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© Anna/AdobeStock bras recently update spending plan for 2025 to 2029 sees forecast still sees the remainder of the planned activities in continued confdence in the country’s key role as a driver the region push OSV demand further up in 2025 on top for activity with E&P budgets revised further up from its of already historical high number recorded this year.

previous plan. And while Petrobras is in the market for new- In West Africa, big things are materializing as well. Galp builds, additional supply will not hit the market for several Energia recently spudded an appraisal well on its huge Mo- years even if they are ordered before this article hits print. pane discovery offshore Namibia and has also identifed the

Likewise, offshore activity in the Middle East remains targets for its third exploration probe in its prolifc Petroleum encouraging despite all of the rig suspension throughout Exploration License 83 in the Orange basin. ENI acquired 2024 – amounting to a total of roughly 30 jackups thus another four blocks for offshore drilling off Côte d’Ivoire fol- far. In fact, in contrast to our initial take on the impact on lowing its announced discovery earlier this year. And going the OSVs in the region, which in fact saw a total of 50 ves- forward we expect offshore activity in Angola to increase, po- sels go offhire, all of these quickly found themselves back tentially even overtaking Nigeria in the long-term. working. Moreover, due to a lot of them being on legacy Across these high growth regions, the challenge for the contracts, the new dayrates they achieved were up to 50% charterers in 2025 will be that there are simply no new sup- higher, which saw overall dayrates in the region improve ply additions coming any time soon. While 2024 brought signifcantly. A blessing in disguise for some, a lesson for the frst real newbuild orders since the previous boom, these others. You have to be careful what you wish for these days. vessels will not be delivered until 2026 and 2027. Further-

With some of the largest feld developments in the more, the current orderbook of PSVs and AHTS sits at a

Middle East paused for the time being due to prolonged meager 2% with 30 and less than 40 units respectively. timelines and rising costs, admittedly putting a damper on As such, the overall OSV feet will continue to age in what could have been. Furthermore, OPEC+ recently an- the immediate future putting a further strain on the supply nounced that it will extend the production cuts for anoth- side. For 2025 therefore, we fnd that both increased de- er three months running into April of 2025 with the full mand in key regions, and continued pressure on the supply unwinding scheduled for the end of 2026. Regardless, our side overall, will beneft the Shipowners across the globe.

november/december 2024 OFFSHORE ENGINEER 23