Page 11: of Offshore Engineer Magazine (Nov/Dec 2025)

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MARKETS SUBSEA VESSELS © I am from Mykolayiv / Adobe Stock

LONG-TERM OUTLOOK FOR

SUBSEA VESSEL MARKET

REMAINS ROBUST

Troughout 2025 we have seen the subsea vessel market transitioning from a period of record highs towards a more cautious, but still fundamentally strong, outlook. While short-term activity and rates have sofened in the latter part of the year, long-term demand - driven by deepwater projects and global energy infrastructure- remains robust. Te market is watching closely how the infux of newbuilds and ongoing corporate consolidation will shape competition and vessel availability in the coming years – with several key developments expected to impact the market already in 2026.

By Jesper Skjong, Senior Market Analyst at Fearnley Offshore Supply or the frst half of 2025 the subsea vessel mar- for these vessel segments. While this makes sense in a proj- ket experienced a favorable balance, with high ect-oriented perspective, it also opens the door to tremen- dayrates for both 150-ton and 250-ton SWL dous dayrate volatility. In fact, when looking at the fxture

AHC crane vessels, often exceeding $60,000 and spread during the last 12 months, we fnd that while there is

F $80,000 per day respectively. For reference, these levels are a limited delta for long-term contracts, short-term, project, back to, and even beyond previous peak fxtures. and spot fxtures vary almost four-fold from top to bottom!

It is worth noting that a signifcant portion of the high- Additionally, we believe that the predominantly project specifcation vessels are now controlled by contractors, focused fxing environment is somewhat of a remnant of however, rather than being available directly from ship- the low-activity cycle still fresh in everyone’s mind. In light owners, which in turn led to more fxtures occurring be- of the record-high and still growing EPC orderbook vol- tween contractors instead of through direct charters. umes we frmly believe that the market will revert to more

Moreover, charters continue to favor short-term fxtures long-term fxtures in 2026.

NOVEMBER/DECEMBER 2025 OFFSHORE ENGINEER 11