Maritime CEOMiddle EastOffshore

Synergy Offshore: ‘$50 oil has absolutely decimated the industry’

Dubai: Fazel Fazelbhoy is in a much more relaxed state of mind these days, now that he is no longer a shipowner. Fazelbhoy was the well known ceo of Middle Eastern OSV major Topaz Energy and Marine through to November 2011. Since then he has formed an offshore consultancy, Synergy Offshore, based in Dubai.

“I don’t miss shipowning one bit,” he tells Maritime CEO. With Synergy, the offshore veteran provides a diverse range of consultancy, including mentoring, coaching and system audits. “I like the freedom of this job,” he says, without being weighed down by the hassles of owning assets such as ships.

Speaking earlier today at Marine Money’s Singapore Ship Finance Forum, Fazelbhoy said the offshore sector was enduring the “perfect storm” with overcapacity and a huge drop in demand.

“The impact of $50 oil has absolutely decimated the offshore industry,” Fazelbhoy said, noting how day rates for some offshore sectors have dropped by as much as 60%.


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