Page 30: of Marine News Magazine (February 2024)

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Feature

Offshore Wind

Ørsted “There is momentum in the wind market right now.”

Ron MacInnes, President, Seatrium

Offshore & Marine USA back the other way, become more mature, more stable, that supply chain, that project pipeline, is going to exist, more evenly distributed, basically, with your risk pro? les, but you’re still competing. Chicken and egg, as always. which is what we all need.” Who’s going to start building these things? Well, who’s go-

The ? rst wind farms were built in Europe more than 15 ing to give me a contract?” years ago, Lescinski said, and it took a long time to achieve In some cases, existing vessels can be used as a more ? - mass scale, producing levelized costs that are coming down. nancially viable option. Josh Diedrich, managing director “That’s a long road to go down. And you’re also facing this at WindServe Marine, said this is already being done with in the middle of this crazy in? ation and supply chain mar- great success.

ket,” she added. “Seeing costs start to levelize in Europe is “The American ? eet has a lot of really talented mari- a very good sign for the rest of the world while scaling up.” ners who are able to use these existing vessels that are con-

Another market factor currently weighing on U.S. off- verted with a walk to work gangway and some additional shore wind is the price and availability of vessels, including accommodations. And they’re getting the job done,” he both existing tonnage and newbuilds. Once again, eco- said. “If you look on AIS, you’ll see the data this past year nomics is an issue. for all the Jones Act vessels that have been worked on the

Vessel owners need ? rm, long-term contracts to ensure two major projects offshore. And you just see day after any new vessel they order will be pro? table, especially day, the vessels are out there, they’re working. . . I don’t given the soaring costs for new construction. “It’s a lack think there’s as much downtime with the vessels as people of revenue certainty that [prevents] vessel owners like Lib- thought there would be.” erty from going out and building ? eets,” Axelsson said. Cost is still an issue though for vessels such as offshore “[Developers] don’t want to hire the vessel for ? ve years if support vessels (OSV), which have seen their charter rates [they] only need it for two or three. . . The sustainable ves- rise due to a strengthened offshore oil and gas sector. The sel ownership perspective is revenue certainty and knowing cyclic up and down of oil and gas markets directly affects 30 | MN February 2024