The offshore support vessel market has experienced several years of sustained growth on the strength of high global demand for offshore exploration & development. With limited vessel availability, day rates reached record levels during 2006, while during 2007 rates have remained relatively high. This has led to an orderbook of unprecedented size, with over 500 vessels currently on order – including over 200 AHTS vessels and close to 180 PSVs, as owners try to capitalise on the strength of the offshore support sector. The new report from Ocean Shipping Consultants includes detailed discussions, analyses and forecasts across all aspects of vessel demand/supply for this sector.
Continued offshore exploration & development is forecast to increase in prominence in the near-term. However, it is forecast that the overall magnitude of the offshore support vessel orderbook will have a downward pressure on future day rates, but analysis suggests that rates will remain at historically high levels. These are some of the findings in the new detailed Report – entitled – ‘Offshore Support Vessels: Global Prospects to 2020’ – which analyses the current and historical developments within the Offshore Support Sector and examines the prospects for future offshore oil and gas production, fleet development under alternative scenarios, and market freight rates through to 2020.
Offshore vessel construction has been dominated by Norwegian yard output in the recent past. During 2000, 24% of offshore vessels constructed were from Norwegian yards. For 2007, the Norwegian market share was a similar 24%, despite the offshore vessel construction market expanding by over 600% between 2000-2007. The rise in prominence of yards in China, Singapore and Brazil has had a marked impact on the offshore support vessel market. Chinese construction volumes have surpassed those of the traditionally second place USA. Chinese yard construction volumes have grown from 10% of the market during 2000 to 16% for 2007. Similarly, the market share of yards in Singapore has grown from 7% in 2000 to 14% for 2007.