Page 52: of Offshore Engineer Magazine (Mar/Apr 2026)

51 53

VESSELS OSVs: A MEASURED REBOUND such as Harvey Gulf and Hornbeck Offshore Services capable OSVs serving the Gulf of America will therefore needed to pivot following oil company pullbacks in the remain static.

mid-2010s, shifting from standard OSVs toward multi- At the same time, he noted strong demand for U.S. purpose support vessels (MPSVs), often placed on long- Jones Act OSVs outside the Gulf, further reducing the term charters. Laborde said Harvey Gulf decided to exit number of vessels available to service traditional oil and the MPSV market, while Otto Candies, “with a very gas operations in the region.

strong balance sheet” and broadening its reach, including Beyond fossil fuel exploration and production, two ad- into offshore wind, was a logical buyer. ditional facets of the 2026 landscape are worth watching:

The four-vessel acquisition was fnanced by Beal Bank’s offshore wind and maritime security.

CSG Investments, with Laborde suggesting the deal was In late 2025, the Trump administration halted offshore completed entirely with debt. In CSG’s press release, bank- wind projects underway. By February 2026, after develop- er Longhurst was quoted as saying: ers successfully challenged the administration’s stop-work “Acquiring four high-quality, high-demand vessels directives in federal court, construction resumed at fve represents a pivotal moment for Otto Candies. These projects. Later that month, the administration fled an- funds will help the company further develop their exist- other challenge in the U.S. Court of Appeals, appealing a ing frst-class platform in the Jones Act offshore mar- December ruling striking down the wind permitting freeze kets, supporting both oil and gas and wind develop- issued when the president took offce in January 2025.

ment and production.” Meanwhile, a long-awaited Maritime Action Plan was

Potential consolidation in the OSV sector — a topic released in mid-February. While offshore vessels have fg- raised at Marine Money — also received attention. Lon- ured in the dialogue, implementation would likely span ghurst noted that his institution tends to look for larger many years.

lending deals, greater than $200 million, and said, “There OSVs are also emerging in a more immediate initia- are a lot of small guys in the industry still, and I would tive. A December 2025 solicitation by the U.S. Coast love to see real growth in consolidation. I think that the Guard — part of the Department of Homeland Security industry needs to have large, sophisticated sponsors to take and active in enforcement actions involving sanctioned it to the next level.” and “dark feet” tankers — sought commercial vessels to

Laborde agreed. “I think that consolidation is inevita- expand its capabilities.

ble,” he said, noting that some players are relatively new In a recently published op-ed, Aaron Smith, president of to ownership following bankruptcy flings, with former the Offshore Marine Service Association, wrote: bondholders now serving as stockholders and no clear exit “The U.S. vessels that construct and support offshore path. “Those guys have got to fnd a way out.” energy are technological triumphs. These vessels are built

He pointed to the lack of an IPO market — which for long-duration operations, crane operations and modu- would allow equity holders to monetize their positions — lar mission profles. The offshore energy feet already meets as pushing frms toward consolidation. Recent presenta- or exceeds many of the performance requirements outlined tions by AMA Capital and Evercore have suggested a trend in the Coast Guard’s solicitation and can be further im- toward privatization, or “going private” deals, rather than proved and customized to a multitude of roles quickly via new public offerings across maritime segments. containerized equipment. The same capabilities that allow them to service offshore energy infrastructure make them

POLICY, SECURITY AND THE BROADER ideal platforms for logistics, surveillance support and spe-

LANDSCAPE cialized mission execution in support of federal agencies.”

Where might the market be heading?

Rigdon wrote that despite headwinds, “the OSV sector A LARGER ROLE AHEAD should remain fundamentally solid.” Most importantly, As geopolitical developments continue to unfold, mar- there are currently no oil and gas OSVs under construc- ket volatility is likely. Still, observers should be watching tion, and it is highly unlikely that new OSVs will be for an increasing role for the U.S.-controlled OSV feet — built in the next several years. The supply of deepwater- whether close to home or in geographies across the globe.

52 OFFSHORE ENGINEER OEDIGITAL.COM