Offshore Support Vessel Market

Bourbon (France) and Tidewater (US) are the Key Players in the Offshore Support Vessel Market

The global offshore support vessel market is projected to grow at a CAGR of 5.04% from 2018 to 2023. The market in Asia Pacific is estimated to be the largest market for offshore support vessels, followed by Europe and North America in 2018. This trend is expected to continue until 2023. 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 the US and the Gulf of Mexico, and a focus on the potential deepwater discoveries in the US.

The offshore support vessel market is dominated by a few global players. The key players in the offshore support vessel market include integrators such as Bourbon (France), Seacor Marine (US), Swire Group (Hong Kong), Tidewater (US), Gulfmark Offshore (US), Havila Shipping ASA (Norway), Hornbeck Offshore Services (US), The Maersk Group (Denmark), and Siem Offshore (Norway).

Major strategies adopted by the players are new product launches, contracts & agreements, partnerships, collaborations, alliances and joint ventures, mergers & acquisitions, and investments & expansions from January 2014 to January 2018. Contracts & agreements was the most commonly adopted strategy. Industry players also adopted new product launches, and investments and expansions, which were the second- and third-most widely followed strategies, respectively, during the same period.

Bourbon, one of the leading players, 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. Bourbon has nearly 514 operating offshore support vessels, out of which 444 vessels are owned by the company. It has used contracts & agreements as a key strategy to enhance its product portfolio. For instance, in July 2017, Bourbon received a contract to assist Saipem with pipe-laying operations at the Zohr gas field in Egypt.

Tidewater is an offshore service vessel provider. The company serves customers in remote, deepwater, and challenging marine environments. Some of the leading vessels offered by the company include platform supply vessels, anchor-handling tug supply vessels, offshore tugs, and utility vessels. Tidewater has major operations in the US, the Gulf of Mexico, the Arabian Gulf, and the Mediterranean Sea. The company has adopted both organic and inorganic growth strategies. It aims to build and modernize its existing fleets, while contracts & agreements is one of the key strategies. For instance, in April 2017, Tidewater marine signed an offshore service vessel contract with Sirius Petroleum for a multi-well campaign as a part of its shallow offshore development strategy.

Related Reports:

Offshore Support Vessel Market by Type (AHTS, PSV, MPSV, Standby & Rescue Vessel, Crew Vessel, Chase Vessel, Seismic Vessel), Application (Shallow and Deepwater), End-User (Oil & Gas and Offshore Wind), and Region - Global Forecast to 2023

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Report Code
EP 2894
Published ON
Apr, 2018
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