Tidewater: the future of OSVs to 2030

Tidewater Offshore Operations managing director for Asia Pacific, James Fortnum, explains the benefits and challenges for offshore support vessel (OSV) owners over the rest of this decade. 

Demand and day rates will increase and vessel supply will shrink, challenging energy companies to source the vessels they need to support future oil and gas developments and offshore drilling.

OSV owners can provide the solutions to their requirements, but finding finance for newbuildings is difficult and demand may need to be met by the existing fleet.

Owners will be expected to enhance their fleets to reduce costs and improve efficiency.

Mr Fortnum says now is the time for owners and energy companies to form strategic partnerships to guarantee supply and to modernise vessels to reduce emissions and improve safety.

He was speaking on the sidelines of Riviera Maritime Media’s Offshore Support Journal Conference, Asia, in Singapore during September 2023.