Ports and Shipping.

Byline: S. Kamal Hayder Kazmi

Trends in the offshore market

In the different research researchers revealed that this market is driven by the high price of oil and through investments in offshore exploration and production (EandP). These drivers apply consistently, with comparatively low growth globally. Existing resources on land and in shallow waters are being depleted, and new discoveries are being made in deeper and harsher environments like in offshore Brazil, West and East Africa, the Arctic region and Southeast Asia. As the world will need fossil fuels at a growing rate for the foreseeable future, overall offshore expenditures would rise in the next 10-20 years, and are predicted to increase between 10-15 percent on average per annum. Furthermore they also recorded that this segment is also affected by new demand for specialised vessels intended for use in, for example, offshore wind developments.

As earnings and profits activities continue to move into new regions and deeper and harsher environments, the demand for specialized offshore vessels would increase more. Few vessels built...