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Global and China Offshore Supply Vessel (OSV) Industry Report, 2011

Abstract

Offshore supply (support) vessel (hereinafter referred to as OSV) mainly consists of AHTS and PSV. And the building cost of a 16,000BHP AHTS and a 3,000 DWT PSV approximates USD75-85 million and USD40-50 million, respectively.

The years from 2006 to 2008 witnessed the most booming period for OSV industry. In particular, the new orders of AHTS in 2007 hit the record high of 362 vessels, while the figure in 2008 dropped to 201 units due to the oversupply. The new AHTS orders have seen sharp decline to roughly 56 units in 2011 since 2008. By contrast, the new PSV orders peaked in 2006 to 161 units, with the figures in 2007-2009 falling for consecutive three years. In 2010, the new order of PSV moderately recovered to 62 units, and the figure in 2011 was reduced to 48, approximately.

Structural change arises in the wake of sluggish market. AHTS with high BHP has brisk demand. AHTS below 12,500BHP hardly made new orders, while those above 12,500BHP, represented by ones with 16,000BHP and 20,000BHP are much more popular. As for the PSV market, those above 2,000 DWT have robust demand. Presently, the mainstream products are those with 3,500DWT.

Different from traditional shipping market, almost all OSVs are required to be designed by professional design companies. Often, OSVs are specially tailored according to the requirements of ship-owners. OSV is far cry from container ship, oil tanker and buck carrier, so few shipbuilders in Japan and South Korea set foot in the area. Most OSV builders concentrate in China, Norway, India, Malaysia, Singapore and Brazil, featuring small scale.

Leading OSV design companies worldwide include Havyard, Rolls-Royce, Stx Europe, Ulstein Group, Wrtsil, Multi Maritime, Polarkonsult, Glesvr Ship Design, Naval Consult, Remontowa, MMC, AJA SHIP DESIGN, International Contract Engineering Limited, Tiger shark, Havyard, Marin Teknikk.

Revenue of Leading OSV Shipyards Worldwide, 2010-2011
(USD mln)

 20102011
STX OSV2,1252,324
Zhejiang Shipbuilding826926
Kleven Maritime1,114880
Wuchang Shipbuilding455493
ABG455488
Fujian Mawei Shipbuilding347401
Ulstein239206
North American Shipbuilding238236
Nam Cheong236206
Bergen293195

As one of the four shipbuilding giants in South Korea, STX integrated its Europe-based business into STX OSV that was listed in Singapore after M&A activities, making it become the largest OSV manufacturer in the world at present with the European headquarters located in OSLO of Norway. As the world's largest cruise shipyard, STX OSV operates OSV business and cruise business, gaining around 60% revenue from the OSV market.

Norway-based Kleven Maritime has suffered great loss for consecutive several years, with the deficit in 2010 hitting NOK8.55 billion while the revenue no more than NOK6.729 billion. OSVs made by the company are provided with icebreaking capacity, with the building cost two folds of that of general ones. Bergen is also a Norway-based company.

Zhejiang Shipbuilding is China's largest OSV shipbuilding company which is affiliated to Sino Pacific Shipbuilding. It is also company with the most PSV backlog orders worldwide. Wuchang Shipbuilding Heavy Industry is regarded as the most important submarine base in China. Also, it boasts the major base building high-horsepower AHTS. Offshore Oil 682 employs the design of Rolls-Royce UT788CD is the AHTS with the highest horsepower made in China.

ABG is the biggest privately-owned shipyard in India, with the competitive strength of lowest labor cost. Ulsteinis the world renowned ship designer, with its representative work X-BOW. In addition, it is a veteran in the design of Seismic Vessel and PSV. Most PSVs made by Zhejiang Shipbuilding were designed by Ulstein. Nam Cheong, as the second largest shipbuilding company in Malaysia, is run by a Chinese.

The operation of OSV, just as FPSO and oil rig, is also a conducted by professional companies. There are around 350 OSV operators worldwide and, on average, each of them has 5 AHTS and PSV. Leading OSV operators include America based Tidewater, GulfmarkOffshore, Edison Chouest, Seacor and Horndeck, France-based Bourbon, Norway-based Farstad, DOF, SiemOffshore, Deep Sea Supply and solstand offshore, HongKong-based SWIRE, China-based China Oilfield Services, Singapore-based EZRA, Denmark-based Maersk, and Japan-based SANKO. Tidewater is the world's largest OSV operator, possessing more than 140 AHTS and PSV.

