The offshore support market is expected to see continued growth in 2025, with overall demand for OSVs projected to increase. This trend has been evident since the market trough in 2017, with vessel demand reaching its highest level in a decade. The demand is driven by activities in the oil & gas sector, which are estimated to grow by almost 4% in 2025. Additionally, the offshore wind industry is contributing to the highest vessel activity level ever seen.
However, the positive outlook is not uniform across all regions. While the golden triangle and the Middle East are expected to experience higher demand levels for OSVs in 2025, key countries in Northwest Europe and Southeast Asia are facing weaker project development. The UK’s political sentiment and delays in project approvals in Malaysia are also impacting the market.
In Brazil, Petrobras’ updated spending plan for 2025 to 2029 reflects confidence in the country’s role as a driver for offshore activity. The Middle East has seen encouraging offshore activity despite rig suspensions in 2024. In West Africa, significant developments are taking place, such as Galp Energia’s exploration activities in Namibia and ENI’s acquisitions in Côte d’Ivoire.
Looking ahead to 2025, charterers in high-growth regions may face challenges due to the lack of new supply additions. The current orderbook for PSVs and AHTS vessels is limited, leading to an aging OSV fleet. Despite increased demand in key regions, the supply side is under pressure, which could benefit shipowners globally in the coming year.
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