The APAC Offshore Market: Riding the Wave of Success into 2024 and Beyond
2023 was the first year of real recovery for owners in the offshore supply market and yet we have barely skimmed the surface of what’s to come.The market is still on an upward trajectory with charter rates accelerating month-by-month, availability changing day-by-day, leading to earnings doubling and, in some segments, tripling since the lows of 2020. Current rates will remind many of the glory days of pre-2014 with the demand for OSVs projected to remain elevated for years to come.In general…
BMT Unveils 48-meter SOV Design
Naval architecture and marine engineering firm BMT unveiled its new design for a 48-meter service operation vessel (SOV).BMT said the mid-sized vessel sits in between crew transfer vessels (CTV) and typical SOVs, providing a more cost-effective solution to achieving operational requirements as operators in the offshore market look for ways to reduce their operational expenditure (opex). Incorporating a methanol-ready design, the SOV features an optimized hull form and machinery configuration, built on a dynamic diesel-electric platform.
Fincantieri Lands $250M Order from Prysmian for New Cable-Laying Vessel
Vard, a Norwegian subsidiary of the Fincantieri Group, has signed a contract for the design and construction of a cable-laying vessel for Prysmian Group valued at $250 million.This is the third cable-laying vessel Vard is building for Prysmian Group after vessels Monna Lisa, currently under construction, and Leonardo da Vinci, which was delivered in 2021.According to the companies, the new unit will consolidate the widest fleet in the industry.The cable-laying vessel will be an evolution of the Monna Lisa class.
Ask What Your Government Can Do For Your Industry (A 2023 Retrospective)
John F. Kennedy’s famous locution, “Ask not what your country can do for you, but you can do for your country” remains the rallying call for civic action and public leadership. The message remains foundational to the success of the United States, particularly as we head into an election year that once again appears to be filled with divisiveness and vitriol. That said, before we flip the calendar, it is important to set JFK’s message aside for a moment and reflect upon what our political leadership in Washington…
Bourbon Horizon Inks MOU for Zero-emission PSVs Using Amogy's Ammonia Technology
Norwegian partners are planning to build a series of zero-emissions platform supply vessels (PSV) equipped with Amogy's ammonia-to-power technology.Green Ships AS, a consultancy specialized in the design and construction of environmentally friendly vessels, and Bourbon Horizon AS, an international offshore shipping company, have signed an MoU with Amogy for the supply of its technology to two PSVs. The deal includes an option for a third vessel.Bourbon Horizon, formerly Bourbon Offshore Norway, will be the commercial and technical manager of the new vessels.
IFCHOR Galbraiths Acquires UNO Offshore
International shipbroker IFCHOR Galbraiths (IG) will be providing offshore brokerage services in the oil and gas market following its acquisition of Norwegian offshore specialist UNO Offshore.Founded in 2010, with a seven-strong team based in Bergen and Haugesund, UNO Offshore focuses on providing chartering, newbuild, sale and purchase, research and consulting services related to the oil and gas sector. UNO Offshore will be renamed IG Offshore.Commenting on the move, IG co-CEO, Bjorn Andersen, said, “We are delighted to bring Hans and his experienced team into the IG family.
Windea Leibniz SOV Becomes CSOV after Upgrades by Ulstein
The Service Operation Vessel (SOV) “Windea Leibniz” on Saturday completed an extensive upgrade at Ulstein Shipyard in Norway. The vessel is managed by Bernhard Schulte Shipmanagement (BSM)."With an increase of cabins from 60 to over 80, the vessel has transitioned from an SOV to a Commissioning Service Operation Vessel (CSOV)," Additionally, the ship received one extra pedestal on the stern for Baltic Sea operations to complement the existing pedestal for North Sea use. The upgrade expands the operational range of “Windea Leibniz” and makes her even more attractive for the offshore market…
Q&A: Ballast Water Management Market Matures
Since the ballast water management system discussion started nearly two decades ago, a clear concern was the ability to fit new equipment on existing ships, placing a strain on both space and power. Last month we caught up with a few key suppliers to for their insights on market development.How many BWMS have you sold and installed to date?Maxime Dedeurwaerder, BIO-UV GroupLast year has proven to be the best on record, with roughly 200 BIO-Sea units delivered. All told, since we entered the ballast water market, we have about 700 units in service or pending commissioning.
