Offshore Support Vessel Market worth $31.4 Billion by 2028

CHICAGO, June 1, 2023 /PRNewswire/ — Offshore Support Vessel Market is projected to reach USD 31.4 billion by 2028 from USD 22.6 billion in 2023 at a CAGR of 6.7% according to a new report by MarketsandMarkets™.  An offshore support vessel (OSV) is specially designed to support offshore exploration, drilling, production, and construction activities in the oil & gas industry. These vessels provide a range of services, such as transportation of personnel, equipment and supplies, maintenance and repair, and oil spill response. The market growth of OSVs is driven by substantial investments in the offshore oil & gas and renewable sectors. The rise in deepwater activities and the decommissioning of aging offshore infrastructure present promising opportunities for the offshore support vessel market. However, the volatility of crude oil prices has hindered the growth of the market in recent years, leading to an oversupply of vessels. As a result, this is expected to restrain the market’s growth during the forecast period.

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Offshore Support Vessel Market Scope:

The MPSV, by type, is expected to grow at the highest CAGR during the forecast period.

Based on type, the offshore support Vessel market has been split into AHTS, PSV, MPSV, Standby & Rescue Vessels, Crew Vessels, Chase Vessels, Seismic Vessels, and Other Vessels. MPSVs, or Multi-Purpose Support Vessels, play a crucial role in subsea operations within the offshore oilfield industry and offshore wind farms. These versatile vessels are specifically designed to carry out maintenance and supply functions. They are equipped with various specialized equipment such as cranes, moon pools, and helipads. With their dynamic positioning capabilities and firefighting systems, they have the capacity to handle equipment weighing up to 120 tonnes at depths of up to 3,000 meters. One notable advantage of MPSVs is their ability to accommodate a large crew and carry substantial equipment. In addition to their supply role similar to that of a PSV, they are capable of performing an array of tasks including accommodation services, pipe laying, diving operations, well intervention, and the deployment of remotely operated vehicles and cranes.

The offshore oil & gas segment, by end-user industry, is expected to be the largest segment in the offshore support Vessel industry

This report segments the offshore support Vessel market based on end-user industry into two segments: offshore oil & gas and offshore wind. The offshore oil & gas segment is expected to be the largest segment during the forecast period. Offshore support vessels are purposefully designed to provide essential support services for a wide range of oil and gas operations. They play a crucial role in supporting offshore drilling rigs and oil-producing assets, including production platforms and FPSO units. These vessels are instrumental in facilitating pipe laying activities and the decommissioning of offshore rigs. In the oil and gas sector, particularly in regions like the North Sea, where a significant number of platforms, pipelines, and wells are expected to undergo decommissioning by 2040, the demand for offshore support vessels is projected to be substantial.

Asia Pacific is expected to be the largest region in the offshore support Vessel market

Asia Pacific is expected to be the largest offshore support Vessel market during the forecast period. The Asia Pacific region, comprising major economies such as China, India, Indonesia, Malaysia, Vietnam, and Thailand, is witnessing a significant focus on expanding offshore exploration and production (E&P) capital expenditures (CAPEX). According to Scottish Development International, the region is expected to account for approximately 25% of global spending on new offshore developments, highlighting its crucial role in the offshore industry. Policymakers in Asia Pacific are placing emphasis on advancing offshore activities in deep and ultra-deep waters, marking a strategic shift in the region. Prominent offshore projects in the region include Australia’s Briseis, Scarborough, and Laverda projects, Malaysia’s Rotan, Gumusut-Kakap, and Petai projects, India’s KG-D6 complex, and Indonesia’s Gehem project. Furthermore, the region is witnessing an increase in the number of offshore support vessels, with a growing presence of vessel manufacturers, particularly from China and South Korea. In February 2021, China National Offshore Oil Corporation unveiled its business strategy for the year, outlining plans to enhance hydrocarbon production. The growth of the offshore support vessel market in the Asia Pacific region is driven by factors such as escalating deepwater activities, the development of new oil fields, and the expansion of offshore wind farms, signifying a positive outlook for the industry in this dynamic region.

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Key Market Players:

Some of the major players in the Offshore Support Vessel Companies are DOF ASA (Norway), Solstad Offshore ASA (Norway), Tidewater Inc. (US), A.P. Moller – Maersk (Denmark), Siem Offshore (Norway), BOURBON (France), and Vroon (Netherlands). The major strategies adopted by these players include sales contracts, agreements, alliances, partnerships, acquisitions, and expansions.

Recent Developments

• In April 2023, Bourbon Marine & Logistics announced its partnership with the Guyanese company— Tethys Marine & Logistics, which will become a 51% shareholder of the Bourbon Guyana Joint Venture. With 75% Guyanese Directors, Bourbon Guyana will become the first indigenous offshore support vessel operator, fully compliant with the most recent local content regulations.
• In March 2023, Maersk entered into a three-year contract with Petrobras, a state-owned Brazilian multinational corporation in the petroleum industry, to use three L-class anchor handlers to carry out a range of anchor handling activities and rig movements. This move is part of Maersk’s efforts to strengthen its position in the Brazilian market for supply chain services and become a respected integrated solutions provider in the region. Maersk Supply Services has already secured several contracts, including a series of solutions contracts for the FPSO Fluminense on behalf of Shell and the Mero 2 contract for.
• In March 2023, Tidewater Inc. announced a definitive agreement to purchase 37 of Solstad Offshore ASA’s (SOFF) platform supply vessels (PSVs).
• In January 2023, Maersk entered into an assignment agreement with TechnipFMC for the comprehensive towing and mooring campaign of Petrobras’s Búzios 6 Project, the seventh module of Búzios, offshore Brazil. The scope of work includes the pre-installation of the mooring system and hook-up of the FPSO P-78, which will be the seventh FPSO in the Búzios field, located in the Santos Basin, Brazil. The project is expected to take nearly two years to complete, with onshore work already underway, including engineering, procurement, and project management.

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