North Sea owners dismayed by over supplyNews // August 6, 2014
Average spot fixture rates in the OSV market in Northwest Europe remain well down year-on-year, although conditions did improve marginally for owners last month.
Broker Seabrokers said that despite this improvement, it is fair to say that both the AHTS and PSV markets have failed to meet owners’ expectations so far in 2014.
"This situation has been attributed to a range of factors," said Seabrokers, "including the postponement of projects as oil and gas companies attempt to control costs more
efficiently; delays to the start-up of new drilling programmes; older rigs spending more time undergoing maintenance than in previous years; and the arrival of a range of vessels (both newbuilds and active units) from other regions.
"This influx, with owners anticipating a stronger North Sea market than has actually transpired so far this year, has led to an oversupply of vessels and faltering utilisation