The operation of OSV, just as FPSO and oil rig, is also conducted by professional companies. There are around 350 OSV operators worldwide and, on average, each of them has 5 AHTS and PSV. Leading OSV operators include America based Tidewater, GulfmarkOffshore, Edison Chouest, Seacor and Horndeck, France-based Bourbon, Norway-based Farstad, DOF, SiemOffshore, Deep Sea Supply and solstand offshore, HongKong-based SWIRE, China-based China Oilfield Services, Singapore-based EZRA, Denmark-based Maersk, and Japan-based SANKO. Tidewater is the world's largest OSV operator, possessing more than 140 AHTS and PSV.

Compared to other industries, OSV operators still make a handsome profit in spite of sharp shrinkage against the year 2007. The OSV market is expected to maintain a relatively steady momentum when the demand and supply strike a balance after considerable number of OSV made before and after 2007 is put into use.

STUDY GOAL AND OBJECTIVES

This report provides the industry executives with strategically significantcompetitor information, analysis, insight and projection on thecompetitive pattern and key companies in the industry, crucial to thedevelopment and implementation of effective business, marketing andR&D programs.

REPORT OBJECTIVES

  • To establish a comprehensive, factual, annually updated and cost-effective information base on market size, competition patterns, market segments, goals and strategies of the leading players in the market, reviews and forecasts.
  • To assist potential market entrants in evaluating prospective acquisition and joint venture candidates.
  • To complement the organizations' internal competitor information gathering efforts with strategic analysis, data interpretation and insight.
  • To suggest for concerned investors in line with the current development of this industry as well as the development tendency.
  • To help company to succeed in a competitive market, and

METHODOLOGY

Both primary and secondary research methodologies were used in preparing this study. Initially, a comprehensive and exhaustive search of the literature on this industry was conducted. These sources included related books and journals, trade literature, marketing literature, other product/promotional literature, annual reports, security analyst reports, and other publications.

Subsequently, telephone interviews or email correspondence was conducted with marketing executives etc. Other sources included related magazines, academics, and consulting companies.

INFORMATION SOURCES

The primary information sources include NBS(National Bureau of Statistics of China), Wind and so on.

Table of Contents

1. Overview of Marine(Offshore) Engineering

  • 1.1. Rig
  • 1.2. Production Facilities
  • 1.3. Offshore Support Vessel
  • 1.4. Deep-water Oil Exploration
  • 1.5. Investment of Global Oil &Gas

2. Analysis on OSV Industry

  • 2.1. Introduction of OSV
  • 2.2. OSV Orders
  • 2.3. Segments of OSV Market
    • 2.3.1. AHTS
    • 2.3.2. PSV
  • 2.4. Brazil OSV Market
    • 2.4.1. Market Size
    • 2.4.2. AHTS
    • 2.4.3. PSV
  • 2.5. Pipelaying Vessel
  • 2.6. DSV & ROVSV
  • 2.7. Offshore Wind Turbine Installation Vessel
    • 2.7.1. Overview of Offshore Wind power Industry
    • 2.7.2. Installation of Offshore Wind Farm
    • 2.7.3. Offshore Wind Turbine Installation Vessel
  • 2.8. Shanghai Zhenhua Heavy Industries
  • 2.9. Profile of Seismic Vessel
  • 2.10. Design
  • 2.11. Market
  • 2.12. Japan Chikyu Ultra-deepwater Seismic Vessel

3. OSV Designers and Operators

  • 3.1. Design of OSV
  • 3.2. Ulstein
  • 3.3. MMC
  • 3.4. Rolls-Royce
  • 3.5. Wartsila
  • 3.6. HAVYARD
  • 3.7. Operators of Seismic Vessel
  • 3.8. PGS
  • 3.9. Operators of OSV
  • 3.10. Tidewater
  • 3.11. Bourbon
  • 3.12. China Oilfield Services

4. OSV Builders

  • 4.1. Mitsubishi Heavy Industries
  • 4.2. Wuchang Shipbuilding Heavy Industry
  • 4.3. Fujian Mawei Shipbuilding
  • 4.4. Universal Shipbuilding
  • 4.5. ABG
  • 4.6. STX OSV
  • 4.7. Sino Pacific Shipbuilding
    • 4.7.1. Zhejiang Shipbuilding
    • 4.7.2. Dayang Shipbuilding
  • 4.8. Drydock World
  • 4.9. Lamprell
  • 4.10. Bergen
  • 4.11. Kleven Maritime
  • 4.12. Nam Cheong
  • 4.13. Yuexin Shipbuilding
  • 4.14. North American Shipbuilding

