Demand for offshore supply vessels is projected to increase at annual growth rates of 9% to 10% year-on-year in the next two years.
Germany's DVB Bank analysts said they expect demand for anchor handling tug supply (AHTS) vessels to increase by 9.5% year-on-year in 2012 and 2013 to reach 1,381 vessels.
Platform supply vessel (PSV) demand from a current fleet of 2108 vessels is forecast to increase by 10% in 2012 and 2013.
Both vessel groups are expected to see annual fleet growth rates of around 9% during the same period.
AHTS vessels with more than 10,000 brake horsepower are set to gain the most in utilisation rates, the analysts said, forecasting a return to 2008 levels by 2013, with a more moderate growth rate expected for smaller vessels.
On PSVs, the analysts said state of the art vessels with a dead weight tonnage of 3000 or more would fare best.
The boost in offshore supply vessel business will come on the back of strong growth in exploration and production capital expenditure.
“DVB Bank is forecasting that exploration and production capital expenditure is to reach above pre-Lehman levels in 2011 and expected to grow a further 10% to 12% in 2012 to over half a trillion dollars”, the analysis read, up from $200 million in the space of six years.
Within the rising expenditure levels, seismic spending is expected to rise by 26% by 2013. Drilling expenditure is expected to increase by about 30% over the next two years, DVB Bank said.