North America Offshore Support Vessels Market

North America Offshore Support Vessels Market Analysis

The North America Offshore Support Vessels Market is expected to register a CAGR of greater than 2% during the forecast period.

• The Platform Supply Vessels (PSVs) held a significant market share, in 2019, due to the increasing number of activities in oil & gas and renewable sectors, and it is likely to dominate the market.
• The upcoming offshore wind farm projects in countries such as the United States and Canada are likely to provide opportunities for the North America offshore support vessels market in the future.
• The United States is expected to dominate the North America offshore supply vessels market, in 2019, due to the recent offshore activities and increasing shale production.

North America Offshore Support Vessels Market Trends

Platform Supply Vessels (PSVs) Segment to Dominate the Market

• Platform Supply Vessels (PSVs) are the offshore vessels used for transferring equipment, crew, and other goods to the offshore drilling platform. In 2014 after falling in oil prices, offshore support vessels market slowed down, but as the oil prices began to rise, the offshore support vessel market also gained its pace.
• In 2018, Chevron Corporation and Total S.A started the exploration phase in the Ballymore oil field in the Gulf of Mexico and encountered oil. In the 2019 appraisal phase was started, and soon, the project is expected to start its development phase, which includes drilling several numbers of wells. This project contains several offshore activities and is likely to require heavy equipment that can be transferred by platform supply vessels (PSVs).
• In 2019, the Canadian Government approved the plan of China National Offshore Oil Corporation (CNOOC) for exploration in the Flemish Pass Basin, 400 kilometers east of St John's, Newfoundland, and Labrador. The project is expected to start in 2020 and is likely to be complete by 2028. In these eight years, CNOOC is expected to drill ten exploratory wells in the region. These activities in Canadian offshore are expected to require a large fleet of platform supply vessels (PSVs) for supplying crew and equipment to the rigs.
• In February 2020, Eni S.p.A, an Italian company exploring offshore Mexico, announced its discovery in Saasken block in Sureste Basin. From preliminary exploration, the block contains 200 to 300 million barrels of oil and can produce up to 10000 barrels per day. The development of the block is expected to require heavy tools which can be transported by platform supply vessels (PSVs).
• Therefore, owing to the above points, platform supply vessels (PSVs) are expected to dominate the North America offshore support vessels market during the forecast period.

United States to Dominate the Market

• Deep-Water activities in the Gulf of Mexico has driven the North America offshore support vessels market and is likely to drive the market in the forecast period. Since in 2018, 16% of the oil and gas of the United States come from offshore activities and the trend is expected to continue over the forecast period.
• In December 2019, Chevron Corporation announced to develop the Anchor Project in the Gulf of Mexico, which is expected to be the first deep-water and high-pressure project of the oil and gas industry. This project is likely to be needing advanced dilling technologies and is likely to create a demand of offshore support vessels in North America offshore support vessels market.
• In December 2019, Total S.A announced to start front end engineering design (FEED) for its North Platte oil field, which is located offshore Louisiana. This project, in the future, is expected to require several heavy equipment and crew that can be delivered to the site by platform supply vessels (PSVs).
• Hence, owing to the above points, the United States is expected to dominate North America offshore support vessels market during the forecast period.

North America Offshore Support Vessels Industry Overview

The North America offshore support vessels market is moderately consolidated. Some of key players in this market include Edison Chouest Offshore, Tidewater Inc., Hornbeck Offshore Services, Inc., Harvey Gulf International Marine LLC, and Siem Offshore Inc., amongst others.

North America Offshore Support Vessels Market Leaders