Osv News

The OSV sector has concluded its second quarter earnings season, marking another quarter with strong profitability and favorable market conditions. However, negative oil market sentiment, with the Brent price down by 19% since the start of July, has impacted the overall oil services market with the wider PHLX Oil Service Index trading down 4% year-to-date. The OSV sector has returned 5% year-to-date at the time of writing, led by DOF’s 57% performance.Image courtesy Fearnley SecuritiesDayrates Continued to RiseTidewater was the first out of the blocks this earnings season…

Strong confidence in the offshore vessel market has seen orders placed in the previous market upcycle re-activated to take advantage of renewed investor interest, according to a new report from Maritime Strategies International (MSI).In its third quarter offshore support vessel (OSV) sector report MSI notes that of the 17 vessels delivered to date in 2024, 13 were ordered more than a decade ago, leaving just over 50 vessels still pending from the previous upcycle, some of which…

Singapore's Cyan Renewables, which operates vessels for offshore wind farms, said on Thursday it will buy its Australian peer MMA Offshore for A$1.1 billion ($725.67 million), marking the largest take-private deal in this space in the Asia Pacific region.MMA shareholders will receive A$2.70 per share in cash, a 36% premium over its 90-day average price, according to a joint statement from Cyan and MMA.Cyan, which is backed by infrastructure investor Seraya Partners, had initially offered A$2.60 per MMA share in March before sweetening the offer last month.MMA's shares have climbed almost 44% y

Enhanced fleet monitoring and data-driven optimization will be deployed across Bourbon’s global marine and logistics fleet of 104 vessels as part of partnership with Opsealog, aimed at boosting efficiency and reducing greenhouse gas (GHG) emissions.The multi-year agreement follows a six-month pilot on 25 Offshore Supply Vessels (OSVs), which demonstrated average monthly emissions savings of 45 to 50 tonnes of CO2 per vessel, according to French maritime services provider Bourbon.These…

The market for offshore support vessels has experienced tremendous development in the last couple of years. And while we expect the market to continue its positive journey, we would argue that, at least on an overall basis, the market has already recovered to healthy levels at the time of writing.There are solid underlying fundamentals that are driving the increased vessel demand, chief among them is the increased offshore upstream investment on a global level. Overall, spending on exploration and production is set to increase roughly 45% from 2021 to 2025…

Since our last market update in the subsea space about a year ago both our current market view and forecasts have strengthened significantly.While the demand picture is looking solid and arguing for a strong multi-year upcycle, the supply side has also started to wake from its slumber albeit ever so slightly at the time of writing. Moreover, we register an interesting dynamic on the shipowner side, where everyone is trying to position themselves for the impeding market boom.Please note that vessel definitions and abbreviations in this part of our industry can vary…

2023 was the first year of real recovery for owners in the offshore supply market and yet we have barely skimmed the surface of what’s to come.The market is still on an upward trajectory with charter rates accelerating month-by-month, availability changing day-by-day, leading to earnings doubling and, in some segments, tripling since the lows of 2020. Current rates will remind many of the glory days of pre-2014 with the demand for OSVs projected to remain elevated for years to come.In general…

As 2023 is drawing to a close we would once again invite the readers of Offshore Engineer Magazine to gaze into our crystal ball to see what 2024 might have in store for the offshore support vessel industry. Before diving straight into our forward-looking sentiments however, it is important to address some of the main trends in the year that past as these lay the foundation for the year to come.Continuing the market development from the year before, 2023 very much advanced the ongoing recovery for offshore support vessels further.

Aker Capital AS has acquired 8,240,000 shares in Solstad Offshore ASA, at an average price of NOK 48.45 per share.Following the transaction, Aker Capital holds 27,089,493 shares in the company, corresponding to an ownership interest of approximately 32.9%.Aker Capital AS is 100% owned by Aker ASA and represented on the board of the company by Frank Ove Reite. Frank Ove Reite also owns 356,509 shares in the company, through Fausken Invest AS.In its Q3 market update, Solstad was positive about demand for offshore services, both from oil and gas and renewables.

Skansi Offshore’s platform supply vessel (PSV), Kongsborg, has had a battery hybrid solution installed that is designed to reduce greenhouse gas emissions and fuel consumption.SEAM delivered, and was the system integrator of, its hybrid solution, the e-SEAMatic® BLUE. The 1800kVA/620kWh system was installed in a dedicated pre-built deckhouse, complete with necessary auxiliary systems – significantly reducing the installation time onboard the vessel.The objective of this integration was twofold: a significant reduction in fuel emissions…

A new white paper published by maritime performance management company Opsealog sets out five practical steps that OSV operators can take to secure improvements in fuel efficiency through better data analytics.Existing data that companies are already collecting, for example in mandatory logbooks, can enable significant vessel and fleet efficiency gains, says Opsealog.With case studies drawn from Opsealog’s eight years of experience across the world’s offshore markets, the research highlights how having detailed digital monitoring in place helps owners…

