Platform Supply Vessels (PSV) Market Size, Share & Industry Analysis, By Type (Cargo, Support), By Deadweight Tonnage (DWT) (Small, Medium, Large) and Regional Forecast, 2024-2032

Oil & gas exploration and production activities in offshore locations have substantially increased. Fossil fuels comprise a significant share in the global energy consumption mix. Rising energy demand for various operations has led big operators to explore more potential reserves. Various O&G products and by-products are used in different residential, commercial, and industrial applications.

Crude oil refining results in a range of products including asphalt, tars, lubricants, fertilizers, pesticides, textiles, dyes, paints, and various others. Platform Supply Vessels (PSV) are mainly used to transport different fuel and materials to offshore oil & gas platforms. PSVs are loaded at a shore base and carry with goods and equipment on large decks and unload the goods in bulk capacity on the drilling rigs or production platforms in the sea.

On the basis of type, the Platform Supply Vessels (PSV) market can be segmented into cargo and support. Cargo PSVs are readily used to carry huge tanks with a range of goods like pulverized cement, diesel fuel, drilling mud, barite, bentonite, and other chemicals used in the drilling process. While Support type of platform supply vessels are operated to carry large equipment & specialty tools on the deck and are designed with different systems for safety measures. Bulk common & exceptional tools majorly consist of drill pipes, casings, pneumatic pumps, workover equipment, and other large units.

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Based on Deadweight Tonnage (DWT), the global Platform Supply Vessels (PSV) market can be divided into small, medium, and large. Small PSVs are designed to load limited capacity goods with total weight up to 1000 metric tons. Medium Platform Supply Vessels (PSV) are used to carry heavy equipment and material with overall load up to 2000 metric tons. Whereas large PSVs are operated to transport bulk capacity tools and chemicals like mud & brine, with the combined heaviness of over 2000 metric tons.

The major market driver for the global Platform Supply Vessels (PSV) market is rapidly increasing energy need across the globe. Upstream activities in offshore locations like exploration, production, work-over operations, are substantially rising to provide the escalating demand. Major operators are regaining interests and making significant investments for different underwater assets across the globe.

Fluctuating oil prices and abrupt change in the oil & gas sector possess huge potential to hinder the global Platform Supply Vessels (PSV) market. Considering the last five-year period, international crude oil has witnessed a considerable variation. Geopolitical issues, production costs, supply-demand cycle, economic growth, and international organization policies are some of the main reasons for unstable O&G prices.

Key Players Covered

Some of the major companies that are present in the Platform Supply Vessels (PSV) market are Edison Chouest Offshore, Maersk Supply Service, Hornbeck Offshore, Wärtsilä, Bourbon Offshore, Tidewater Marine, SIEM Offshore, SEACOR Marine, Greatship, and Solstad Offshore ASA.

Segmentation

Regional Analysis

The global platform supply vessels (PSV) market has witnessed to substantially spread into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America is likely to have significant share during the forecast period. Major operators with technological advancement, coupled with substantial underwater resources, will positively affect the USA market outlook. In Europe, several companies are manufacturing and leasing different platform vessels to efficiently connect oil platforms. Countries like the UK and Norway have vast drillable reserves in the North Sea, which will cater to the regional platform supply vessels market growth. In the Asia Pacific, exponentially rising energy demand in developing countries like China and India along with high potential across offshore E&P activities to meet needs will aid platform supply vessels market growth across the region.

Key Industry Developments

• In May 2019, Solstad Offshore entered in a contract with Wintershall DA to support 10 wells with two PSVs in Norway. The agreement is set to commence from September 2019 and is expected to last for over two years.


• In January 2019, SEACOR Marine announced to acquire three PSVs from COSCO Shipping Heavy Industry. The agreement aims at modernizing the company’s fleet and enhance its operational range.


• In April 2018, the National Oil and Gas Authority (NOGA) of Bahrain announced to discover 80 billion barrels of unconventional oil & gas reserves in shallow waters of the kingdom’s west coast. Increasing E&P efforts to develop the asset will cater to Platform Supply Vessels (PSV) demand.