Braemar and Westwood: OSV market facing headwinds with 54% utilisation in 1Q2021
Despite projected demand recovery post-2020, the global offshore support vessel (OSV) market continues to face a utilisation challenge – this is according to collaborative research from Braemar ACM Shipbroking (Braemar), one of the world’s largest chartering, derivative and S&P shipbroking companies and Westwood Global Energy Group (Westwood), the specialist energy market research and consultancy firm.
Over the course of 2020, estimates for total utilisation for the global OSV market fell from 55% in 1Q2020 to a low of 49% in 3Q2020 following a sharp decline in rig activity, FID cancellations/deferments and significant logistical challenges posed by the global pandemic. In efforts to reduce operating costs, vessel owners have been quick to stack idle fleets, with global lay-ups accounting for almost 33% of total capacity. With effective utilisation (excluding stacked vessels) estimated at 73% in 1Q
PARIS - Oil majors are under growing pressure to stop drilling for crude to help curb climate change, but companies say they will wean themselves off fossil fuels at their own pace.
The demand for change is coming from many sides: lawsuits, shareholders and the International Energy Agency have all turned up the heat on firms recently.
Wednesday, 02 Jun 2021 12:52 PM MYT
BP plans to reduce oil and gas production by 40 per cent within the next decade, chief executive Bernard Looney said. Reuters pic
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PARIS, June 2 Oil majors are under growing pressure to stop drilling for crude to help curb climate change, but companies say they will wean themselves off fossil fuels at their own pace.
The demand for change is coming from many sides: lawsuits, shareholders and the International Energy Agency have all turned up the heat on firms recently.
Last week alone, a Dutch court ordered Shell to slash its greenhouse gas emissions, and investors used shareholder meetings to install activist board members at US oil giant ExxonMobil and demand deeper emissions cuts at rival Chevron.