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Offshore OSV and rig industry: In crisis
Dec 21: Offshore E&P supply vessels market is also undergoing severe stress
Day rates:
8Day rates for both AHTS & PSV have come off by ~40%-45% since 2014
Fleet Growth:
8Rigs: 2% absolute growth from previous quarter
8OSV’s: No growth from previous quarter
8OSV – 60% - 70% YTD2016
8Rigs – 60% - 70% YTD2016
8YTD actual deliveries have been far lower than scheduled. Due to bleak employment scenario owners have refrained from taking delivery. A lot of deliveries due in 2016 have now been  pushed back to 2017. Going forward slippage is expected to remain high.
8Asset utilisation levels continue to come off. For premium Jack ups, lack of contract renewals has resulted in utilisation levels coming down from around 90% at the start of 2014 to sub  60% as on date.
8In case of PSVs and AHTSVs more than half the fleet is either idle/stacked or working in spot market at a very low utilisation
8Drilling demand has been declining continuously since the peak in 2014
8With the Brent oil price falling sharply since 2014, Offshore E&P spending has also come off significantly.
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