Offshore Pipe Lay Services & Vessels - Some Good News
Our latest update of offshore Pipe Lay Services and Vessels category.
- Most projects are postponed, not delayed
- Offshore spending is expected to reach c. $64 billion in 2021, up from c.$34 billion in 2020 (Rystad Energy)
- India, Senegal, Qatar, UAE, Guyana and Mozambique are the largest areas for near-term opportunities (2021-2023), outside of traditional areas such as Brazil, Norway, Saudi Arabia and GOM
- Growing market of renewables business will create a higher demand in offshore wind/cable industry and heavy lift services.
- Vessel day rates continue to be under pressure, but this may be offset by a higher demand in offshore wind/cable industry and heavy lift services
- As of Dec 2020, the average utilization levels of pipelay vessels is between 60% to 75%, which is a fairly good level of utilization, given the current business environment in the offshore sector. Vessels that are enablers and can be used globally for various jobs, generally show higher utilization, compared to less robust vessels.
Our full category information on pipelay is here