MSI says investor interest is returning in the offshore support vessel (OSV) construction sector.
Its third-quarter report highlights that of the 17 vessels delivered to date this year, 13 were ordered more than a decade ago.
That leaves just over 50 vessels still pending from the previous "upcycle." Operators look set to take up some of these as newbuild options over the next few years.
Between 2015 and 2023, 77 vessels were ordered, MSI found, with signs of a modest recovery last year when 29 anchorhandler tug supply vessels and nine platform supply vessels were ordered.
Some vessel owners have been cautious about investing in new assets, MSI added, increasing their focus on renewable energy at the expense of offshore oil and gas.
But for others still committed to "conventional" energy, vessels that were previously delayed or abandoned represent an option rather than ordering newbuilds with similar specifications.
In addition, no OSVs have left the global fleet since the second quarter, which suggests owners remain reluctant to retire older tonnage despite changes in the offshore energy landscape.
“This pattern underscores the long tail of the previous upcycle, where a sudden increase in demand was met with a flurry of newbuild contracts, many of which experienced prolonged delays due to market volatility,” said Todd Jensen, MSI senior analyst, Offshore Energy Markets. “This trend is indicative of a strategic pivot by operators and investors toward markets with robust exploration and production activity, where the demand for OSVs is more immediate and where economic conditions have supported offshore developments.”
