High demand bolsters subsea support markets to 2030

High investment in oil and gas field developments and maintenance worldwide means market fundamentals are looking particularly good for diving support vessels (DSVs) and those deploying remotely operated vehicles (ROVs) in 2025.

According to Braemar Shipbroking managing director and global head of offshore energy services, Edward Molyneux, demand for DSVs and ROV support vessels is expected to remain strong for the next three to five years. This could drive owners to order newbuild vessels for deliveries from 2027 to expand the global fleet and replace ageing assets.

Mr Molyneux said there are just 65 vessels dedicated to dive support and 60% of those are more than 15 years old, with only one newbuild under construction as of the beginning of February 2025.

Speaking at Riviera’s Offshore Support Journal Subsea Conference, held in London, UK on 3 February, Mr Molyneux said there are more newbuilds in the ROV support segment with 22 under construction, mainly in China and Europe.

These vessels will be absorbed into the current market, and as it stands at present due to the high demand, there is scope for more orders to be delivered in the future, said Mr Molyneux.

Deepwater projects in Latin America, West Africa, northern Europe and southeast Asia are driving demand for these vessels.

For next five years, market fundamentals will favour vessel owners, with rising demand and tightening vessel availability until the current generation of newbuilds on order are delivered.

“The dynamics of supply and demand balance looks favourable for the next five years,” said Mr Molyneux.