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MARKETS OSVs © wanfahmy / Adobe Stock reducing the supply. Also, due to the reduced newbuild- and 2023, the activity level was reduced in 2024 and 2025, ing activity in the last ten years, the lead time for spare with only fve awards last year.

parts and equipment has risen signifcantly, which could As of April 2026, four FPSOs have already been award- increase the time of maintenance even more. ed, and eight more could be awarded during the year.

On the demand side, charter effciency gains persist, With the current pipeline of projects, 26 FPSOs could be with fewer vessel days per campaign and an increasing awarded by 2028, securing demand for AHTS vessels in number of foating rigs drilling on DP. However, seasonal the long run. demand for anchoring up foating rigs has so far remained As dayrate pressure in the North Sea has increased stable, while we see an increasing number of rigs drilling amid persistently limited supply, S&P activity picked up on DP during the summer months during benign weather. over recent months. Recent transactions include DOF’s acquisition of Aurora Salfjord and Sandefjord, along side the sale of Skandi Laser by the same owner, as well as

FPSO Activity and Asset Moves Point to Strong

Long-Term Demand

Viking Supply’s purchase of Maerks Maker. In total, six

Looking ahead, the demand for high-end tonnage will vessels with bollard pull above 180t have changed hands be dependent on rig activity, demand from EPC contrac- in recent months. With no new vessels above 200t BP on tors, Offshore Wind and FPSO activity. FPSO activity has order, an aging high-end feet, and increasing demand, been one of the key drivers for Brazil absorbing tonnage. the market fundamentals are set to strengthen even more

After a stable number of new FPSO awards between 2021 in the coming years.

MARCH/APRIL 2026 OFFSHORE ENGINEER 15