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Sunday, February 9, 2025

Strong Refurb Market Drives Vestdavit Subsidiary

Maritime Activity Reports, Inc.

February 4, 2025

Copyright_Vestdavit

Copyright_Vestdavit

The Dutch subsidiary of Norway's Vestdavit, Vestdavit BV, saw revenue surge by 65% in 2024 - surpassing a 50% rise the previous year - as growing activity in the offshore wind and seismic segments has resulted in operators seeking to procure reconditioned workboat davits that can be installed on existing vessels.

This means that vessels can be more quickly adapted and mobilized for short-term contracts both in wind turbine installation and maintenance and seismic exploration, with construction service and operation vessels (CSOVs) the primary candidates for such retrofit work, according to Vestdavit BV Managing Director Magnar Bøyum.

The orderbook for U.S. dredgers is about $3B, and according to DCA CEO Bill Doyle, the incoming political administration could help this niche maritime sector continue its bull run.
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