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Offshore industry: Recovering, albeit slowly
May 10: The first four months of the year constitute a sufficiently extensive period to form a comprehensive idea of how the offshore industry has been faring so far in 2018.
8A general observation would be that the overall market mood has been positive, with expectations built last year for a further improvement of the market so far met.
8Rates are still at their lowest levels, but there is optimism in the market
8During 2017, more than 25 offshore projects were approved for 2018, almost double compared to what was approved in 2016 for 2017.
8Demolition activity has intensified.
8As far as second-hand sales are concerned, we have been noticing increased appetite for AHTS units built 2000 onwards, with prospective buyers trying to take advantage of the low values, particularly those concerning distressed deals, in an effort to modernize their respective fleets by adding younger vessels and selling older units for further trading or for demolition.
8This trend together with the high demo prices of the past months have also helped scrapping activity significantly, with a substantial number of submersible rigs and offshore units – PSVs in particular – being sold for demolition and most deals agreed on an “as is-where is” basis.
8After a long time, these firms are now reporting an increased number of enquiries and tenders and are confident that all of this will reflect on rates in the months to come.
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