Subsea vessels have gained an unexpected advantage, while support vessels keep suffering, because many equipped for walk-to-work (W2W) duties have been able to shift back and forth in the renewables and oil-and-gas sectors, says Fearnley Offshore Supply.
While day rates are still low, these vessels are seeing much better utilisation than many had expected earlier this year.
Fearnley Offshore Supply broker Martin Hestnes points to private owner Olympic Shipping, which has 10 of 11 ships on contracts, saying this level of coverage is “fairly representative” of the market.
