Speculative ordering behind record CSV deliveries

Robust subsea activity supporting offshore production and renewables projects has led to some speculative newbuilding in the sector, with a record number of construction support vessels (CSVs) due for delivery in 2027, according to a leading shipbroker.

Fearnleys reported that the shipbuilding orderbook for such vessels with offshore cranes between 150- and 250-t capacity has grown to more than 25 newbuilds, with deliveries beginning H2 2026 and extending into 2028. The broker sees 2027 as “potentially setting a new record for the highest number of CSVs delivered in any one year.”

Fearnleys noted that a further two 150-t light construction vessels were contracted during July, leading to nine firm units currently under construction. “As of today, the vast majority of units are also ordered on a speculative basis and have no firm contracts commitments in hand.

“Given the softening in demand we experienced in recent months, combined with the availability of newbuilds, it is likely that new fixing levels will stabilise and potentially even soften in some cases,” it said.

Among the most recent orders is one by DEME for a 123-m, DP-2-class CSV to support subsea cable work for the offshore wind market. The Euronext-listed marine contractor, which specialises in offshore energy, environmental remediation, dredging, and marine infrastructure, said the methanol-ready battery-hybrid newbuild represents “a sizable investment” – which it defines as between €50M-€150M (US$59M-US$176M).

Designed by Norway’s Salt Ship Design, the offshore construction vessel (OCV) will be capable of executing trenching, burial, and cable-laying operations, bolstering DEME’s existing fleet of cable installation vessels.

Based on the advanced Norwegian Salt 310 design, the 123-m OCV will be equipped with a DP2 dynamic positioning system, accommodation for 123, a 150-t active heave-compensated offshore crane, a hangar for two Work Class ROVs, a hybrid 1,000-kWh battery system, and a methanol-ready propulsion design for future-fuel flexibility.

Below deck, the vessel is configured to accommodate two 2,500-t cable carousels, supporting trenching, burial, and cable-laying operations.

From the vessel, a ROV trencher can be launched to execute subsea cable installation operations, working in synergy with DEME’s cable installation fleet. The OCV will be constructed at PaxOcean’s Zhoushan shipyard in China for delivery in 2028.

“The vast majority of units are ordered on a speculative basis”

As of press time, it was not confirmed as to whether the contract contained options for additional vessels.

It has been a busy time for Salt Ship Design. This order follows on the heels of one by “a top-tier Asian shipowner” that was later revealed as Purus for two Salt 311 ECV design methanol-ready OCVs. Salt Ship Design chariman, Egil Sandvik, initially broke the news of the order on social media. These vessels will be constructed at China’s Wuchang Shipbuilding Industry Group. The contract contains options for two additional OECVs.

The Norwegian ship designer will deliver a “comprehensive design and engineering package” under its contract, said Mr Sandvik.