OSM sees increased activity in the Offshore Segment
Eight offshore vessels taken over and more than 200 crew positions added since January 2017
The offshore supply industry is in turmoil with overcapacity, lay-ups, layoffs, industry restructuring and asset speculation happening on a broad scale. While in 2016 OSM saw an increased number of vessels laid-up with a reduction in the available offshore crew positions, 2017 has so far been a different story. “Vessels where OSM manage the crew have been entering back into operation and new vessels have come into the fleet. Over 200 positions have been added,” says Crew Director Jan F Tallaksen.
Commenting on the industry’s status, OSM’s Managing Director for Technical Management and Services in Arendal office, Paolo Croatto says, “The ongoing offshore crisis has spurred many vessel owners to take a critical look at their options. Some smaller niche players have seen the need to refocus their attention on the business and commercial sides while attempting to cut costs on their operations. Some financial investors have repossessed their vessels following difficulties with the charterer’s ability to face commitments. Others, treating the ‘crisis’ as an opportunity, have taken advantage of the depressed market as a possibility to take over tonnage at competitive prices.”
Whether the increase in number of offshore crew positions and vessel take overs is a sign of market recovery is too early to say, but OSM believes the company’s position in the market is strong. Says Managing Director, Paolo Croatto: “We are pleased to see that different kinds of owners with different challenges come to us and ask for help. The fact that we in only three months have seen eight offshore vessels coming into our fleet, and more seem to be coming, confirms that we can offer what the customers need.”
OSM Managing Director, Paolo Croatto