New offshore projects coming in UK and Norway

Offshore support vessel (OSV) owners will benefit from increased investment in the North Sea oil and gas sector, with some deferred projects being brought forward. 

High energy prices are driving oil and gas companies to expand their expenditure on new offshore projects, some involving billions of dollars of investment for deepwater projects. 

Maritime Strategies International director James Frew says energy companies are reconsidering deferred projects in the UK and Norway because oil prices are at seven-year highs. 

In a video interview at Riviera Maritime Media’s Annual Offshore Support Journal Conference 2022, Mr Frew describes some of the key projects being considered in the UK, including Rosebank and Cambo, which could require investment in subsea networks and floating production systems. 

There are also several smaller investment opportunities for energy companies, which are increasing rig utilisation and enabling OSV owners to reactivate their inactive and laid-up vessels. 

Due to these investment projects moving ahead, Mr Frew predicts there will be an undersupply of platform supply vessels and anchor handlers in the North Sea. 

He also says there is growing potential for the need for anchor handlers in supporting floating wind projects in the region in the future.