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Offshore Support Vessel Market Key Players are Maersk, Island Offshore, Edison Chouset, Solstad, Bourbon, Seacor Marine, Tidewater, Havila Shipping, Harvey Gulf, Vroon, Siem, REM Maritime, Farstad

09-05-2018 11:44 AM CET | Energy & Environment

Press release from: Global Market Insights, Inc.

Offshore Support Vessel

Offshore Support Vessel

Offshore Support Vessel Market is predicted to surpass USD 60 billion by 2024. Shifting trends toward E&P across subsea along with ongoing expansion plans of deep-water projects will positively impact the offshore support vessel market share. Growing measures to explore the untapped hydrocarbon reserves will further complement the business growth. According to the EIA, Gulf of Mexico accounted for about 4.5% of total U.S. dry natural gas production and 16% of crude production.

Growing demand for floating drillships and production units will embellish the platform supply vessel market share. Increasing installation of FLNG and FPSO platforms subjected to its large storage and production capacity will further stimulate the industry landscape. In 2016, Petronas' first FLNG unit began operation with 1.2 mtpa of processing capacity at the Kanowit deep-water reservoir in Malaysia.

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Norway offshore support vessel market is anticipated to exceed 400 OSV fleet on account of new oilfield discoveries along with strong order book of country's shipyards to cater the oil & gas industry. As per the U.S. EIA, 7% of the world offshore oil production was produced from Norwegian fields in 2016.

Shifting trends toward ecofriendly hydrocarbons on account of growing environmental concerns will fuel the offshore support vessel market. Adoption of LNG by major fleet owners as a fuel subjected to the government norms toward reduction of marine emissions will foster the product penetration. In 2015, International Maritime Organization (IMO) implemented a legislation to reduce NOx content in fuel to 0.5% for the fleets in emission control areas.

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Availability of resources and untapped oil fields coupled with large ongoing projects favored by matured industry & low-risk investment will positively influence the U.S. offshore support vessel market. A manned tripod structure is planned to be installed with production capacity of 4,500 bbl of oil per day and 5 Mcf of gas per day in the U.S. Gulf of Mexico by end of 2017.

Increasing drilling activities coupled with new subsea exploration & production projects will fuel the Saudi Arabia offshore support vessel market. The country has several huge oil and gas fields including Safaniya oilfield that produces 1.1 to 1.5 million bbl/d and holds around 13% of the total world offshore oil production. Brazil offshore support vessel market is anticipated to witness significant growth owing to predominant expansion of pre-salt deep-water projects coupled with positive outlook towards subsea upstream exploration and production.

Key players in the offshore support vessel market include Seacor Marine, Bourbon, Farstad, Swire, Gulfmark, Hornbeck, Tidewater, Havila Shipping, REM

About Global Market Insights:

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

Contact Us:

Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
Toll Free: 1-888-689-0688
Email: sales@gminsights.com
Web: www.gminsights.com

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