offshore support vessels (OSV) operate in different water depths including shallow, deep and ultra-deep ranges. The global offshore support vessel market is progressing into deep and ultra-deep water zones with the advent of new technologies. Development towards attaining operational excellence, enhancing water depth capabilities and diversification in OSVs will further complement the offshore support vessel market growth.
Introduction of Dynamic Positioning System in OSVs eliminated water depth constraints and ensured better maneuverability and positioning of the vessel. Offshore support vessels are constantly developing with enhanced cargo capacity, large accommodation spaces, enhanced crew amenities, panoramic navigation bridge visibility and automation systems, hosting new opportunities in the global offshore support vessel market.
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Global Offshore Support Vessel Market size is projected to witness a robust growth owing to increasing subsea productions and explorations supported by high investments during the forecast timeframe. Offshore production is significantly propelling owing to the unexploited potential for large hydrocarbon reserves in deep water to cater to the increased energy demands and worldwide.
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High initial investments coupled with volatile oil prices may challenge the offshore support vessel market growth. Key factors including vessel size, horsepower, lifespan, trading boundaries and need for compliance to changing regulatory framework strictly govern the global offshore support vessel market. In July 2008, an International Code on Intact Stability (IS Code) became mandatory for all ranges of ships of 24 meters’ length including OSVs and MODUs under SOLAS, an International Convention for the Safety of Life at Sea.
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1. Offshore Support Vessel Market size & share forecast by product & application 2017-2024
2. Growth drivers, pitfalls & industry challenges
3. Offshore Support Vessel Market growth opportunities & emerging business models
4. Competitive benchmarking with market share analysis and company profiles
In 2014, the U.S. Coast Guard issued safety regulations for the oil support vessel market to ensure safe transportation of oil, hazardous materials, crew and individuals on the vessels by requiring the U.S. OSVs of minimum 6,000 gross tons as measured by the Convention Measurement System to comply with the regulatory requirements and international standards for design, construction, engineering operations and manning, certification and inspections.
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The legislation applies to any carrier or vessel of minimum 500 gross tons as measured by the Regulatory Measurement System, to certify a vessel as an OSV. Major available OSVs include platform supply vessel (PSV), anchor handling tug supply (AHTS), crew vessel, multipurpose support vessel, rescue and standby vessel and others. AHTS, PSVs and seismic research vessels are projected to occupy a major share in the offshore support vessel market. AHTS specializes in seismic surveys, underwater pipelines laying, towing of drilling rigs and platforms. Vessels designed for repair and maintenance, inspection are equipped with, heavy lift cranes, large accommodation spaces, helidecks for operation in harsh weather conditions.
In North America, the U.S. and the Gulf of Mexico serve as one of the potential offshore support vessel markets. Europe is anticipated to witness a high growth in the offshore support vessels industry owing to increased subsea productions and explorations. Oil and gas prices are projected to rise in the region in coming years accounting to high capital investment on E&P activities.
Some of the key players in the offshore support vessel market include Bourbon, Farstad, Seacor Marine, Swire, Tidewater, Gulfmark Offshore, Havila Shipping, Hornbeck Offshore, Maersk, REM Maritime, Siem, Solstad, Vroon, Edison Chouset, Harvey Gulf, and Island Offshore.
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