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Newbuild OSVs needed, but where is the finance?
Rising capital expenditure and maintenance requirements in the offshore oil, gas and renewables sectors is increasing demand for offshore support vessels (OSVs), but there is limited availability in the global fleet
Supply of modern vessels, especially those built since 2014, is tightening and very few are expected to enter the market this year, while even fewer have been ordered from shipyards.
DOF board member and Offshore Opex owner and managing director Harry Knox warned that while the market requires newbuilds, rising costs and limited yard availability remain very real concerns.
He spoke about the strengthening market and these challenges in an exclusive interview during Riviera Maritime Media’s Annual Offshore Support Journal Conference, in London, UK, in February 2024.
He stressed the overriding sense of positivity that pervades at present, while noting how this optimism can be seen across all stakeholders, from financiers to owners and charterers.
And while finance is needed to drive the construction of a new wave of dual-purpose vessels, there is currently an absence of firm contractual support for newbuilds, with speculative commitments only adding to current challenges.
During a panel debate at the conference, Mr Knox said those willing to provide finance would require vessels built ready to service both offshore oil and renewables sectors with emissions-reduction technology on board.
He said owners should look at how to finance new energy support vessels and not just OSVs for the oil and gas industry.
“Those that just focus on oil and gas will struggle,” he said. “Those focused on renewables will get more finance and more opportunities for their business model.”
But the financing landscape has changed dramatically during the past 10 years and it is a struggle to get finance.
Demand for modern OSVs is skyrocketing, but financing remains a hurdle. Get the full story from industry leader Harry Knox (DOF) and other experts in the exclusive recording of Session 2 from the annual Offshore Support Journal Conference, Awards & Exhibition held in London on 7-8 February 2024 amsproductions.net/
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