Offshore Support VesselsCompanies (2024 - 2029)

Offshore Support Vessels Market Companies Summary

The offshore support vessel sector is projected to experience significant growth in the coming years, largely due to increasing demand for deepwater oil and gas drilling operations and the improved viability of offshore oil and gas projects. This growth, however, may be hindered by the volatility of commodity prices. Despite this, new technologies that help offshore vessels deal with environmental issues present numerous opportunities for the sector. For instance, one prominent company has launched an offshore vessel-charging business aimed at reducing carbon emissions in the shipping industry by eliminating emissions from stationary ships. The long-term goal is to phase out fossil-fuel-based vessels. Platform supply vessels, which transport equipment, goods, and crew to offshore drilling and production platforms, are expected to dominate the market. The global increase in oil and gas demand has led producers to explore additional petroleum sources, such as deepwater oil and gas exploitation. This trend indicates a growing demand for offshore petroleum production and related services. As a result, numerous platform support vessels are required for recently signed offshore production agreements. For example, a Norway-based shipping company recently secured a contract for a platform supply vessel. Another company awarded six contracts to five shipowners for platform supply vessels. Overall, the demand for these vessels is expected to see significant growth in the forecast period.