The Middle East region's offshore market continues to demonstrate an upward trajectory, which makes it the most robust marketplace from a demand perspective - widely attributed to the significant investment plans of the Kingdom of Saudi Arabia (KSA) in the United Arab Emirates (UAE). Gregory Brown, Associate Director for Offshore, Maritime Strategies International, a maritime forecasting and strategic advisory firm, expressed confidence in the upturn despite the market being structurally challenged.
OSV operator MMA Offshore has projected an improved fleet utilisation for the remainder of this year as it has clinched a number of vessel contract extensions on the back of a recovering offshore vessel market.
Malaysia’s Nam Cheong has clinched long term chartering contracts worth MYR130m ($32m), including options, for one PSV and two AHTS vessels to service oil majors in Malaysian waters.
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.