Offshore support vessel market to accumulate substantial revenue from the expanding O&G sector, shifting trends toward the development of fuel-efficient vessels to boost industry growth over 2017-2024

The rapidly increasing exploration activities in the O&G domain have been favorably impacting offshore support vessel market trends. It is prudent to mention that macro-economy plays a significant role in energy demand, fueling the demand for offshore structures and vessels, inherently propelling offshore support vessel industry share. In fact, oil prices also play a crucial role in determining the demand for these vessels, pertaining to the relationship that exists between oil prices, number of profitable fields, exploration and requirement of offshore vessels. According to IEA (International Energy Agency), the global oil demand has increased noticeably as compared to 2013, which has had a considerable impact on offshore support vessel market outlook.

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Considering the increasing requirement of offshore vessels, in 2014, the OECD Council Working Party on Shipbuilding had even arranged a workshop on offshore and shipbuilding industry for government partners, industry experts, and marine equipment firms. Today, numerous giants in offshore support vessel industry are increasingly investing in development of energy efficient and green vessels, pertaining to environmental safety. The shifting trends toward the development of eco-friendly shipbuilding is thus slated to augment offshore support vessel market size, pegged at USD 40 billion for 2016.

Nowadays, many of the small-scale marine transportation companies and renowned giants in offshore support vessel industry are collaborating with oil production companies to supply long-term fuel sources. For instance, in November 2017, Harvey Gulf International Marine announced a deal with Shell Trading to transport LNG to the ports of Caribbean and Florida. In consequence, this is likely to encourage other offshore support vessel market players such as Solstad Farstad, Tidewater, Maersk, Vroon, REM Maritime, Edison Chouest, Swire, Seacor Marine, Island Offshore, Harvey Gulf, GulfMark Offshore, Inc., and Havila Shipping to establish joint ventures with oil and gas exploration companies.

In addition, the acquisition of major shipping lines by reputed companies is also expected to propel offshore support vessel market size. For instance, recently, one of the largest suppliers of ship and supply vessels, Maersk successfully acquired the North Korean ocean trader, Hamburg Süd.

Norway offshore support vessel market is predicted to surpass 400 OSV fleet by 2024. Strong orderbook of Norwegian shipyards to cater the O&G industry will positively influence the industry landscape. As per the U.S. Energy Information Administration, in 2016, 7% of global offshore oil production was originated from Norwegian fields.

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Shifting trends towards ecofriendly hydrocarbons owing to rising environmental concerns will embellish the offshore support vessel market growth. Adoption of LNG as fuel by major fleet owners owing to government regulations toward reduction of marine emissions will stimulate the product demand. In 2015, IMO implemented a legislation that focusses toward reduction of NOx content in fuel to 0.5% for the fleets sailing in emission control areas.

U.S. offshore support vessel market is predicted to witness strong growth on account of mature industry and low-risk investment region. Availability of resources across untapped fields along with large ongoing projects will supplement the product demand. A manned tripod structure with a capacity of 5 million cubic feet of gas per day and 4,500 barrels of oil per day is planned to be installed in the U.S. Gulf of Mexico by end of 2017.

Saudi Arabia offshore support vessel market is set to witness gain over 4% by 2024. Ongoing drilling activities along with new subsea E&P projects will augment the industry landscape. The country has several fields including Safaniya oil field that produces 1.1 to 1.5 million barrels per day and holds 13% of the world total offshore oil production.

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Brazil in 2016, accounted for over 60% of the Latin America offshore support vessel market share. Predominant expansion of deep-water pre-salt projects along with positive outlook towards subsea E&P will embellish the industry outlook of offshore support vessel market.
Notable players in global offshore support vessel market include Bourbon, Seacor Marine, Farstad, Swire, Tidewater, Gulfmark, Hornbeck, Havila Shipping, Maersk, REM Maritime, Siem, Solstad, Vroon, Edison Chouset, Harvey Gulf and Island Offshore.

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