2024's top stories in Offshore Support Journal

As energy markets have calmed somewhat from the fraught coditions of recent years, consolidation and acquisition in the offshore services sector has continued in 2024. On the whole, our most-read stories on the offshore extraction industry were characterised in 2024 by continued development accompanied by ratcheting rates, increased costs and companies repositioning. 

To read each story in full, click on the headline, the image or the link at the end of the text.

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1. Siem Offshore becomes Sea1 as founder/CEO exits with nine vessels in fleet split

Kristian Siem has left the company he founded to form another with nine OSVs from the renamed Sea1 Offshore’s 26-vessel fleet. Siem Offshore shareholders approved the change of name to Sea1 Offshore at the company’s annual general meeting on 7 May 2024. "The chairman noted that in accordance with the Notice of the Annual General Meeting of the Company it was proposed the name of the company is changed from Siem Offshore Inc to Sea1 Offshore Inc," minutes from the meeting said.

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2. Sold out market drives rates to eight-year high

Offshore vessel owners and charterers should expect a strong market for all types of OSV in the Asian and Australian market, as exploration and development spending is rising and few new assets will enter the market any time soon.

Spending on vessels for exploration and production in Asia is forecast to reach US$2.6Bn in 2024, reflecting a 40% increase compared with 2023, according to Fearnley Offshore Supply.

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3. Sticker shock: price of PSV newbuildings up 68% since 2016

OSV owners contemplating ordering a newbuild platform supply vessel (PSV) may be in for some sticker-price shock, according to the latest available data from Clarksons Research. The newbuilding price for a large PSV, classed as 4,500 dwt, is US$53.6M as of early March, according to the maritime intelligence service’s China Weekly. This represents a rise of 68% in the last eight years, when such a vessel could have been ordered for US$31.4M in 2016.

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4. ‘Huge opportunities’ for OSV owners in Mexico, Brazil and Latin America

Latin America represents substantial opportunities for offshore support vessel owners, driven by large discoveries over the last 10 years, notably in Mexico, Brazil, Guyana and Suriname.

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5. Study begins on massive Greater Sunrise floating LNG project

The Greater Sunrise development, that lies between Australia and East Timor, is considered one of the world’s largest untapped gas fields yet to be developed. Woodside Energy has contracted UK-headquartered engineering consultant Wood Group to undertake the concept study on behalf of the Sunrise Joint Venture (SJV). During this study, Wood will consider engineering, technology, financing, commercial structures, fiscal, environmental, health and safety and socioeconomic drivers, including local content. It expects to complete this study in Q4 2024 to support the SJV’s intention to advance the development to the next stage.

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