Osv News

The outlook for the offshore support vessel (OSV) business has brightened considerably since the dark days of the previous decade and is possibly in a “Goldilocks moment” — not too weak and not too strong. While strengthening, it has not yet reached the point of significant new vessel ordering. Paradoxically, across maritime markets, observers are often concerned when exuberance gets out of hand. For now, newbuild activity remains limited.On the Q3 2025 earnings call for listed company Tidewater (NYSE: TDW)…

2025 was a year of recalibration, continuing the softness experienced since the fourth quarter of 2024. Rather than a slowdown, this period can be better described as a collective deep breath as the industry prepares for the next upcycle in the Asian Pacific region.Compared to 2024, the composite dayrates, calculated as a weighted average across size categories, declined by approximately 16% for PSVs and 14% for AHTS vessels. In tandem, utilization also softened, with the number of working vessels down 19% and 8% respectively…

Tidewater Inc. announced its 2025 results with Quintin Kneen, Tidewater’s President and CEO, commenting, “Although 2025 was anticipated to be a down year for the offshore industry, I am pleased to say that by all measures Tidewater was able to successfully navigate these challenges to deliver one of the best years in recent memory, demonstrating the resilience of the company we’ve endeavored to build over the last eight years.”The business generated year-over-year revenue growth, gross margin expansion and average day rate growth.

Malaysia-based offshore support vessel (OSV) builder Nam Cheong has secured shipbuilding contracts worth $64.5 million from a UAE-based global energy maritime logistics company for the construction of four offshore support vessels, marking its first newbuild contract win in over a decade.The order comprises two dive support vessels (DSVs) and two 60-meter remote operated landing crafts (ROLC), with deliveries scheduled between the second half of 2027 and early 2028. All four vessels will be constructed at Nam Cheong’s Miri Yard in Sarawak…

When we interviewed Saronic Co-Founder and CEO Dino Mavrookas late last year, he insisted that Saronic's mission was to deliver commercially viable autonomous vessels first, and in turn parlay that into a ready package for defense. That vision comes to fruition as Saronic announced a partnership with Hornbeck Offshore Services, Inc. (HOS), to accelerate innovation and deployment of autonomous platforms, advanced software, and maritime solutions to the markets HOS serves. Specifically…

Havila Shipping has not had its case upheld in Oslo District Court and will appeal the judgment.In January and March, the company filed a lawsuit against DnB Bank ASA, Danske Bank AS NUF, and Swedbank AB (publ).The banks have maintained that Havila Shipping breached refinancing terms by converting of debt to equity and conducting a bond issue.In a statement, Havila said: “Havila Shipping does not agree with the judgment, and the district court's ruling is not a final decision in the matter.

Windcat, part of CMB.TECH, has signed a contract with Damen Shipyards to build a new Multi-Purpose Accommodation Support Vessel (MP-ASV), with options for five additional units.To be known as the Innovation Series, the new class of offshore support vessels will combine a large open deck, subsea crane capability and fuel-efficient operations with accommodation for personnel working offshore for extended periods.Construction of the first MP-ASV is scheduled to begin in February 2026 at Damen’s Ha Long Shipyard in Vietnam, with delivery planned for 2028.

A new generation of hybrid vessels is demonstrating significant gains in both fuel economy and operational output. For Olympic Subsea’s owner and CEO Stig Remøy, it proves that technology-led efficiency is the fastest path to decarbonization—and a powerful business case.When Stig Remøy began pivoting Olympic Subsea toward subsea and renewables a decade ago, the move was met with some internal skepticism. “Naturally, there were internal discussions — some believed oil and gas was the future,” he recalled.

As oil exploration and production goes, so goes the market for Offshore Service Vessels (OSVs) and Platform Supply Vessels (PSVs). Throughout 2025, the prices of oil- which drives exploration and production (E & P), have softened, moving down towards $60/barrel amidst economic uncertainty and a wider than anticipated opening of the taps by major oil producers. In the past year, the Baker Hughes overall count of U.S. rigs working has declined. September 2025’s U.S. Rig count of…

Carpentaria Marine Services, a marine services provider in northern Australia, is expanding its fleet after commissioning Incat Crowther to design a new multi-purpose offshore support vessel.Construction of the vessel, which will be deployed across northern and eastern Australia including Cape York and the Gulf of Carpentaria, is now underway at Richardson Devine Marine’s shipyard in Hobart, Australia.The new vessel will be utilized by Carpentaria Marine for a range of services including marine construction, dive operations, underwater surveying and remotely operated vehicle operations.

