Page 21: of Offshore Engineer Magazine (Sep/Oct 2024)

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MARKETS OSVs © Björn Wylezich/AdobeStock

OSV 2Q Recap

Entering the Capital Distribution Phase

Te OSV sector has concluded its second quarter earnings season, marking another quarter with strong proftability and favorable market conditions.

By Magnus Øye Andersen, Equity Research at Fearnley Securities owever, negative oil market sentiment, with crease since the market recovery started in early 2022. Tide- the Brent price down by 19% since the start water contracted at an average rate of $28,800 last quarter, of July, has impacted the overall oil services which was down from $30,600 in the ?rst quarter as the con- market with the wider PHLX Oil Service In- tracting was skewed towards lower spec vessels. Looking at

H dex trading down 4% year-to-date. The OSV sector has the underlying ?gures, however, the contracted rates for large returned 5% year-to-date at the time of writing, led by PSVs and AHTSs increased by 8% and 13% respectively.

DOF’s 57% performance.

Dividends on the Menu

Dayrates Continued to Rise Sea1 Offshore followed up with an important milestone

Tidewater was the ?rst out of the blocks this earnings sea- - the ?rst sizable dividend distribution of the current cycle son, posting results in-line with market expectations. The - as Sea1 Offshore announced a dividend distribution of company increased its average achieved dayrate by USD NOK 5 per share. This equaled a 16% yield at time of an- 1,600 to $21,100, which marks the 2nd largest quarterly in- nouncement. We estimate that Sea1 will be able to maintain september/october 2024 OFFSHORE ENGINEER 21