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Market Leader - Offshore Support Vessel Market


The global offshore support vessel market, by value, is projected to grow at a CAGR of 4.92%, from 2017 to 2022. North America is estimated to be the largest market for offshore support vessels, followed by Asia-Pacific. Also, the North American market is projected to be the fastest growing market during the forecast period. The growth of the offshore support vessel market is driven by rising offshore investments in emerging economies and a focus on deepwater drilling.

The offshore support vessel market is served by a mix of large international players with vessel deployments across different regions and local players with a strong presence in their domestic markets. The key players operating in the market include Bourbon Corporation SA (France), Farstad Shipping ASA (Norway), Seacor Marine, LLC (U.S.), Swire Group, Ltd. (Hong Kong), Tidewater, Inc. (U.S.), Gulfmark Offshore, Inc. (U.S.), Havila Shipping ASA (Norway), Hornbeck Offshore Services, Inc. (U.S.), The Maersk Group (Denmark), and Siem Offshore, Inc. (Norway), among others.

The major strategies adopted by the players in the offshore support vessel market include contracts & agreements, new product developments, mergers & acquisitions, and expansions. Contracts & agreements was the most commonly adopted strategy from 2012 to 2016. In view of the significant drop in international oil prices, disinvestment was a widely followed strategy over the last two years.

Bourbon Corporation SA provides offshore subsea and marine services for offshore oil & gas fields. It is considered one of the leading players of the offshore shipping industry, providing ship-borne supplies to oil and oil-related companies all over the world. The company has nearly 512 operating offshore support vessels, out of which 444 vessels are owned by the company. The company has used partnerships as a key strategy to enhance its product portfolio. In 2014, the company entered into a joint venture with Oceanteam Shipping (Norway) to launch a product, the North Ocean 100 series, with a new design and increased storage capacity. It also partnered with CGG (France) to launch the first series of SSVs, equipped with hybrid propulsion. Recent contracts & agreements signed by the company include one with Saipem (Italy) to provide offshore equipment to pipe laying vessels. This operation was performed in Nigeria. Saipem entered in this contract on behalf of Total (France).

Tidewater, Inc. is an offshore service vessel provider with more than 50 years’ experience in marine support services. The company serves customers in remote, deepwater, and challenging marine environments. Some of the leading vessels and services offered by the company include platform supply vessels, anchor handling tug supply vessels, offshore tugs, and utility vessels. The company has major operations in the U.S., the Gulf of Mexico, the Arabian Gulf, the Mediterranean Sea, and the offshore areas of Australia, Brazil, India, Malaysia, Mexico, Norway, the U.K., Thailand, Trinidad and Tobago, and Western and Eastern African countries. The company has adopted both organic and inorganic growth strategies. Organically, the company aims to build and modernize its existing fleets.

Acquisitions is one of the key strategies that the company has adopted to grow inorganically. Tidewater, Inc. also focuses on entering into agreements to purchase improved and advanced equipment, which contributes to an improved fleet of vessels. In August 2014, Troms Offshore Supply AS (Norway), a subsidiary of Tidewater, Inc., entered into an agreement with Tersan Shipyard (Turkey) to build an arctic multi-purpose supply vessel, the VS 4530.

Related Reports:

Offshore Support Vessel Market by Type (Anchor Handling Tug Supply, Platform Supply Vessel, Multipurpose Support Vessel, Standby & Rescue Vessel, Crew Vessel, Chase Vessel, Seismic Vessel), Depth (Shallow & Deepwater), and Region - Global Forecast to 2022

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