Page 19: of Maritime Reporter Magazine (April 2024)

SOVs

Source: Intelatus Global Partners built vessel fell from ~25% in early 2021 to ~12% today.

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The biggest new building premium is found in the USA, for at OTC

Houston, TX a variety of reasons, where the three tier one SOVs are being

Booth 2121 built for ~€87-168 million.

VARD is a leader in the design and construction of SOVs and CSOVs, building hulls in Romania, Spain and Vietnam that are completed and commissioned in Norway. The compa- ny is also building a vessel through its Fincantieri Bay Ship- building subsidiary in the USA. The most popular design in the VARD 4 19 platfrom.

Far behind VARD is the Turkish yard Cemre, building

Havyard and SALT Ship designs, Norway’s Ulstein, Spain’s

Gondan (SALT Ship Design and Kongsberg designs), and

China’s CMHI building Kongsberg designs.

Ten yards account for the remaining vessels.

The Future Looks (generally) Bright

The market fundamentals, re? ected by an increasing num- ber of turbines being installed and operational coupled with a likely reduction of Tier 2/3 vessels, support a growth in the vessel supply-side.

Whereas, SOVs are generally built against long-term char- ter and therefore have a certain amount of ? nancial security,

CSOVs are more exposed to redeployment risk and there re- mains a concern that overbuilding of a commoditized vessel may result in future oversupply as seen in the oil & gas OSV space in the 2008-2014 period.

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