Offshore Support Vessels (OSV) Market Analysis — Chartering & S&P

Global OSV Chartering Market (Size & Growth)

The outlook is strong. Demand has rebounded since the 2015–2020 oil downturn, while offshore renewables are creating new needs. Most sources project a 5–7% CAGR over the next decade. For example, Fortune Business Insights expects the OSV market to grow from USD 19.85B in 2025 to USD 29.3B by 2032 (~5.7% CAGR). Other analyses see offshore services doubling by ~2034 (to ~USD 29B) with a ~7% CAGR.

Key growth drivers:

• Oil & gas recovery. With oil around USD 70–80/bbl, offshore exploration/production—especially in deepwater—has resumed. Oil & gas remains the primary OSV demand driver (~67% in 2024), sustaining high chartering needs for platform supply, anchor handling, standby, and emergency support.

• Offshore wind expansion. OSVs are pivotal for installation (foundations, turbines, cables) and O&M (crew transfer, repairs). By 2024, wind-related OSV services account for ~one-third of OSV activity (≈ USD 4.2B), growing ~7% p.a. and likely to double within ~10 years. Momentum in China, the UK, and South Korea lifts demand for CTV, installation, and W2W/SOV assets.

• Technology upgrades. Modern OSVs (advanced DP, hybrid propulsion, partial automation/AI) improve operational efficiency and safety—pushing charterers toward newer units, supporting fleet renewal and rate premiums.

Bottom line: The global OSV chartering market shows sustained growth, underpinned by oil & gas recovery and fast-scaling offshore renewables. Today’s global TAM ≈ USD ~20B, on a path toward USD 30B+ by ~2030.

European (and French) OSV Chartering Market

Europe is one of the largest OSV regions, ranking #2 globally after APAC in 2024. It combines mature oil & gas basins (North Sea, Mediterranean) with ambitious offshore wind buildout (North Sea, Baltic, Atlantic). In 2024, European OSV chartering is estimated at ~USD 7.2B (about 38–40% of global). Some broader views place it as high as ~USD 9B (reflecting European owners’ global footprints). Forecasts point to ~5–6% CAGR this decade, reaching USD 11–12B by 2033.

Regional demand drivers:

• Offshore wind surge. The EU targets 120 GW installed by 2030 (from ~30 GW today), then 300 GW by 2050. This creates large, persistent needs for CTV, cable layers, foundation/installation vessels, and W2W/SOV support. The UK, Germany, the Netherlands, Denmark are major engines of demand in the North Sea and Baltic.

• Sticky oil & gas activity. Mature North Sea fields (UK, Norway) continue to require PSV and AHTS for drilling, logistics, and decommissioning, maintaining a stable “traditional” chartering base alongside wind growth.

• Environmental excellence. Tight EU/IMO rules (e.g., 0.1% sulfur in ECA zones) push retrofits and low-emissions newbuilds (hybrid, LNG, scrubbers). This favors newer, compliant vessels and can constrain effective supply—supportive for rates and asset values.

France. Still smaller than nearby hubs but growing: first offshore wind farms (e.g., Saint-Nazaire, Fécamp) and a ~40 GW 2050 ambition will require CTV, installation, and O&M capacity. France also hosts major OSV players (e.g., Bourbon Offshore). Seavium’s French base helps digitally connect local charterers to global capacity.

Takeaway: Europe (incl. France) offers a solid base (~USD 7–9B in 2024), durable growth (>5% CAGR), and structural upside from offshore wind.

OSV Chartering Segmentation (by Vessel Type)

• AHTS (Anchor Handling Tug Supply). Largest value share (~28% in 2024). Critical for deepwater drilling, FPSO moves, floating wind moorings. High-BP, DP-equipped units command premiums.

• PSV (Platform Supply Vessel). Another core pillar. Together with AHTS, they represent >50% of charter revenue in many regions. Large PSVs (>4,000 dwt) saw ~78% utilization by late 2023, reflecting tight modern supply.

• Multipurpose & specialized support. MPSV/OCV, IMR, cable-lay, construction. Smaller in volume but fast-growing, driven by complex offshore scopes (ROV work, heavy lift, subsea construction, wind O&M).

• CTV & coastal workboats (e.g., Multicat, Shoalbuster). High-growth wind-linked niche; frequent short-term, high-intensity chartering. 2024 CTV market value estimates reach ~USD 3.7B (often including global fleet value). Europe faces periodic CTV tightness, supporting rates. Multicats remain highly utilized across coastal works/harbors/wind balance-of-plant.

• Other segments. ERRV/standby, seismic, survey, security/research—smaller shares, but collectively broaden demand and utilization across the OSV universe.

Investor lens: Seavium’s coverage from AHTS/PSV to CTV/Multicat addresses the full TAM—capturing stable, high-value oil & gas work and high-growth renewables and specialized services.

OSV Sales & Purchase (S&P: Second-hand & Newbuild)

Secondary market boom (2022–2023). After 2015–2020 distress, S&P rebounded sharply. 2023: 364 OSV sold, ~USD 3.12B in value—up from ~USD 1.9B in 2022 (373 units). Prices surged as buyers scrambled for ready tonnage; e.g., a PSV bought for ~USD 1.7M (late-2021) resold for ~USD 12.2M (late-2024).

Tighter 2024—still high prices. With sellers scarce, 2024 saw ~172 OSV traded (≈ half of 2023), totaling ~USD 1.79B. Lower volume, firm values—a tight second-hand market with owners preferring to operate rather than sell.

What trades? Mostly mid-size AHTS/PSV; entire fleets changed hands (e.g., 37 modern PSVs from Solstad to Tidewater for USD 620M). Smaller crew boats/FSIV also moved (not always in headline stats). Opportunistic buys of stranded newbuilds surfaced (e.g., Britoil acquiring two “new” AHTS hulls long-delayed in China).

Newbuilds near standstill. Post-2015, OSV ordering collapsed. Only 177 OSV delivered globally 2018–2022 (~35/year). ~17 deliveries in 2024; <90 OSV on order by end-2023—historically low. Owners favored reactivations over costly newbuilds amid higher steel/inflation and stricter green specs.

Renewal is coming. The fleet is aging (~25% >20 years in 2023; >31% within ~3 years). Compliance and efficiency pressures point to a measured newbuild cycle ahead—especially for low-emission PSV/AHTS, SOV/W2W, and CTV for wind. Expect targeted orders, not a 2010s-style boom.

Investor takeaways:

• Asset values have rerated since 2021 (some PSVs +600%), signaling renewed confidence and strong cash-yield potential.

• A cyclical window to acquire/renew tonnage (aged fleet + tight supply + wind growth).

• Digital liquidity. With ~USD 1.79B OSV S&P in 2024, platforms like Seavium can streamline chartering and S&P, improving transparency and time-to-match across owners, brokers, and charterers.

Conclusion

Across Europe and worldwide, OSVs present a compelling growth story: ~6–7% CAGR in chartering, powerful structural drivers (offshore wind scale-up, resilient oil & gas), and a constrained fleet supporting rates and asset values. S&P activity confirms the intrinsic value of OSV assets (rising valuations, scarce newbuilds). Segmenting by vessel type and geography shows broad opportunity—from Multicat/CTV to AHTS/PSV—with Seavium positioned to capture demand across the full stack: discovery, matching, chartering, and S&P.

Sources: recent market reports (e.g., Fortune Business Insights, Precedence Research, Fact.MR), 2024 VesselsValue S&P data, and sector analyses (S&P Global, Riviera Maritime). Figures reflect the most recent 2024/2025 estimates and forward CAGRs.