Seatrade Offshore Marine & Workboats; Seatrade Shiptech and Seatrade Maritime Awards Middle East, Indian Subcontinent & Africa have been announced as three major events to be held during UAE Maritime Week 2019.
The market for AHTS vessels is expected to continue to be plagued by poor operating conditions while there are signs of improvement for the PSV segment, according to Siem Offshore.
Topaz Energy and Marine has inked a long-term agreement with Baker Hughes, a GE Company for its new lubricant condition monitoring system.
An improving offshore marine market saw Topaz Energy & Marine back in the back in the black in Q1 with 86% fleet utilisation.
AP Moller – Maersk has given up on its attempts to sell or spin of its offshore supply vessel company Maersk Supply Service (MSS) due to distressed market conditions.
Offshore vessel owner Topaz Energy and Marine has signed contract extensions with BP for 12 vessels operating in Azerbaijan.
The OSV sector will need another five years for the supply glut to deflate as the market struggles through its worst recession that started five years ago, according to M3 Marine Group ceo Mike Meade.
Rates for OSVs in the US remain underwater but utilisation levels are starting to rise and a “rational” approach to stacking and drydocking by owners could see pricing power start to return.
An overall positive macroeconomic outlook and increased regional infrastructure spending have suggested an improving business environment for the ailing offshore industry, though a rosy outlook is far from certain, according to Singapore-based OSV shipyard ASL Marine.