led the market, and during the forecast period, this sector is anticipated to increase at a compound annual growth rate (CAGR) of 7.05%.

Key Players
DSV, Bourbon, Choueset, Tidewater Inc., Sea1 Offshore, Vroon, OceanPact, SCALDIS, Allseas, Damen Shipyards Group, Hornbeck Offshore, DOF, SEACOR Marine, and others are the top manufacturers of shallow water offshore supply vessels serving the oil and gas sector in the area.