Tidewater chief executive and president Quintin Kneen says the OSV market supply/demand balance is in shipowners’ favour and it should remain strong for three to five more years.
High oil and gas prices are driving energy companies to raise investment in new offshore projects and drilling, providing growing opportunities for support vessels, ensuring market fundamentals should remain positive into 2023 and 2024.
OSV owners have reacted to increasing demand and utilisation by raising charter and spot market rates for their vessels and reactivating those in lay-up.
This year’s market upturn comes after seven years’ of depressed vessel demand, utilisation and charter rates.
Mr Kneen was presented with the Offshore Support Journal Industry Leader Award sponsored by Uptime International and given by Uptime director for sales and marketing Svein Ove Haugen.
The award comes after Tidewater completed its acquisition of Swire Pacific Offshore (SPO) in what has been one of the largest deals in the past two years.
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