Subsea Support Vessels: Reviewing a strong summer

Analysis from Clarksons Research reviews a strong summer for the subsea support vessel sector and looks ahead to brighter prospects for 2022 as demand base broadens into Offshore wind and decommissioning.

Oran Creedon, analyst at Clarksons Research, commented:

“The subsea support vessel market has seen strong improvement in 2021, having moved past the Covid-19 induced weakness of 2020.”

Key issues analysed in the review include:

• Re-emergence of IMR activity and increased ‘walk-to-work’ requirements
• Broadened subsea support vessel demand base
• Increased decommissioning requirements
• Rising MSV rates – first apparent in the North Sea before rate momentum spreading to other regions.

Oran Creedon added:

"Sentiment for 2022 is increasingly optimistic, with the stronger energy price environment seen this year having helped to revive projects previously delayed by Covid."

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