Selected Charts

  • Global Oil Supply Sources, 1930-2030
  • Global Offshore Deepwater and Shallow Water Oil Supply, 2000-2030
  • Global Investment in Deepwater Area, 2006-2015
  • Global Deepwater Oilfield Development Zones
  • Number of Global Ultra-Deepwater Oil Rigs, 2000-2014
  • Global Energy Supply by Type, 2010
  • Global Oil Prices and Number of Offshore Oil Development Projects, 1960-2020
  • Global Oilfield Output by Region, 1980-2020
  • Offshore fleet by Type,2011
  • Daily Rental of Offshore Service Vessel, 1989-2011
  • Order Value of Offshore Engineering Vessels by Type, 2000-2011
  • Orders & Deliveries of Offshore Engineering Vessels, 1992-2014
  • Backlog Orders of Offshore Engineering Vessels by Type, Aug.1st, 2011
  • Global Demand and Utilization of AHTS above 15,000BHP, 2007-Oct., 2011
  • Numbers of below-12,500 BHP AHT and AHTS in Service and Newly Built, 1971-2014
  • Numbers of above-12,500 BHP AHT and AHTS in Service and Newly Built, 1971-2014
  • Numbers of AHTS Vessels, 1971-2013
  • Utilization of PSV above 3,000DWT Worldwide, 2007-Oct., 2011
  • Numbers of PSV below 3,000DWT, 1967-2014
  • Numbers of PSV above 3,000DWT, 1975-2013
  • Numbers of PSV, 1967-2013
  • Brazil OSV Numbers, 1975-2020
  • Daily Rental of Various Brazil AHTS, 2000-2011
  • Distribution of OSV Shipyards in Brazil
  • BHP Breakdown of Brazil AHTS Vessel
  • Brazil AHTS Breakdown by Customer
  • Brazil AHTS Breakdown by Operator
  • Brazil AHTS Breakdown by Age
  • Brazil PSV Breakdown by DWT
  • Brazil PSV Breakdown by Customer
  • Brazil PSV Breakdown by Operator
  • Brazil PSV Breakdown by Age
  • Global Offshore Pipeline Installation Length, 2007-2015
  • Global PipelayingVessels by Age, 2011
  • Global PipelayVessel Delivery, 2011-2013
  • Geographical Distribution of New PipelayingVessels, 2011
  • Global DSV & ROVSV by Age, 2011
  • Global DSV & ROVSV Delivery, 2011-2013
  • Geographical Distribution of New ROV Vessels, 2011
  • New ROV Vessels by Type, 2011
  • Structure of Offshore Wind Farm
  • Diameter Trend of Offshore Wind power Blade, 1990-2020
  • Revenue and Operating Income of ZPMC, 2006-2011
  • Design Market Breakdown of AHTS above 15000BHP
  • Design Market Breakdown of PSV above 2000GCT
  • MMC887 PSV MOD1 A Deck
  • MMC887 PSV MOD1 B Deck
  • MMC887 PSV MOD1 C Deck
  • MMC887 PSV MOD1 D Deck
  • Revenue and EBITDA Margin of Marine Business Division of Rolls-Royce, 2006-2011
  • Typical Applications of UT Series
  • Plan and Side View of UT788CD
  • Revenue and Operating Margin of Wartsila, 2006-2011
  • Organization Structure of HAVYARD
  • Quarterly Revenue of PGS, Q1 2007-Q3 2011
  • Quarterly EBIT of PGS, Q1 2007-Q3 2011
  • Quarterly Cash Flow of PGS, Q1 2007-Q3 2011
  • 14 Seismic Vessels of PGS
  • Capital Expenditure of PGS, 2003-2012
  • Revenue of PGS by Region, 2010-2012
  • Ranking of Operators by Numbers of AHTS above 10,000BHP and PSV above 2,000DWT
  • Revenue and Net Earnings of Tidewater, FY2007-FY2012
  • Operation Margins of Tidewater's Fleet, 2000-Q3 2011
  • New Shipbuilding Numbers of Tidewater, Q3 2009-Q3 2011
  • Daily Rental of Tidewater's Fleet by Region, Q2 2009-Q3 2011
  • Daily Utilization of Tidewater's Vessel Fleet by Region, Q2 2009-Q3 2011
  • Revenue and EBIT Margin of Bourbon, 2006-2011
  • Revenue of Bourbon by Business, 2010 vs. Q1-Q3, 2011
