In-depth review of short-to-medium term opportunities for self-elevating support vessels (SESVs) within the core oil and gas (O&G) market
Review the Western European offshore wind (OWF) market in order to evaluate the scale of opportunity for traditional O&G focussed SESVs
Can a traditional O&G SESV company transition seamlessly into OWF?
Westwood’s Approach & Analysis
Use of proprietary data for offshore platforms, subsea hardware, and offshore wind projects, with global coverage of each market
Bespoke modelling exercise provided market size and supply/ demand estimates by vessel type in the form of vessel days and unit demand. Further segmentation by workscope served to differentiate between Opex and Capex-led activities
In-depth examination of regional SESV fleet to understand operator KPIs within O&G, as well as to identify vessel suitability for OWF workscopes
Industry consultations with key stakeholders and SESV customers to assess market outlook, competitive landscape, and regional preferences
The Outcome & Benefit
Concluded that O&G is likely to remain challenged until the end of the decade, with downward pricing pressure unlikely to yield due to the oversupply of SESVs
Review of the OWF market and regional fleets identified tangible opportunities – future project listings were also presented
Generated five-year utilisation and day rate forecasts by specification classes
The OWF installation market could become undersupplied by the end of the decade, presenting opportunities for O&G-centric SESV contractors, although at comparatively lower day rates
