An Australian vessel owner and service provider plans to enter new sectors to reduce the environmental footprint of the offshore sector in the nation
GO Offshore is expanding into the Australian decommissioning and renewables markets through its joint venture company SEA Energy and Renewables.
The Australian vessel owner currently manages a diverse fleet of 23 vessels, half of which are deployed in Australia, with the balance of the fleet involved in key contracts across West Africa, Asia, Latin America and offshore Europe.
GO Offshore chief executive officer Garrick Stanley says the market for OSVs has strengthened significantly in the last year, with revenues double what they were in 2022 and fleet utilisation currently sitting at 100%.
“We want to see continued growth for the company, and we are looking at various partnerships and expansion opportunities to achieve this,” he tells Riviera.
The company will consider new charters and potentially newbuilds, if vessels can cover their construction costs through partnerships with energy companies and owners.
GO Offshore supports energy majors’ operations in Australia, including Chevron, Santos, Eni, ExxonMobil, Shell and Inpex, and works with the same clients across the globe. Its fleet is also active in the North Sea, Malaysia, Ghana, Mexico and Thailand.
SEA Energy and Renewables, a 50-50 joint venture with port and infrastructure group Qube Holdings, will create synergies to deliver end-to-end solutions for clients, both onshore and offshore, says Mr Stanley. It will contribute to developing the renewables sector and decommissioning end-of-life assets in Australia.
“The joint venture will enhance efficiencies across the supply chain and leverage our respective expertise in logistics and marine, where we will deliver our clients a superior service, improved efficiencies, and ultimately contribute to reducing carbon emissions across projects,” he adds.
Increased decommissioning activity is coming to Australia in a big way, where wells will need to be plugged and abandoned, and platforms and pipelines removed. These operations will require OSVs, tugs, barges, heavy-lift and inshore vessels – similar to what has been needed in the southern North Sea for the past decade – as well as the onshore bases to receive and recycle the decommissioned infrastructure.
“We are a service delivery company, not just a shipping company”
GO Offshore is already actively working in the offshore renewables space in Europe, and now Australia has made significant announcements in this space for developments off both Western Australia and South Australia, this will be a target segment for the joint venture, with its vessel fleet capabilities, and ability to provide complete support to operations through its port infrastructure and offshore service capabilities.
“We are a service delivery company, not just a shipping company,” says Mr Stanley. “We have safety and vessel assurance programmes where our technical experts are employed to mentor crew and actively review physical operations offshore, to improve safety and competence across our operations.”
GO Offshore uses training facilities at the Perth Simulator Centre, which has simulators for training and assessing dynamic positioning, anchor handling, crane operations, and using remotely operated vehicles. These facilities are also used to simulate offshore operations, such as heavy lifts, by clients including Shell, Chevron and Inpex.
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