  • Revenue of Bourbon by Region, 2010 vs. Q1-Q3, 2011
  • Fleet Numbers of Bourbon by Type, by Nov., 2011
  • Customer Distribution of Bourbon, H1 2011
  • Fleet Numbers of Bourbon by Region, by June, 2011
  • Revenue and EBITDA Margin of China Oilfield Services, 2005-2011
  • Revenue of China Oilfield Services by Business, 2010 vs. H1 2011
  • Operating Income of China Oilfield Services by Business, 2010 vs. H1 2011
  • Overseas Revenue of China Oilfield Services, 2004-H1 2011
  • Revenue of Mitsubishi Heavy Industries by Division, 2009-2010
  • Revenue and Operating Income of Shipbuilding Business of Mitsubishi Heavy Industries, FY2005-FY2012
  • New Orders of Mitsubishi Heavy Industries, FY2005-FY2012
  • Shipbuilding Business Structure of Mitsubishi Heavy Industries
  • Revenue and Operating Income of Universal Shipbuilding, FY2008-FY2012
  • Revenue and New Orders of Universal Shipbuilding, FY2008-FY2012
  • Revenue and EBITDA Margin of ABG, FY2007-FY2012
  • Vessel Deliveries of ABG, FY2001-FY2009
  • Vessel Deliveries Breakdown of ABG by Type, FY2001-FY2009
  • Revenue and EBITDA Margin of STX OSV, 2007-2011
  • Revenue of STX OSV by Business, 2010
  • Backlogs of STX OSV by Region, 2009-9M/2011
  • Backlogs of STX OSV by Ship Model, 2009-9M/2011
  • New Orders and Backlogs of STX OSV, 2007-9M/2011
  • New Order Amount of STX OSV, FY2007-FY2013
  • Backlog Order Amount of STX OSV, FY2007-2013
  • Revenue of Zhejiang Shipbuilding, 2004-2011
  • Vessel Deliveries of Zhejiang Shipbuilding, 2004-2011
  • Vessel Deliveries of Zhejiang Shipbuilding by CGT, 2004-2009
  • Revenue and Operating Margin of Lamprell, 2005-2011
  • Revenue and EBITDA of BERGEN, 2007-2011
  • Orders of BERGEN by Type, 2009-H1 2011
  • Revenue and Operating Income of KlevenMaritime, 2005-2010
  • Revenue and EBITDA of Nam Cheong, 2008-2011
  • Offshore Oilfields under Construction by May, 2011
  • Production Growth and Forecast of Offshore Oilfields by Region
  • Backlog Orders of OSVs Worldwide, 2011-2014
  • OSV Orders by Country, Aug., 2011
  • Global 46 AHTS/PSV/AHT Orders (Including Owner, Yard, Dims and Power) by Aug.11, 2011
  • Offshore Wind power Installation Vessels under Construction and Completed, Apr., 2011
  • Data of CHIKYU
  • Main Characteristics of MMC887 PSV MOD1
  • Backlog Orders and Delivered Orders of HAVYARD, Dec., 2011
  • Seismic Vessel Numbers of Major Operators
  • China Large Seismic Vessels, Mar.2011
  • Ramform-series Seismic Vessels of Norwegian PGS, Mar., 2011
  • Revenue, Utilization, Ship Numbers and Daily Rental of Bourbon by Division, Q3 2011
  • OSV Orders and Delivery Date of WuchangShipbuilding Heavy Industry, 2011
  • OSV Orders and Delivery Date of Fujian MaweiShipbuilding, 2011
  • OSV Orders and Delivery Date of Universal Shipbuilding, 2011
  • New Orders of STX OSV, Oct.-Nov., 2011
  • Revenue and EBIT of Sino Pacific Shipbuilding, 2008-2010
  • OSV Backlogs of Zhejiang Shipbuilding, 2011
  • Seven FPSO Vessels Rebuilt by DrydocksWorld
  • Overview of HamriyahShipyard
  • Overview of SharjahShipyard
  • Overview of Jebel Ali Shipyard
  • Backlog Orders of KlevenMaritime by Dec.20, 2011
  • Vessel Delivery of KlevenMaritime, 2000-Dec.20, 2011
  • New Orders of Nam Cheong, 2007-Nov, 2011
  • Vessel Delivery of North American Shipbuilding, 2010-2011
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