Offshore O&G Fuels Workboat Growth in Middle East

(Press Release)
Wednesday, October 05, 2011
(L-R) Khalifa M. Al Qubaisi, General Manager, IRSHAD; Awaidha Murshed Al Murar, Director of Shared Services, ADNOC; and Chris Hayman, Chairman of Seatrade.

Middle East Workboats 2011 opens on optimistic note - 58 new OSVs required to support recent oil and gas contracts worth $10b  The maritime commercial climate in the Middle East is in buoyant mood, especially for the workboats sector, as investment in the offshore oil and gas industry spurs demand for offshore support vessels (OSVs), according to industry experts speaking at Middle East Workboats 2011. The three-day conference and exhibition was officially opened by Awaidha Murshed Al Murar, Director of Shared Services, ADNOC, along with Khalifa M. Al Qubaisi, General Manager, IRSHAD and Chris Hayman, Chairman of Seatrade, and runs from 3-5 October at the Abu Dhabi National Exhibition Centre.
At the opening conference session, the historic relevance of the region as a trade hub provided the focal point for an in-depth analysis of the current economic situation. “With a high number of ambitious projects spread across the region, there are numerous opportunities. Oil and gas sector demand is set to remain high, with relatively high prices, which means more money for exploration and production (E&P) - which will have a positive effect for our industry,” said Lars Seistrup, COO, SVITZER Asia, Middle East and Africa
The twin challenges of piracy and crew recruitment are also set to be recurring themes on the two-day conference agenda. According to Seistrup, the growing threat from East Africa especially, is becoming a year-round issue. “The International Maritime Bureau reported 100 attacks in 2010 and in 2011 there have already been 163; we are extremely vulnerable and there is no easy solution. With the current situation, if a vessel is in distress who will help you? The topic of putting armed guards on board vessels has been mooted, but this is not popular within the industry.”
To drive the market in the long-term, Seistrup argued that the Gulf is in a prime position to become a regional shipbuilding hub, enabling the Gulf to compete with the long-established Asian markets and convince Middle East owners to “buy local”.
Vincent Weve, General Manager, Stanford Marine, also focused on the growing number of oil and gas projects in the UAE, Saudi Arabia and Qatar, with recent contracts awarded to the tune of more than US$10 billion and requiring up to 58 new OSVs within the next couple of years.
“Despite obvious project delays, we are seeing more enquiries from Egypt and both Iraq and Kuwait are up-and-coming destinations on the industry radar, with between a 10-20 per cent increase in exploration resulting in higher demand for OSV support,” he remarked.
According to Weve, the Middle East currently has 15 per cent of the global anchor handling tug supply vessel (AHTS) market share, compared with the global average of six per cent.
In addition Weve added that the ageing fleet in the region is also a hot topic for delegates and exhibitors this week with the growth in new vessels rising from 10 per cent in 2000 to 44 per cent in 2010, but the number of vessels aged 26 years or older has increased from 17.9 to 39 per cent over the last decade.
Utilization figures are also proving to be positive indicators for the industry as a whole, with Weve reporting up to 91 per cent utilization across the Stanford Marine fleet, with peer companies reporting equally buoyant rates.

Maritime Reporter July 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

CWind Joins National Workboat Association

Citing crew transfer services as an integral part of its offering, offshore wind industry service provider CWind announced it is now a member of the National Workboat Association (NWA) of the U.

BG Group Starts up Sixth FPSO in the Santos Basin

BG Group announced first oil from the Cidade de Itaguaí floating, production, storage and offloading (FPSO) vessel, the sixth unit to start production across the

BG Awards Fugro MBES, Seabed Coring Contract

Fugro has been awarded a contract by BG International Limited Sucursal Honduras to conduct an integrated multibeam echosounder (MBES) survey and seabed coring campaign

Workboats

CWind Joins National Workboat Association

Citing crew transfer services as an integral part of its offering, offshore wind industry service provider CWind announced it is now a member of the National Workboat Association (NWA) of the U.

First Vessel of New Rescue Class Launched

Global shipping and energy services firm, Craig Group, has launched its first F-Class vessel, the Grampian Fortress. The IMT 958 multi-role emergency response and

Strategic Marine: Stock Program Full Power Ahead

Strategic Marine confirmed its stock program of personnel transport vessels is market-ready.  “Our stock program currently incorporates two class leading designs

People in the News

Egypt Says Finishes Work on New Suez Canal

Egypt has finished building its New Suez Canal, its overseer said on Wednesday, a project President Abdel Fattah al-Sisi sees as a symbol of national pride and

Obituary: Yacht Designer Jörg Beiderbeck

Jörg Beiderbeck, recognized as a figure among the world’s top megayacht designers, has passed away at the age of 69 on the evening of Sunday, August 2, at his home in Bremen-Vegesack,

Injured Woman Rescued on Lake Washington

Coast Guard, Seattle Police Department, Seattle Fire Department, King County Sheriff’s Office and Washington Department of Fish and Wildlife personnel rescued

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Offshore Oil Pipelines Salvage Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1761 sec (6 req/sec)