Page 20: of Offshore Engineer Magazine (Jul/Aug 2024)

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MARKETS OSVs © dwara/AdobeStock

North Sea Realism in a Busy Market By Jesper Skjong, Market Analyst, Fearnley Offshore Supply AS he offshore support vessel (OSV) market is very A good example of this market dynamic in action can much a global industry where ships frequently be observed between Southeast Asia and the Middle East mobilize between regional markets. This offers where the respective market balances developed in vastly far more opportunities than markets more close- different fashions. In the former, we observed a tremen-

T ly linked to their specifc local geography and operational dous oversupply of OSVs for the better part of the last patterns. As a result of these additional opportunities, the decade on the back of the preceding newbuild boom. Es- supply- and demand balance in the respective regions are pecially towards the latter stages of the previous market more dynamic than the offshore activity therein in isola- cycle, newbuilds were predominantly delivered by Asian tion, which has allowed for a faster market recovery in the shipyards. In the absence of suffcient market demand, upcycle we are experiencing today. however, many, in fact the majority of which, quickly saw 20 OFFSHORE ENGINEER OEDIGITAL.COM