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.
The offshore vessels market is expecting to benefit from an uptrend in tendering activity that will help to absorb part of capacity glut and improve utilisation, according to Indonesia’s Wintermar Offshore Marine Group.
In the latest consolidation in the offshore vessels sector Nordic American Offshore (NAO) is looking to merge with Horizon Maritime Services.
Battered offshore supply vessel (OSV) shipbuilder Nam Cheong is looking forward to emerging from its long period of financial troubles with the successful approval and sanction of its scheme of arrangement as well as a proposed rights issue that will help to ease its cash crunch as well as position well for a recovery and future growth in oil and gas business.
The Middle East market as well as the offshore accommodation (OA) vessels segment has done well for PACC Offshore Services Holdings (POSH), with all the offshore supply vessels (OSVs) assigned to the region fully deployed on long-term charters and the group’s two semi-submersible accommodation vessels achieving high rates and utilisation levels.