Malaysia’s Alam Maritim is taking drastic measures to stem losses and keep itself viable amid the prolonged slump in the oil and gas (O&G) market, with plans to halve its fleet size as it predicts continued difficult conditions.
ABS and Rawabi Vallianz Offshore Services (RVOS) are finalizing implementation of the ABS Nautical Systems (NS) fleet management software across its fleet of 44 Offshore Support Vessels (OSVs).
Bumi Armada has warned that despite higher oil prices since the beginning of the year, activity in the offshore supply vessel (OSV) segment remains weak and oil companies remain generally cautious on committing new capital expenditure and are likely to prioritise capex earmarked for adding new production capacity over exploration of new reserves.
Indonesian offshore supply vessel (OSV) company Wintermar Offshore Marine gave some indication of what it believes the prospects to be in the Indonesian offshore oil and gas (O&G) market in its most recent first quarter results briefing.
One of the world’s largest offshore vessel owner and operators Bourbon Corp saw its stacked fleet jump to a massive 178 vessels in 2017.
As the cycle looks like it is starting to turn for the oil and gas (O&G) market, the various players seem to be able to riding on it in different ways, depending on which sector they are involved in.
Oil and gas (O&G) players reliant on the domestic Malaysian market such as Perdana Petroleum are still struggling compared to others who have the ability and have taken the initiative to search out new markets.
Amid the ongoing oil market downturn, some oil and gas industry service providers are still managing to eke out a decent living, with the Middle East remaining the hot spot of activity, as well as scattered major projects in Australasia and the Gulf of Mexico for those lucky enough to be able to tap on them.