Marlink Equipping Solstad Offshore Fleet with Starlink Connectivity
Maritime satellite communications services firm Marlink is equipping Solstad Offshore vessels with Starlink connectivity integrated with the Sealink VSAT, L-band backup, and 4G services."Solstad Offshore is the first offshore vessel operator on the Marlink network to trial Starlink testing the network in harsh weather conditions. In September 2022, the company completed the migration of its fleet connectivity to Marlink, including Sealink VSAT and 4G connectivity, and is now evaluating if this should be further extended with Starlink integration…
Strategic Marine to Build Three Chartwell Marine-designed Crew Transfer Vessels
Singapore-based shipbuilding company Strategic Marine has signed an order to build three ‘Brevity’-class crew transfer vessels (CTVs) from Chartwell Marine.The Brevity-class 27-meter catamaran design forms part of Chartwell’s new offshore wind support vessel range, which has seen multiple orders in the UK and USA since its launch in June 2022.The Brevity-class crew transfer vessel has a capacity of 32 personnel. Multiple crew configurations enable flexibility in space planning and enhance the comfort necessary during long offshore stays…
KOTUG Buys Seaways
Dutch marine services and towage firm KOTUG has closed the acquisition of Seaways, first announced in April. The fee was not disclosed."The acquisition of Seaways brings together the assets, expertise and people of two leading companies that support the worldwide floating facility business such as FSO, FPSO, FLNG, FSRU and SPM Terminals. With all customary, governmental, and other required approvals, KOTUG will now focus on the integration of Seaways and strengthening its leading presence in the floating offshore market…
Ecochlor Launches “EcoOne Container Unit” for Offshore Market
Ecochlor launched a containerized version of the EcoOne filterless ballast water management system (BWMS), targeting the Semi-Submersible Rigs, Jack-Up Rigs, Drillships, FPSOs, FSRUs and other vessels with infrequent ballasting operations at medium to high flow rates.“The EcoOne Container Unit offers incredible benefits to Mobile Offshore Drilling Units (MODU),” said Andrew Marshall, Ecochlor CEO. “One system can simultaneously serve up to four separate sea chests or quadrants, in the case of the semi-submersible rigs.
Navigating a Minefield: Why UXO Could Hamper the UK’s Offshore Wind Ambitions
The UK’s plans to significantly increase offshore wind capacity to 50GW by 2030 risks being hindered by an array of undiscovered unexploded ordnance (UXO) in our coastal waters. It is estimated that up to 500,000 legacy items/targets of UXO could still be present in UK waters. These require safe removal or disposal to clear the way for accelerated offshore wind development. The current practice of High-Order UXO detonation (often resulting in a huge explosion) generates loud underwater (subsea) explosions which can disrupt navigation…
West Africa Market Harbors Positive Potential for MODU Operators
The region could be a key growth market for the oil and gas industry going forward, writes Joshua Belo-Osagie, Maritime Strategies International (MSI).Improving sentiment surrounds energy market prospects offshore West Africa, the positive mood underpinned by higher oil prices, reformed regulatory frameworks in key markets including Angola and Nigeria and the discovery of major prospects off the Ivory Coast and Namibia.In addition, the implications of Russia’s invasion of Ukraine have only reinforced some of these pre-existing dynamics…
Inmarsat's 3-in-1 Network Solution Helps Norwegian Offshore Vessel Owner Meet Needs of Charterers and Crew
Norwegian owner and operator of offshore service vessels Golden Energy Offshore is deploying Inmarsat’s Fleet LTE service to meet the growing data requirements of modern offshore operations and support sustainability.Headquartered in Ålesund, Norway, Golden Energy Offshore owns and operates a fleet of offshore support vessels providing offshore services to the oil, gas, and renewables industries. The company is a long-term Inmarsat customer and also a longstanding user of the satellite communications specialist’s VSAT services.
Cadeler Raises $91,25M for Newbuild Wind Turbine Foundation Installation Vessel
Danish offshore wind turbine and foundation installation firm Cadeler has raised EUR 86 million (around $91,25M) via a private placement, with the plan to use the cash to fund a part of the construction of a new "hybrid" offshore wind farm foundation installation vessel.Announcing the private placement plans on Wednesday, the company said it was in talks with COSCO over a potential order to construct a purpose-built ship for the installation of large offshore wind farm foundations.
