Offshore Support Vessels Industry Analysis, Trends, Growth factors and Forecast 2015 - 2023

Press Release   •   Jan 14, 2016 20:18 IST

Facility associated with logistics along with other supporting activities is provided by the offshore support vessels. All type of offshore support vessels has its own properties and features according to the type of operation. Offshore support vessel is resourceful and fundamental components of the oil & gas industry. Offshore support vessels provide transport facility along with activities such as support to platform, anchor management and standby capability. Crew members are taken to the offshore sites by offshore support vessels.

Offshore support vessels market is segmented on the basis of types. Multi-Purpose Service Vessel (MPSV), Anchor Handling, Towing and Supply Vessel (AHTS), Crew boats, Platform Supply vessels (PSV) and Standby Vessels are various types of offshore support vessels. Anchor Handling, Towing and Supply Vessel (AHTS) are designed to position the rigs anchors and tow rigs from one location to another. Anchor Handling, Towing and Supply Vessel (AHTS) support offshore construction projects and carry drilling pipe. AHTS is expected to dominate the OSV market in the coming years. Simpler tasks such as cargo runs and supply duties are performed by platform support vessels (PSV).

An enormous demand is expected in offshore vessels market across the Asia-Pacific because of the increased exploration activities in the Southeast Asia. Demand of more volume of offshore support vessels are expected from South East Asia, China, Malaysia and Australia. Thus these regions provide a big opportunity for the OSV manufacturers. The key driving factors for the high growth of offshore support vessel market are offshore regions with high investments such as U.S Gulf of Mexico, West Africa and North Sea. North America and South America is expected to witness high revenue growth in coming years. Middle East is expected to be leading market for offshore support vessels market.

Some of the macro drivers prompting offshore support vessels market are high energy demands, increasing offshore exploration as onshore matures and robust OSV demand. Other driving factor in offshore support vessels market is increase in the offshore rig count. Increasing marine logistics demand is propelling growth of global offshore support vessel market. Constant modifications in vessels are made by manufacturers of offshore support vessels to enhance market share to supply bulk contracts. Some strategies being followed by leading industry players are new products launched and an agreement of distribution to increase their penetration in various regions. Offshore support vessels market restraints are high maintenance cost and replacement cost of offshore support vessels. There is increasing emphasis on environmental features like clean design in some geographical regions. Regulations are expected to remain stricter in certain geographical regions, especially in the North Sea but the drift of offshore support vessels market is scattering world-wide.

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Some of the players in offshore support vessels market are Intermarine LLC, Edison Chouest Offshore, Gulfmark Offshore Inc., Havila Shipping ASA, Island Offshore Management AS, Harvey Gulf, Abdon Callais Offshore, Farstad Shipping ASA, and Bourbon Offshore Marine services, Bass Marine Pty Ltd, China Yantai Salvage and Rem Maritime As among others. Developments, expansion, investments, mergers, acquisition, new technologies developments, agreements and contracts are some of the strategies adopted by companies to expand their offshore support vessels market. 

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