Easing OSV age requirements in a tight market

The offshore FID panel at SMLME 2023
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Experts gathered at the Seatrade Maritime Middle East 2023 Offshore Marine and Workboats Forum to discuss the role of age limits in maintaining safety in offshore operations and the likelihood of these limits being relaxed. The high cost of new ships and limited new construction in the sector means that relaxing age requirements is the easiest way for operators to get the resources they need. Some companies are already relaxing these requirements to avoid delaying development projects.

Panellists saw a greater interest in ship quality assurance by classification societies and the like to mitigate additional risks from the use of older equipment and to ensure that those equipment are fit for purpose. They agreed that age is just a number and that it is important to focus on specification and performance. With a low order backlog and a shortage of storage space, the tight capacity is not likely to resolve itself anytime soon, and it will take many new builds to reach the average age of the fleet.

Tags: Regulation,Middle East and Africa


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