What Goes Around Comes Around - Sale of Ex-Sanko Energy Firming AHTS Values
Those who are old enough (or young enough) to remember Justin Timberlake’s poignant lyrics, ‘What goes around, goes around, goes around, comes all the way back around’, will appreciate their significance and relatability to the offshore oil and gas market. On that theme, it appears a vessel very close to my heart, the AHTS previously known as Sanko Energy (now Ena Shogun), has come 'all the way back around.'News is filtering through the market that Eastern Navigation (Singapore) has sold the vessel five years after purchasing it from Sanko Steamship in early 2017.So why does this vessel resonate with me? Well, from a professional perspective, it was my first analyst experience of a sale that went against everything established market experts thought about values and sale prices.
Ampelmann, MMA Offshore Team Up for FPSO Support in Ivory Coast
Dutch offshore gangway specialist Ampelmann said Thursday it had secured a contract to support maintenance work on a floating production storage and offloading unit (FPSO) in Ivory Coast."An A-type motion compensated gangway has been fitted to MMA Offshore’s DP2 vessel, the MMA Privilege, and has arrived at location. In the coming years, an A-type gangway will ensure smooth and continuous crew change operations from the MMA Privilege to the FPSO," Ampelmann said, without sharing further info on the end client.
Consolidation is King – Tidewater and Swire Pacific Offshore
Tongues are wagging in the offshore sector, as one of the longest-running rumors in the market has finally come true. U.S. offshore vessel owner Tidewater Marine has acquired Singapore's Swire Pacific Offshore for USD 190 million, the company’s biggest powerplay since its acquisition of GulfMark Offshore back in 2018.But why SPO, and why now? In this article, VesselsValue's Head of Offshore, Rob Day, seeks to answer these questions and provide commentary on why this long-time…
M.A.R.S Buys 'Captain America' Diving Support Construction Vessel
Modern American Recycling Services, Inc. (M.A.R.S.) has acquired the DP3 diving support construction vessel “Caballo Marango” and will rename the vessel to 'Captain America.'"The acquisition of this vessel represents a substantial investment in the offshore market and will further increase the company’s footprint worldwide. This move highlights M.A.R.S. commitment to its customers, our future customers, and supports the continued growth of the offshore decommissioning and subsea installation industry," M.A.R.S. said Thursday.The vessel will be owned by M.A.R.S.
Offshore Energy: Are Decommissioning Costs set to Spiral?
As offshore market activity recovers and continues to increase through the next decade, as we expect it to, oilfield service (OFS) capacity is expected to tighten.As offshore market activity recovers and continues to increase through the next decade, as NorthStone Advisors expect it to, oilfield service (OFS) capacity is expected to tighten. In NorthStone Advisors’ view, this will create a period of increased scarcity and cost inflation, presenting significant cost and schedule risk to decommissioning programs.Many eyes are on the UK…
Royal IHC Sheds Diving, Hyperbaric Division
Royal IHC announced that on the December 24, 2021, it sold IHC Hytech B.V. (Hytech) to private investors who have established Pommec Hytech Holding B.V. Buyers plan to merge the operations of Hytech with those of Pommec B.V. (Pommec).Hytech specializes in the design and manufacturing of high quality, professional diving and hyperbaric equipment. Hytech designs, produces and delivers innovative, sustainable and integrated equipment for the diving, governmental, tunneling, life support and medical markets. Other than the medical market, Pommec is currently active in all markets that Hytech operates in. Pommec is currently located in Bergen op Zoom.
Bernhard Schulte Enters Saudi Offshore Market Through Rawabi Vallianz JV
Bernhard Schulte Shipmanagement (BSM) and Rawabi Vallianz Offshore Services (RVOS) on Tuesday announced a joint venture to offer third-party ship management services to the offshore sector in Saudi Arabia.The deal was announced during the ADIPEC Exhibition in Abu Dhabi."The Kingdom of Saudi Arabia has some of the world’s largest oil reserves and a mature extraction industry supported by an established offshore service chain. With a fleet of more than 40 offshore vessels, Rawabi Vallianz Offshore Services is one of the leading suppliers of offshore vessels within this market.