Ageing global OSV fleet needs renewal, but high shipyard prices deter orders

Offshore support vessel fleets are ageing, and this will become a pressing matter near the end of the decade, said Fearnley Offshore Supply senior market analyst Jesper Skjong.

He said there is plenty of upside in the OSV market, and secondhand vessel valuations are at an all-time high, which makes ordering from shipyards more cost effective.

Mr Skjong discussed the high demand for OSVs during a video interview on the sidelines of Riviera’s Annual Offshore Support Journal Conference, in London, UK, on 3 February 2026.

Several new offshore developments are underway and being planned, generating higher vessel demand, improving utilisation and day rates.

The Middle East has a steady baseline, Latin America is a demand hotspot, and West Africa is ready for a resurgence in demand.

“On the vessel side, we will require supply additions and the day rates justify newbuilds,” said Mr Skjong. “Secondhand vessel valuations overall are, for several segments, at an all-time high. Some transactions that have been concluded recently have been at a significant premium to newbuild parity.”

This could encourage owners to consider ordering new vessels, but shipyard prices are also high, as demand for yard slots for other types of ships is high.