The global offshore support vessel market is projected to grow at a CAGR of 4.0% from 2021 to 2026. The market in Asia Pacific is estimated to be the largest market for offshore support vessels, followed by Europe and North America in 2020. This trend is expected to continue until 2026. 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 DOF Group(Norway), Solstad Shipping (Norway), SEACOR Marine (US), Swire Pacific (Hong Kong), Tidewater (US), Havila Shipping (Norway), Maersk (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 2018 to May 2021. Contracts & agreements was the most commonly adopted strategy. Industry players also adopted partnerships, mergers & acquisitions and new product launches, which were the second and third-most widely followed strategies, respectively, during the same period.
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DOF Group is a company comprising purpose-built vessels for providing integrated offshore services to the offshore energy industry across its lifecycle. It offers subsea projects and marine services. The company has three reportable business segments, namely, Subsea Services, AHTS, and PSV. Its fleet comprises subsea vessels, AHTS vessels, PSV, ROV, and AUV. The group consists of three companies—DOF ASA, DOF Subsea, and DOF Management. DOF ASA offers a fleet of offshore vessels to the energy industry. It is a holding company for DOF Subsea AS, Norskan Offshore Ltda, and DOF Management AS. DOF Subsea offers subsea solutions, while DOF Management has management responsibility of vessels owned by the DOF Group and other ship owners. It carries out ship-management and ship-operation tasks. The Group has an operational presence in the Americas, Asia Pacific, and the Atlantic region.
Solstad Offshore is a shipping company that offers shipping services to oil and gas and renewable energy industries. The company has two reportable business segments, namely, AHTS/PSV and Subsea/Renewable Energy. The offshore support vessel fleet of the company comprises PSV, AHTS, and CSV. Its supply vessels (AHTS vessels and PSV) support oil fields for carrying out exploration, development, and production activities. The CSV fleet of Solstad Offshore supports subsea and renewable energy projects. It is partly working on long-term contracts and partly carries out seasonal activities. The CSV offered by the company serve inspection, maintenance, and repair (IMR) and subsea, umbilicals, risers, and flowlines (SURF) markets. They support installation and maintenance activities related to the offshore renewable energy industry. Solstad Offshore has an operational presence in Asia, South America, West Africa, North Africa, Europe, Australia, the North Sea, and the Gulf of Mexico. The company has also signed new contracts for offering CSV in different geographies
Offshore Support Vessel Market by Type (AHTS, PSV, MPSV, Standby & Rescue Vessel, Crew Vessel, Chase Vessel, Seismic Vessel), Application (Shallow water and Deepwater), End-User (Oil & Gas and Offshore Wind), and Region - Global Forecast to 2026
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