OSM Sees Offshore Activity Uptick

 

The offshore supply industry is largely in turmoil, staring down issues with overcapacity, lay-ups, layoffs, industry restructuring and asset speculation happening on a broad scale.

 

OSM, a Norway based third-party management provider in the maritime industry, said it saw an increased number of vessels laid-up in 2016 with a reduction in the available offshore crew positions, but so far 2017 has 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,” said OSM 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, said, “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 takeovers is a sign of market recovery is too early to say, but OSM believes the company’s position in the market is strong. Croatto said, “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.”