The offshore supply vessel industry has weathered a tumultuous decade characterized by a prolonged trough that tested the resilience of vessel owners. However, the tides have turned, and the industry is now experiencing a strong and much-awaited revival.The offshore supply vessel industry has weathered a tumultuous decade characterized by a prolonged trough that tested the resilience of vessel owners. However, the tides have turned, and the industry is now experiencing a strong and much-awaited revival.While long seen as a derelict industry by investors…

On August 17, NYK received ISO9001:20151 certification from ClassNK for its activities to promote the safe operation of its crew transfer vessel (CTV) in the offshore wind industry.In addition to the safety management system (SMS) set up by the ship-management company, NYK will implement NAV90004 activities that promote safe navigation based on NYK’s own safety standard, NAV9000, which has been certified by the International Organization for Standardization (ISO), to achieve an even higher level of quality control and safer navigation.

The energy transition is moving ahead amid recovery in offshore oil & gas and growth in offshore wind, leaving vessel owners that serve these markets with big questions about energy carrier and energy converter selection for their newbuilds.What is driving the change?The foundations of energy transition in the offshore and marine segment can be found at global, regional, national and local levels:At a global level, International Maritime Organization (IMO) measures cover vessel energy efficiency (for vessels over 400 gross tonnes) and carbon intensity (for vessels over 5…

The fuel switch in maritime is on, its real, and it will be driving vessel design, construction and operation decisions for decades to come. While many still debate the merits of each alternative fuel, OSV industry leaders are at the forefront driving change, and they need to be, as in North America alone OSVs makes up 17% of the fleet but contributes 29% of the maritime emissions. In the next edition of Offshore Engineer, Barry Parker takes a deeper dive on the plans underway to wean maritime operations off of fossil fuels.

Tim Clerc’s maritime career spans half a century, starting with his cadet training in 1969 in the U.K. He sees hybrid technology as one of the most transformational technological developments in maritime in that span, and the company is currently awaiting its 10th hybrid, the Seacor Yangtze. Clerc discusses the hybrid strategy and offers some practical insights.If you had to pick one technology that you think has made the business of running ships more efficient, more cost effective…

The market for offshore support vessels has been through a rather rough few years since offshore exploration and production activity took a nose-dive in 2015 following the oil price crash the year before.The newbuild order boom that came with the ever-greener pastures imagined in the industry ensured that not only was the supply- and demand balance off by an insurmountable degree in the years that followed, but at its peak, in 2017, the oversupply of anchor handling tug supply…

Over the last year we have seen an upswing in floating production and storage systems ordering after many years of low activity. According to our colleagues at World Energy Reports, “The global oil and natural gas markets are contending with rebounding energy demand on top of supply disruptions from Russia’s invasion of Ukraine. As a result, activity and business sentiment in the floating production sector has seldom been stronger.”  This increased activity in the floating production…

Canadian offshore services company Horizon Maritime has signed on to support a dive mission to explore the wreck of the Titanic.OceanGate Expeditions, the crewed submersible exploration company leading the mission, selected the multipurpose offshore support vessel (OSV) Horizon Arctic to serve as the surface support vessel for the expedition scheduled to take place later this year.The RMS Titanic shipwreck lies approximately 2,500 feet below the ocean's surface, about 370 miles off the coast of Newfoundland, Canada.

The OSV sector will be reliant on a hitherto unseen amount of scrapping to balance the market, writes Gregory Brown, Associate Director – Offshore, Maritime Strategies InternationalThere is a consensus that an OSV market recovery will only be driven a supply side rationalization. As well as a lack of newbuild activity, that rationalization will have to include unprecedented levels of scrapping in a market which has historically witnessed only limited levels of attrition.That limited level of attrition has several deep-seated roots…

While facing the same challenging market conditions as offshore vessel owners and service companies worldwide, Norway’s Island Offshore recently broke free from the enforced conservatism of the E&P sector, by adding not just a new ship to its fleet, but one that re-writes the rulebook in capabilities, technology and despite its size and power, environmental credentials.Simply put, Island Offshore’s new deep water installation Vessel ‘Island Victory’ is the most powerful multi-purpose offshore vessel ever built…

While it is generally agreed that the nascent offshore wind energy market in the U.S. will be a newbuild market, there is a repair and conversion possibility for some stacked OSVs.Though estimates on the pace of the offshore wind energy market in the U.S. vary widely, the direction is clear: offshore wind will be a huge marketplace for construction and support vessels to be deployed in U.S. waters over the next decade. The starting point for estimated vessel demand is the raft of projects along the U.S. East Coast, and to a lesser extent, in the Pacific waters, now in the pipeline.

The environment in oil patches onshore and offshore alike has been challenging throughout 2019; worries about an economic slowdown – whether cyclical or induced by a trade war – have weighed heavily on oil prices, even in the face of reduced production by the big producers. Though storm clouds persist, there appears a clearing on the horizon.The fate of Offshore Service Vessels (OSVs) is, naturally, closely tied to the price of oil. Seacor Marine’s John Gellert, in reviewing its Q2 results, said: “Activity levels in the U.S.