HANSA 06-2021

OFFSHORE Offshore

OFFSHORE Offshore vessels loosing attraction again? Looking at the sale and purchase history of the market of offshore support vessels (OSV), the picture is quite interesting. While during the first half of the past decade relatively few vessels were traded at increasing prices, 2015 saw a reversal of this trend. When the offshore crisis hit, a massive increase of vessel sales and continuously falling prices characterized the years until 2020. In 2021, so far, vessel sales in terms of number of ships are on track to meet or surpass the 2015 numbers. At the same time, ship values have hit a 20 year low. The fleet age profile corresponds with this trend. Most ships are accumulated in the the 5–14 years range, while younger ships and newbuildings are a rare thing. The OSV market is dominated by Platform Supply Vessels (PSV) and Anchor Handling Tug Suppliers (AHTS). In terms of fleet segment size they make up almost two thirds of the OSV fleet. In terms of fleet value, the PSV fleet accounts for almost half of the total OSV fleet value. The top owner countries are led by the USA, followed by Singapore and China in terms of fleet size. Regarding fleet values, Norway and Brazil make their way into the ranking on positions 2 and 4. Shipwoner Edison Chouest Offshore owns the largest and most valuable fleet, followed by Tidewater Marine, Solstad Offshore, Bourbon (second in terms of fleet size) and Nam Cheong International. in cooperation with ,0 ,8 ,6 OSV Sales and Purchase History Number of Vessels Total Spent USD m 250 200 Total Spent USD billions ,4 ,2 ,0 ###COLUMNCONTENT###,8 150 100 Number of Vessels ###COLUMNCONTENT###,6 ###COLUMNCONTENT###,4 50 ###COLUMNCONTENT###,2 ###COLUMNCONTENT###,0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 0 OSV Fleet Age Profile Number of Vessels Total Value USD m 2.400 2.000 Total Spent USD billions 1.600 1.200 800 Number of Vessels 400 ###COLUMNCONTENT### On Order 0-4 5-9 10-14 15-19 20-24 25-29 30-34 35-39 40-44 45-49 50+ 0 68 HANSA – International Maritime Journal 06 | 2021

OFFSHORE OSV FLEET (NUMBER OF VESSELS) OSV FLEET (VALUE USD MILLIONS) FSV 1.069 Ocean Going Tug 631 Standby / ERRV 409 PSV 2.256 AHT .286 Standby / ERRV Ocean Going Tug .160 0 FSV .749 PSV .035 AHT 725 AHTS .403 AHTS 2.478 ,4 ,2 Top OSV Owners by Fleet Value Number of Vessels Total Spent USD bn 280 240 Total Spent USD millions ,0 ###COLUMNCONTENT###,8 ###COLUMNCONTENT###,6 ###COLUMNCONTENT###,4 200 160 120 80 Number of Vessels ###COLUMNCONTENT###,2 40 ###COLUMNCONTENT###,0 Edison Chouest Offshore Tidewater Marine Solstad Offshore Bourbon Nam Cheong International 0 Top OSV Owner Countries by Fleet Value Number of Vessels Total Spent USD bn 1.500 1.200 Total Value USD billions 900 600 Number of Vessels 300 ###COLUMNCONTENT### USA Norway Singapore Brazil China 0 HANSA – International Maritime Journal 06 | 2021 69