The past year was not kind to many sectors of the foreign shipbuilding industry, and in many respects North American shipyards followed suit as the continued slump in oil prices pushed orders for offshore supply vessels to the brink.
For builders catering to operators outside that realm — and especially for yards able to diversify their portfolios — the picture was far brighter.
Along the Gulf of Mexico, the number of OSVs laid up due to inactivity reflected a sobering reality for the region’s shipbuilders. According to London-based Vessels Value, 40 percent of the fleet was idle as of Aug. 1. That number included 44 percent of the fleet’s platform supply vessels and 50 percent of its fast supply vessels. With nearly 400 boats stacked — many of them recent additions — prospects for new orders have nearly faded to black.
A period of consolidation and bankruptcy is likely to follow among those playing the waiting game for oil to rebound. As offshore operators cut back and streamline their books to survive, the domino effect will threaten Gulf Coast yards that have been skirting the edge during the past three years of market stagnation. For those with a vessel or two still in the pipeline, delivery delays could be a blessing that enables them to hold on to their skilled employees for a while longer. But if oil will bounce back — and when — is still anybody’s guess.
This story is from the American Ship Review 2018 edition of Professional Mariner.
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This story is from the American Ship Review 2018 edition of Professional Mariner.
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