Norwegian offshore supply vessel owner DOF Group has secured long-term contracts for two of its vessels with Petrobras for work offshore Brazil.The contracts, with a combined value of approximately $200 million, are for Skandi Chieftain high-spec subsea vessel and Skandi Olympia DP2 construction support vessel.The vessels have been awarded four-year charters with Petrobras.Both vessels will operate with one WROV and are expected to be delivered in October 2026.The contracts follow the same competitive tender process that resulted in the contract awards for DOF’s Skandi Achiever…

Technology group Wärtsilä has renewed and expanded its Lifecycle Agreement with Seagems, a Brazil-based offshore operator formerly known as Sapura, covering its fleet of offshore support vessels.The renewed agreement expands the scope of services and strengthens the strategic partnership between the companies, aiming to enhance vessel reliability and reduce carbon emissions.The new deal reflects broader trends in the maritime industry toward collaborative, long-term partnerships…

GLO Marine and VMS Group Denmark have secured a multi-vessel retrofit work for offshore support vessel operator Tidewater, expanding their role in the offshore energy sector.Covering 16 vessels across three continents, including several in U.S. waters, the retrofit program marks an important step in both companies’ strategy to provide fleet-scale retrofit solutions to the international offshore vessels market.The companies are executing a full-scope BWTS retrofit and lifecycle project management plan for Tidewater.To date…

Pneumatic Line Thrower (PLT®) specialist Restech is offering service operation vessel (SOV) owners in the wind industry a preview of a new system developed to satisfy rising demands for flexibility in towing and mooring operations.A scale model of an innovative Remote Launcher TI will be on display on the VIKING Life-Saving Equipment stand (EC-40) at WindEurope 2025, held at Copenhagen’s Bella Center, April 8-10. As part of the modular design, its remotely triggered launcher will…

The US Coast Guard has released its report into the death of a crewmember onboard the Red Stag while moored at the Adriatic Marine Dock, in Port Fourchon, LA, on October 14, 2023. The incident occurred when an unqualified engineer (UE) opened the panel for the mud pump system and touched the high voltage conductors containing 480 volts.The 184-foot OSV moored at the dock the previous day with a crew consisting of a Master, Relief Captain and three crewmembers. The vessel had been in dry dock and had recently moved to the Adriatic Marine Dock to prepare for an upcoming work assignment…

Kongsberg Maritime has secured a contract to supply an integrated package of equipment for a new Offshore Support Vessel (OSV) being built for ship owner DOF.The new 110-meter OSV, with a capacity to accommodate 164 people, is designed by MMC Ship Design and constructed at CRIST shipyard in Gdynia in Poland. The vessel will operate offshore Newfoundland, known for its harsh environmental conditions.It will be equipped with a comprehensive range of Kongsberg Maritime systems, including the DC main switchboard…

A new field support vessel being built by Crist S.A. in Gdynia, Poland, to operate on the Grand Banks off the coast of Newfoundland and Labrador, Canada, will feature a full propulsion scope from Steerprop.Vessel operating conditions on the Grand Banks are extremely challenging due to heavy seas, fog and icebergs. This emphasizes the importance of the ship’s propulsion thrusters in maintaining dynamic positioning and facilitating safe and reliable operations.Steerprop’s capabilities…

Brazilian state-run oil firm Petrobras will commission four more support vessels by 2026, Chief Executive Magda Chambriard told Reuters, increasing the number of new ships aimed at supporting its operations to 48 by 2026.The reinforcement of Petrobras' fleet comes amid expectations of higher offshore oil output in the next few years as new production units come online at the Buzios field, where it expects to produce up to 2 million barrels per day by 2030.The commissioning of…

Tidewater has announced that its net income for the 12 months ended December 31, 2024 was $180.7 million, compared to $97.2 million for the previous year.The company’s revenue for the three and 12 months ended December 31, 2024 of $345.1 million and $1,345.8 million respectively, compared with $302.7 million and $1,010.0 million, respectively, for the previous year.Quintin Kneen, Tidewater’s President and Chief Executive Officer, said: “2024 proved to be a successful year by all measures.

Havila Shipping ASA announces its Q4 2024 financial results, highlighting steady freight revenues, strong fleet utilization, and the successful completion of a major debt restructuring.Key Financial Highlights (Q4 2024):Freight revenues: NOK 148.0 million, consistent with Q4 2023 and up NOK 7.1 million from Q3 2024.Fleet utilization: Maintained at 92%, with a higher average rate than the previous quarter.Operating expenses: NOK 87.7 million, down NOK 1.6 million from Q4 2023 but…

Tidewater has appointed Chris Mack as the company's new Vice President of Marine Operations.Mack brings over two decades of industry experience to the Tidewater team.He earned his Bachelor's degree in Maritime Transportation from the California Maritime Academy and received his Master of Marine Transportation and Engineering Management from California State University Maritime Academy in 2023. He began his maritime career as an Able Seaman, progressing to the role of Captain within the Ocean Towing Fleet.

Watson Farley & Williams (‘WFW’) advised Eurazeo, acting as lead investor via its Eurazeo Transition Infrastructure Fund, on a $73m investment in new offshore service vessel platform MPC OSE Offshore. The platform, a joint venture between MPC Capital and O.S. Energy, helps develop, build, and manage service support vessels for offshore wind farms. The consortium of investors comprised the European family office and others in addition to Eurazeo.A leading European investment group with $37bn AUM, Eurazeo supports 600+ mid-market companies across Europe, Asia, and the United States.MPC Capital is a global investment and asset manager with $5bn AUM specializing in transport…

After what we would argue has been an incredibly eventful 2024 with massive deals, tremendous dayrate developments, further charterer backlog build, and the first series of newbuild orders in years, now comes the time when we turn our gaze towards 2025. What are some of the main trends we expect for next year, and how do we see the continuation of today's developments impact the year to come. Overall, we find continued strides for the better in the offshore support market although we foresee an industry that will not fire on all cylinders…