Ahead of today’s return of the the Offshore Northern Seas 2022 (ONS) exhibition in Stavanger, Clarksons Research has pulled out some data to set the scene for delegates heading to the show after a four-year covid-inspired hiatus.
As participants gather in Stavanger again, the Clarksons Offshore Index has reached a seven-year high of 80, supported by increasing offshore activity and the multi-year impacts on fleet supply of consolidation, restructuring, limited newbuilding and ongoing removals.
In the North Sea, term rates for large PSVs stood at £16,000 ($18,647) a day at the start of August. Large AHTS spot day rates have hit records, averaging £105,000 a day for 20,000 bhp+ units.
“Though partly down to the small size of this market, it is indicative of a real improvement in demand,” commented Stephen Gordon, Clarksons Research’s managing director, adding: “The upturn of 2022 already feels more entrenched and broader-based than the aborted gains of 2018/19.”
Despite recent oil price softening on fears of inflation-induced recession, Clarksons’ projections suggest utilisation will improve further.
The president of Ukraine will be a speaker at the opening ceremony of ONS this morning. President Volodymyr Zelenskyy will join live by video-link from Kyiv.
Zelenskyy will be introduced by the Norwegian prime minister Jonas Gahr Støre, and will be followed on stage by Elon Musk, and the CEOs of Shell, Equinor and TotalEnergies among others. Splash will be bringing reports from the show throughout the week.
