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Offshore Support Vessel Market - Global Outlook & Forecasts 2018 – 2024

Author : Rahul Sankrityayan | Published Date : 2019-08-22 

Offshore Support Vessel Market report research highlights key dynamics of the global sector. The potential of the industry has been investigated along with the key challenges. The current market scenario and prospects of the sector has also been studied.

Offshore Support Vessel Market size is predicted to surpass USD 60 billion by 2024. Shifting trends toward E&P across subsea along with ongoing expansion plans of deep-water projects will positively impact the offshore support vessel market share. Growing measures to explore the untapped hydrocarbon reserves will further complement the business growth. According to the EIA, Gulf of Mexico accounted for about 4.5% of total U.S. dry natural gas production and 16% of crude production.

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Growing demand for floating drillships and production units will embellish the platform supply vessel market share. Increasing installation of FLNG and FPSO platforms subjected to its large storage and production capacity will further stimulate the industry landscape. In 2016, Petronas' first FLNG unit began operation with 1.2 mtpa of processing capacity at the Kanowit deep-water reservoir in Malaysia.

Norway offshore support vessel market share is anticipated to exceed 400 OSV fleet on account of new oilfield discoveries along with strong order book of country's shipyards to cater the oil & gas industry. As per the U.S. EIA, 7% of the world offshore oil production was produced from Norwegian fields in 2016.

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Shifting trends toward ecofriendly hydrocarbons on account of growing environmental concerns will fuel the offshore support vessel market. Adoption of LNG by major fleet owners as a fuel subjected to the government norms toward reduction of marine emissions will foster the product penetration. In 2015, International Maritime Organization (IMO) implemented a legislation to reduce NOx content in fuel to 0.5% for the fleets in emission control areas.

Availability of resources and untapped oil fields coupled with large ongoing projects favored by matured industry & low-risk investment will positively influence the U.S. offshore support vessel market. A manned tripod structure is planned to be installed with production capacity of 4,500 bbl of oil per day and 5 Mcf of gas per day in the U.S. Gulf of Mexico by end of 2017.

Increasing drilling activities coupled with new subsea exploration & production projects will fuel the Saudi Arabia offshore support vessel market. The country has several huge oil and gas fields including Safaniya oilfield that produces 1.1 to 1.5 million bbl/d and holds around 13% of the total world offshore oil production. Brazil offshore support vessel market is anticipated to witness significant growth owing to predominant expansion of pre-salt deep-water projects coupled with positive outlook towards subsea upstream exploration and production.

Key players in the offshore support vessel market include Seacor Marine, Bourbon, Farstad, Swire, Gulfmark, Hornbeck, Tidewater, Havila Shipping, REM Maritime, Maersk, Siem, Vroon, Edison Chouset, Solstad, Harvey Gulf and Island Offshore.

 

About Author

Rahul Sankrityayan

Rahul Sankrityayan

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for Fractovia, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experience in technical field as well as writing. He can be contacted at- [email protected] | https://twitter.com/sankritsays

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