SPI
Ship&Offshore | Issue 04/2016

Oil price drop makes OSV market flounder

May 2016 | Editor

FORECAST | As oil prices continue to languish and the strain reverberates through the entire energy industry, the offshore supply vessel (OSV) subsector faces another year of rough sailing. Offshore supply ships, which support offshore drilling platforms and offer everything from resupply functions to rescue services, form a maritime industry subsector that generated more than USD 25 billion in annual revenues at its peak. But as exploration and production companies have drastically reduced rig counts, the fortunes of the OSV industry have plunged, writes Andrew Bonney, director and maritime industries expert at the London office of the global business advisory firm AlixPartners.