Platform Supply Vessels: Introduction
- Platform supply vessels, also known as PSVs, are specially designed ships used for supplying offshore oil and gas platforms. These vessels range from 50 meters to 100 meters in length and are capable of carrying out a variety of tasks.
- Platform supply vessels are employed specifically for logistics support for offshore locations. These vessels transport essential consumables between an onshore supply base and offshore work locations. For instance, PSVs supply drilling fluids, fuel, cement, water, and other supplies such as casing, food, and spare parts.
- Platform supply vessels help meet the demands of construction and maintenance projects in deep offshore work locations. They are considered a vital necessity in the nature of operations and work at the high seas.
- Platform supply vessels are also used in case of oil spillage in the high seas. They can also can be used as suitable handy vessels with fire control & instrumentation.
Key Drivers of Global Platform Supply Vessels Market
- Constant rise in number of operations in high seas and benefits of modern technologies are driving the construction of supply vessels. This, in turn, is likely to boost the platform supply vessels market.
- Increase in demand for new vessels for various applications in the oil & gas sector and shipping business, dearth of supply chains in ship repair and maintenance services, and rise in number of oil & gas production vessels are also projected to augment the demand for platform supply vessels in the near future
- Ambitious national targets, rapid technological advancements, and international agreements have prompted companies across the world to upgrade their shipping vessels. This, in turn, is expected to augment the global platform supply vessels market between 2020 and 2030.
Restraints of Global Platform Supply Vessels Market
- The cost of operation and maintenance of platform supply vessel components is high and varies in accordance to the functionality requirements of a specific system being implemented. High operational cost of platform supply vessels is likely to restrain the market in the near future.
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Major Developments
- In September 2020, offshore vessel owner Harvey Gulf announced plans to offer a full service fuel carrying vessel solely dedicated to offshore fuel and water deliveries through the conversion of the 300-foot U.S. flagged platform supply vessel (PSV) named Harvey Hawk. Harvey Gulf, which owns two new million-gallon diesel bunkering facility in Port Fourchon, on the Gulf of Mexico, indicated that the converted vessel would be able to carry 800,000 gallons of fuel per trip offshore.
- In February 2017, Greatship (India) Limited (GIL), a wholly owned subsidiary of The Great Eastern Shipping Company Limited, announced that it had sold and delivered the 1999 built Platform Supply Vessels (PSV) “Greatship Disha” to the buyers. With the delivery of the vessel to the buyers, GIL and its subsidiaries will own and operate four PSVs, five R-Class supply vessels, and four jack-up rigs.
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Europe to Hold Major Share of Global Platform Supply Vessels Market
- Based on region, the global platform supply vessels market can be classified into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa
- Europe is expected to be a key region of the global platform supply vessels market from 2020 to 2030. High investments in shipping infrastructure and government subsidies are likely to drive the market in the region between 2020 and 2030
- The platform supply vessels market in Middle East & Africa is estimated to expand at a significant pace during the forecast period, owing to extensive export of oil and gas; and presence of large numbers of vessel companies in the region
- Growth in oil exploration in deep seas and increase in oil and gas export business in North America, especially the U.S., is likely to boost the demand for vessel maintenance services in the region. This is estimated to drive the platform supply vessels market in North America.
COVID-19 Impact Analysis
- The global economy has been hampered by the measures put in place to contain the COVID-19 pandemic. The oil & gas industry is estimated to face immediate challenges due to the COVID-19 pandemic such as difficulty in adhering to the social distancing norms, shortage of manpower, lack of parts & equipment, and discerning expenditure by end-users.
- The rapid spread of coronavirus has adversely impacted the global shipping market, with the slump in demand for goods from China having a ripple effect on container ships and oil tankers
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Key Players Operating in Global Market
Major players operating in the global platform supply vessels market are:
- Tidewater Inc.
- Solstad Offshore ASA.
- BOURBON
- Greatship (India) Limited
- Siem Offshore Inc.
- SEACOR Marine
- Hornbeck Offshore
- P. MOLLER – MAERSK
- Galliano Marine Service
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