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Rising offshore expenditure: OSV market on fire in Asia
Demand for offshore support vessels has increased in Asia as energy companies spend more on projects
Asian offshore support vessel (OSV) owners are benefiting from high demand, but are under growing pressure to invest in fleets to cut emissions.
Energy companies have ramped up their offshore capital expenditure on new hydrocarbon projects in the Asia-Pacific and Indian Ocean regions and are spending more to maintain offshore infrastructure. This has increased demand for OSVs to manoeuvre drilling rigs and maintenance units, provide logistics and personnel, and deliver subsea services.
At the same time, owners have not increased their fleets, deciding instead to renew and update existing assets, or to welcome vessels already under construction at shipyards.
The offshore rig and vessel markets in the greater Asia region will be summarised, forecast and debated at Riviera’s Offshore Support Journal Conference, Asia, the premier annual event for the offshore energy and vessels sector in the region, which returns to Singapore on 17-18 September 2024.
Maritime and Port Authority of Singapore (MPA) director for maritime decarbonisation planning and infrastructure Bingrong Ng kicks off the conference with a keynote address highlighting initiatives for a greener sustainable maritime future.
He will highlight the importance of electrifying offshore and harbour vessels, port infrastructure requirements and how the MPA will deliver alternative fuels in the sector.
The keynote address will also cover vessel design considerations for safety, emissions reduction and operational efficiencies.
It will be followed by a session covering updates from leading industry analysts who will share their views on the state of the offshore energy markets, regional and global rig activity and their implications for the OSV sector.
In this session, Westwood Global Energy Group head of offshore energy services, Thom Payne, will outline the latest projects and trends in the offshore oil and gas markets, including forecast exploration and production expenditure. He will also summarise the latest trends in the offshore renewable energy sector and what this means for OSV chartering and owners.
Clarksons Singapore managing director for rigs and offshore, Morten Haugan, will consider how the offshore drilling rig market will meet future demand and forecast whether recent demand growth will be sustained, or whether limited availability will impact future offshore projects. He will set out where future opportunities lie and the positive effects on the OSV sector.
M3 Marine Offshore Brokers sales and purchase broker Mili Verma will examine the vessel trends and implications for OSV owners and outline the opportunities for operators.
Riviera’s Offshore Support Journal Conference, Asia, the premier annual event for the offshore energy and offshore vessels sector in the region, returns to Singapore on 17-18 September 2024. Use this link for more information and to register.
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