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Thu 24 Jul 2008 05:41 PM

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DNV reports strong growth in OSV market

Gulf oil majors are commissioning more offshore support vessels (OSV) than ever before as business booms, according to the international consultants DNV.

Gulf oil majors are commissioning more offshore support vessels (OSV) than ever before as business booms, according to the international consultants DNV.

The Norway-based firm, which classifies new-builds to ensure they meet safety standards, said that the OSV market has experienced sustained growth on the back of high global demand for oil exploration and development.

“The regional offshore sector is exceptionally buoyant,” commented Dubai-based Eivind Grostad, DNV’s senior vice president and regional manager for DNV Maritime.

“We have 125 offshore service vessels currently being built to DNV class, in ‘local’ shipyards such as Drydocks World, Seaspray and Nicocraft as well as Hindustan, Bharati and Mazagaon in the Indian subcontinent.”

He added that the orders came mainly from local operators such as ESNAAD, a subsidiary of Adnoc, as well as Irshad, Zami, Zakhair Marine, Valetine, Emdad, Al Mansoury, Abraag, KBM and KOC.

Commenting on recent developments, Scott Jervis, DNV’s new-build manager in Dubai, said that the exploration drive by oil companies in the Middle East is gaining momentum.

“This will undoubtedly create more opportunities for DNV,” he stated.

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